America Service Group Announces Record First Quarter Results.Business Editors & Health/Medical Writers NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--April 25, 2001 America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Service Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASGR ASGR America Service Group Inc. ASGR Armed Services Graves Registration Office ). First Quarter Highlights: -- Revenues increased 81% over prior year quarter -- EBITDA increased 67% over prior year quarter -- Net income increased 38% over prior year quarter -- Senior bank debt reduced by $3.8 million America Service Group Inc. (NASDAQ:ASGR) today announced record first quarter results. "This has been a good start for another promising year," commented Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Catalano Catalano, originally an adjective or derived substantive indicating something or someone Catalan, can refer to the following persons:
Healthcare revenues for the first quarter were $137.9 million, an 81% increase from $76.2 million in the prior year quarter. Revenue growth was generated by three acquisitions throughout the prior year and several new contract awards started between July July: see month. 1, 2000 and February 1, 2001. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The "combined ratio" of healthcare and SG&A expenses was 94.7% of revenue for the first quarter compared with 94.5% in the prior year quarter. Healthcare expenses, as a percent of revenue, were 91.8% for the first quarter compared with 90.1% in the prior year quarter. The increase is attributable to the relatively lower margins and lower financial risks associated with the Company's pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. business, acquired in September 2000, and the start of the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. contract on January 1, 2001. However, selling, general and administrative expenses, as a percentage of revenue, improved to 3% for the first quarter compared with 4.3% in the prior year quarter. Net income was $2.4 million, or $0.40 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, for the first quarter, a 38% increase over net income of $1.7 million, or $0.32 per diluted share, in the prior year quarter. Included in net income is goodwill amortization, after tax of $623,000, or $0.11 per diluted share, for the first quarter compared with $266,000, or $0.05 per diluted share, in the prior year quarter. On March 28, 2001, the Company reduced its senior bank debt to $53.0 million, a $3.8 million decrease from $56.8 million at December 31, 2000. The Company's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma total debt to 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 ratio remains below 2:1. A listen-only simulcast and 30-day replay of America Service Group's first quarter conference call will be available online at www.asgr.com, or www.streetevents.com on April 26, 2001, beginning at 11:00 a.m. Eastern time. America Service Group Inc., based in Brentwood, Tennessee Brentwood is a city in Williamson County, Tennessee, United States. The population was 23,445 as of the U.S. Census Bureau's 2000 census, and as of 2007, Brentwood's population has increased to over 30,000. Brentwood is an affluent Nashville suburb. , is the leading provider of correctional healthcare services in 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. . America Service Group Inc., through its subsidiaries, provides a wide range of healthcare and pharmacy programs for approximately 340,000 inmates. The Company employs over 7,000 medical, professional and administrative staff nationwide. This press release may contain "forward-looking" statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. As such, they involve risk and uncertainty that actual results may differ materially from those projected in the 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. . A discussion of the important factors and assumptions regarding the statements and risks involved is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this release. We assume no obligations to update or revise them or provide reasons why actual results may differ.
AMERICA SERVICE GROUP INC.
Financial Highlights
(In thousands, except per share data)
Consolidated Income Statement: Three Months Ended
-------------------------------------
March 31, % of March 31, % of
2001 Revenue 2000 Revenue
-------- ------- -------- -------
Healthcare revenues $137,941 100.0 $76,169 100.0
Healthcare expenses 126,598 91.8 68,626 90.1
-------- ------- -------- -------
Gross margin 11,343 8.2 7,543 9.9
Selling, general and
administrative expenses 4,142 3.0 3,241 4.3
Depreciation and amortization 1,983 1.4 977 1.3
-------- ------- -------- -------
Income from operations 5,218 3.8 3,325 4.4
Net interest expense 1,288 0.9 498 0.7
-------- ------- -------- -------
Income before taxes 3,930 2.9 2,827 3.7
Provision for income taxes 1,592 1.2 1,132 1.5
-------- ------- -------- -------
Net income 2,338 1.7 1,695 2.2
Preferred stock dividends 163 0.1 163 0.2
-------- ------- -------- -------
Net income attributable
to common shares $2,175 1.6 1,532 2.0
======== ======= ======== =======
Net income per common share:
Basic $0.44 $0.41
======== ========
Diluted $0.40 $0.32
======== ========
Weighted average shares
outstanding:
Basic 4,887 3,726
======== ========
Diluted 5,913 5,346
======== ========
Consolidated Balance Sheet: March 31, Dec. 31,
2001 2000
-------- --------
Cash and cash equivalents $424 $256
Inventory 8,359 7,497
Other current assets 77,246 66,623
-------- --------
Current assets 86,029 74,376
Goodwill, net 60,617 61,358
Other intangibles, net 15,753 15,927
Property and equipment, net 8,695 8,651
Other assets 976 1,090
-------- --------
$172,070 $161,402
======== ========
Current liabilities $70,338 $58,803
Other liabilities 5,098 4,437
Long-term debt 53,000 56,800
Stockholders' equity(1) 43,634 41,362
-------- --------
$172,070 $161,402
======== ========
(1) Includes $12.4 million of redeemable preferred stock as of
December 31, 2000. On February 5, 2001, all of the redeemable
preferred stock was converted into approximately 1.3 million
shares of common stock.
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