AMN Healthcare Services Announces Closing of Stock Repurchase
SAN DIEGO--(BUSINESS WIRE)--May 15, 2006--AMN Healthcare Services, Inc. (NYSE:AHS), the nation's largest healthcare staffing company, today announced the closing of its stock repurchase previously announced on May 1, 2006. A total of 1,852,000 shares of common stock were repurchased for an aggregate purchase price of $37.6 million including transaction costs. All of the common shares were purchased at a price of $20.17 per share, which represented the 20-day volume weighted average stock price beginning on April 17, 2006 and ending on May 12, 2006. The purchase was funded with an add-on term loan of $30 million to the company's credit facility and cash on hand. The selling shareholders are former owners of The MHA Group, which was acquired by AMN Healthcare on November 2, 2005. Following the stock repurchase, the selling shareholders will continue to own 334,785 shares of AMN Healthcare common stock, all of which are subject to a nine-month lockup period and which will be deregistered from the Form S-3 Registration Statement filed on March 13, 2006. The repurchase is expected to become accretive to earnings per share beginning in 2007.
The shares of common stock repurchased represent approximately 5.7% of AMN's 32,652,304 shares of common stock outstanding as of May 10, 2006. As a result of the repurchase, immediately following payment for the shares of common stock, the company's common stock outstanding was reduced by 1,852,000 shares.
Company Summary
AMN Healthcare Services, Inc. is the largest temporary healthcare staffing company in the United States. As the leading nationwide provider of travel nurse staffing services and a leading provider of locum tenens (temporary physician staffing) and physician permanent placement services, the company recruits physicians, nurses and allied healthcare professionals nationally and internationally and places them on variable lengths of assignments and in permanent positions at acute-care hospitals, physician practice groups and other healthcare facilities throughout the United States.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "projects," "expects," "plans," "intends" and similar expressions. Similarly, statements herein that describe the company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this report are set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2005, Quarterly Reports on Form 10-Q for the quarter ended March 31, 2006, Current Reports on Form 8-K, and its Registration Statement on Form S-3. These statements reflect the company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this report are likely to cause these statements to become outdated with the passage of time.
CONTACT: AMN Healthcare Services, Inc.
David C. Dreyer or Christopher Schwartz, 866-861-3229
SOURCE: AMN Healthcare Services, Inc.