Absent the adjustment to the workers'
compensation reserve, the gross margin in the first quarter of 2005
would have been comparable to the 23. The year-over-year increase in SG+A expense was
due mainly to normal growth in employee expenses and professional
liability insurance costs. Nowakowski . A telephonic replay of the call will also be available through
May 24, 2005 by calling (800) 475 -6701 in the U.0% 7. Management uses
adjusted EBITDA to evaluate the company's performance because it
believes that adjusted EBITDA more accurately reflects the company's
results, as it excludes certain items, in particular non-cash
stock-based compensation charges, that management believes are not
indicative of the company's operating performance.6 million
for the fourth quarter of 2003, and $156.12 to $0. Ms."

Company Summary

AMN Healthcare Services, Inc. EST (8:00 a.61 $1.04 (41%)
================== ==================
Diluted net income
per common share $0.40 2% $63.

graduatenurse nurses

3% reported in the fourth quarter of 2004 . The decrease in income from operations margin as compared to
the prior quarter reflected the small declines in revenue and gross
margin and flat SG+A spending levels.
AMN generated $16.50 $62 . The company generated net income of $17. However, with the recent market
stabilization the company is expanding its guidance to include the
full year 2005. 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. These risks and
uncertainties may include, but are not limited to: the company 's
ability to continue to recruit and retain qualified temporary
healthcare professionals at reasonable costs; the company's ability to
attract and retain sales and operational personnel; the company's
ability to enter into contracts with hospitals and other healthcare
facility clients on terms attractive to the company and to secure
orders related to those contracts; the company's ability to
demonstrate the value of its services to its healthcare and facility
clients; changes in the timing of hospital and healthcare facility
clients' orders for and the company's placement of its temporary
healthcare professionals; the general level of patient occupancy at
the company's hospital and healthcare facility clients' facilities;
the overall level of demand for services offered by temporary
healthcare staffing providers; the ability of the company's hospital
and healthcare facility clients to retain and increase the
productivity of their permanent staff; the company's ability to
successfully implement its strategic growth, acquisition and
integration strategies; the company's ability to leverage its cost
structure; the performance of the company's management information and
communication systems; the effect of existing or future government
legislation and regulation; the company's ability to grow and operate
its business in compliance with legislation and regulation; the impact
of medical malpractice and other claims asserted against the company;
the disruption or adverse impact to the company's business as a result
of a terrorist attack; the company's ability to carry out its business
strategy; the effect of recognition by the company of an impairment to
goodwill; the effect of control by the company's existing majority
stockholder; and the effect of adjustments by the company to accruals
for self-insured retentions.6% 5.15 (7%) $0.6% 7.

stateside salaries

Gross profit margin for the first quarter of 2005 was 22.m.
Condensed Consolidated Statements of Income
(dollars in thousands, except per share and traveler data)
(unaudited)

Three Months Ended
March 31,
2005 2004 % Chg
----------- --------- -----

Revenue $156,842 $161 ,265 (3%)
Cost of revenue 121,125 125,436 (3%)
----------- ---------
Gross profit 35,717 35,829 0%
----------- ---------
As a percentage of revenue 22.95 per diluted share, for 2003. Due to
key market growth assumptions and expected seasonal trends, third
quarter 2005 revenue is projected to grow approximately 6% to 8% over
the second quarter, and fourth quarter 2005 revenue is expected to
grow approximately 1% to 2% over the third quarter. Susan
Nowakowski, currently president, chief operating officer and director,
will become chief executive officer.

AMN Healthcare Services, Inc.0%
Interest expense, net 1,786 2,014 (11%) 8,440 2,303 266%
------------------ ------------------
Income before income
taxes 7,139 7,322 (2%) 27,899 61,661 (55%)
Income tax expense 2,605 2,405 8% 10,553 23,869 (56%)
------------------ ------------------
Net income $4,534 $4,917 (8%) $17,346 $37,792 (54%)
================== ==================
2. As defined, adjusted EBITDA is not necessarily
comparable to other similarly titled captions of other companies due
to potential inconsistencies in the method of calculation. As defined, adjusted EBITDA is not necessarily
comparable to other similarly titled captions of other companies due
to potential inconsistencies in the method of calculation .

hemodialysis nurses

9 million
reported in the fourth quarter of 2004.8% 22.5% 2.8%
Basic and diluted net income per common
share:
Basic net income per common share $0.15 (13%)
=========== =========

