America Service Group Reports Strong Growth Year.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.--(BW HealthWire)--Feb. 21, 2001 Fourth Quarter and 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: -- Revenues increased 56% over prior year quarter and 40% over prior year -- EBITDA increased 68% over prior year quarter and 56% over prior year -- Net income increased 34% over prior year quarter and 68% over prior year 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 ) announced today record results for the fourth quarter and year ended December December: see month. 31, 2000. "By every measure, 2000 was a most productive 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:
adj. 1. Feeling or showing compassion; sympathetic. See Synonyms at humane. 2. Granted to an individual because of an emergency or other unusual circumstances: medical care provided to patients by our dedicated clinical staff are the real accomplishments that should be recognized - this is our Company's mission." Healthcare revenues for the fourth quarter were $113.5 million, up 56% from $72.8 million in the prior year quarter. Healthcare revenues for the year ended December 31, 2000, were $381.9 million, up 40% from $272.9 million in the prior year. Revenue growth was substantially accomplished by three acquisitions, with significant contributions by a material new contract award and increases in existing contracts. 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 improved to 93.8% for the fourth quarter of 2000 from 94.3% in the prior year quarter and to 93.9% for the year 2000 from 94.4% in the prior year. Healthcare expenses, as a percent of revenue, were 90.7% for fourth quarter and 90.3% for the year 2000. Comparable percentages for the fourth quarter and year 1999 were 89.7% and 89.9%, respectively. However, selling, general and administrative expenses, as a percentage of revenue, improved to 3.1% for the fourth quarter and 3.6% for the year 2000. Comparable percentages for the fourth quarter and year 1999 were 4.6% and 4.5%, respectively. Net income was $2.2 million, or $0.38 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 fourth quarter, up 34% from $1.6 million, or $0.31 per diluted share, in the prior year quarter. Net income for the year 2000 was $7.8 million, or $1.40 per diluted share, up 68% from $4.6 million, or $0.60 per diluted share (inclusive of inclusive of prep. Taking into consideration or account; including. a $1.9 million non-cash non-recurring dividend), for the year 1999. Included in net income is goodwill amortization, after tax, of $684,000, or $0.12 per diluted share, for the fourth quarter of 2000 compared with $291,000, or $0.05 per diluted share, in the prior year quarter. For the year 2000, goodwill amortization, after tax, included in net income was $2.2 million, or $0.39 per diluted share, compared with $1.1 million, or $0.28 per diluted share, for the year 1999. A listen-only simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and 30-day replay of America Service Group's year-end conference call will be available online at www.asgr.com, or www.streetevents.com on February February: see month. 22, 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 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. programs for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 340,000 inmates. The Company employs over 7,000 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.
Financial Highlights
(In thousands, except per share data)
Consolidated Income Statement:
Three Months Ended
Dec. 31, % of Dec. 31, % of
2000 Revenue 1999 Revenue
Healthcare revenues $113,486 100.0 $72,760 100.0
Healthcare expenses 102,919 90.7 65,253 89.7
-------- ------ -------- ------
Gross margin 10,567 9.3 7,507 10.3
Selling, general and
administrative expenses 3,531 3.1 3,313 4.6
Depreciation and amortization 1,924 1.7 994 1.3
-------- ------ -------- ------
Income from operations 5,112 4.5 3,200 4.4
Net interest expense 1,310 1.1 471 0.7
-------- ------ -------- ------
Income before taxes 3,802 3.4 2,729 3.7
Provision for income taxes 1,606 1.5 1,090 1.5
-------- ------ -------- ------
Net income 2,196 1.9 1,639 2.2
Preferred stock dividends 158 0.1 162 0.2
-------- ------ -------- ------
Net income attributable
to common shares $2,038 1.8 1,477 2.0
======== ====== ======== ======
Net income per common share:
Basic $0.51 $0.40
======== ========
Diluted $0.38 $0.31
======== ========
Weighted average
shares outstanding:
Basic 4,029 3,688
======== ========
Diluted 5,842 5,313
======== ========
Year Ended
Dec. 31, % of Dec. 31, % of
2000 Revenue 1999 Revenue
Healthcare revenues $381,946 100.0 $272,926 100.0
Healthcare expenses 344,759 90.3 245,485 89.9
-------- ------ -------- ------
Gross margin 37,187 9.7 27,441 10.1
Selling, general and
administrative expenses 13,838 3.6 12,335 4.5
Depreciation and amortization 5,962 1.6 3,666 1.3
-------- ------ -------- ------
Income from operations 17,387 4.5 11,440 4.2
Net interest expense 4,077 1.1 3,709 1.4
-------- ------ -------- ------
Income before taxes 13,310 3.4 7,731 2.8
Provision for income taxes 5,503 1.4 3,091 1.1
-------- ------ -------- ------
Net income 7,807 2.0 4,640 1.7
Preferred stock dividends 647 0.1 2,312 0.8
-------- ------ -------- ------
Net income attributable
to common shares $7,160 1.9 2,328 0.9
======== ====== ======= ======
Net income per common share:
Basic $1.86 $0.64
======== =======
Diluted $1.40 $0.60
======== =======
Weighted average
shares outstanding:
Basic 3,854 3,613
======== =======
Diluted 5,587 3,877
======== =======
Consolidated Balance Sheet:
Dec. 31, Dec. 31,
2000 1999
-------- --------
Cash and cash equivalents $256 $444
Inventory 7,497 2,838
Other current assets 66,277 45,629
-------- --------
Current assets 74,030 48,911
Goodwill, net 61,358 33,870
Other intangibles, net 15,927 10,920
Property and equipment, net 8,651 3,932
Other assets 1,090 1,094
-------- --------
$161,056 $98,727
======== ========
Current liabilities $58,155 $39,413
Other liabilities 4,739 2,874
Long-term debt 56,800 25,500
Stockholders' equity(1) 41,362 30,940
-------- --------
$161,056 $98,727
======== ========
(1) Includes $12.4 million of redeemable preferred stock as of
December 31, 2000, and $1.8 million of redeemable common stock and
$12.4 million of redeemable preferred stock as of December 31,
1999. As of July 19, 2000, all of the redeemable common stock had
expired or had been sold, thereby eliminating said redemption
provision. 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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