UPDATE 1-Cross Country Q4 beats Street view; sees weak Q1

* Q4 adj EPS $0.18 vs. est. $0.16

* Q4 rev $205.9 mln vs. est. $198.2 mln

* Sees Q1 EPS $0.08-$0.10

* Sees Q1 rev $173 mln-$176 mln

March 4 (Reuters) - Healthcare staffing provider Cross Country Healthcare Inc (CCRN.O) posted better-than-expected quarterly results, but it forecast a bleak first quarter, weighed down by weakness in its nurse and allied staffing segments.

Tighter credit markets, which have increased hospital borrowing costs, weaker labor markets that are pushing staff nurses to work more hours, and relatively weak hospital admission trends have hurt the nurse and allied staffing segments.

"These factors have combined to produce the weakest demand environment we've seen for this segment since the mid-1990s," Chief Executive Joseph Boshart said in a statement.

Cross Country, which competes with AMN Healthcare Services Inc (AHS.N), said it has cut jobs, advertising spending and capital expenditures to rein in costs.

The company posted a fourth-quarter net loss of $161.3 million. Excluding impairment charges, net income was $5.6 million.

For the first quarter, the company forecast earnings of 8 cents to 10 cents a share, on revenue of $173 million to $176 million.

Analysts on average expected earnings of 14 cents a share, excluding items, on revenue of $197.2 million, according to Retuers Estimates.

Shares of the company closed at $6.89 Wednesday on Nasdaq.

For alerts, double click [ID:nWNAB0389] (Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)