American Claims Evaluation Reports Second Quarter and Six Months Results.JERICHO Jericho, city, West Bank Jericho (jĕr`ĭkō) [Heb.,=fragrant, or city of the moon god], Arab. Ariha, town (2003 est. pop. , N.Y.--(BUSINESS WIRE)--Oct. 17, 1997--American Claims Evaluation 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 : AMCE AMCE Appliance Manufacturer Conference & Expo ) announced revenues of $656,130 with no net earnings per share for the six months ended Sept. 30, 1997 as compared to revenues of $601,788 and net earnings of $.08 per share for the corresponding period ended Sept. 30, 1996. -0-
3 Months Ended 6 Months Ended
09/30/97 09/30/96 09/30/97 09/30/96
Revenues $331,890 $300,699 $656,130 $601,788
Operating loss from
continuing operations (114,903) (137,931) (269,710) (283,928)
Earnings (loss) from
continuing operations
before provision for
(benefit from) income
taxes 11,218 (20,115) (25,598) 242,012
Net earnings (loss) from
continuing operations 8,218 (15,115) (18,598) 148,012
Discontinued operations,
net of tax - 84,901 - 184,652
Net earnings (loss) 8,218 69,786 (18,598) 332,664
Net earnings (loss) per
share:
Continuing operations $ .00 $ .00 $ .00 $ .04
Discontinued operations .00 .02 .00 .04
Net earnings (loss) per
share $ .00 $ .02 $ .00 $ .08
Weighted average common
share and common share
equivalents 4,383,559 4,192,528 4,228,529 4,229,343
As previously announced, American Claims Evaluation Inc. entered into an agreement during April 1997 to sell its hospital bill audit division. Accordingly, the company's financial statements for the fiscal year ended March 31, 1997 were reclassified to account for the sale of the hospital audit division as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . The company will be entitled to an ongoing stream of payments based upon net revenues generated over the period ending April 30, 2000. Management does not anticipate the potential value of these payments to be material. Net earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the during the six months ended Sept. 30, 1996 benefited from $285,356 of net gains on the sales of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The company has intensified its review of strategic alternatives for maximizing shareholder value. With the disposition of the hospital bill audit business completed, the company will focus its attention on seeking acquisitions. Potential acquisitions will be evaluated based on their merits within the company's remaining line of business, as well as other fields. American Claims Evaluation Inc., through its wholly-owned subsidiary, RPM Rehabilitation rehabilitation: see physical therapy. & Associates Inc., offers a full range of vocational rehabilitation Noun 1. vocational rehabilitation - providing training in a specific trade with the aim of gaining employment rehabilitation - the restoration of someone to a useful place in society and disability management services. For further information contact: Gary J. Knauer, Chief Financial Officer, American Claims Evaluation Inc., One Jericho Plaza, Jericho, New York Jericho is a hamlet (and census-designated place) in Nassau County, New York on the North Shore of Long Island. As of the United States 2000 Census, the CDP population was 13,045. 11753; telephone number: (516) 938-8000. CONTACT: American Claims Evaluation, Inc. Gary J. Knauer, 516/938-8000 |
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