Weighted average common shares outstanding
- basic 28,376 28,120 1%
=========== =========
Weighted average common shares outstanding
- diluted 31,461 31,294 1%
=========== =========

Other Financial and Operating Data:
Average travelers on assignment 6,350 6,349 0%
=========== =========
Revenue per traveler per day $274.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited )

Three Months
Ended
March March,
31, 31,
2005 2004
-------- -------

Net cash provided by operating activities $16 ,934 $5,683

Net cash used in investing activities (771) (1,510)

Net cash used in financing activities (9,563) (2,094)

Effect of exchange rate changes on cash 10 (2)
--- ----- -------

Net increase in cash and cash equivalents 6,610 2,077

Cash and cash equivalents at beginning of period 3,908 4,687
-------- -------

Cash and cash equivalents at end of period $10 ,518 $6,764
======== =======

First quarter
diluted earnings per share is expected to range from $0.13. Dialing (877) 209-0397 in
the U. These statements reflect the
company's current beliefs and are based upon information currently
available to it.

repayment hrn

The company
generated net income of $4.
Selling, general and administrative ("SG+A") expenses for the
first quarter of 2005 were $26.
Income from operations was $8. Total debt outstanding at March 31,
2005 was $92.13 to $0.

Conference Call on May 10, 2005

AMN Healthcare Services, Inc.m.13 $0.44 $279.
Interest expense in the fourth quarter of 2004 decreased from the
third quarter of 2004 due mainly to the write-off of deferred
financing costs recorded in the third quarter of 2004. Steven Francis, co-founder of
the company, director and current chief executive officer, will assume
the role of executive chairman and will be actively engaged in the
strategic development and operational oversight of the company.7% 16.6% 6.

hrn locum

Most
importantly , the average number of travelers on assignment increased
by 1% over the fourth quarter of 2004 to 6,350, representing the
second consecutive quarter of sequential traveler count growth.2 million , compared to $24.5 million, or
32% since March 31, 2004.
Adjusted EBITDA Reconciliation
(dollars in thousands)
(unaudited)

Three Months Ended
March 31,
2005 2004 % Chg
------- -------- -----

Net income $3,993 $4,559 (12%)
Adjustments:
Interest expense, net 1,756 2,134 (18%)
Income tax expense 2 ,603 2,855 (9%)
Depreciation and amortization 1,079 1,465 (26%)
Non-cash stock-based compensation 40 218 (82%)
------- --------

Adjusted EBITDA (1) $9,471 $11,231 (16%)
======= ========

(1) Adjusted EBITDA represents net income plus taxes, depreciation and
amortization and non-cash stock-based compensation expense. However, adjusted
EBITDA is not intended to represent cash flows for the period, nor has
it been presented as an alternative to operating or net income as an
indicator of operating performance , and it should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with accounting principles generally accepted in the United
States of America (GAAP ).8 million, or $0.9 million as
compared to $36.7 million reported in the third quarter of 2004.8 % in the fourth quarter of 2003, and was
comparable on a sequential basis to last quarter's gross profit
margin.8% reported for the fourth quarter of 2003, yet a
slight improvement over the third quarter of 2004.64 to
$0.68. I look forward to my ongoing role in
providing guidance and oversight to the organization, as well as
setting strategic direction for the company and evaluating acquisition
opportunities.1% 2.8% 5.8% 9.
Management believes that adjusted EBITDA is an industry-wide financial
measure that is useful both to management and investors when
evaluating the company's performance and comparing the company's
performance with the performance of competitors . Management also uses
adjusted EBITDA for planning purposes.

