ATC Healthcare Revenue Increases 25% for the First Quarter of Fiscal 2008 from the Comparable Quarter
July 17 2007 - 8:30AM
Business Wire
ATC Healthcare, Inc. (AMEX:AHN), a leader in medical staffing,
today reported results for its first quarter of fiscal 2008, which
ended May 31, 2007. Revenues increased by $4.9 million, or 25%, to
$24.8 million for the first quarter of Fiscal 2008, compared to
$19.8 million for same period last year. The increase in revenues
resulted primarily from strong growth in the Company�s travel nurse
unit as well as increased business in ATC�s per diem nursing
division. In addition, the June 2006 acquisition of Critical
Nursing Solutions continued to provide increased revenues during
the first quarter. Service costs were 78.7% of total revenues for
the first quarter of fiscal 2008 compared to 77.8% the same period
last year. Service costs represent all direct costs of providing
services to our clients. The increase was due primarily to higher
wages and benefits paid to nurses based on the market conditions
during the quarter. The Company is continuing to pursue higher
margin business throughout the remainder of Fiscal 2008. Income
from operations for the first quarter of Fiscal 2008 increased 71%
to $354 thousand compared to $207 thousand for the same period last
year. Net loss for the first quarter decreased 59% to $140 thousand
compared to $235 thousand for the same period last year. The
Company continues to work diligently on executing its plan, with
the goal of attaining profitability in Fiscal 2008. �We are happy
with the continued revenue growth of 25%,� stated David Savitsky,
Chief Executive Officer. �During the first quarter we experienced
strong growth in both our traveling nurse and per diem nurse units,
as demand for nurses continues to increase. During the quarter we
opened a new office in San Diego, California in response to an
increased demand for medical personnel and believe this new office
will help achieve additional growth in the important California
marketplace. The entire ATC team is not only focused on continued
revenue growth but more importantly on attaining profitability
through higher margin business and maintaining good control of
costs." ATC First Quarter Earnings Call The conference call will
take place at 4:15 p.m. EDT on Tuesday, July 17, 2007. Anyone
interested in participating should dial 1-888-469-6384 if calling
within the United States or 1-480-629-9564 if calling
internationally approximately 5 to 10 minutes prior to 4:15 p.m.
Participants should ask for the ATC Healthcare 2007 First Quarter
Financial Results conference call. There will be a playback
available until July 24, 2007. To listen to the playback, please
call 1-800-406-7325 if calling within the United States or
1-303-590-3030 if calling internationally. Please use the pass code
3759512 for replay. Forward Looking Statements Certain statements
contained in this release that are not statements of historical
facts are �forward-looking statements� within the meaning of the
Private Securities Litigation Reform Act of 1995. The words �
�believe�, �expect�, �anticipate�, �intend�, �will�, and similar
expressions are examples of words that identify forward-looking
statements. Forward-looking statements include, without limitation,
statements regarding our future financial position, timing of
future revenue, business strategy and cost savings. These
forward-looking statements are based on our current beliefs, as
well as assumptions we have made based upon information currently
available to us. These forward-looking statements may be affected
by the risks and uncertainties in our business and are qualified in
their entirety by the cautionary statements and risk factor
disclosure contained in our filings with the Securities and
Exchange Commission, including our annual report on Form 10-K for
the year ended February 28, 2006. We do not assume, and expressly
disclaim, any obligation to update these forward-looking
statements. About ATC Healthcare, Inc. ATC is a national leader in
medical staffing personnel to hospitals, nursing homes, clinics and
other healthcare facilities with 52 locations in 31 states. ATC
provides supplemental staffing, outsourcing and human resource
solutions to hospitals, nursing homes, medical and research
facilities and industry. Drawing from a pool of over 15,000
healthcare professionals spanning more than 50 specialties, the
company supplies both clinical and non-clinical personnel for
short-term, long-term, and �traveling� contract assignments. To
learn more about the company�s services, visit their website at
www.atchealthcare.com. ATC HEALTHCARE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) � For the Three Months Ended May 31, 2007 May 31, 2006
(Unaudited) REVENUES: Service revenues $ 24,824 � � $ 19,848 � �
COSTS AND EXPENSES: Service Costs 19,547 15,443 General and
administrative expenses 4,813 4,077 Depreciation and amortization �
110 � � � 121 � Total operating expenses � 24,470 � � � 19,641 � �
INCOME FROM OPERATIONS � 354 � � � 207 � � INTEREST AND OTHER
EXPENSE (INCOME): Interest expense, net 556 487 Other (income)
expense, net � 43 � � � (57 ) Total interest and other (income)
expense � 599 � � � 430 � � LOSS BEFORE INCOME TAXES (245 ) (223 )
� INCOME TAX (BENEFIT) PROVISION � (105 ) � � 12 � � NET LOSS $
(140 ) � $ (235 ) � Dividends accreted to Preferred Stockholders �
133 � � � 119 � � NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $
(273 ) � $ (354 ) � Loss Per Share: Loss per basic and diluted
common share $ (0.01 ) � $ (0.01 ) � Weighted average basic and
diluted common shares outstanding � 46,391 � � � 38,248 �
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