ATC Healthcare Announces Third Quarter 2007 Results of Operations
16 Janeiro 2007 - 8:01PM
Business Wire
ATC Healthcare, Inc. (AMEX:AHN), a leader in medical staffing,
today reported results for its third quarter of fiscal year end
2007, which ended November 30, 2006. Three-Month Results Revenues
increased by $4.4 million, or 24%, from $18.2 million for the third
quarter ended November 30, 2005 to $22.6 million for the third
quarter ended November 30, 2006. Service costs represent all direct
costs of providing services to our clients. Service costs were
79.0% of total revenues in the third quarter ended in 2006 as
compared to 75.9 % for the third quarter ended in 2005. Income from
operations decreased by $124 thousand from $241 thousand for the
third quarter ended in 2005 to $117 thousand for the third quarter
ended in 2006. Net loss increased by $193 thousand from $(269)
thousand or $(.01) per basic and diluted share for the third
quarter ended in 2005, to a loss of $(462) thousand or $(.02) per
basic and diluted share for the third quarter ended in 2006. EBTDAS
(�earnings before taxes, depreciation and amortization and
stock-based compensation expense�) net loss from continuing
operations was $200 thousand for the third quarter ended in 2006
compared to a loss of $114 thousand for the third quarter ended in
2005. For an explanation of the non-GAAP measure "EBTDAS from
continuing operations" and of the importance of that term for our
business, please see the discussion under "Earnings Measurement
Quality" below. EBTDAS from continuing operations is compared to
the GAAP measure "net (loss) from continuing operations" in the
reconciliation at the end of this release. Nine-Month Results
Revenues increased by $12.3 million, or 23%, from $53.2 million for
the nine months ended November 30, 2005 to $65.6 million for the
nine months ended November 30, 2006. Service costs were 78.4% of
total revenues in the nine months ended in 2006 as compared to
76.5% for the nine months ended in 2005. Income from operations
increased by $391 thousand from $210 thousand for the nine months
ended in 2005 to income of $601 thousand for the nine months ended
in 2006. Net loss improved by decreasing $1.2 million from a net
loss of $(2.2) million (including a loss from discontinued
operations of $(577) thousand) for the nine months ended in 2005,
to a net loss of $(943) thousand in the nine months ended in 2006.
Basic and diluted loss per share was $(.08) for the nine months
ended in 2005 and basic and diluted loss per share was $(.04) for
the nine months ended in 2006. EBTDAS from continuing operations
was a loss of $211 thousand for the nine months ended in 2006
compared to a loss of $1.1 million for the nine months ended in
2005. Management Comments �Continued revenue growth of 24% and 23%,
respectively, in the three and nine months ended in 2006 compared
to 2005, is very positive,� remarked David Savitsky, Chief
Executive Officer. �As anticipated, our acquisition of Critical
Nursing Solutions in early June has contributed nicely to these
revenue increases. Equally exciting is that our existing offices
have shown significant organic growth as well, and in certain
sun-belt territories we expect very strong performance this
winter,� added Savitsky. "As we continue to grow revenues, and
improve margins, we look forward to ATC attaining profitability."
ATC Third Quarter Earnings Call In conjunction with this release,
management will host a conference call to discuss the earnings
release at 1:00 PM EST, on Wednesday, January 17, 2007. To listen
to the call, participants in the US and Canada should dial: (800)
946-0720, five minutes prior to the start time of the call. The
access code is 5707145. A telephonic replay of the call may be
accessed by dialing (888) 203-1112 and entering access code
5707145. The replay will be available from 3:30 PM EST, on January
17, 2007 until midnight, Central Standard Time, January 19, 2007.
This release, along with any additional financial or statistical
information to be presented on the call, will be archived on the
Corporate Press Releases section of our website,
www.atchealthcare.com Forward Looking Statements Certain statements
contained in this release that are not statements of historical
facts are �forward-looking statements� within the meaning of the
Private Securities Litigation Reform Act of 1995. The words �
�believe�, �expect�, �anticipate�, �intend�, �will�, and similar
expressions are examples of words that identify forward-looking
statements. Forward-looking statements include, without limitation,
statements regarding our future financial position, timing of
future revenue, business strategy and cost savings. These
forward-looking statements are based on our current beliefs, as
well as assumptions we have made based upon information currently
available to us. These forward-looking statements may be affected
by the risks and uncertainties in our business and are qualified in
their entirety by the cautionary statements and risk factor
disclosure contained in our filings with the Securities and
Exchange Commission, including our annual report on Form 10-K for
the year ended February 28, 2006. We do not assume, and expressly
disclaim, any obligation to update these forward-looking
statements. Earnings Measurement Quality - GAAP vs. Non-GAAP The
company provides supplemental information regarding its operational
performance using certain non-GAAP financial measures, which
excludes primarily non-cash charges. The company uses �EBTDAS from
continuing operations� to provide an indication of the company�s
baseline performance before charges that are considered by
management to be outside of the company�s core operating results.
