Alegro Health Corp. Reports 2005 Second Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Alegro Health Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AGO), a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. health services health services Managed care The benefits covered under a health contract provider today reported its fiscal 2005 second quarter results. Revenue for the three months ended June 30, 2005 rose to $1,905,000 compared to $1,812,000 recorded for the same period in the prior year. The Company recorded a net loss of $297,000 for the three-month period compared to a net income of $113,000 for the same period in 2004. The Company's surgical center had revenues of $449,000 during the second quarter, an increase of $134,000 or 42% over revenues recorded during first quarter of fiscal 2005. The increased surgical center revenues were largely attributable the commencement of Ablatherm prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. treatments following an agreement completed on May 19, 2005. "Our second quarter results reflect the continued adverse effect on revenues at our disability management centers due to uncertainty relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc changes in provincial legislation related to disability assessment centers. However, we are pleased to have been able to conclude the acquisition of Concentra's Canadian contracts and service arrangements relating to its case management, occupational therapy and medical assessment business, as announced on August 18, 2005. We expect on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis that these operations, operating under the name Direct Health Solutions Inc., will increase Alegro's total gross revenue by approximately $5 million, based on current activity levels. Although we expect continued pressure on disability management center revenues for the next few months, we anticipate improved results due to the inclusion of the Direct Health operations. We are continuing to pursue corporate client services arrangements at our disability management centers and expect positive developments on that front in the very near future. In addition we continue to seek growth opportunities through acquisitions" stated Brenda Rasmussen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alegro Health Corp.
Financial results
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
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(restated)
Revenue
Disability
management $ 1,455,504 $ 1,812,388 $ 2,789,731 $ 3,547,095
Surgical 449,171 - 764,275 -
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Total Revenue $ 1,904,675 $ 1,812,388 $ 3,554,006 $ 3,547,095
EBITDA $ (389,237) $ 261,951 $ (539,340) $ 420,265
Net Income
(Loss) $ (297,237) $ 112,951 $ (409,300) $ 251,265
Earnings (Loss)
per Share $ (0.01) $ 0.01 $ (0.02) $ 0.02
Weighted Avg.
Shares O/S 25,247,949 17,175,762 25,216,906 17,175,762
Certain information included in this press release is forward-looking. This information represents our judgment as of this date and is subject to important risks and uncertainties. Such forward-looking information is not a guarantee of performance. The results or events predicted in these statements may differ materially from actual results or events. Consequently, investors should not place any undue reliance on such forward-looking information. Factors which could cause results or events to differ from current expectations include, among other things, the ability of Alegro to maintain the contracts acquired in connection with the acquisition and to attract new corporate clients to its disability management centers, and general industry, economic and market conditions. For additional information with respect to these and other factors, investors should consult Alegro's ongoing filings found on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review at www.sedar.com. Unless otherwise required by applicable securities laws, Alegro disclaims any intention or obligation to update or revise any forward-looking statement 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. , whether as a result of new information, future events or otherwise. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. Alegro Health Corp. (TSX VENTURE:AGO) |
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