hemodialysis recruiter

AMN Healthcare Services Inc. Reports First Quarter Results

Business Editors/Health/Medical Writers

SAN DIEGO----AMN Healthcare Services,
Inc.3%, as compared to 5.8 million in the fourth quarter of 2004.15. Dialing (800) 553 -5275 in the U. or
(612) 332-1025 internationally can also access the live conference
call. These risks and
uncertainties may include, but are not limited to: the company's
ability to continue to recruit and retain qualified temporary
healthcare professionals at reasonable costs; the company 's ability to
attract and retain sales and operational personnel; the company's
ability to enter into contracts with hospitals and other healthcare
facility clients on terms attractive to the company and to secure
orders related to those contracts; the company's ability to
demonstrate the value of its services to its healthcare and facility
clients; changes in the timing of hospital and healthcare facility
clients' orders for and the company's placement of its temporary
healthcare professionals; the general level of patient occupancy at
the company's hospital and healthcare facility clients ' facilities;
the overall level of demand for services offered by temporary
healthcare staffing providers; the ability of the company's hospital
and healthcare facility clients to retain and increase the
productivity of their permanent staff; the variation in pricing of the
healthcare facility contracts under which we place temporary
healthcare professionals; the company's ability to successfully
implement its strategic growth, acquisition and integration
strategies; the company's ability to leverage its cost structure; the
performance of the company's management information and communication
systems; the effect of existing or future government legislation and
regulation; the company's ability to grow and operate its business in
compliance with legislation and regulation; the impact of medical
malpractice and other claims asserted against the company; the
disruption or adverse impact to the company's business as a result of
a terrorist attack; the company's ability to carry out its business
strategy; the loss of key officers and management personnel could
adversely affect our ability to remain competitive; the effect of
recognition by the company of an impairment to goodwill; the effect of
control by the company's existing majority stockholder; and the effect
of adjustments by the company to accruals for self-insured retentions.3%
Non-cash stock-based compensation (1 ) 40 218 (82%)
Depreciation and amortization 1,079 1,465 (26%)
----------- ---------

Total expenses 27,365 26,281 4%
-- --------- ---------
Income from operations 8,352 9,548 (13%)
As a percentage of revenue 5.9%
Interest expense, net 1,756 2,134 (18%)
----------- ---------
Income before income taxes 6,596 7,414 (11%)
Income tax expense 2,603 2,855 (9%)
----------- --- ------
Net income $3,993 $4,559 (12%)
=========== =========
As a percentage of revenue 2. or (612) 332-0802 internationally can also access the live
conference call.S.amnhealthcare.9 % 3.95 (42%)
================== ==================

Weighted average
common shares
outstanding - basic 28,344 29,917 (5%) 28,248 36,456 (23%)
================== ==================
Weighted average
common shares
outstanding - diluted 31,442 33,075 (5%) 31,369 39,785 (21%)
================== ==================

Other Financial and
Operating Data:
Average travelers on
assignment 6,297 6,339 (1%) 6,225 7,113 (12%)
================== ==================
Revenue per traveler
per day $273. Management also uses
adjusted EBITDA for planning purposes.

procare nurses

Gross
profit for the first quarter of 2005 was $35.9
million for the fourth quarter of 2004. The
decrease in interest expense from the prior year was reflective of the
company's aggressive debt reduction during the year using strong cash
flow generated from operations. Weighted average diluted shares outstanding
were 31., a leading healthcare staffing
company, is the largest nationwide provider of travel nurse staffing
services.S. As defined, adjusted EBITDA is not
necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the method of
calculation .13 for the
third quarter of 2004. The increase in year-over-year gross profit margin was
primarily due to a decrease in the cost of housing and insurance
expenses partially offset by increased traveler compensation, as a
percentage of revenue.7 million, which represented a reduction of $37.m. 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.

Be advised that developments subsequent to this
release are likely to cause these statements to become outdated with
the passage of time.7%
Expenses:
Selling, general
and administrative 26,420 25,485 4% 101,436 92,500 10%
16. Management presents
adjusted EBITDA because it believes that adjusted EBITDA is a useful
supplement to net income as an indicator of operating performance.

salaries linkous

The decline in gross profit in
the first quarter from the fourth quarter was due to the combined
impact of slightly lower revenue due to the two fewer billing days in
the quarter and an adjustment of $0. or (320) 365-3844
internationally, with access code 778761. These statements reflect the
company's current beliefs and are based upon information currently
available to it.2%
Expenses:
Selling, general and administrative 26,246 24,598 7%
As a percentage of revenue 16.

AMN Healthcare Services, Inc. (NYSE:AHS) today reported revenue and earnings results
for the quarter and year-ended December 31, 2004.
For the year-ended December 31, 2004, the company reported revenue
of $629 .6%, slightly
lower than the 5. Gross
margin is expected to remain at approximately 23%. 123R ("SFAS 123R"), is expected to range from $0. Full year 2005 earnings per share is expected to benefit from
the combination of growth in revenue, leverage resulting from stable
SG+A spending, and lower interest expense from reduced debt balances.
Second quarter 2005 revenue is expected to trend closely with the
first quarter, in a range from $156 million to $160 million.
Condensed Consolidated Statements of Income
(dollars in thousands, except per share and traveler data )
(unaudited)


Three Months Ended Year Ended
December 31, December 31,
2004 2003 % Chg 2004 2003 % Chg
------------- ---------- -----------------------