EBTDAS represents earnings from continuing operations less taxes,
depreciation and amortization and stock-based compensation expense.
The company believes this non-GAAP financial measure provides a
good measure of performance for the company because it represents
the amount realized from revenue after all operating expenses.
While non-GAAP financial measures are not an alternative to
generally accepted accounting principles used in the United States
(�GAAP�), the company�s management uses this non-GAAP financial
measure to evaluate the company�s historical and prospective
financial performance in the ordinary course of business. The
company believes that providing to the company�s investors the
non-GAAP financial measure, in addition to the most comparable GAAP
presentation, allows the investors to better evaluate the company�s
progress and its financial results over time and to compare the
company�s results with the results of the company�s competitors.
About ATC Healthcare, Inc. ATC is a national leader in medical
staffing personnel to hospitals, nursing homes, clinics and other
healthcare facilities with 56 locations in 35 states. ATC provides
supplemental staffing, outsourcing and human resource 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 website at
www.atchealthcare.com. ATC HEALTHCARE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)(In thousands, except per share data) For the
ThreeMonths Ended For the NineMonths Ended November 30,2006
November 30,2005 � November 30,2006 November 30,2005 REVENUES:
Service revenues $22,627� $18,223� � $65,545� $53,241� � COSTS AND
EXPENSES: Service Costs 17,874� 13,824� 51,400� 40,735� General and
administrative expenses (including $112 and $304 of stock
compensation expense for the three and nine month periods,
respectively, ended in 2006) 4,511� 4,003� 13,169� 11,856�
Depreciation and amortization 125� 155� � 375� 440� Total operating
expenses 22,510� 17,982� � 64,944� 53,031� � INCOME FROM OPERATIONS
117� 241� � 601� 210� � INTEREST AND OTHER EXPENSE (INCOME):
Interest expense, net 549� 512� 1,531� 1,753� Other (income)
expense, net 5� (2) � (40) (13) Total interest and other (income)
expense 554� 510� � 1,491� 1,740� � LOSS BEFORE INCOME TAXES (437)
(269) (890) (1,530) � INCOME TAX PROVISION 25� -� � 53� 50� � NET
LOSS FROM CONTINUING OPERATIONS (462) (269) � (943) (1,580) � LOSS
FROM DISCONTINUED OPERATIONS -� -� -� (577) � NET LOSS (462) (269)
(943) (2,157) � Dividends accreted to Preferred Stockholders 134�
120� � 507� 154� � NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $
(596) $ (389) $ (1,450) $ (2,311) � (LOSS) PER SHARE: (LOSS) FROM
CONTINUING OPERATIONS: (LOSS) PER COMMON SHARE - BASIC $ (.02) $
(.01) $ (.04) $ (.06) (LOSS) PER COMMON SHARE - DILUTED $ (.02) $
(.01) $ (.04) $ (.06) � (LOSS) FROM DISCONTINUED OPERATIONS: (LOSS)
PER COMMON SHARE - BASIC $ -� $ -� $ -� $ (.02) (LOSS) PER COMMON
SHARE - DILUTED $ -� $ -� $ -� $ (.02) � NET LOSS: (LOSS) PER
COMMON SHARE - BASIC $ (.02) $ (.01) $ (.04) $ (.08) (LOSS) PER
COMMON SHARE - DILUTED $ (.02) $ (.01) $ (.04) $ (.08) � WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING: Basic 39,663� 33,930� 38,993�
30,338� Diluted 39,663� 33,930� 38,993� 30,338� See notes to
condensed consolidated financial statements ATC HEALTHCARE, INC.
AND SUBSIDIARIES � RECONCILIATION OF UNAUDITED LOSS FROM CONTINUING
OPERATIONS TO EBTDAS FROM CONTINUING OPERATIONS (In thousands) � �
For the Three Months Ended For the Nine Months Ended � November
30,2006 November 30,2005 � November 30,2006 November 30,2005 � NET
LOSS FROM CONTINUING OPERATIONS $ (462) $ (269) $ (943) $(1,580) �
Add back: ���Income taxes������������������ 25� -� 53� 50�
���Depreciation and amortization� 125� 155� 375� �440�
���Stock-based compensation expense 112� -� � 304� -� EBTDAS FROM
CONTINUING OPERATIONS����� $(200) $(114) � $(211) $(1,090)
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