Atc Healthcare (AMEX:AHN)
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ATC Healthcare, Inc. (AMEX:AHN), a national leader in
medical staffing, today reported results for its third quarter of
fiscal year end 2006, which ended November 30, 2005.
Three Month Results
Revenues for the third quarter ended November 30, 2005 were $18.2
million compared to $16.0 million (net of discontinued operations) for
the quarter ended November 30, 2004. Service costs were 75.9% of total
revenues in the third quarter of fiscal year end 2006 as compared to
81.4% in the third quarter of the prior year. Income from operations
for the quarter ended November 30, 2005 was $237 thousand versus a
loss from operations of $(2.1) million for the quarter ended November
30, 2004. Net loss for the quarter ended November 30, 2005 was $(269)
thousand or $(.01) per basic and diluted share versus a net loss of
$(1.3) million including loss from discontinued operations of $(74)
thousand or a loss of $(.05) per basic and diluted share for the
quarter ended November 30, 2004.
Nine Month Results
ATC reported revenues of $53.2 million (net of discontinued
operations) for the nine months ended November 30, 2005, as compared
to revenues of $52.3 million (net of discontinued operations) for same
time period last year. Service costs were 76.6% of total revenues for
the nine months ended November 30, 2005 as compared to 78.2% for the
nine months ended November 30, 2004. Income from continuing operations
was $130 thousand for the nine months ended November 30, 2005 as
compared to a loss from continuing operations of $(2.7) million for
the same period last year. The Company recorded a net loss of $(2.2)
million including a loss from discontinued operations of $(577)
thousand or $(.08) per basic and diluted share for the nine months
ended November 30, 2005 versus a net loss of $(1.6) million including
income from discontinued operations of $397 thousand or $(.07) per
basic and diluted share for the nine months ended November 30, 2004.
David Savitsky, CEO, remarked "We're pleased that the third
quarter continued to show improvement both in consecutive and same
quarter results in sales and operating income. We believe that the
programs we've put in place to open new locations, grow our government
sales and expand international nurse recruitment will have a strong
impact in the next fiscal year. Also, as a result of restructuring of
back office staff, and lower interest rates with our revolving loan
facility, we've been able to decrease both General and Administrative
cost, as well as interest expense."
In conjunction with this release, management will host a
teleconference Thursday, January 19th at 1:00pm Eastern Time. The dial
in number 800-967-7144 confirmation code# 1423287. There will be a 48
hour replay. The replay number is, 888-203-1112 , Code 1423287.
About ATC Healthcare, Inc.
ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics, and other health care facilities
with 52 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/A for the year ended February 28, 2005 as filed
with the Securities and Exchange Commission on September 26, 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 For the Nine Months
Ended (unaudited) Ended
November 30, November 30, November 30, November 30,
2005 2004 2005 2004
---- ---- ---- ----
REVENUES:
Service revenues $18,219 $16,000 $53,161 $52,254
----------------------------------------------------------------------
COSTS AND EXPENSES:
Service costs $13,824 $13,021 40,735 40,840
General and
administrative
expenses 4,003 4,451 11,856 13,212
Depreciation and
amortization 155 170 440 502
Restructuring
Charges -- 449 -- 449
----------------------------------------------------------------------
Total operating
expenses 17,982 18,091 53,031 55,003
----------------------------------------------------------------------
INCOME (LOSS) FROM
OPERATIONS 237 (2,091) 130 (2,749)
----------------------------------------------------------------------
INTEREST AND OTHER
EXPENSES (INCOME):
Interest expense, net 512 486 1,753 1,587
Other expense
(income), net (6) (2,292) (93) (2,993)
----------------------------------------------------------------------
Total interest
and other
expenses (income) 506 (1,806) 1,660 (1,406)
----------------------------------------------------------------------
LOSS FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAXES (269) (285) (1,530) (1,343)
INCOME TAX PROVISION
(BENEFIT) 0 939 50 636
----------------------------------------------------------------------
LOSS FROM CONTINUING
OPERATIONS (269) (1,224) (1,580) (1,979)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS:
(LOSS) INCOME FROM
DISCONTINUED OPERATIONS
NET OF TAX PROVISION FOR
THE THREE MONTHS OF $0
IN 2005 AND $0 in 2004
AND FOR THE NINE MONTHS
OF $0 AND $353
RESPECTIVELY: -- (74) (577) 397
----------------------------------------------------------------------
NET LOSS (269) (1,298) (2,157) (1,582)
----------------------------------------------------------------------
Dividends accreted
to Preferred
Shareholders 120 17 154 53
----------------------------------------------------------------------
NET LOSS
ATTRIBUTABLE TO
COMMON SHAREHOLDERS (389) (1,315) $(2,311) $(1,635)
======================================================================
(LOSS) INCOME
EARNINGS PER SHARE:
(LOSS) FROM
CONTINUING OPERATIONS:
(LOSS) PER COMMON
SHARE- BASIC $ (.01) $ (.05) $ (.06) $ (.08)
===================================================
(LOSS) PER COMMON
SHARE - DILUTED $ (.01) $ (.05) $ (.06) $ (.08)
===================================================
(LOSS) INCOME FROM
DISCONTINUED
OPERATIONS:
(LOSS) INCOME PER
COMMON SHARE-BASIC $ (.00) $ (.00) $ (.02) $ .01
===================================================
(LOSS) INCOME PER
COMMON SHARE -
DILUTED $ (.00) $ (.00) $ (.02) $ .01
===================================================
NET LOSS
(LOSS) PER COMMON
SHARE-BASIC $ (.01) $ (.05) $ (.08) $ (.07)
===================================================
(LOSS) PER COMMON
SHARE - DILUTED $ (.01) $ (.05) $ (.08) $ (.07)
===================================================
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
Basic 33,930 24,934 30,338 24,919
======================================================================
Diluted 33,930 24,934 30,338 24,919
======================================================================
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