Cross Country Healthcare Inc. (NASD: CCRN) reported revenue fell by 2.3 percent in the fourth quarter and announced a new CFO. The Boca Raton, Fla.-based firm initially announced earnings on March 5, but issued a revised earnings statement on March 17 to reflect an increase of $17.4 million in the non-cash valuation allowance on deferred tax assets.<br /><br />Cross Country posted revenue of $109.2 million in the fourth quarter, down from $111.7 million in the fourth quarter of the previous year.<br /><br />Nurse and allied staffing revenue rose 0.5 percent in the fourth quarter to $71.2 million. In December, the company acquired the operating assets of On Assignment Inc.’s (NYSE: ASGN) allied healthcare staffing division.<br /><br />Physician staffing fourth-quarter revenue fell 5.9 percent year over year to $28.9 million due to lower volume, partially offset by pricing improvement.<br /><br />Cross Country’s other human capital management services revenue fell 11.1 percent year over year to $9.1 million in the fourth quarter. The segment includes retained search as well as education and training operations.<br /><br />The company’s fourth-quarter gross margin improved to 26.2 percent from 25.0 percent in the same quarter last year.<br /><br />Cross Country reported a net loss of $52.6 million for the fourth quarter 2013, revised upward from the initial announcement of $35.2 million on March 5. The company reported that management has concluded that a material weakness exists in the controls related to the company’s oversight and review of noncash and non-routine estimates. The company also announced management is taking steps to fix the weakness.<br /><br />For the fourth quarter of 2012, the company has posted a net loss of $9.5 million.<br /><br />Full-year revenue from services fell 1.0 percent to $438.3 million and the company reported a full-year net loss of $52.0 million compared to a net loss of $42.2 million in 2012.<br /><br />Cross Country also named William Burns as its new CFO.<br /><br />Burns had served as group vice president and corporate controller for Gartner Inc. since 2008. Prior to that he served as chief accounting officer for CA Technologies Inc.<br /><br />Former CFO Emil Hensel will retire but will remain at Cross Country as a special advisor until June 3.