America Service Group Reports Strong Finish to Watershed Year.Business Editors/Health and 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.--(BW HealthWire)--Feb. 24, 2000 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 ) Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Highlights: -- Annual revenues increased 141% -- Annual earnings per share (exclusive of nonrecurring gains) increased 279% -- Annual cash EPS (including goodwill amortization) increased 341% -- Annual EBITDA (exclusive of nonrecurring gains) increased 815% -- Senior bank debt decreased from $47 million on the date of the EMSA acquisition (January 1999) to $25.5 million -- Bridge loan of $15 million eliminated with repayment of $7.5 million and conversion of remaining $7.5 million America Service Group Inc. (NASDAQ:ASGR) announced today continuing strong results for the fourth quarter and year ended December December: see month. 31, 1999. Healthcare revenue for the fourth quarter of 1999 was $72.8 million, up 146% from $29.6 million in the year-ago quarter, primarily due to the Company's acquisition of EMSA EMSA Electrophoretic Mobility Shift Assay (molecular biology) EMSA European Maritime Safety Agency EMSA Emergency Medical Services Authority (California) EMSA European Medical Students' Association Government Services (EMSA) during the first quarter of 1999. Net income attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common shares was $1.5 million, or $0.31 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, compared with net income of $0.4 million, or $0.11 per diluted share, for the fourth quarter of 1998, exclusive of the gain from the MedPartners settlement and nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. income tax benefit. "Calendar year 1999 was a watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. year," said 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:
All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . Patients benefited from enhanced medical leadership and clinical programs. Clients benefited from improved management systems and a broader array of corporate resources. Employees gained a greater measure of security and wider career opportunities. Shareholders were rewarded with strong financial performance." Healthcare expenses as a percent of revenue remained steady at 89.7% in the fourth quarter of 1999 versus 89.7% for the third quarter of 1999 and were improved versus the 90.2% in the quarter ended December 31, 1998. In addition, selling, general and administrative expenses improved from 8.1% of revenues in the fourth quarter of 1998 to 4.6% of revenues in the fourth quarter of 1999. Healthcare revenue for the year ended December 31, 1999, was $272.9 million, up 141% from $113.3 million a year ago, again primarily as a result of the EMSA acquisition. Net income, exclusive of transitional costs related to the EMSA acquisition, was $5.1 million or $1.10 per diluted share, compared with net income, excluding the $4.0 million gain from the MedPartners settlement and the nonrecurring $0.6 million income tax benefit, of $1.1million, or $0.29 per diluted share, for the year ended December 31, 1998. 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 a leading provider of correctional cor·rec·tion n. 1. The act or process of correcting. 2. Something offered or substituted for a mistake or fault: made corrections in the report. 3. a. 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 contracts with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one hundred government agencies to provide a wide range of managed healthcare programs tailored to specific client needs. The Company employs over 4,200 medical, professional and administrative staff nationwide. This press release may contain "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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.
AMERICA SERVICE GROUP INC.
Consolidated Income Statement
(In thousands, except per share data)
Three Months Ended
--------------------------------------
Dec. 31, % of Dec. 31, % of
1999 Revenue 1998 Revenue
-------- ------ -------- ------
Healthcare revenue $72,760 100.0 $29,609 100.0
Healthcare expenses 65,253 89.7 26,696 90.2
-------- ------ -------- ------
Gross margin 7,507 10.3 2,913 9.8
Selling, general
and administrative expenses 3,313 4.6 2,398 8.1
Depreciation and amortization 971 1.3 208 0.7
MedPartners settlement -- -- (532) (1.8)
-------- ------ -------- ------
Income from operations 3,223 4.4 839 2.8
Interest, net (494) (0.7) 97 0.3
-------- ------ -------- ------
Income before taxes 2,729 3.7 936 3.2
Provision for income taxes 1,090 1.5 (743) (2.5)
-------- ------ -------- ------
Net income 1,639 2.2 1,679 5.7
Preferred stock dividends 162 0.2 -- --
-------- ------ -------- ------
Net income attributable
to common shares $1,477 2.0 $1,679 5.7
======== ====== ======== ======
Net income per common share:
Basic $0.40 $0.47
======== ========
Diluted $0.31 $0.46
======== ========
Diluted - exclusive of
nonrecurring items(1,2) $0.31 $0.11
======== ========
Weighted average shares
outstanding:
Basic 3,688 3,565
======== ========
Diluted 5,313 3,625
======== ========
Year Ended
--------------------------------------
Dec. 31, % of Dec. 31, % of
1999 Revenue 1998 Revenue
-------- ------ -------- ------
Healthcare revenue $272,926 100.0 $113,287 100.0
Healthcare expenses 245,485 89.9 101,884 89.9
-------- ------ -------- ------
Gross margin 27,441 10.1 11,403 10.1
Selling, general and
administrative expenses 12,335 4.5 9,752 8.6
Depreciation and amortization 3,666 1.3 1,199 1.1
MedPartners settlement -- -- (4,047) (3.6)
-------- ------ -------- ------
Income from operations 11,440 4.2 4,499 4.0
Interest, net (3,709) (1.4) 600 0.5
-------- ------ -------- ------
Income before taxes 7,731 2.8 5,099 4.5
Provision for income taxes 3,091 1.1 (625) (0.6)
-------- ------ -------- ------
Net income 4,640 1.7 5,724 5.1
Preferred stock dividends 2,312 0.8 -- --
-------- ------ -------- ------
Net income attributable
to common shares $2,328 0.9 $5,724 5.1
======== ====== ======== ======
Net income per common share:
Basic $0.64 $1.61
======== ======
Diluted $0.64 $1.57
======== ======
Diluted - exclusive of
nonrecurring items(1,2) $1.10 $0.29
======== ======
Weighted average shares
outstanding:
Basic 3,613 3,554
======== ======
Diluted 4,637 3,653
========= ======
(1) Included in the income statement for the year ended December 31,
1999, was $0.8 million of expenses relating to the EMSA
acquisition.
(2) Excludes "one-time" net gain related to the MedPartners
settlement and nonrecurring income tax benefit.
AMERICA SERVICE GROUP INC.
Consolidated Balance Sheet
(In thousands)
Dec. 31, Dec. 31,
1999 1998
------- -------
Condensed Balance Sheet:
Cash and short-term
investments $444 $7,211
Other current assets 48,467 17,588
------- -------
Current assets 48,911 24,799
Cost in excess of net
assets acquired 44,548 --
Property and equipment, net 3,931 1,886
Other assets 1,336 1,690
------- -------
$98,726 $28,375
======= =======
Current liabilities $39,412 $14,284
Other liabilities 2,874 1,300
Long-term debt 25,500 --
Retained earnings 4,890 2,562
Other stockholders' equity 26,050 10,229
------- -------
$98,726 $28,375
======= =======
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