DALLAS, TX today announced record financial and operational
results for the fourth quarter and year ended December 31, 2007.
Highlights include:
-- Reported a quarterly profit of $319 thousand in net income,
or $0.02 per share -- the largest profit in the Company's
history.
-- Achieved $10.1 million in revenue for the quarter, a record
260% rise in revenues for Q4 2007 compared to Q4 2006.
-- Achieved $23.5 million in revenue for the year, a 106%
increase in revenues for 2007 compared to 2006.
-- Generated EBITDA, as adjusted, of $222 thousand for the
quarter and $(85) thousand for the year.
-- 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 year with $4.3 million in cash on
hand and generated $687 thousand in cash from operating activities
in the fourth quarter.
-- Claims volume increased to 51,039 for Q4 2007, up 243% over
Q4 2006.
-- Recent key executive additions:
-- Cornelia Outten appointed to Vice President of Network Development
-- Rost A. Ginevich named Chief Information Officer
Commenting on today's announcement, David S. Boone, Chief
Executive Officer of American CareSource, stated, "We are delighted
to report such strong financial results for the fourth quarter and
year ended December 31, 2007. We worked diligently during the past
year to make the transition from a network provider to an ancillary
services provider that works in true partnership with its clients,
and I am pleased to say that we achieved this goal. As a result, we
were successful in adding new clients while expanding many of our
existing client relationships. This has translated into a greater
than tripling of revenues for the fourth quarter of 2007 compared
to 2006 and a substantial increase in claims volume for the
period.
"Our continued growth has necessitated an expansion of the
management team. In February 2008, Cornelia Outten was appointed to
the position of Vice President of Network Development and, just
recently, Rost Ginevich joined the Company in the newly created
position of Chief Information Officer. Cornelia and Rost each bring
to American CareSource over 20 years of experience in their fields
of expertise and are already contributing greatly to our growth
goals."
Revenues for the fourth quarter of 2007 rose 260% to $10.1
million compared to $2.8 million in the fourth quarter of 2006. For
the year ended December 31, 2007, the Company reported revenues of
$23.5 million, a 106% increase compared to revenues of $11.4
million in the same period of 2006.
The Company reported net income of $319 thousand, or $0.02 per
share, for the fourth quarter of 2007, compared to a net loss of
$673 thousand, or $0.04 per share, in the same period last year.
Factors affecting positive current quarter results include
increases in revenue from Texas True Choice and HealthSmart, and
the implementation of American Administrative Group (AAG) and two
other clients.
For the year ended December 31, 2007, the Company reported a net
loss of $820 thousand, or $0.06 per share, compared to a net loss
of $1.3 million, or $0.09 per share, for the same period in 2006.
Excluding the one time charge for the departure of the Company's
former Chief Executive Officer, the net loss for the year ended
December 31, 2007 was $490 thousand.
Cash provided by operations was $687 thousand in the fourth
quarter of 2007 versus $38 thousand in the fourth quarter of 2006.
At December 31, 2007, the Company had $4.3 million in cash and cash
equivalents compared to $5.0 million at December 31, 2006.
Conference Call
As previously announced, American CareSource will hold a
conference call to discuss financial results of the fourth quarter
ended December 31, 2007 as follows:
Date: Monday, March 31, 2008
Time: 11:00 AM ET/10:00 AM CT
Dial-in numbers: 877-627-6544 (U.S. & Canada) or 719-325-4918
Live webcast: www.anci-care.com, under "News and Events"
The teleconference replay will be available two hours after
completion through Monday, April 7, 2008 at 888-203-1112 (U.S.
only) or 719-457-0820. The replay pass code is 6401182. 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.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2007 AND 2006
December 31, December 31,
2007 2006
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,272,498 $ 5,025,380
Accounts receivable 3,651,203 1,334,950
Prepaid and other current assets 409,445 33,515
------------ ------------
Total current assets 8,333,146 6,393,845
NET PROPERTY AND EQUIPMENT 332,450 266,555
OTHER ASSETS
Certificate of deposit restricted 145,000 145,000
Deferred taxes 255,731 -
Other non-current assets 237,246 -
Net intangible assets 1,494,238 1,707,819
Goodwill 4,361,299 4,361,299
------------ ------------
Total other assets 6,493,514 6,214,118
Total assets $ 15,159,110 $ 12,874,518
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Due to service providers $ 3,344,278 $ 1,077,174
Accounts payable and other accrued liabilities 1,320,036 761,926
Current maturities of long-term debt 55,697 352,718
------------ ------------
Total current liabilities 4,720,011 2,191,818
------------ ------------
LONG-TERM DEBT 50,348 101,541
------------ ------------
Total liabilities 4,770,359 2,293,359
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, par value $0.01, 40,000,000
shares authorized and 14,668,416 and
14,484,115 issued and outstanding as of
December 31, 2007 and December 31, 2006,
respectively 146,684 144,841
Preferred stock, par value .01, 10,000,000
shares authorized and none outstanding as of
December 31, 2007 and 2006 - -
Additional paid-in-capital 17,613,880 17,034,201
Deferred debt issuance cost - (46,300)
Accumulated (deficit) (7,371,813) (6,551,583)
