FLOWER MOUND, Texas, Aug. 24 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. (BULLETIN BOARD: AMHI) (the “Company”) announced today that its third quarter financials have been filed and are now available for review on the EDGAR system easily accessible on the SEC’s website (http://www.sec.gov/ ). A condensed version of the financial statement is attached herein to this news release.
Operating income for the three-month period ended June 30, 2004 was $4,000, a notable improvement compared to the operating loss of $68,000 for the same period in 2003. Net loss for the three-month period ended June 30, 2004 was $914,000, which is attributed to a “bad debt” loss of $900,000. This non-cash loss is the result of the write-off of accounts receivable related to the Company’s acquisition of three clinics in August 2000, and it does not impact the current year or future years’ operating income of AMHI’s company- owned clinics.
Chairman and CEO, Dr. J. W. Stucki stated, “Overall we are quite pleased with our financial results for the second and third quarters of fiscal 2004. Based on patient billings to date for the current quarter, which ends September 30, 2004, we anticipate another increase in patient billings in the range of 15-20% compared to the same quarter in 2003. In addition, we are intent on decreasing our marketing expenses this quarter -- the primary variable expense that is associated with the significant increase we’ve experienced in patient billings.”
American HealthChoice is a medical services company comprised of a parent company and twenty-five owned and affiliated medical clinics in Texas and Louisiana. For more information, please visit our newly revised corporate website located at: http://www.americanhealthchoice.com/ .
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 2003 filed with the Securities and Exchange Commission.
American HealthChoice, Inc. Condensed Consolidated Statements of Operations Nine Months ended June 30 2003 2004 Patient billings $ 5,897,000 $ 6,990,000 Allowance for discounts on billings 2,624,000 3,271,000 Net revenues 3,273,000 3,719,000 Operating expenses 3,477,000 3,671,000 Operating income (loss) (204,000) 48,000 Interest expense (53,000) (55,000) Bad debt loss --- (900,000) Net loss $ (257,000) $ (907,000) Basic and diluted net loss per share $ --- $ (0.01) Weighted average common shares outstanding 88,100,000 105,032,000 Three Months ended June 30 2003 2004 Patient billings $ 1,972,000 $ 2,515,000 Allowance for discounts on billings 886,000 1,184,000 Net revenues 1,086,000 1,331,000 Operating expenses 1,154,000 1,327,000 Operating income (loss) (68,000) 4,000 Interest expense (18,000) (18,000) Bad debt loss --- (900,000) Net loss $ (86,000) $ (914,000) Basic and diluted net income per share $ --- $ (0.01) Weighted average common shares outstanding 88,100,000 108,148,000 Condensed Consolidated Balance Sheet June 30, 2004 Cash $ 23,000 Accounts receivable, net 5,306,000 Other current assets 124,000 Total current assets 5,453,000 Property and equipment, net 446,000 Goodwill 1,349,000 Total assets $ 7,248,000 Notes payable and capital lease obligations $ 1,054,000 Bankruptcy claims 1,146,000 Accrued payroll and expenses 1,532,000 Total current liabilities 3,732,000 Stockholders’ equity 3,516,000 Total liabilities and stockholders’ equity $ 7,248,000
American HealthChoice, Inc.
CONTACT: investor relations, Equitilink LLC, +1-877-788-1940, orinternational, +1-858-824-1940, for American HealthChoice, Inc.
