ATC Healthcare Announces Third Quarter 2003 Earnings.Business Editors/Health/Medical Writers LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Jan. 14, 2003 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 announced results for the third quarter of fiscal 2003, ended November 30, 2002. Revenues for the third quarter ended November 30, 2002, were $38.3 million compared to $38.5 million for the quarter ended November 30, 2001. Income from operations for the three months ended November 30, 2002 was $917 thousand versus $852 thousand in the prior fiscal year. Net loss for the quarter ended November 30, 2002 was $(1.2) million or $(.05) 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 net income of $709 thousand or $.03 per diluted share for the quarter ended November 30, 2001. The Company has been contingently liable on $2.3 million of obligations owed by Tender Loving Care Health Care Services, Inc ("TLCS TLCS Television Licensable Content Service TLCS Torpedo Launch Canister System ") which is payable over eight years. The Company is indemnified by TLCS for any obligations arising out of these matters. On November 8, 2002, TLCS filed a petition for relief under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. in this matter. Earnings before interest, taxes, depreciation, amortization and one-time charges (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 ), a key measure used by management to evaluate the company's operations, for the three months ended November 30, 2002 was $1.5 million, in comparison to $1.6 million for the three months ended November 30, 2001. Had the Company not taken the TLCS charge in the current quarter ($1.4 million, net of tax effect), it would have reported net income of $92 thousand. In conjunction with this earnings release, management will host a teleconference today, January 14th at 11am Eastern Time. The dial in number is 800-274-0251. There will be a 48 hour replay. The replay number is 888-203-1112, code #307471. About ATC Healthcare, Inc. ATC is a national leader in medical staffing personnel to hospitals, nursing homes, clinics and other health care facilities with 69 locations in 28 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, 2002 as filed with the Securities and Exchange Commission on June 10, 2002 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended August 31, 2002 filed with the Securities and Exchange Commission October 15, 2002.
ATC HEALTHCARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
(unaudited)
November November November November
30, 30, 30, 30,
2002 2001 2002 2001
-------- -------- --------- ---------
REVENUES:
Service revenues $38,282 $38,530 $114,961 $112,552
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COSTS AND EXPENSES:
Service costs 29,291 29,410 87,826 86,435
General and administrative
expenses 7,517 7,815 22,035 22,520
Depreciation and amortization 557 453 1,434 1,283
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Total operating expenses 37,365 37,678 111,295 110,238
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INCOME FROM OPERATIONS 917 852 3,666 2,314
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INTEREST AND OTHER EXPENSES
(INCOME):
Interest expense, net 735 418 2,244 1,379
Expense related to TLCS
liability 2,293 -- 2,293 --
Other expense (income), net 6 (300) (229) (574)
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Total interest and other
expenses 3,034 118 4,308 805
----------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME
TAXES AND EXTRAORDINARY ITEM (2,117) 734 (642) 1,509
INCOME TAX PROVISION (BENEFIT) (868) 25 (263) 76
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INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM (1,249) 709 (379) 1,433
Extraordinary loss on early
extinguishment of debt -- -- -- (854)
----------------------------------------------------------------------
NET INCOME (LOSS) $(1,249) $709 $(379) $579
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EARNINGS (LOSS) PER COMMON
SHARE - BASIC:
Earnings (loss) from
continuing operations $(.05) $.03 $(.02) $.06
Extraordinary loss on early
extinguishment of debt -- -- -- (.04)
----------------------------------------------------------------------
Net earnings (loss) $(.05) $.03 $(.02) $.02
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EARNINGS (LOSS) PER COMMON
SHARE - DILUTED:
Earnings from continuing
operations $(.05) $.03 $(.02) $.06
Extraordinary loss on early
extinguishment of debt -- -- -- (.04)
----------------------------------------------------------------------
Net earnings (loss) $(.05) $.03 $(.02) $.02
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WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 23,792 23,632 23,748 23,632
======================================================================
Diluted 25,652 25,506 26,930 24,352
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