Printer Friendly

AMERICAN CLAIMS EVALUATION REPORTS FIRST QUARTER RESULTS

 JERICHO, N.Y., July 27 /PRNewswire/ -- American Claims Evaluation, Inc., (NASDAQ: AMCE) announced revenues of approximately $1,785,000 and net earnings per share of $.07 for the three month period ended June 30, 1993 as compared to revenues of approximately $2,128,000 and net earnings per share of $.10 for the comparable period ended June 30, 1992. This reflects a decrease in revenues and net earnings per share of approximately 16.1 percent and 30.0 percent respectively, over last year's comparable figures.
 AMERICAN CLAIMS EVALUATION, INC.
 Three months ended June 30 1993 1992
 Revenues $1,784,959 $2,128,289
 Operating earnings 364,398 582,699
 Earnings before provision
 for income taxes 427,152 652,164
 Net earnings 283,152 410,164
 Net earnings per share of common stock .07 .10
 Weighted average common
 and common equivalent shares 4,164,272 4,235,055
 Mr. Gary Gelman, chairman of the board and chief executive officer, stated that although revenues and earnings per share have decreased from the comparable period in the prior year, he was pleased that first quarter revenues of $1,784,959 and earnings per share of $.07 have increased over revenues of $1,493,363 and earnings per share of $.03 reported for the fourth quarter of the fiscal year ended March 31, 1993.
 Reductions in claims received from The Travelers Insurance Company (as its contract with the company is being phased out) have continued to impact financial results. However, the company was able to benefit from higher than average recoveries on hospital bills audited during the period coupled with incremental new business which partially offset the loss in revenues from Travelers.
 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.
 For further information contact: Gary J. Knauer, chief financial officer, American Claims Evaluation, Inc., 375 North Broadway, Jericho, N.Y. 11753, telephone 516-938-8000.
 -0- 7/27/93
 /CONTACT: Gary J. Knauer, chief financial officer of American Claims Evaluation, Inc., 516-938-8000/
 (AMCE)


CO: American Claims Evaluation, Inc. ST: New York IN: HEA SU: ERN

MP-OS -- NY064 -- 6316 07/27/93 14:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1993
Words:411
Previous Article:JEFFERSON SAVINGS BANCORP, INC. REPORTS RESULTS
Next Article:PRAXAIR DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
AMERICAN CLAIMS EVALUATION, INC. REPORTS 34 PERCENT INCREASE IN REVENUES AND 135 PERCENT IN NET EARNINGS FOR YEAR
AMERICAN CLAIMS EVALUATION ANNOUNCES FIRST QUARTER RESULTS
AMERICAN CLAIMS EVALUATION ANNOUNCES FIRST QUARTER RESULTS
AMERICAN CLAIMS EVALUATION, INC. ANNOUNCES SECOND QUARTER AND SIX MONTHS RESULTS
AMERICAN CLAIMS EVALUATION, INC. ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS
AMERICAN CLAIMS EVALUATION, INC.REPORTS FOURTH QUARTER AND YEAR END RESULTS
AMERICAN CLAIMS EVALUATION, INC. REPORTS FIRST QUARTER RESULTS
UICI Announces First Quarter Earnings to be Lower Than Expected
First American Health Concepts, Inc. Reports 56% Increase in Third Quarter Revenues.
Penn Treaty Files 2006 Form 10-K.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters