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America Service Group Announces First Quarter Results
Company Increases Guidance for Full Year 2010 Net Income and Declares Regular Quarterly Dividend of $0.06 Per Diluted Share
BRENTWOOD, Tenn.--(BUSINESS WIRE)--April 27, 2010--America Service Group Inc. (NASDAQ:ASGR):
First Quarter Highlights:
- Increase in healthcare revenues from continuing contracts of 30.6% from the prior year quarter;
- Increase in gross margin from continuing contracts to 9.5% of healthcare revenues in the quarter, from 7.2% in the prior year quarter;
- Increase in Adjusted EBITDA to $6.8 million in the quarter, from $2.4 million in the prior year quarter;
- Increase in net income to $3.2 million in the quarter, from $699,000 in the prior year quarter;
- Increased guidance for full year 2010 net income to $10.8 million, from $3.3 million in 2009;
- Declared regular quarterly dividend of $0.06 per diluted share for the second quarter 2010;
- Cash and cash equivalents of $41.5 million at March 31, 2010; and
- No debt outstanding at March 31, 2010.
America Service Group Inc. (NASDAQ:ASGR) announced today results for the first quarter ended March 31, 2010, and increased its guidance for full year 2010 net income.
Commenting on today’s announcement, Richard Hallworth, president and chief executive officer of America Service Group, said, “I am very pleased with our strong first quarter financial performance. Our contract portfolio continues to produce improvements in gross margins that warrant an increase in our full year guidance. Also, our strong balance sheet positions us well for growth in this era of tremendous new business pipeline opportunities.”
Income Statement Presentation Format as a Result of United States Generally Accepted Accounting Principles (“GAAP”) Related to Discontinued Operations
As noted in its 2009 annual report on Form 10-K, the Company is applying the discontinued operations provisions of GAAP to all service contracts that expire subsequent to January 1, 2002. In accordance with GAAP, the results of operations of contracts that expire, less applicable income taxes are classified on the Company’s consolidated statements of operations separately from continuing operations. The presentation prescribed for discontinued operations requires the collapsing of healthcare revenues and expenses, as well as other specifically identifiable costs, into the income or loss from discontinued operations, net of taxes. Items such as indirect selling, general and administrative expenses or interest expense cannot be allocated to expired contracts. The GAAP accounting presentation as it relates to discontinued operations and the Company’s expired contracts has no impact on net income, earnings per share, total cash flows or stockholders’ equity.
The following information was filed by America Service Group Inc De on Tuesday, April 27, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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