EX-99.1
3
g00272exv99w1.txt
EX-99.1  PRESS RELEASE DATED MARCH 15, 2006


                                                                    EXHIBIT 99.1

                       (AMERICA SERVICE GROUP INC. LOGO)


                                  NEWS RELEASE

CONTACT: MICHAEL CATALANO                          MICHAEL W. TAYLOR
         CHAIRMAN, PRESIDENT AND                   SENIOR VICE PRESIDENT AND
           CHIEF EXECUTIVE OFFICER                   CHIEF FINANCIAL OFFICER
         (615) 373-3100                           (615) 373-3100


               AMERICA SERVICE GROUP REPORTS FINDINGS OF INTERNAL
                     INVESTIGATION INTO PHARMACY SUBSIDIARY
                  --------------------------------------------
                  ANNOUNCES PRELIMINARY UNAUDITED 2005 RESULTS
                  --------------------------------------------
                    PROVIDES INITIAL 2006 FULL-YEAR GUIDANCE
                  --------------------------------------------
           ANNOUNCES POTENTIAL RESUMPTION OF STOCK REPURCHASE PROGRAM
                  --------------------------------------------
                      UPDATES STATUS OF REGULATORY FILINGS


BRENTWOOD, Tennessee (March 15, 2006) - America Service Group Inc.
(NASDAQ:ASGRE) reported today the results of an internal investigation by the
Audit Committee of the Board of Directors into certain matters related to the
Company's pharmacy subsidiary, Secure Pharmacy Plus ("SPP"), resulting in the
Company's decision to restate previously filed financial statements for the
years ended December 31, 2001 through December 31, 2004 and for the first six
months of 2005. The restatement will reduce previously reported net income for
these periods by $2.1 million in the aggregate, as reflected in the Effects of
Restatement schedule attached as well as reduce previously reported retained
earnings as of January 1, 2001 by $347,000. The Company also announced today
preliminary unaudited financial results for the third and fourth quarters and
the year ended December 31, 2005. The announcement of the Company's third
quarter results had been previously delayed pending the final results of the
internal investigation. Additionally, the Company announced today its initial
guidance for full-year 2006 results, the potential resumption of the Company's
stock repurchase program and an update on the status of its regulatory filings.

Commenting on today's announcement, Michael Catalano, chairman, president and
chief executive officer of America Service Group, said, "The completion of the
Audit Committee's thorough investigation and the Company's actions related to
its findings demonstrate our commitment to conducting business with the highest
integrity. This has been a difficult period for the Company, with disappointing
financial results. However, the challenges are clearly defined and will be
addressed in the coming year. We remain confident in our business model and the
Company's prospects."


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              105 Westpark Drive - Suite 200 - Brentwood, TN 37027
                       - 615-373-3100 - Fax 615-376-9862




ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 2
March 15, 2006


FINDINGS OF INTERNAL INVESTIGATION INTO PHARMACY SUBSIDIARY

         As previously disclosed, the Audit Committee of the Company's Board of
Directors retained outside counsel, who in turn engaged independent accountants
with significant forensic experience, to assist the Audit Committee in
conducting an investigation into certain allegations at SPP, the Company's
pharmaceutical subsidiary. The Audit Committee's investigation is complete. The
investigation's principal findings are as follows:

         o        In certain instances, SPP did not charge its customers in
                  accordance with applicable contracts. The Audit Committee's
                  investigation involved testing what SPP charged for
                  pharmaceuticals against the invoice cost of products purchased
                  or the applicable third-party reference price. The Audit
                  Committee's investigation also estimated rebates received by
                  the Company from manufacturers for the purchase of certain
                  pharmaceuticals; savings that SPP realized in purchasing
                  certain pharmaceuticals from alternative sources; and the
                  dollar amounts of returns to SPP of pharmaceutical products.
                  The Company, in consultation with special pharmaceutical
                  counsel, determined the requirements of each of Prison Health
                  Services' or SPP's contracts with respect to the pricing of
                  pharmaceuticals sold as well as the sharing of rebates,
                  savings and credits for returns described above. Applying that
                  information to the results of the testing, the Company then
                  concluded that, in certain instances, it failed to properly
                  credit customers with discounts, rebates or price savings
                  resulting from purchases from alternative sources, and, in
                  certain instances, failed to provide customers with proper
                  credit for the return of pharmaceutical products. As a result,
                  the Company intends to provide aggregate refunds of $3.6
                  million, covering all periods since the Company's acquisition
                  of SPP in September 2000, plus interest at the applicable
                  federal rate (which ranged from 4% to 9%) during the period
                  covered by the investigation. The Company also concluded that
                  SPP charged some customers less than should have been charged
                  under applicable contracts in the total amount of $5.9
                  million, but collectibility is uncertain and these amounts
                  have not been recognized as revenue.

