ATC Healthcare Announces Second Quarter 2005 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 - News), a national leader in medical staffing, today reported results for its second quarter of fiscal year end 2005, which ended August 31, 2004. Three Month Results Revenues for the second quarter ended August 31, 2004 were $26.9 million compared to $33.6 million for the quarter ended August 31, 2003. Service costs were 78.8% of total revenues in the second quarter of fiscal year end 2005 as compared to 79.2% for the second quarter of fiscal year 2004. Income from operations for the quarter ended August 31, 2004 equaled $219 thousand versus $404 thousand for the quarter ended August 31, 2003. Net loss for the quarter ended August 31, 2004 was $(247) thousand or $(.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 $(654) thousand or $(.03) per basic and diluted share for the quarter ended August 31, 2003. Six Month Results ATC reported revenues of $56.2 million for the first six months of fiscal 2005, a decrease of 17.0% from revenues of $67.7 million for the first six months of Fiscal 2004.. Service costs were 78.1% of total revenues for the first six months of fiscal 2005 as compared to 78.6% for the first six months of fiscal 2004. Income from operations was $1.299 million for the six months ended August 31, 2004 as compared to $890 thousand for the same period last year. The Company recorded a net loss of $(285) thousand or $(.01) per basic and diluted share for the first six months of fiscal 2005 versus net loss of $(872) thousand or $(.04) per basic and diluted share for the first six months of fiscal 2004. "Although revenues are down from last year, the Company has added 7 new licensees to the network this year including one in Portsmouth, Ohio This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. this month. Additionally, the Company's agreement to manage 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. for a New Jersey Hospital has just begun operation. we believe these new agreements will help the company rebuild revenue and profitability" stated David Savitsky, Chief Executive Officer. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with this release, management will host a teleconference Tuesday Tuesday: see week. , October October: see month. 19, 2004 at 12 pm Eastern Time. The dial in number for the call Domestic 1-800-274-0873 International 719-457-2684 There will be a 48 hour replay. The replay number is 888-203-1112 Code 987291. 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 23 states. ATC provides supplemental staffing, outsourcing 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 February: see month. 29, 2004 as filed with the Securities and Exchange Commission on May 28, 2004.
ATC Healthcare, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
For the For the
Three Months Six Months
Ended (unaudited) Ended
August August August August
31, 31, 31, 31,
2004 2003 2004 2003
------- ------- ------- --------
REVENUES:
Service revenues $26,892 $33,640 $56,199 $67,683
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COSTS AND EXPENSES:
Service costs 21,202 26,636 43,867 53,198
General and administrative expenses 5,139 6,006 10,365 12,414
Depreciation and amortization 332 594 668 1,181
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Total operating expenses 26,673 33,236 54,900 66,793
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INCOME FROM OPERATIONS 219 404 1,299 890
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INTEREST AND OTHER EXPENSES (INCOME):
Interest expense, net 1,121 1,115 2,225 1,963
Other (income), net (681) (57) (692) (89)
Provision related to TCLS Guarantee -- -- -- --
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Total interest and other expenses 440 1,058 1,533 1,874
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INCOME (LOSS) BEFORE INCOME TAXES (221) (654) (234) (984)
INCOME TAX PROVISION (BENEFIT) 26 -- 51 (112)
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NET INCOME (LOSS) $(247) $(654) $(285) $(872)
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DIVIDENDS ACCRETED TO PREFERRED
SHAREHOLDERS 18 17 35 32
NET INCOME(LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS $(265) $(671) $(320) $(904)
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EARNINGS (LOSS) PER COMMON SHARE -
BASIC: $(.01) $(.03) $(.01) $(.04)
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EARNINGS (LOSS) PER COMMON SHARE -
DILUTED $(.01) $(.03) $(.01) $(.04)
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WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
Basic 24,925 24,238 24,918 24,049
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Diluted 24,925 24,238 24,918 24,049
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