AMHI profit for 9 months is 595K.
American HealthChoice Announces Third Quarter Financial Results; Patient Billings Up 28 Percent for Nine Month Period
FLOWER MOUND, Texas, Aug. 15 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. (OTC Bulletin Board: AMHI) announced today the financial results for the three months ended June 30, 2005, including a 25 percent increase in patient billings. Net income increased to $239,000 for the three months ended June 30, 2005, compared to a loss in 2004, and $595,000 for the nine months ended June 30, 2005 compared to a loss for the same period in 2004.
Patient billings increased from $2,515,000 in the 2004 quarter to $2,949,000 in the 2005 quarter. Excluding the New Orleans clinic sold in September 2004, billings at Company-owned clinics increased $382,000 and billings at Affiliated clinics increased $213,000.
Patient billings for the nine months ended June 30, 2005, increased to $8,319,000 compared to $6,990,000 for the nine months ended June 30, 2005, a 28 percent increase excluding New Orleans clinic billings. Operating income for the period ended June 30, 2005 totaled $283,000 for the three month period compared to $4,000 in 2004, and $709,000 for the nine months ended June 30, 2005, compared to $48,000 for the nine months ended June 30, 2004.
'From quarter to quarter, we continually have shown the ability to attract more patients to our clinics. This success, combined with upcoming improvements in our Telemedicine program, are excellent indicators of our future,' said Dr. J.W. Stucki, Chairman and CEO.
About American HealthChoice:
American HealthChoice is a medical services company comprised of a parent company and thirty five owned and affiliated medical clinics in Texas and Tennessee.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2004 filed with the Securities and Exchange Commission on January 13, 2005.
CONTACT:
Dr. J.W. Stucki, CEO
American HealthChoice, Inc.
972/538-0122 x203
Paul Knopick
E & E Communications
949/707-5365
pknopick@eandecommunications.com
American HealthChoice, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended June 30,
2004 2005
Patient billings $2,515,000 $2,949,000
Allowance for discount on billings 1,184,000 1,281,000
Net patient billings 1,331,000 1,668,000
Commissions and equipment rental fees -- 17,000
Net revenues 1,331,000 1,685,000
Operating expenses 1,327,000 1,402,000
Operating income 4,000 283,000
Other expenses 918,000 44,000
Net income (loss) $(914,000) $239,000
Basic and diluted net income (loss) per share $-- $--
Weighted average common shares outstanding 108,148,000 112,383,000
Nine months ended June 30,
2004 2005
Patient billings $6,990,000 $8,319,000
Allowance for discount on billings 3,271,000 3,613,000
Net patient billings 3,719,000 4,706,000
Commissions and equipment rental fees -- 57,000
Net revenues 3,719,000 4,763,000
Operating expenses 3,671,000 4,055,000
Operating income 48,000 708,000
Other expenses 955,000 113,000
Net income (loss) $(907,000) $595,000
Basic and diluted net income per share $(0.01) $0.01
Weighted average common shares outstanding 105,031,000 107,598,000
Condensed Consolidated Balance Sheet
(Unaudited)
June 30,
2005
Cash $6,000
Accounts receivable, net 5,580,000
Other current assets 229,000
Total current assets 5,815,000
Property and equipment, net 575,000
Goodwill, net 1,349,000
Total assets $7,739,000
Notes payable and capital lease obligations $519,000
Acquisition note payable including accrued interest 1,149,000
Bankruptcy claims 813,000
Accrued payroll taxes and penalties 446,000
Compensation due executive officer 571,000
Accounts payable and accrued expenses 735,000
Total current liabilities 4,233,000
Stockholders' equity 3,506,000
Total liabilities and stockholders' equity $7,739,000
SOURCE American HealthChoice, Inc.
Source: PR Newswire (August 15, 2005 - 1:47 PM EDT) |
