SAN FRANCISCO (Thomson Financial) - On Assignment Inc. shares tumbled in
Friday morning trade after the Calabasas, Calif.-based staffing services company
late Thursday posted a third-quarter profit that came in below Wall Street's
expectations.
On Assignment reported net earnings of $3.26 million, or 9 cents a share,
versus $2.7 million, or 10 cents a share, in the year-ago period.
Analysts polled by Thomson Financial were expecting, on average, a per-share
profit of 11 cents.
For the quarter ended Sept. 30, revenue rose 96% to $148.7 million, below
the $151 million consensus forecast.
For the fourth-quarter, the company forecast a per-share profit of 6 cents
to 9 cents a share on revenue of $146.5 million to $148.0 million. Analysts are
currently looking for a per-share profit of 11 cents.
For 2007, On Assignment forecast earnings of 26 cents to 29 cents a share on
revenue of $561.6 to $563.1 million. Wall Street expects a per-share profit of
33 cents.
On Assignment shares fell 25% to $6.22.
Gabriel Madway
gm/vj/vj
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