FLOWER MOUND, Texas, Dec. 31 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. (the "Company") (BULLETIN BOARD: AMHI) announced today the financial results for the year ended September 30, 2004.
Operating Income was $85,000 for the quarter ended September 30, 2004 and $133,000 for the annual period. 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 new Affiliated-Revenue program, will likely continue into our fiscal year 2005 and be evident in our quarter numbers for the period ending December 31, 2004."
The Company incurred a net loss of $1,498,000 for the fiscal year ended September 30, 2004. The primary reason for the net loss is bad debt expense of $1,525,000 included in other expenses in the accompanying Condensed Consolidated Statements of Operations. CFO John Stuecheli stated, "$900,000 of the bad debt expense is attributable to the write-off of certain uncollectible accounts receivable acquired in August in 2000. Since the write-off is not related to current year operations, the bad debt expense has been reported after operating income." Mr. Stuecheli further stated, "We continue to refine and improve our procedures for calculating the allowance for discount on billings on the statement of operations and work closely with our auditors in assessing the adequacy of the allowance for uncollectible accounts on the balance sheet."
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.
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 to be filed with the Securities and Exchange Commission on or before January 13, 2005.
American HealthChoice, Inc. Condensed Consolidated Statements of Operations Fiscal years ended September 30 2003 2004 Patient billings $8,175,000 $9,741,000 Allowance for discount on billings 3,652,000 4,478,000 Net patient billings 4,523,000 5,263,000 Operating expenses 5,242,000 5,130,000 Operating income (loss) (719,000) 133,000 Other expenses (72,000) (1,631,000) Impairment loss (1,000,000) -- Net loss $(1,791,000) $(1,498,000) Basic and diluted net loss per share $(0.02) $ (0.01) Weighted average common shares outstanding 88,100,000 104,812,000 Three months ended September 30 2003 2004 Patient billings $2,278,000 $2,751,000 Allowance for discount on billings 1,029,000 1,208,000 Net patient billings 1,249,000 1,543,000 Operating expenses 1,764,000 1,458,000 Operating income (loss) (515,000) 85,000 Other expenses (20,000) (675,000) Impairment loss (1,000,000) -- Net loss $(1,535,000) $(590,000) Basic and diluted net loss per share $(0.02) $(0.01) Weighted average common shares outstanding 88,100,000 104,155,000 Condensed Consolidated Balance Sheet September 30, 2004 Cash $10,000 Accounts receivable, net 4,682,000 Other current assets 198,000 Total current assets 5,090,000 Property and equipment, net 395,000 Goodwill, net 1,349,000 Total assets $6,634,000 Notes payable and capital lease obligations $202,000 Acquisition note payable including accrued interest 1,110,000 Bankruptcy claims 821,000 Accrued payroll taxes and penalties 565,000 Compensation due executive officer 528,000 Accounts payable and accrued expenses 577,000 Total current liabilities 3,803,000 Stockholders' equity 2,831,000 Total liabilities and stockholders' equity $6,634,000
American HealthChoice, Inc.CONTACT: Dr. J. W. Stucki of American HealthChoice, Inc.,+1-972-538-0122, ext. 203
Web site: http://www.americanhealthchoice.com/