Revenue $158,300 $159,617 (1%) $629,016 $714 ,209 (12%)
Cost of revenue 121,449 123,227 (1%) 484,654 552,052 (12%)
------------------ ------------------
Gross profit 36,851 36,390 1 % 144,362 162,157 (11%)
------------------ ------------------
23.16 0% $0.08 $275.

lpn procare

15 for the
first quarter of 2004, and net income of $4.
Additionally, the first quarter traveler count was flat on a
year-over-year basis, reversing a trend of seven consecutive quarters
of year-over-year declines and reflecting the continued stabilization
and modest growth dynamics of our market environment," said Susan R.
Nowakowski, president and chief executive officer. Income from operations margin
for the first quarter of 2005 was 5. Eastern Time (8:30 a.01 1%
=========== =========
Adjusted EBITDA (2) $9,471 $11,231 (16%)
=========== =========
As a percentage of revenue 6. However, adjusted
EBITDA is not intended to represent cash flows for the period, nor has
it been presented as an alternative to operating or net income as an
indicator of operating performance, and it should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with accounting principles generally accepted in the United
States of America (GAAP).5 million for
the fourth quarter of 2004, resulting in diluted earnings per share of
$0.15 for the fourth quarter of 2003, and net
income of $3. This was at the upper end of our expectations," said
Steven Francis , chief executive officer. Francis. Income from operations as a
percentage of revenue for the fourth quarter 2004 was 5.4 million for the quarter and year-ended December 31, 2004.

positions hemodialysis

The
modest year-over -year decline in revenue was reflective of a slight
decrease in revenue per traveler per day and one less billing day in
the three months ended March 31, 2005.68.
"The projected rise in second quarter revenue, which is being
driven by a strong demand and a growing supply of travelers on
assignment , is a positive sign for our business.

AMN Healthcare Services, Inc.9 million , or diluted
earnings per share of $0.
Gross profit in the fourth quarter of 2004 was $36.4 million reported in the fourth quarter of 2003, and
$36.
First quarter 2005 revenue is expected to range from $155 million
to $157 million, reflecting two fewer billing days in the first
quarter as compared to the fourth quarter of 2004. He will continue to serve as a director
and chairman of the executive committee. From time
to time, additional information regarding non-GAAP financial measures
may be made available on the company's website at
www.16 $0.46 1%
================== ==================
Adjusted EBITDA (2) $10,431 $12,105 (14%) $42,926 $70,857 (39%)
================== ==================
6. Management uses adjusted EBITDA
to evaluate the company's performance because it believes that
adjusted EBITDA more accurately reflects the company's results, as it
excludes certain items, in particular non-cash stock-based
compensation charges that management believes are not indicative of
the company's operating performance.

stateside firstpoint

1 million in the first
quarter of 2004, and $1. Management reaffirms full year 2005 guidance
previously issued on March 8, 2005, with full year revenue ranging
from $654 to $660 million and diluted earnings per share ranging from
$0.
Other factors that could cause actual results to differ from those
implied by the forward-looking statements contained in this press
release are set forth in the company's Annual Report on Form 10-K for
the year ended December 31, 2004, Quarterly Report on Form 10-Q for
the quarter ended March 31, 2005, its Current Reports on Form 8-K and
Registration Statement on Form S-3. The company does not intend, however, to update
the guidance provided today prior to its next earnings release.55, compared
to net income of $37.3% as compared to 22. These factors, combined with our continued focus on
efficiency and customer service, provide a solid foundation for modest
business growth in 2005," said Mr.1% 13.55 $0.9%


(1) Non-cash stock -based compensation represents compensation
expense related to stock option plans to reflect the difference at the
completion of the company's initial public offering between the fair
market value and the exercise price of stock options previously issued
to the company's officers.
Adjusted EBITDA Reconciliation
(dollars in thousands)
(unaudited)


Three Months Ended Year Ended
December 31, December 31,
2004 2003 % Chg 2004 2003 % Chg
----------------------- --------- --------------

Net income $4,534 $4,917 (8%) $17,346 $37,792 (54%)
Adjustments:
Tender offer
related option
charge - 1,200 - 1,200
Interest expense,
net 1,786 2,014 8,440 2,303
Income tax expense 2,605 2,405 10,553 23,869
Depreciation and
amortization 1,411 1,351 5,837 4,819
Non-cash stock-
based compensation 95 218 750 874
-------- -------- -------- ---- ----

Adjusted EBITDA (1) $10,431 $12,105 (14%) $42,926 $70,857 (39%)
======== ======== ======== ========

(1) Adjusted EBITDA represents net income plus charges related to the
tender offer of stock options completed in October 2003, interest (net
of investment income), taxes, depreciation and amortization and
non-cash stock-based compensation expense.
Management believes that adjusted EBITDA is an industry-wide financial
measure that is useful both to management and investors when
evaluating the company's performance and comparing the company's
performance with the performance of competitors.


