ATC Healthcare Announces Second Quarter 2006 Results of Operations; Sales grow 5% over the first quarter
18 October 2005 - 6:30AM
Business Wire
ATC Healthcare, Inc. (AMEX:AHN - News), a national leader in
medical staffing, today reported results for its second quarter of
fiscal year end 2006, which ended August 31, 2005. Three Month
Results Revenues for the second quarter ended August 31, 2005 were
$17.9 million compared to $17.5 million (net of discontinued
operations) for the quarter ended August 31, 2004. Service costs
were 76.5% of total revenues in the second quarter of fiscal year
end 2006 as compared to 78.4% for the second quarter of fiscal year
2005. Income from operations for the quarter ended August 31, 2005
equaled $178 thousand versus a loss of $(758) thousand for the
quarter ended August 31, 2004. Net loss for the quarter ended
August 31, 2005 was $(494) thousand or $(.02) per basic and diluted
share versus a net loss of $(248) thousand including income from
discontinued operations of $227 thousand or a loss of $(.01) per
basic and diluted share for the quarter ended August 31, 2004. Six
Month Results ATC reported revenues of $34.9 million (net of
discontinued operations) for the first six months of fiscal 2006,
as compared to revenue of $36.3 million (net of discontinued
operations) for the first six months of fiscal 2005. Service costs
were 77.0% of total revenues for the first six months of fiscal
2006 as compared to 76.7% for the first six months of fiscal 2005.
Loss from operations was $(107) thousand for the six months ended
August 31, 2005 as compared to $(658) thousand for the same period
last year. The Company recorded a net loss of $(1.8) million
including a loss from discontinued operations of $(577) thousand
(or $(.07) per basic and diluted share for the first six months of
fiscal 2006 versus net loss of $(286) thousand including income
from discontinued operations of $472 thousand or $(.01) per basic
and diluted share for the first six months of fiscal 2005. "We
continue to see growth quarter over quarter and are optimistic that
this can continue for the rest of the year. During the second
quarter we completed the restructure of our balance sheet by
converting over $8.1 million in debt to preferred stock. In
addition, we are pleased with the growth in our government division
and recent announcements about a $4 million award in New Jersey and
participating in a contract with the Department of Health and Human
Services that could bring $10 million in sales annually. Finally,
we've begun to see the release of escrow funds from the sale of our
AllCare Division", stated David Savitsky, Chief Executive Officer.
In conjunction with this release, management will host a
teleconference Thursday, October 20, 2005 at 2 pm Eastern Time. The
dial in number for the call Domestic code 1-800-946-0741 Code
4216868. There will be a 48 hour replay. The replay number is
888-203-1112 Code 4216868. About ATC Healthcare, Inc. ATC is a
national leader in medical staffing personnel to hospitals, nursing
homes, clinics, and other health care facilities with 52 locations
in 31 states. ATC provides supplemental staffing, outsourcing and
human resources solutions to hospitals, nursing homes, medical and
research facilities and industry. Drawing from a pool of over
15,000 healthcare professionals spanning more than 50 specialties,
the Company supplies both clinical and non-clinical personnel for
short-term, long-term, and "traveling" contract assignments. To
learn more about the company's services, visit their web site at
www.atchealthcare.com. This press release contains forward-looking
statements. Actual results could differ materially from those
projected in the forward-looking statements. Additional information
concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is
contained in ATC Healthcare, Inc. Annual Report on Form 10-K/A for
the year ended February 28, 2005 as filed with the Securities and
Exchange Commission on September 26, 2005. -0- *T ATC HEALTHCARE,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (In thousands, except per share data) For
the Three Months For the Six Months Ended (unaudited) Ended August
31, August 31, August 31, August 31, 2005 2004 2005 2004 REVENUES:
Service revenues $17,932 $17,571 $34,942 $36,254
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COSTS AND EXPENSES: Service costs $13,691 $13,825 26,911 27,819
General and administrative expenses 3,936 4,340 7,853 8,761
Depreciation and amortization 127 164 285 332
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Total operating expenses 17,754 18,329 35,049 36,912
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INCOME (LOSS) FROM OPERATIONS 178 (758) (107) (658)
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INTEREST AND OTHER EXPENSES (INCOME): Interest expense, net 710 555
1,241 1,101 Other expense (income), net (63) (689) (87) (701)
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Total interest and other expenses (income) 647 (134) 1,154 400
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LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (469) (624)
(1,261) (1,058) INCOME TAX PROVISION (BENEFIT) 25 (149) 50 (300)
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LOSS FROM CONTINUING OPERATIONS (494) (475) (1,311) (758)
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DISCONTINUED OPERATIONS: (LOSS) INCOME FROM DISCONTINUED OPERATIONS
NET OF TAX PROVISION FOR THE THREE MONTHS OF $0 IN 2005 AND $176 in
2004 AND FOR THE SIX MONTHS OF $0 AND $352 RESPECTIVELY -- 227
(577) 472
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NET LOSS (494) (248) (1,888) (286)
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Dividends accreted to Preferred Shareholders 17 17 34 34
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NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (511) (265) $(1,922) $
(320)
===================================================================
(LOSS) INCOME EARNINGS PER SHARE: (LOSS) FROM CONTINUING
OPERATIONS: (LOSS) PER COMMON SHARE - BASIC $ (.02) $ (.02) $ (.05)
$ (.03) ============================================ (LOSS) PER
COMMON SHARE - DILUTED $ (.02) $ (.02) $ (.05) $ (.03)
============================================ (LOSS) INCOME FROM
DISCONTINUED OPERATIONS: (LOSS) INCOME PER COMMON SHARE-BASIC $
(.00) $ .01 $ (.02) $ .02
============================================ (LOSS) INCOME PER
COMMON SHARE-DILUTED $ (.00) $ .01 $ (.02) $ .02
============================================ NET LOSS (LOSS) PER
COMMON SHARE-BASIC $ (.02) $ (.01) $ (.07) $ (.01)
============================================ (LOSS) PER COMMON
SHARE-DILUTED $ (.02) $ (.01) $ (.07) $ (.01)
============================================ WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING Basic 29,674 24,925 28,585 24,918
===================================================================
Diluted 29,674 24,925 28,585 24,918
===================================================================
*T
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