American HealthChoice Announces Quarter Ended December 31, 2004 Financial Results 2/17/2005 11:31:39 AM
FLOWER MOUND, Texas, Feb 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- American HealthChoice, Inc. (AMHI) (the "Company") announced today the financial results for the quarter ended December 31, 2004.
Operating Income was $149,000 for the quarter ended December 31, 2004 compared to $43,000 for the quarter ended December 31, 2003. Patient billings increased from $2,163,000 in the 2003 quarter to $2,473,000 in the 2004 quarter. Excluding the New Orleans clinic sold in September 2004, billings at company-owned clinics increased $300,000 or 16%. The 2004 period included $200,000 in billings for the DRX 9000. Billings at affiliated clinics increased to $273,000 in the 2004 quarter compared to $100,000 in the 2003 quarter.
Chairman and CEO Dr. J. W. Stucki stated, "We are pleased with our financial results measured in terms of operating income. The current quarter to previous year quarter increases, which have been primarily driven by our Affiliated-Revenue program, will likely continue in our quarter numbers for the period that will end March 31, 2005."
About American HealthChoice:
American HealthChoice is a medical services company comprised of a parent company and twenty five owned and affiliated medical clinics in Texas.
American HealthChoice, Inc.
Condensed Consolidated Statements of Operations
Three months ended December 31
2003 2004
Patient billings $ 2,163,000 $ 2,473,000
Allowance for discount on billings 994,000 1,047,000
Net patient billings 1,169,000 1,426,000
Operating expenses 1,126,000 1,277,000
Operating income 43,000 149,000
Other expenses 19,000 30,000
Net income $ 24,000 $ 119,000
Basic and diluted net income per share $ --- $ ---
Weighted average common shares outstanding 103,100,000 101,900,000
Condensed Consolidated Balance Sheet
December 31,
2004
Cash $ 23,000
Accounts receivable, net 4,947,000
Other current assets 201,000
Total current assets 5,171,000
Property and equipment, net 416,000
Goodwill, net 1,349,000
Total assets $6,936,000
Notes payable and capital lease obligations $ 199,000
Acquisition note payable including
accrued interest 1,127,000
Bankruptcy claims 813,000
Accrued payroll taxes and penalties 600,000
Compensation due executive officer 535,000
Accounts payable and accrued expenses 663,000
Total current liabilities 3,937,000
Stockholders' equity 2,999,000
Total liabilities and stockholders' equity $6,936,000
SOURCE American HealthChoice, Inc.
Dr. J.W. Stucki, CEO of American HealthChoice, Inc., +1-972-538-0122 x203; or Paul
Knopick of E & E Communications, +1-949-707-5365, or
pknopick@eandecommunications.com , for American HealthChoice, Inc.
. |
