ATC Healthcare Announces First Quarter 2006 Results of Operations; Sales up 8% from the Fourth Quarter
July 15 2005 - 4:57PM
Business Wire
ATC Healthcare, Inc. (AMEX:AHN), a national leader in medical
staffing, today reported results for its first quarter of fiscal
year end 2006, which ended May 31, 2005. Revenues for the first
quarter ended May 31, 2005 net of discontinued operations were
$17.0 million compared to $18.7 million for the quarter ended May
31, 2004. The reduction in revenues is due to the Company closing
marginally performing offices during the second half of fiscal
2004. Net loss for the quarter ended May 31, 2005 was $1.4 million
including a loss on discontinued operations of $577 thousand or
$(0.05) per diluted share (EPS), versus a net loss of $55 thousand
including income from discontinued operations of $245 thousand or
$0.00 per diluted share (EPS) for the quarter ending May 31, 2004
"ATC made considerable progress during this quarter. We sold our
Allcare Nursing business helping to bring our debt down to
manageable levels. We were awarded $12 million in new government
contracts and increased sales 8% from the prior quarter. We will
continue to look for ways to rebuild revenue and improve our
operations so that we can deliver better bottom line results as we
go forward this year" stated David Savitsky, Chief Executive
Officer. In conjunction with this release, management will host a
teleconference Tuesday, July 19, 2005 at 12:00 noon 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
800-930-1344 code 4983113. There will be a 48 hour replay. The
replay number is 888-203-1112, code 4983113. About ATC Healthcare,
Inc. ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics, and other health care facilities
with 50 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 for the year ended February 28, 2005 as filed with the
Securities and Exchange Commission on June 13, 2005. -0- *T ATC
HEALTHCARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (UNAUDITED) (In thousands, except per share data) For
the Three Months Ended May 31, May 31, 2005 2004 ------------
------------ REVENUES: Service revenues $ 17,010 $ 18,683
----------------------------------------------------------------------
COSTS AND EXPENSES: Service costs 13,220 13,994 General and
administrative expenses 3,917 4,421 Depreciation and amortization
158 168
----------------------------------------------------------------------
Total operating expenses 17,295 18,583
----------------------------------------------------------------------
(LOSS) INCOME FROM OPERATIONS (285) 100
----------------------------------------------------------------------
INTEREST AND OTHER EXPENSES (INCOME): Interest expense, net 531 546
Other expense (income), net (24) (12)
----------------------------------------------------------------------
Total interest and other expenses 507 534
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (792) (434)
INCOME TAX PROVISION (BENEFIT) 25 (151)
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS (817) (283)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS: (LOSS) INCOME FROM DISCONTINUED OPERATIONS
NET OF TAX PROVISION OF $0 IN 2005 AND $176 in 2004 RESPECTIVELY
(577) 245
----------------------------------------------------------------------
NET LOSS (1,394) (38)
----------------------------------------------------------------------
Dividends accreted to Preferred Shareholders 17 17
----------------------------------------------------------------------
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (1,411) $ (55)
======================================================================
(LOSS) INCOME EARNINGS PER SHARE: (LOSS) FORM CONTINUING
OPERATIONS: (LOSS) PER COMMNON SHARE- BASIC $ ( .03 ) $ (.01)
========================= (LOSS) PER COMMON SHARE - DILUTED $ ( .03
) $ (.01) ========================= (LOSS) INCOME FROM DISCONTINUED
OPERATIONS: (LOSS) INCOME PER COMMON SHARE-BASIC $ ( .02 ) $ .01
========================= (LOSS) INCOME PER COMMON SHARE - DILUTED
$ ( .02 ) $ .01 ========================= NET LOSS (LOSS) PER
COMMON SHARE-BASIC $ ( . 05 ) $ .00 =========================
(LOSS) PER COMMON SHARE - DILUTED $ ( .05 ) $ .00
========================= WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING Basic 27,495 24,911
======================================================================
Diluted 27,495 24,911
======================================================================
*T
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