AMERICAN CLAIMS EVALUATION ANNOUNCES THIRD QUARTER AND
NINE MONTHS RESULTS
JERICHO, N.Y., Jan. 23 /PRNewswire/ -- American Claims Evaluation, Inc. (NASDAQ-NMS: AMCE) today announced revenues of $1,972,819 and net earnings of $372,899 or $.09 per share for the three-month period ended Dec. 31, 1991, resulting in a 30 percent increase in revenues and a 300 percent increase in net earnings per share as compared to the three- month period ended Dec. 31, 1990.
Revenues were $5,766,161 with net earnings of $.25 per share for the nine-month period ended Dec. 31, 1991, as compared to revenues of $4,195,410 and net earnings of $.10 per share for the comparable period ended Dec. 31, 1990; the nine-month figures indicate an increase in revenues and net earnings of approximately 37 percent and 250 percent, respectively, over last year's comparable results.
AMERICAN CLAIMS EVALUATION, INC.
Periods ended Three Months Nine Months
Dec. 31 1991 1990 1991 1990
Revenues $1,972,819 $1,519,305 $5,766,161 $4,195,410
Operating earnings 498,577 121,698 1,413,775 453,999
Earns. bef. provision
for income taxes 590,399 181,769 1,638,648 631,130
Net earnings $ 372,899 $ 109,169 $1,025,648 $ 378,630
Net earns. per share
of common stock (A) $.09 $.03 $.25 $.10
(A) -- Earnings per share is based upon weighted average shares outstanding of 4,158,886 and 3,914,444 as of Dec. 31, 1991 and 1990, respectively, as restated for a two-for-one stock split declared Oct. 1, 1991, and paid Nov. 12, 1991.
Gary Gelman, chairman of the board and chief executive officer, stated he was very pleased with the continuing increase in sales and earnings over comparable prior periods.
American Claims Evaluation, Inc. is a health care cost containment services company in the business of verifying the accuracy of hospital bills throughout the United States submitted to its clients for payment; such clients include commercial health insurance companies, third party administrators, health maintenance organizations and self-insured corporate clients. The company's services are designed to enable its clients to pay only for those medical services that were actually provided to the patient.
/CONTACT: Gary J. Knauer, chief financial officer of American Claims Evaluation, 516-938-8000/
(AMCE) CO: American Claims Evaluation, Inc. ST: New York IN: HEA SU: ERN FC-GK -- NY013 -- 2621 01/23/92 08:47 EST