Atc Healthcare (AMEX:AHN)
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ATC Healthcare, Inc. (AMEX:AHN), a national leader in
medical staffing, today reported results for its first quarter of
fiscal year end 2006, which ended May 31, 2005.
Revenues for the first quarter ended May 31, 2005 net of
discontinued operations were $17.0 million compared to $18.7 million
for the quarter ended May 31, 2004. The reduction in revenues is due
to the Company closing marginally performing offices during the second
half of fiscal 2004. Net loss for the quarter ended May 31, 2005 was
$1.4 million including a loss on discontinued operations of $577
thousand or $(0.05) per diluted share (EPS), versus a net loss of $55
thousand including income from discontinued operations of $245
thousand or $0.00 per diluted share (EPS) for the quarter ending May
31, 2004
"ATC made considerable progress during this quarter. We sold our
Allcare Nursing business helping to bring our debt down to manageable
levels. We were awarded $12 million in new government contracts and
increased sales 8% from the prior quarter. We will continue to look
for ways to rebuild revenue and improve our operations so that we can
deliver better bottom line results as we go forward this year" stated
David Savitsky, Chief Executive Officer.
In conjunction with this release, management will host a
teleconference Tuesday, July 19, 2005 at 12:00 noon Eastern Time at
which it will discuss the results of operations for the quarter, the
business and its outlook going forward. The dial in number is
800-930-1344 code 4983113. There will be a 48 hour replay. The replay
number is 888-203-1112, code 4983113.
About ATC Healthcare, Inc.
ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics, and other health care facilities
with 50 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 for the year ended February 28, 2005 as filed with
the Securities and Exchange Commission on June 13, 2005.
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ATC HEALTHCARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended
May 31, May 31,
2005 2004
------------ ------------
REVENUES:
Service revenues $ 17,010 $ 18,683
----------------------------------------------------------------------
COSTS AND EXPENSES:
Service costs 13,220 13,994
General and administrative expenses 3,917 4,421
Depreciation and amortization 158 168
----------------------------------------------------------------------
Total operating expenses 17,295 18,583
----------------------------------------------------------------------
(LOSS) INCOME FROM OPERATIONS (285) 100
----------------------------------------------------------------------
INTEREST AND OTHER EXPENSES (INCOME):
Interest expense, net 531 546
Other expense (income), net (24) (12)
----------------------------------------------------------------------
Total interest and other expenses 507 534
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES (792) (434)
INCOME TAX PROVISION (BENEFIT) 25 (151)
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS (817) (283)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS:
(LOSS) INCOME FROM DISCONTINUED OPERATIONS
NET OF TAX PROVISION OF $0 IN 2005 AND
$176 in 2004 RESPECTIVELY (577) 245
----------------------------------------------------------------------
NET LOSS (1,394) (38)
----------------------------------------------------------------------
Dividends accreted to Preferred Shareholders 17 17
----------------------------------------------------------------------
NET LOSS ATTRIBUTABLE TO COMMON
SHAREHOLDERS $ (1,411) $ (55)
======================================================================
(LOSS) INCOME EARNINGS PER SHARE:
(LOSS) FORM CONTINUING OPERATIONS:
(LOSS) PER COMMNON SHARE- BASIC $ ( .03 ) $ (.01)
=========================
(LOSS) PER COMMON SHARE - DILUTED $ ( .03 ) $ (.01)
=========================
(LOSS) INCOME FROM DISCONTINUED OPERATIONS:
(LOSS) INCOME PER COMMON SHARE-BASIC $ ( .02 ) $ .01
=========================
(LOSS) INCOME PER COMMON SHARE - DILUTED $ ( .02 ) $ .01
=========================
NET LOSS
(LOSS) PER COMMON SHARE-BASIC $ ( . 05 ) $ .00
=========================
(LOSS) PER COMMON SHARE - DILUTED $ ( .05 ) $ .00
=========================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 27,495 24,911
======================================================================
Diluted 27,495 24,911
======================================================================
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