AMN Healthcare Services, Inc.

locum hrn

5 million, or diluted
earnings per share of $0.4 million in the fourth quarter of
2004 . SG+A expenses in the first quarter of 2005 were relatively
stable as compared to the fourth quarter of 2004 and unchanged as a
percentage of revenue.6% reported in the fourth quarter
of 2004.'s first quarter conference call will
be held on Tuesday, May 10, 2005 at 11:30 a.com/investors

Forward-Looking Statements

This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995.7% 15.12 (2% )
=========== =========
Gross profit per traveler per day $62.

AMN Healthcare Services Inc. Reports Fourth Quarter and 2004 Results; Provides Full Year 2005 Guidance; Company to Name Nowakowski as CEO Francis as Executiv

3 million
for 2004 , resulting in diluted earnings per share of $0.4 million as compared to $25.
Income from operations was $8.0 million in the
fourth quarter of 2003, and $2.
The decrease in year-over-year interest expense reflects the company's
strong cash flow and aggressive debt reductions during the year.
AMN used $1.
"AMN has clearly reached a position of leadership and stability in
the healthcare staffing industry," said Mr. Francis said.

Conference Call on March 9th, 2005

AMN Healthcare Services , Inc.

tenens recruiter

(NYSE:AHS) today reported revenue for the first quarter of 2005
of $156.2% reported in the first quarter of 2004, and
lower than the 23.7 million, slightly lower
than the first quarter of 2004, and down 3% from $36. This compares to net income of $4. Fourth quarter 2004 SG+A expenses in total were
unchanged relative to the third quarter of 2004, which is reflective
of the company 's ongoing initiative to leverage its infrastructure and
maintain consistent SG+A spending, exclusive of customary changes
related to inflation or adjustments to insurance reserves.9 million for the fourth quarter of
2004, compared to $9.

Executive Changes

Robert Haas, the company 's non-executive chairman and director
since November 1999, has announced that he will step down from his
position as chairman effective May 4, 2005, in conjunction with the
annual shareholders' meeting . "I am confident that
Steven Francis and Susan Nowakowski will continue to take the company
to the next level."
"Susan Nowakowski and I have worked as a team over many years and
will continue to do so in the future," Mr.'s fourth quarter and year-end
earnings conference call will be held on Wednesday, March 9th, 2005 at
11:00 a. The company does not intend, however, to update
the guidance provided today prior to its next earnings release.3% 22.0% 22. While
management believes that some of the items excluded from adjusted
EBITDA are not indicative of the company's operating performance,
these items do impact the income statement, and management therefore
utilizes adjusted EBITDA as an operating performance measure in
conjunction with GAAP measures such as net income.

hrn locum

3 million for the first quarter of
2004, and $158.13. This compares to net
income of $4.5 million .2 million,
or 9% since December 31, 2004, and a reduction of $44. A live webcast of the call can be accessed at
www. 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.3% 5.16 (13%)
=========== =========
Diluted net income per common share $0. Management believes that adjusted EBITDA is an
industry-wide financial measure that is useful both to management and
investors when evaluating the company's performance and comparing the
company's performance with the performance of competitors.

Business Editors/Health/Medical Writers

SAN DIEGO----AMN Healthcare
Services, Inc.5 million
reported in the fourth quarter of 2003, which included a charge of
$1.7 million for the third quarter 2004.0 million in net cash from operating
activities. Other factors that could cause actual
results to differ from those implied by the forward-looking statements
contained in this press release are set forth in the company's annual
report on Form 10-K for the year ended December 31, 2003, and the
company's quarterly reports on Form 10-Q. Management presents
adjusted EBITDA because it believes that adjusted EBITDA is a useful
supplement to net income as an indicator of operating performance.

