ATC Healthcare Announces Fiscal Year End 2006 Results of Operations.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 announced results for its fourth quarter and fiscal year end 2006, which ended February February: see month. 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 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 February 28, 2005. Net loss for the quarter ended February 28, 2006 was $294,000 or $0.01 per 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 (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ), 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 Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. 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 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 to report that this past year has been a significant turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. 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 (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become 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 Thursday: see week. , 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 (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, 29, 2005.
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
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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
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INCOME (LOSS) FROM OPERATIONS 330 (3,256) 460 (5,959)
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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)
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Total interest and other
expenses 505 345 2,165 (1,016)
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LOSS FORM CONTINUING OPERATIONS
BEFORE INCOME TAXES (175) (3,601) (1,705) (4,943)
INCOME TAX PROVISION 0 2,526 50 3,516
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NET LOSS FROM
CONTINUING OPERATIONS $(175) $(6,127) $(1,755) $ (8,459)
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DISCONTINUED OPERATIONS
NET(LOSS) INCOME FROM DISCONTINUED
OPERATIONS - $(2,695) $ (577) $ (1,945)
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NET LOSS $(175) $(8,822) $(2,332) $(10,404)
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DIVIDENDES ACCRETED TO PREFERRED
SHAREHOLDERS $ 119 $ 17 $ 273 $ 70
NET LOSS AVAILABLE TO COMMON
SHAREHOLDERS $(294) $(8,839) $(2,605) $(10,474)
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(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)
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(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
======================================================================
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