DALLAS, TX today announced record financial and operational
results for the first quarter ended March 31, 2008. Highlights
include:
-- Reported a quarterly profit of $521 thousand in net income, or $0.03
per diluted share, resulting in three consecutive quarters of profit
growth.
-- Achieved $11.5 million in revenue for the quarter, a record 407% rise
in revenues for Q1 2008 compared to Q1 2007, representing four quarters
of sequential revenue growth.
-- Attained gross margins of approximately 15% compared to 7% in Q1 2007,
reflecting continued leverage of the Company's fixed cost
infrastructure.
-- Generated EBITDA, as adjusted, of $784 thousand for the quarter.
- EBITDA, as adjusted, (a non-GAAP measure) is defined as income
(loss) from operations less depreciation and amortization, non-cash
warrant and option compensation expense and executive severance.
EBITDA, as adjusted, should be considered in addition to, but not
in lieu of, income (loss) from operations reported under generally
accepted accounting principles (GAAP).
-- The Company finished the quarter with $5.9 million in cash on hand and
generated $1.6 million in cash from operating activities in the first
quarter, the largest cash flow volume in the Company's history.
-- Claims volume increased to approximately 60 thousand for Q1 2008, up
278% over Q1 2007.
-- Recent key executive additions:
- Matthew Thompson appointed to Controller and Chief Accounting
Officer.
Commenting on today's announcement, David S. Boone, Chief
Executive Officer of American CareSource, stated, "We are very
pleased to report such strong quarterly financial results. With
renewed focus, we have now developed the most comprehensive
national network of ancillary healthcare services providers in the
country and, as a result, we are bringing our clients a wider range
of services with highly favorable economics. We continue to deliver
real cost savings to our clients and are demonstrating the value of
our business model.
"The tremendous surge in revenues for the first quarter and the
dramatic improvement in profitability compared to the same period
of 2007, is a continuation of the trend we began last year and
reflect both organic growth as well as the addition of several new
clients during the past year. Given where we stand today and taking
into account expected new client wins, further expansion of our
provider network and growth in current client business, we continue
to believe that the Company is on track to exceed its initial
guidance of $50 million in revenues for the full year."
Revenues for the first quarter of 2008 rose 407% to $11.5
million compared to $2.3 million in the first quarter of 2007. The
Company's first quarter revenues also represent a 14% improvement
over fourth quarter 2007 reported revenues of $10.1 million.
The Company reported net income of $521 thousand, or $0.03 per
diluted share, for the first quarter of 2008, compared to a net
loss of $611 thousand, or $0.04 per share, in the same period last
year. Factors affecting positive current quarter results include
increases in revenue from the addition of five new clients which
began with the Company in 2007 and the expansion of services for
existing clients.
Cash provided by operations was $1.6 million in the first
quarter of 2008 versus negative $546 thousand in the first quarter
of 2007. Factors affecting the improvement in operating cash flows
include earnings growth, accelerated client collections and overall
effectiveness in working capital management. At March 31, 2008, the
Company had $5.9 million in cash and cash equivalents compared to
$4.3 million at December 31, 2007.
Conference Call
As previously announced, American CareSource will hold a
conference call to discuss financial results of the first quarter
ended March 31, 2008 as follows:
Date: Thursday, May 15, 2008
Time: 10:00 a.m. (CT)/11:00 a.m. (ET)
Dial-in numbers: 877-675-4757 (U.S. & Canada) or 719-325-4911
Live webcast: www.anci-care.com, under "New & Events"
The teleconference replay will be available two hours after
completion through Thursday, May 22, 2008 at 888-203-1112 (U.S.
& Canada) or 719-457-0820. The replay pass code is 6620406. The
archived webcast will be available for one year on the Company's
investor website, www.anci-care.com, under "News and Events."
About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly
traded ancillary care network services company, offers a
comprehensive national network of more than 25,000 ancillary
provider sites. Through its product offerings, American CareSource
helps its clients reduce the cost of ancillary services rendered
through its network of providers in more than 30 service
categories. The Company's ancillary network and management provides
a complete outsourced solution for a wide variety of healthcare
payors and plan sponsors including self-insured employers,
indemnity insurers, PPOs, HMOs, third party administrators and both
federal and local governments.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995:
Any statements that are not historical facts contained in this
release are forward-looking statements. It is possible that the
assumptions made by American CareSource Holdings, Inc. for purposes
of such statements may not materialize. Actual results may differ
materially from those projected or implied in any forward-looking
statements. Such statements may involve further risks and
uncertainties, including but not limited to those relating to
product demand, pricing, market acceptance, the effect of economic
conditions, and intellectual property rights, and the outcome of
competitive products, risks in product development, the ability to
complete transactions, and other risks identified in this release,
and the Securities and Exchange Commission filings of American
CareSource Holdings, Inc.
American CareSource Holdings, Inc.
