Atc Healthcare (AMEX:AHN)
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ATC Healthcare, Inc. (AMEX: AHN), a national leader in
medical staffing, today announced results for its fourth quarter and
fiscal year end 2006, which ended February 28, 2006.
Revenues for the fourth quarter ended February 28, 2006 increased
17.2% to $18.4 million compared to $15.7 million net of discontinued
operations for the quarter ended February 28, 2005. Net loss for the
quarter ended February 28, 2006 was $294,000 or $0.01 per diluted
share (EPS), versus a net loss of $8.8 million including a loss on
discontinued operations of $2.7 million or $0.35 per diluted share for
the quarter ended February 28, 2005.
Revenues net of discontinued operations for the year ended
February 28, 2006, increased 5.3% to $71.5 million net of discontinued
operations, compared to $67.9 million for the year ended February 28,
2005 net of discontinued operations. Loss from operations net of
discontinued operations for the year ended February 28, 2006 was $2.0
million versus a loss from operations net of discontinued operations
of $8.5 million in the prior fiscal year. Net loss for the year ended
February 28, 2006 including discontinued operations was $2.6 million
or $0.08 per diluted share (EPS), versus net loss of $10.5 million or
$0.42 per diluted share for the year ended February 28, 2005.
February 28, 2005 year end results were negatively impacted by a
$5.3 million charge to write-off goodwill associated with the closing
of offices and the sale of the AllCare Nursing business and a deferred
tax valuation allowance of $2.5 million.
"I'm very pleased to report that this past year has been a
significant turnaround for ATC. Our strategic plan to restructure the
balance sheet, reduce costs and re-grow sales was completed with good
results", remarked David Savitsky, Chief Executive Officer. "We are
seeing Quarter over Quarter sales growth and an overall strengthening
of the medical staffing marketplace. Most important is that we have
recorded three positive Quarters of EBITDA and have positive EBITDA
for the past year. ATC is now positioned for a profitable FY 07."
In conjunction with this release, management will host a
teleconference Thursday, June 1, 2006 at 1:00 pm Eastern time. The
dial in number is 1-800-946-0706 and refer to confirmation code
4529527. A telephonic replay of the call may be accessed by dialing
1-888-203-1112, code 4529527. The replay will be available from 6:00
pm Eastern time on June 1, 2006 until midnight June 2, 2006.
About ATC Healthcare, Inc.
ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics and other health care facilities
with 54 locations doing business 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, 2006 as filed with
the Securities and Exchange Commission on May, 29, 2005.
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ATC HEALTHCARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share data)
For the Three Months For the Year
Ended (unaudited) Ended
February February February February
28, 2006 28, 2005 28, 2006 28, 2005
-------- -------- -------- --------
REVENUES:
Service revenues $18,367 $15,683 $71,528 $ 67,937
----------------------------------------------------------------------
COSTS AND EXPENSES:
Service costs 13,986 13,862 54,721 54,732
General and administrative
expenses 3,974 3,896 15,830 17,033
Depreciation and amortization 77 199 517 700
Office closing and
restructuring charge - 982 - 1,431
----------------------------------------------------------------------
Total operating expenses 18,037 18,939 71,068 73,896
----------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS 330 (3,256) 460 (5,959)
----------------------------------------------------------------------
INTEREST AND OTHER
EXPENSES (INCOME):
Interest expense, net 435 568 2,188 2,191
Other expense (income), net 70 (223) (23) (914)
Expense related to TLCS
liability -- -- (2,293)
----------------------------------------------------------------------
Total interest and other
expenses 505 345 2,165 (1,016)
----------------------------------------------------------------------
LOSS FORM CONTINUING OPERATIONS
BEFORE INCOME TAXES (175) (3,601) (1,705) (4,943)
INCOME TAX PROVISION 0 2,526 50 3,516
----------------------------------------------------------------------
NET LOSS FROM
CONTINUING OPERATIONS $(175) $(6,127) $(1,755) $ (8,459)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS
NET(LOSS) INCOME FROM DISCONTINUED
OPERATIONS - $(2,695) $ (577) $ (1,945)
----------------------------------------------------------------------
NET LOSS $(175) $(8,822) $(2,332) $(10,404)
----------------------------------------------------------------------
DIVIDENDES ACCRETED TO PREFERRED
SHAREHOLDERS $ 119 $ 17 $ 273 $ 70
NET LOSS AVAILABLE TO COMMON
SHAREHOLDERS $(294) $(8,839) $(2,605) $(10,474)
----------------------------------------------------------------------
(LOSS) INCOME EARNINGS PER SHARE:
(Loss) income from continuing
operations:
(Loss) income per common share
Basic and Diluted $(0.01) $ (0.24) $ (0.06) $ (0.34)
======================================================================
(Loss) income from discontinued
operations:
(Loss) income Per common share
Basic and Diluted $(0.00) $ (0.11) $ (0.02) $ (0.08)
======================================================================
NET LOSS PER COMMON SHARE BASIC
AND DILUTED $(0.01) $ (0.35) $ (0.08) $ (0.42)
======================================================================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 36,898 25,695 31,955 25,113
======================================================================
Diluted 36,898 25,695 31,955 25,113
======================================================================
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