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ON ASSIGNMENT INC. REPORTS THIRD QUARTER RESULTS

 CANOGA PARK, Calif., Oct. 14 /PRNewswire/ -- On Assignment (NASDAQ-NMS: ASGN) today reported an 8 percent increase in its net income for the third quarter ended Sept. 30, 1993, to $582,000, or $.12 per share, compared to $539,000, or $.12 per share, for the same period a year ago. Revenues for the quarter increased 8 percent to $9,325,000, compared to $8,654,000 for the same period a year ago. This marks the company's 17th consecutive quarter of profitability.
 Net income for the nine months ended Sept. 30, 1993 increased 46 percent to $1,713,000 or $.35 per share, compared to $1,171,000 or $.26 per share in 1992. Revenue for the nine months increased 18 percent to $27,825,000, compared to $23,638,000 in 1992.
 Earnings for the third quarter were moderated by the company's increased investment in recruiting and training new account managers and expanding the related corporate support structure. During the quarter, the company also opened four new offices in Raleigh-Durham, N.C., Princeton, N.J., Sacramento, Calif. and Phoenix.
 Earnings per share for the quarter and nine months ended Sept. 30, 1993 reflect the increase in the number of shares outstanding as a result of the company's initial public offering completed in September 1992.
 On Assignment Inc., through its operating division, Lab Support, is a leading nationwide provider of temporary science professionals to laboratories in the biotechnology, environmental, chemical, pharmaceutical, food and beverage and petrochemical industries. Lab Support's branch network encompasses 31 markets across the United States.
 The company's stock is traded on the NASDAQ National Market System under the symbol ASGN.
 ON ASSIGNMENT INC.
 (Unaudited)
 (In thousands of dollars, except per share amounts)
 Statements of Income
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total revenues $9,325 $8,654 $27,825 $23,638
 Net income $582 $539 $1,713 $1,171
 Net income per share $.12 $.12 $.35 $.26
 Weighted average
 shares outstanding 4,925 4,538 4,900 4,568
 Summary Balance Sheet Data
 As of Sept. 30,
 1993 1992
 Cash and cash equivalents $4,465 $3,007
 Working capital 8,195 5,404
 Total assets 10,190 8,006
 Long-term liabilities 0 0
 Stockholders' equity 8,950 6,385
 -0- 10/14/93
 /CONTACT: Tad Czyzewski, Sr. VP & CFO, 818-716-8990/
 (ASGN)


CO: On Assignment Inc., Lab Support ST: California IN: MTC SU: ERN

MF-EH -- LA022 -- 2265 10/14/93 13:01 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
Words:413
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