ATC Healthcare Announces First Quarter 2007 Results of Operations; Revenue Up 17% From First Quarter Last Year
July 17 2006 - 7:45AM
Business Wire
ATC Healthcare, Inc. (AMEX: AHN), a national leader in medical
staffing, today reported results for its first quarter of fiscal
year end 2007, which ended May 31, 2006. Revenues for the first
quarter ended May 31, 2006 were $19.8 million compared to $17.0
million (net of discontinued operations) for the quarter ended May
31, 2005. Income from operations for the quarter ended May 31, 2006
was $207 thousand versus a loss from operations of $285 thousand
for the quarter ended May 31, 2005. Net loss for the quarter ended
May 31, 2006 was $354 thousand or a loss of $.01 per basic and
diluted share versus a net loss of $1.4 million including loss from
discontinued operations of $577 thousand or a loss of $.05 per
basic and diluted share for the quarter ended May 31, 2005. "I'm
very pleased that ATC continues its positive trend with our revenue
up 17% over the first quarter of last year and 8% over the previous
quarter," remarked David Savitsky, Chief Executive Officer. "Our
acquisition of Critical Nursing Solutions in June, together with
the opening of new offices in Pompano Beach, Orlando and Pasadena
will further enhance revenues for the year and position ATC for a
profitable FY 07." In conjunction with this release, management
will host a teleconference Tuesday, July 18, 2006 at 1:00 pm
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 800-967-7135 code 6319455. There will be a 48 hour
replay available from 3:00pm Eastern time, on July 18, 2006. The
replay number is 888-203-1112, code 6319455. About ATC Healthcare,
Inc. ATC is a national leader in medical staffing personnel to
hospitals, nursing homes, clinics, and other health care facilities
with 58 locations in 33 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 30, 2006. -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, 2006 May 31, 2005 -------------
------------- REVENUES: Service revenues $19,848 $17,010
----------------------------------------------------------------------
COSTS AND EXPENSES: Service costs 15,443 13,220 General and
administrative expenses 4,077 3,917 Depreciation and amortization
121 158
----------------------------------------------------------------------
Total operating expenses 19,641 17,295
----------------------------------------------------------------------
(LOSS) INCOME FROM OPERATIONS 207 (285)
----------------------------------------------------------------------
INTEREST AND OTHER EXPENSES (INCOME): Interest expense, net 487 531
Other expense (income), net (57) (24)
----------------------------------------------------------------------
Total interest and other expenses (income) 430 507
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (223) (792)
INCOME TAX PROVISION 12 25
----------------------------------------------------------------------
LOSS FROM CONTINUING OPERATIONS (235) (817)
----------------------------------------------------------------------
DISCONTINUED OPERATIONS: (LOSS) FROM DISCONTINUED OPERATIONS NET OF
TAX PROVISION OF $0 IN 2005 - (577)
----------------------------------------------------------------------
NET LOSS (235) (1,394)
----------------------------------------------------------------------
Dividends accreted to Preferred Shareholders 119 17
----------------------------------------------------------------------
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $(354) $(1,411)
======================================================================
(LOSS) INCOME EARNINGS PER SHARE: (LOSS) FORM CONTINUING
OPERATIONS: (LOSS) PER COMMON SHARE- BASIC $( .01 ) $(.03)
============================ (LOSS) PER COMMON SHARE - DILUTED $(
.01 ) $(.03) ============================ (LOSS) INCOME FROM
DISCONTINUED OPERATIONS: (LOSS) INCOME PER COMMON SHARE- BASIC - $(
.02 ) ============================ (LOSS) INCOME PER COMMON SHARE-
DILUTED - $( .02 ) ============================ Net Loss: (LOSS)
PER COMMON SHARE- BASIC $( . 01 ) $( . 05 )
============================ (LOSS) PER COMMON SHARE- DILUTED $( .
01 ) $( . 05 ) ============================ WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING Basic 38,248 27,495
======================================================================
Diluted 38,248 27,495
======================================================================
*T
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