         o        The Audit Committee's investigation found that key members of
                  SPP's senior management inappropriately established and used
                  reserves during various periods over the last five years to
                  more closely match SPP's reported earnings to its budgeted
                  results. The aggregate effect of the adjustments necessitated
                  by the Audit Committee findings has been determined by the
                  Company to be an increase in previously reported pre-tax
                  income of $355,000 in the aggregate since January 1, 2001
                  although it should be noted that different periods are
                  affected by different amounts and that certain of the
                  adjustments necessitated by the Audit Committee's findings
                  related to the third quarter of 2005 which had not been
                  previously reported. The employees who were responsible for
                  these actions are no longer employed by the Company or SPP.

         o        The Audit Committee's investigation found that in a number of
                  instances, SPP management did not follow either SPP's or the
                  Company's stated policies with respect to corporate
                  expenditures and disbursements.


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ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 3
March 15, 2006


         o        The Audit Committee noted that there were significant
                  operational issues in the implementation of SPP's new
                  operating system in the summer of 2005. Both the Company's
                  internal audit group and another outside accounting firm have
                  conducted significant testing on the new system to determine
                  if it functions properly. Throughout this process, the
                  internal audit group and the accounting firm identified a
                  number of issues which have been, or are being, corrected.

         o        The Audit Committee's investigation identified certain other
                  issues, relating to accruals for rebates and inventory
                  valuation, which will result in changes to the Company's
                  previously reported financial results. Based on the Audit
                  Committee's findings, the Company has determined that
                  adjustments representing an increase in previously reported
                  pre-tax income of $146,000 in the aggregate since January 1,
                  2001 are needed.

         o        The Audit Committee has recommended significant strengthening
                  to the Company's system of internal controls and compliance
                  function. The Company has begun the process of reviewing and
                  implementing enhancements to internal controls. The Company
                  expects that management's assessment of internal controls for
                  the year ended December 31, 2005 and the independent auditor's
                  report thereon may include disclosures of material weaknesses
                  in the Company's internal control structure. The Company has
                  taken numerous steps to mitigate the effect of any such
                  weaknesses at year end and is committed to eliminating any
                  such weaknesses as part of its efforts to implement
                  enhancements to its internal controls.

         As previously reported, the Company contacted the Securities and
Exchange Commission (the "SEC") to inform it of the issues being investigated,
and since that time the Company has cooperated with the SEC in an informal
inquiry that it is conducting as well as with the Office of the U. S. Attorney
for the Middle District of Tennessee in the inquiry it is conducting. Both the
Audit Committee and the Company intend to continue to cooperate with those
government entities.

FAS 144 IMPACT ON INCOME STATEMENT PRESENTATION FORMAT

As noted in its 2004 annual report on Form 10-K, the Company is applying the
discontinued operations provisions of Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 144 ("FAS 144") to all service
contracts that expire subsequent to January 1, 2002. FAS 144 requires the
Company to follow the income statement presentation format described in FAS 144.
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 application of the FAS 144 accounting presentation to
expired contracts has no impact on net income, earnings per share, total cash
flows or stockholders' equity.



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ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 4
March 15, 2006


As a result of the application of FAS 144, "healthcare revenues" and "healthcare
expenses" on the Company's consolidated statements of operations for any period
presented will only include revenues and expenses from continuing contracts. The
Company will also discuss "Total Revenues," "Total Healthcare Expenses," and
"Total Gross Margin," which will include all of the Company's revenues and
healthcare expenses for a period (i.e., healthcare revenues plus revenues from
expired service contracts, or healthcare expenses plus expenses from expired
contracts). Total Gross Margin is defined as Total Revenues less Total
Healthcare Expenses. Total Gross Margin excludes loss contract reserve
utilization. Reconciliations of healthcare revenues to Total Revenues,
healthcare expenses to Total Healthcare Expenses and gross margin to Total Gross
Margin are found in the attached schedules.

