67 WALL STREET, New York - January 24, 2013 - The Wall Street Transcript has just published its Staffing, Outsourcing and Rental & Leasing Services Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Workforce Flexibility Requirements - Growth in Temporary Staffing Demand - Secular Trend Toward Temporary Staffing - Strong Demand For IT Staffing - Growth in Equipment Leasing Adoption Rates - Consolidation Potential in Fragmented Industry
Companies include: On Assignment Inc. (ASGN)
In the following excerpt from the Staffing, Outsourcing and Rental & Leasing Services Report, the CEO of On Assignment discusses the outlook for his company for investors:
TWST: Please begin with a brief company history and then provide an overview of On Assignment's business as it stands today.
Mr. Dameris: On Assignment was founded in 1985, initially focused on scientific staffing, and went public in 1992. We celebrated our 25th anniversary a few years ago, and 2012 marked our 20th year as a publicly traded company. Today we are exclusively focused on math and science skills in the IT, health care and life sciences sectors. I joined the business after running and selling another publicly traded staffing company. When I joined in November 2003, On Assignment was about $200 million in revenue. And this year, according to public estimates, we will proudly report approximately $1.5 billion, with approximately $155 million of adjusted EBITDA.
We are the second largest professional, publicly traded staffing company; the second largest IT staffing company; the fourth largest physician staffing company; and the second largest scientific clinical research staffing company. On any given day, we put 13,000 people to work in contract assignments throughout our 130 offices in the United States and 20 offices in the United Kingdom, Benelux and Ireland. Ninety-four percent of our revenue comes from North America, and 6% comes from outside of North America. Of our total revenue, 98% is from contract staffing and 2% is from permanent placement staffing.
TWST: How is the current economic state around the world, but particularly in the U.S., since that's where most of your revenue comes from, affecting your industry in general and On Assignment specifically?
Mr. Dameris: We have benefited, actually. We've grown faster than most publicly traded staffing companies. We grew in the fourth quarter 14% organically year over year, and this year we'll grow somewhere around 17% to 18% on a full-year basis organically. And what's really driving that is not just this insatiable demand for human capital, it's serving growing industries with high-demand positions. What I mean by that is, irrespective of GDP growth or economic stability, there is a structural imbalance and shortage of qualified technical resources with math and science skills...
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
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