FLOWER MOUND, Texas, Feb. 17 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. (BULLETIN BOARD: 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.
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.
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
American HealthChoice, Inc.
CONTACT: 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 AmericanHealthChoice, Inc.
Web site: http://www.americanhealthchoice.com/