American Claims Evaluation, Inc. Reports Fourth Quarter and Year End Results
20 June 2009 - 1:51AM
Business Wire
American Claims Evaluation, Inc. (the �Company�) (NASDAQ:AMCE)
announced revenues of $3,320,926 and a net loss of $807,100 ($.19
net loss per share) for the year ended March 31, 2009. By
comparison, the Company reported a net loss of $671,809 ($.14 net
loss per share) for the year ended March 31, 2008.
As previously announced, on September 12, 2008, the Company
acquired all of the issued and outstanding shares of Interactive
Therapy Group Consultants, Inc. (�ITG�) and also completed the
disposition of its wholly-owned subsidiary, RPM Rehabilitation
& Associates, Inc. (�RPM�). Accordingly, all results related to
RPM have been reflected as discontinued operations.
� � � Three Months Ended � � � � Years Ended � 03/31/09 � � � � � �
03/31/08 � � 03/31/09 � � � � � � 03/31/08 � (Unaudited) Revenues $
1,633,598 $ - $ 3,320,926 $ - � Operating loss from continuing
operations (167,644 ) (195,232 ) (804,817 ) (990,113 ) � Loss
before discontinued operations (362,464 ) (131,857 ) (895,617 )
(659,086 ) � Net loss $ (362,464 ) $ (131,537 ) $ (807,100 ) $
(671,809 ) � Net income (loss) per share:
From continuing operations - basic
and diluted
$ (0.08 ) $ (0.03 ) $ (0.19 ) $ (0.14 )
From discontinued operations -
basic and diluted
$ - � $ - � $ 0.02 � $ - � � Weighted average shares � basic and
diluted 4,754,900 4,761,800 4,760,075 4,761,800
The Company acquired ITG for $570,000 in cash on September 12,
2008. The purchase price was subject to adjustment based on the
final calculation of ITG�s tangible net worth. Based on this
calculation, the purchase price was reduced by $374,785. Subsequent
to March 31, 2009, the former ITG shareholders repaid $170,715 of
this balance. Since the collectability of the remaining balance is
in question, the Company has recorded a reserve for the
uncollectible balance of $204,070 during the fourth quarter ended
March 31, 2009.
During the year ended March 31, 2009 and 2008, the Company
recognized stock compensation expense totaling $21,100 and
$285,000, respectively, based on the fair value of stock options
granted under the provisions of Statement of Financial Accounting
Standards No. 123R.
American Claims Evaluation, Inc., through its wholly owned
subsidiary, Interactive Therapy Group Consultants, Inc., offers a
comprehensive range of services to children with developmental
delays and disabilities.
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