graduatenurse hemodialysis

9 million in cash flow from operations during
the first quarter of 2005 and, as of March 31, 2005, cash and cash
equivalents totaled $10.5 million during the quarter. 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. While management believes that some of the items
excluded from adjusted EBITDA are not indicative of the company's
operating performance, these items do impact the income statement, and
management therefore utilizes adjusted EBITDA as an operating
performance measure in conjunction with GAAP measures such as net
income . The company generated net income of $4.
Selling, general and administrative ("SG+A") expenses in the
fourth quarter of 2004 were $26.8
million, compared to net interest expense of $2. Annual revenue is expected to grow 4% to 5% as
compared to 2004, ranging from $654 million to $660 million . The company has taken these external variables into
consideration in setting its guidance.amnhealthcare .8% 23.0%
Non-cash stock-
based compensation(1) 95 218 (56%) 750 874 (14%)
Depreciation and
amortization 1,411 1,351 4% 5,837 4 ,819 21%
------------------ ------------------

Total expenses 27,926 27,054 3% 108,023 98,193 10%
------------------ ------------------
Income from operations 8,925 9,336 (4%) 36,339 63,964 (43%)
5. However, adjusted EBITDA is not
intended to represent cash flows for the period, nor has it been
presented as an alternative to operating or net income as an indicator
of operating performance, and it should not be considered in isolation
or as a substitute for measures of performance prepared in accordance
with accounting principles generally accepted in the United States of
America (GAAP). While
management believes that some of the items excluded from adjusted
EBITDA are not indicative of the company's operating performance,
these items do impact the income statement, and management therefore
utilizes adjusted EBITDA as an operating performance measure in
conjunction with GAAP measures such as net income.

nurses graduatenurse

3 million for the fourth quarter of 2004.14 for the fourth quarter of 2004.8
million, compared to net interest expense of $2.S.amnhealthcare .1 million for the third
quarter of 2004.3 million for the fourth quarter of 2003, and
$8.8 million in cash for operating activities during the
fourth quarter of 2004, due mainly to the higher number of traveler
pay dates during the quarter compared to the prior quarter; however,
for the year AMN generated $39. Cash and cash equivalents at December 31, 2004 totaled
$3. However, it is important to
recognize that changes in these and other variables could negatively
impact the company's quarterly and annual estimates.
"We have been encouraged by the continuing signs of recovery in
the market and remain confident that the healthcare staffing industry
is improving. The company recruits nurses and allied health professionals
nationally and internationally and places them on temporary
assignments , of variable lengths, at acute-care hospitals and
healthcare facilities throughout the United States .m.8% 9.3%
Basic and diluted net
income per common
share:
Basic net income per
common share $0.

lvn firstpoint

The average number of travelers on
assignment in the second quarter of 2005 is expected to range from
6,375 to 6,475.
Pacific Time). Management
also uses adjusted EBITDA for planning purposes. Management
also uses adjusted EBITDA for planning purposes.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

March December March
31, 31, 31,
2005 2004 2004
------- -- ---------- ---------
Assets
Current assets:
Cash and cash equivalents $10 ,518 $3,908 $6,764
Accounts receivable, net 110,215 108,825 121,968
Other current assets 15,518 14,672 17,448
--------- ---------- ---------
Total current assets 136,251 127 ,405 146,180

Fixed assets, net 17,613 17,833 18,541
Goodwill , net 135,449 135,449 135,532
Deferred income taxes - 508 5,384
Intangible and other assets 5,846 5,765 6,303
--------- ---------- ---------

Total assets $295,159 $286,960 $311,940
========= ========== =========

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $12,848 $13,084 $11,055
Accrued compensation and benefits 41,938 29,970 36,302
Current portion of notes payable 6,855 4,863 13 ,000
Other current liabilities 1,879 2,234 4,168
--------- ---------- ---------
Total current liabilities 63,520 50,151 64,525

Notes payable, less current portion 85,652 96,860 124,000
Deferred income taxes, net 686 - -
Other long-term liabilities 3,502 3,173 2,964
--------- ---------- - --------
Total liabilities 153,360 150,184 191,489
--------- ---------- ---------

Stockholders' equity 141,799 136,776 120,451
--------- ---------- --- ------

Total liabilities and
stockholders' equity $295,159 $286 ,960 $311,940
========= ========== =========


AMN Healthcare Services, Inc.2 million for the prior year.
"We are pleased to report that the average number of travelers on
assignment during the fourth quarter increased 3% from the prior
quarter to 6,297. The increase
over the prior year was mainly related to higher employee and
professional services for Sarbanes-Oxley compliance and an increase in
bad debt expense , partially offset by lower professional liability
insurance expense. Nowakowski has been with AMN
Healthcare for over 15 years and prior to her appointment as president
in 2003, also held positions as executive vice president and chief
financial officer., a leading healthcare staffing
company , is the largest nationwide provider of travel nurse staffing
services. The company has not yet determined its planned
method of adoption or the effect that adopting SFAS 123R will have on
its 2005 earnings guidance.8% 5.

graduatenurse recruiter

5 million for the first quarter of 2004, and $8. Be advised that developments subsequent to this
release are likely to cause these statements to become outdated with
the passage of time.

