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 2007, which ended May 31, 2006.
Revenues for the first quarter ended May 31, 2006 were $19.8
million compared to $17.0 million (net of discontinued operations) for
the quarter ended May 31, 2005. Income from operations for the quarter
ended May 31, 2006 was $207 thousand versus a loss from operations of
$285 thousand for the quarter ended May 31, 2005. Net loss for the
quarter ended May 31, 2006 was $354 thousand or a loss of $.01 per
basic and diluted share versus a net loss of $1.4 million including
loss from discontinued operations of $577 thousand or a loss of $.05
per basic and diluted share for the quarter ended May 31, 2005.
"I'm very pleased that ATC continues its positive trend with our
revenue up 17% over the first quarter of last year and 8% over the
previous quarter," remarked David Savitsky, Chief Executive Officer.
"Our acquisition of Critical Nursing Solutions in June, together with
the opening of new offices in Pompano Beach, Orlando and Pasadena will
further enhance revenues for the year and position ATC for a
profitable FY 07."
In conjunction with this release, management will host a
teleconference Tuesday, July 18, 2006 at 1:00 pm 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
800-967-7135 code 6319455. There will be a 48 hour replay available
from 3:00pm Eastern time, on July 18, 2006. The replay number is
888-203-1112, code 6319455.
About ATC Healthcare, Inc.
ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics, and other health care facilities
with 58 locations in 33 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, 2006 as filed with
the Securities and Exchange Commission on May 30, 2006.
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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, 2006 May 31, 2005
------------- -------------
REVENUES:
Service revenues $19,848 $17,010
----------------------------------------------------------------------
COSTS AND EXPENSES:
Service costs 15,443 13,220
General and administrative expenses 4,077 3,917
Depreciation and amortization 121 158
----------------------------------------------------------------------
Total operating expenses 19,641 17,295
----------------------------------------------------------------------
(LOSS) INCOME FROM OPERATIONS 207 (285)
----------------------------------------------------------------------
INTEREST AND OTHER EXPENSES (INCOME):
Interest expense, net 487 531
Other expense (income), net (57) (24)
----------------------------------------------------------------------
Total interest and other expenses
(income) 430 507
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES (223) (792)
INCOME TAX PROVISION 12 25
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS (235) (817)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS:
(LOSS) FROM DISCONTINUED OPERATIONS
NET OF TAX PROVISION OF $0 IN 2005 - (577)
----------------------------------------------------------------------
NET LOSS (235) (1,394)
----------------------------------------------------------------------
Dividends accreted to Preferred
Shareholders 119 17
----------------------------------------------------------------------
NET LOSS ATTRIBUTABLE TO COMMON
SHAREHOLDERS $(354) $(1,411)
======================================================================
(LOSS) INCOME EARNINGS PER SHARE:
(LOSS) FORM CONTINUING OPERATIONS:
(LOSS) PER COMMON SHARE- BASIC $( .01 ) $(.03)
============================
(LOSS) PER COMMON SHARE - DILUTED $( .01 ) $(.03)
============================
(LOSS) INCOME FROM DISCONTINUED
OPERATIONS:
(LOSS) INCOME PER COMMON SHARE- BASIC - $( .02 )
============================
(LOSS) INCOME PER COMMON SHARE- DILUTED - $( .02 )
============================
Net Loss:
(LOSS) PER COMMON SHARE- BASIC $( . 01 ) $( . 05 )
============================
(LOSS) PER COMMON SHARE- DILUTED $( . 01 ) $( . 05 )
============================
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 38,248 27,495
======================================================================
Diluted 38,248 27,495
======================================================================
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