ATC Healthcare Announces Fiscal Year End 2006 Results of Operations
May 30 2006 - 3:05PM
Business Wire
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. -0- *T 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
======================================================================
*T
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