AMN Healthcare Services, Inc. Gross profit
margin increased 50 basis points in the fourth quarter of 2004 to
23.
Key assumptions used in the development of the 2005 guidance
include continued stability in the healthcare staffing market prompted
by the economic recovery, a continued decrease in unemployment rates
and growth in hospital admission levels expected during the last half
of the year.com/investors.14 $0.61 $62.

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6 million, or diluted earnings per share of $0.3% reported in the fourth quarter
of 2004.
Net interest expense in the first quarter of 2005 was $1.amnhealthcare.com/investors. From time to time,
additional information regarding non -GAAP financial measures may be
made available on the company's website at
www. Revenue for the
fourth quarter of 2004 was $158.0 million, compared to $714.4 million in the third quarter of 2004 .

Revenue and Earnings Guidance

AMN's past policy since late 2002 was to provide guidance for the
upcoming reporting quarter only. Francis. Haas. Similarly, statements herein that describe the
company's business strategy, outlook, objectives, plans, intentions or
goals are also forward -looking statements.0% 16.

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8 million, compared to $161.0 million for the first quarter of 2005 ,
resulting in diluted earnings per share of $0. Revenue
declined slightly in the first quarter of 2005 as compared to the
fourth quarter of 2004 due mainly to two fewer billing days.8%, which
was higher than the 22. Recruiting more
quality nurses and allied healthcare professionals to help our clients
with their critical staffing needs is a priority for us, but we will
also continue to focus on controlling SG+A spending levels and paying
down debt with our positive operating cash flow," said Ms.

(2) Adjusted EBITDA represents net income plus taxes, depreciation and
amortization and non-cash stock-based compensation expense.9 million and total debt outstanding at December 31, 2004 was
$101.S. Management uses adjusted
EBITDA to evaluate the company's performance because it believes that
adjusted EBITDA more accurately reflects the company's results, as it
excludes certain items , in particular non-cash stock-based
compensation charges that management believes are not indicative of
the company's operating performance.

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5 million, which represented a reduction of $9.

Company Summary

AMN Healthcare Services, Inc. Management uses
adjusted EBITDA to evaluate the company 's performance because it
believes that adjusted EBITDA more accurately reflects the company's
results , as it excludes certain items, in particular non-cash
stock-based compensation charges, that management believes are not
indicative of the company's operating performance. While management believes that some of the items
excluded from adjusted EBITDA are not indicative of the company's
operating performance, these items do impact the income statement, and
management therefore utilizes adjusted EBITDA as an operating
performance measure in conjunction with GAAP measures such as net
income .2 million in 2003 related to last year's tender offer.
Net interest expense for the fourth quarter of 2004 was $1. Weighted average diluted shares outstanding were
31. A telephonic replay of the call will also be
available through March 22, 2005 by calling (800) 475-6701 in the U.

(2) Adjusted EBITDA represents net income plus charges related to
the tender offer of stock options completed in October 2003, interest
(net of investment income), taxes, depreciation and amortization and
non -cash stock-based compensation expense.

crna firstpoint

Revenue and Earnings Guidance for Second Quarter 2005

Revenue in the second quarter of 2005 is expected to range from
$159 million to $162 million , resulting in diluted earnings per share
of approximately $0.64 to $0. Similarly, statements herein that describe the
company's business strategy, outlook, objectives, plans, intentions or
goals are also forward-looking statements.0%


(1) Non-cash stock-based compensation represents compensation expense
related to stock option plans to reflect the difference at the
completion of the company's initial public offering between the fair
market value and the exercise price of stock options previously issued
to the company's officers.
Management presents adjusted EBITDA because it believes that adjusted
EBITDA is a useful supplement to net income as an indicator of
operating performance. Management believes that adjusted EBITDA is an
industry-wide financial measure that is useful both to management and
investors when evaluating the company's performance and comparing the
company's performance with the performance of competitors. As defined, adjusted EBITDA is not
necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the method of
calculation.3 million, compared to $159.14.9 million , or diluted earnings per share of $0. "Fourth quarter financial
results were at the mid or higher -end of our expectations, reflecting
both the continued stability in our market and what we continue to
believe are early signs of a return to a modest growth market," added
Mr.2 million since
December 31, 2003. Diluted earnings
per share, excluding the impact of Statement of Financial Accounting
Standard No.