------------ ------------
Total stockholders' equity 10,388,751 10,581,159
------------ ------------
Total liabilities and stockholder's equity $ 15,159,110 $ 12,874,518
============ ============
AMERICAN CARESOURCE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006
2007 2006
------------ ------------
Revenues:
Ancillary health $ 10,124,555 $ 2,810,792
Patient claims processing - -
------------ ------------
Total revenues 10,124,555 2,810,792
Total costs of revenues 8,929,876 2,442,147
------------ ------------
Contribution margin 1,194,679 368,645
------------ ------------
Selling, general and administrative expense 1,076,255 966,522
Depreciation and amortization 80,679 80,686
------------ ------------
Total operating expenses 1,156,934 1,047,208
------------ ------------
Operating income/(loss) 37,745 (678,563)
------------ ------------
Financing (income) expenses:
Interest (income) (49,657) (61,344)
Interest expense 1,414 9,724
Debt issuance cost - 46,300
------------ ------------
Total financing (income)/expenses (48,243) (5,320)
------------ ------------
Net income/(loss) before income taxes 85,988 (673,243)
Income tax benefit (232,754) -
------------ ------------
Net Income/(Loss) $ 318,742 $ (673,243)
============ ============
Net Income/(Loss) per share - basic $ 0.02 $ (0.04)
Weighted Average Shares Outstanding - basic 14,659,757 14,478,990
Net Income/(Loss) per share - diluted $ 0.02 $ (0.04)
Weighted Average Shares Outstanding - diluted 17,253,245 14,478,990
Reconciliation of Income (Loss) from Operations
To EBITDA, as adjusted:
Operating Income/(Loss) 37,745 (678,563)
Depreciation and Amortization 80,679 80,686
------------ ------------
EBITDA 118,424 (597,877)
Executive severance (8,029) -
Non-cash Option/Warrant Compensation Expense 111,321 75,964
------------ ------------
EBITDA, as adjusted 221,716 (521,913)
AMERICAN CARESOURCE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
2007 2006
------------ ------------
Revenues:
Ancillary health $ 23,487,911 $ 11,323,217
Patient claims processing - 95,337
------------ ------------
Total revenues 23,487,911 11,418,554
Total costs of revenues 20,601,600 9,346,927
------------ ------------
Contribution margin 2,886,311 2,071,627
------------ ------------
Selling, general and administrative expense 3,754,175 3,005,241
Depreciation and amortization 328,839 316,304
------------ ------------
Total operating expenses 4,083,014 3,321,545
------------ ------------
Operating (loss) (1,196,703) (1,249,918)
------------ ------------
Financing (income) expenses:
Interest (income) (200,719) (194,097)
Interest expense 10,700 72,806
Debt issuance cost 46,300 185,200
------------ ------------
Total financing (income)/expenses (143,719) 63,909
------------ ------------
Net (loss) before income taxes (1,052,984) (1,313,827)
Income tax benefit (232,754) -
------------ ------------
Net (Loss) $ (820,230) $ (1,313,827)
============ ============
Net (Loss) per share - basic and diluted $ (0.06) $ (0.09)
Weighted Average Shares Outstanding - basic and
diluted 14,546,796 14,129,762
Reconciliation of Income (Loss) from Operations
To EBITDA, as adjusted:
Operating Income/(Loss) (1,196,703) (1,249,918)
Depreciation and Amortization 328,839 316,304
------------ ------------
EBITDA (867,863) (933,604)
Executive severance 329,981 -
Non-cash Option/Warrant Compensation Expense 453,333 213,579
------------ ------------
EBITDA, as adjusted (84,549) (720,035)
AMERICAN CARESOURCE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
2007 2006
------------ ------------
Cash Flows From Operating Activities
Net (loss) $ (820,230) $ (1,313,827)
Adjustments to reconcile net loss to net cash
(used in) operating activities
Depreciation and amortization 328,839 316,304
Compensation expense related to warrants 46,300 185,200
Stock option compensation 418,058 213,579
Client management fee expense related to
warrants 35,276 -
Deferred taxes (255,731) -
Gain on disposal of assets - (32,755)
Changes in operating assets and liabilities
Accounts receivable (2,316,253) (852,791)
Prepaid and other assets (542,626) (3,364)
Due to service providers 2,267,104 690,957
Accounts payable and other accrued
liabilities 558,110 409,543
------------ ------------
Net cash used in operating activities (281,153) (387,154)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (181,153) (234,376)
Proceeds from sales of equipment - 73,462
Purchase of Certificate of Deposit - (145,000)
------------ ------------
Net cash used in investing activities (181,153) (305,914)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on line of credit, net - (3,450,000)
Proceeds from long term debt - 135,000
Payments on long term debt (348,215) (96,901)
Net proceeds from the sale of capital stock - 9,069,848
Net proceeds from the exercise of stock options 57,639 37,102
------------ ------------
Net cash provided by (used in) financing
activities (290,576) 5,695,049
------------ ------------
Net increase (decrease) in cash and cash
equivalents (752,882) 5,001,981
Cash and cash equivalents at beginning of year 5,025,380 23,399
------------ ------------
Cash and cash equivalents at end of year $ 4,272,498 $ 5,025,380
============ ============
Supplemental Cash flow Information, cash paid
for interest $ 30,101 $ 52,532
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING
AND FINANCIAL ACTIVITIES
Warrants issued in payment of client
management fees 105,825 -
Warrants issued for stock issuance - 463,861
Contact: David S. Boone Chief Executive Officer American
CareSource Holdings, Inc. Tel: 972-308-6830
American Caresource Holdings (AMEX:XSI)
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