FLOWER MOUND, Texas, Aug. 15 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. 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
American HealthChoice, Inc.CONTACT: Dr. J.W. Stucki, CEO of American HealthChoice, Inc.,+1-972-538-0122, ext. 203; or Paul Knopick of E & E Communications,+1-949-707-5365, pknopick@eandecommunications.com, for AmericanHealthChoice, Inc.