The accounting provisions of SFAS 123R are effective for the first
interim or annual reporting period that begins after June 15, 2005.09 0%
================== ==================
Gross profit per
traveler per day $63.36 $62.


AMN Healthcare Services, Inc.

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6 million in
the first quarter of 2004, and $26. The company recruits nurses and allied health professionals
nationally and internationally and places them on temporary
assignments, of variable lengths, at acute-care hospitals and
healthcare facilities throughout the United States .
Management presents adjusted EBITDA because it believes that adjusted
EBITDA is a useful supplement to net income as an indicator of
operating performance. The
year-over-year decrease in revenue was primarily due to the decrease
in demand for the company's services experienced in 2003 and the
delayed impact this reduced demand had on the supply of nurses willing
to travel in 2004. "I am very
confident in Susan's ability to lead AMN Healthcare with its growth
strategy and expanding the company's premier position in the
healthcare staffing industry. PST). A live webcast of the call can be
accessed at www.70 0% $276. However, adjusted EBITDA is not
intended to represent cash flows for the period, nor has it been
presented as an alternative to operating or net income as an indicator
of operating performance, and it should not be considered in isolation
or as a substitute for measures of performance prepared in accordance
with accounting principles generally accepted in the United States of
America (GAAP).
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

December September December
31, 30, 31,
2004 2004 2003
---------- ----------- ---------
Assets
Current assets:
Cash and cash equivalents $3,908 $9,207 $4,687
Accounts receivable 108,825 108,152 117,392
Other current assets 14,672 14,354 16,726
---------- ----------- ---------
Total current assets 127,405 131,713 138,805

Fixed assets 17,833 18,217 18,414
Goodwill 135,449 135,532 135,532
Deferred income taxes 508 832 5,207
Intangible and other assets 5,765 5,671 6,574
---------- ----------- ---------

Total assets $286,960 $291,965 $304,532
========== =========== =========

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued
expenses $13,084 $14,393 $12,954
Accrued compensation and benefits 29,970 37,262 32,117
Current portion of notes payable 4,863 4,971 13,400
Other current liabilities 2,234 410 2,488
---------- ----------- ---------
Total current liabilities 50,151 57,036 60,959

Notes payable, less current portion 96,860 100,245 125,500
Other long-term liabilities 3,173 2,854 1,976
---------- ----------- ---------
Total liabilities 150,184 160,135 188,435
---------- ----------- ---------

Stockholders ' equity 136,776 131,830 116,097
- --------- ----------- ---------

Total liabilities and
stockholders' equity $286,960 $291,965 $304,532
========== =========== =========


AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)


Three Months Ended Year Ended
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- --------- -------- --------

Net cash provided by (used in)
operating activities $(1,778) $998 $39,038 $65,145

Net cash used in investing
activities (1,070) (1,955) (5,061) (14,013)

Net cash used in financing
activities (2,499) (50,397) (34,748) (86,469 )

Effect of exchange rate changes
on cash 48 (36) (8) (111)
-------- --------- -------- --------

Net decrease in cash and cash
equivalents (5,299) (51,390) (779) (35,448)

Cash and cash equivalents at
beginning of period 9,207 56,077 4,687 40,135
-------- --------- -------- --------

Cash and cash equivalents at
end of period $3,908 $4,687 $3,908 $4,687
======== ========= ======== ========

hrn linkous

"We are pleased to report strong first quarter results, which were
at the higher end of our guidance range issued last quarter .9 million to the workers'
compensation reserve.4 million for the first quarter of
2005, compared to $9.9% reported
in the first quarter of 2004, and 5. The year-over-year decrease in
operating margin was mainly attributable to higher SG+A spending in
the first quarter of 2005.14 $0. Given this
increased revenue projection and the expectation of stable SG+A
spending and reduced interest expense, diluted earnings per share is
expected to grow at notably higher rates during the second half of
2005.
or (320) 365-3844 internationally, with access code 767485.com/investors

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 is required and plans to adopt SFAS 123R in the third
quarter of fiscal 2005.25 $273.

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