ATC Healthcare Announces First Quarter 2007 Results of Operations; Revenue Up 17% From First Quarter Last Year.LAKE SUCCESS, N.Y. -- ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered Healthcare, Inc. (AMEX AMEX See: American Stock Exchange : AHN AHN Athens, GA, USA (Airport Code) AHN Army Health Nurse (US Army) AHN Aetna Hispanic Network AHN Allied Health Network AHN Ad Hoc Network ), 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 Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ) 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in 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 June: see month. , together with the opening of new offices in Pompano Beach Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. and Pasadena Pasadena (păs'ədē`nə). 1 City (1990 pop. 131,591), Los Angeles co., S Calif., at the base of the San Gabriel Mts.; inc. 1866. 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 (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. 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 Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended February 28, 2006 as filed with the Securities and Exchange Commission on May 30, 2006.
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
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REVENUES:
Service revenues $19,848 $17,010
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COSTS AND EXPENSES:
Service costs 15,443 13,220
General and administrative expenses 4,077 3,917
Depreciation and amortization 121 158
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Total operating expenses 19,641 17,295
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(LOSS) INCOME FROM OPERATIONS 207 (285)
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INTEREST AND OTHER EXPENSES (INCOME):
Interest expense, net 487 531
Other expense (income), net (57) (24)
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Total interest and other expenses
(income) 430 507
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LOSS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES (223) (792)
INCOME TAX PROVISION 12 25
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LOSS FROM CONTINUING OPERATIONS (235) (817)
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DISCONTINUED OPERATIONS:
(LOSS) FROM DISCONTINUED OPERATIONS
NET OF TAX PROVISION OF $0 IN 2005 - (577)
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NET LOSS (235) (1,394)
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Dividends accreted to Preferred
Shareholders 119 17
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NET LOSS ATTRIBUTABLE TO COMMON
SHAREHOLDERS $(354) $(1,411)
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(LOSS) INCOME EARNINGS PER SHARE:
(LOSS) FORM CONTINUING OPERATIONS:
(LOSS) PER COMMON SHARE- BASIC $( .01 ) $(.03)
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(LOSS) PER COMMON SHARE - DILUTED $( .01 ) $(.03)
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(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
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Diluted 38,248 27,495
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