Balance Sheet (unaudited)
March 31, 2008 and December 31, 2007
March 31, December 31,
2008 2007
ASSETS
Current Assets
Cash $ 5,857,094 $ 4,272,498
Accounts receivable, net 3,248,579 3,651,203
Prepaids and Other Current Assets 427,195 409,445
------------ ------------
Total Current Assets 9,532,868 8,333,146
Net Property, Plant and Equipment 388,504 332,450
Other Assets
Certificate of Deposit, restricted 145,000 145,000
Other Non-Current Assets 420,238 492,977
Intangible Assets 1,440,843 1,494,238
Goodwill 4,361,299 4,361,299
------------ ------------
Total Other Assets 6,367,380 6,493,514
------------ ------------
TOTAL ASSETS $ 16,288,752 $ 15,159,110
============ ============
LIABILITIES
Current Liabilities
Due to Service Providers $ 3,709,889 $ 3,344,278
Accounts Payable and Accrued Liabilities 1,288,963 1,320,036
Current Maturities of Long-Term Debt 56,697 55,697
------------ ------------
Total Current Liabilities 5,055,549 4,720,011
Long-Term Debt 35,784 50,348
TOTAL LIABILITIES 5,091,333 4,770,359
EQUITY
Common Stock 150,674 146,684
Preferred Stock-par value $0.01, 10,000,000
shares authorized and none outstanding - -
Additional Paid In Capital - General 17,897,140 17,613,880
Accumulated Deficit (6,850,395) (7,371,813)
------------ ------------
TOTAL EQUITY 11,197,419 10,388,751
------------ ------------
TOTAL LIABILITIES AND EQUITY $ 16,288,752 $ 15,159,110
============ ============
American CareSource Holdings, Inc.
Consolidated Statements of Operations (unaudited)
Three months ended
3/31/2008 3/31/2007
------------ ------------
Net Revenues $ 11,505,675 $ 2,266,569
Total Cost of Revenues 9,801,122 2,101,643
------------ ------------
Contribution Margin 1,704,553 164,926
Selling General and Administrative Expense 1,112,854 694,421
Depreciation and Amortization 92,067 78,074
------------ ------------
Total Operating Expenses 1,204,921 772,495
Operating Income (Loss) 499,632 (607,569)
------------ ------------
Interest Income (40,668) (53,874)
Interest Expense 1,838 11,071
Debt Issuance Cost - 46,300
------------ ------------
Total Other (Income) Expenses (38,830) 3,497
Net Income (Loss) Before Income Taxes 538,462 (611,066)
Income Tax Provision 17,044 -
------------ ------------
Net Income (Loss) $ 521,418 $ (611,066)
============ ============
Earnings (loss) per common share:
Basic $ 0.04 $ (0.04)
Diluted $ 0.03 $ (0.04)
Weighted average common shares outstanding:
Basic 14,880,266 14,486,749
Diluted 17,255,201 14,486,749
American CareSource Holdings, Inc.
Statement Of Cash Flows (unaudited)
One Month and Three Months Ended March 31, 2008
Three Months Three Months
Ended Ended
3/31/2008 3/31/2007
------------ ------------
Cash flows from operating activities
Net Income/(Loss) $ 521,418 $ (611,066)
Adjustments to Reconcile Net Loss to Net Cash
Used In Operating Activities:
Stock-based Compensation Expense 157,525 49,536
Depreciation/Amortization 92,067 78,074
Debt issuance costs - 46,300
Client Management Expense Related to
Warrants 13,228 -
Changes In operating Assets and
Liabilities:
Accounts Receivable 402,624 384,844
Prepaids and Other Assets 41,761 (25,660)
Accounts Payable and Accrued Liabilities (31,073) (22,287)
Due to Service Providers 365,611 (445,683)
------------ ------------
Net Cash Provided by/(Used In) Operating
Activities 1,563,161 (545,942)
------------ ------------
Cash flows from Investing activities
Purchases and Development of Property and
Equipment (94,726) (18,833)
------------ ------------
Net Cash Used In Investing Activities (94,726) (18,833)
------------ ------------
Cash flows from financing activities
Payments On Long Term Debt (13,564) (309,659)
Net Proceeds from the Exercise of Stock Options 129,725 1,924
------------ ------------
Net Cash Provided By/(Used In) Financing
Activities 116,161 (307,735)
------------ ------------
Net Increase/(Decrease) In Cash 1,584,596 (872,510)
Cash At Beginning Of Period 4,272,498 5,025,380
------------ ------------
Cash At End Of Period $ 5,857,094 $ 4,152,870
============ ============
American CareSource Holdings Inc.
Calculation of EBITDA and EBITDA, as adjusted (unaudited)
Three months ended March 31, 2008
Three months Three months
ended March ended March
31, 2008 31, 2007
------------- ------------
Operating income (loss) $ 499,632 $ (607,569)
Depreciation and Amortization 92,067 78,074
------------- ------------
EBITDA 591,699 (529,495)
Executive severance 21,844 -
Non-cash Option/Warrant Compensation Expense 170,753 49,536
------------- ------------
EBITDA, as adjusted $ 784,296 $ (479,959)
============= ============
Contact: David S. Boone Chief Executive Officer American
CareSource Holdings, Inc. Tel: 972-308-6830
American Caresource Holdings (AMEX:XSI)
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