PRELIMINARY UNAUDITED RESULTS FOR THIRD QUARTER ENDED SEPTEMBER 30, 2005 AND
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2005

The preliminary unaudited financial results described herein are subject to
change. The Company has not yet completed all the processes that it normally
conducts in connection with the preparation of its year end financial
statements. In addition, the Company's independent accountants are in the
process of completing their audit of year end financial results. Therefore,
there exists the possibility that the final audited results for the year may
differ from these preliminary unaudited results. In this regard, the Company
notes that key areas of review as part of this process include the evaluation of
the Company's allowance for doubtful accounts as well as assessment about
whether the goodwill associated with the Company's SPP pharmaceutical subsidiary
has been impaired.

The preliminary unaudited financial results reflected below include the
restatement impact discussed above.

Healthcare revenues from continuing contracts for the third quarter of 2005 were
$140.1 million, an increase of 3.9% over the prior year quarter. Healthcare
revenues for the fourth quarter of 2005 were $149.3 million, an increase of
14.7% over the prior year quarter. Healthcare revenues for the year ended
December 31, 2005 were $562.7 million, an increase of 8.8% over the prior year
period. Total Revenues, which includes revenues from continuing and discontinued
contracts, for the third quarter of 2005 were $154.3 million, a decrease of
14.1% compared to the prior year quarter. Total Revenues for the fourth quarter
of 2005 were $149.8 million, a decrease of 12.0% compared to the prior year
quarter. Total Revenues for the year ended December 31, 2005 were $649.3
million, a decrease of 6.0% compared to the prior year period.

Healthcare expenses from continuing contracts for the third quarter of 2005 were
$135.8 million, or 96.9% of healthcare revenues, as compared with $123.2
million, or 91.4% of healthcare revenues, in the prior year quarter. Healthcare
expenses from continuing contracts for the fourth quarter of 2005 were $141.6
million, or 94.9% of healthcare revenues, as compared with $119.7 million, or
92.0% of healthcare revenues, in the prior year quarter. Healthcare expenses
from continuing contracts for the year ended December 31, 2005 were $527.8
million, or 93.8% of healthcare revenues, as compared with $472.5 million, or
91.4% of healthcare revenues, in the prior year period. The increase in
healthcare expenses from continuing contracts as a percentage of healthcare
revenues when compared with the prior year periods is primarily due to a
significant increase in professional liability expense in the second half of
2005, resulting from adverse developments related to known claims, an increase
in average expected severity related to more recent claims and an increase in
the reserve for incurred but not


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ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 5
March 15, 2006


reported claims; SPP operating at a loss during the second half of 2005, due
primarily to the loss of profitable customers prior to the investigation; the
Wyoming Department of Corrections and Vermont Department of Corrections
contracts operating at losses during the second half of 2005, primarily as a
result of staffing-related expenses; and a reduction in profitability in the
second half of 2005 in the Alabama Department of Corrections contract, primarily
related to staffing-related expenses and legal costs. Total Healthcare Expenses,
which includes expenses from continuing and discontinued contracts, for the
third quarter of 2005 were $149.3 million, or 96.7% of Total Revenues, as
compared with $167.7 million, or 93.4% of Total Revenues, in the prior year
quarter. Total Healthcare Expenses for the fourth quarter of 2005 were $142.1
million, or 94.9% of Total Revenues, as compared with $158.2 million, or 92.9%
of Total Revenues, in the prior year quarter. Total Healthcare Expenses for the
year ended December 31, 2005 were $612.8 million, or 94.4% of Total Revenues, as
compared with $644.0 million, or 93.3% of Total Revenues, in the prior year
period.

Gross margin from continuing contracts for the third quarter of 2005 was $4.3
million, or 3.1% of healthcare revenues, as compared with $11.6 million, or 8.6%
of healthcare revenues, in the prior year quarter. Gross margin for the fourth
quarter of 2005 was $7.7 million, or 5.1% of healthcare revenues, as compared
with $10.4 million, or 8.0% of healthcare revenues, in the prior year quarter.
Gross margin for the year ended December 31, 2005 was $34.8 million, or 6.2% of
healthcare revenues, as compared with $44.6 million, or 8.6% of healthcare
revenues, in the prior year period. Total Gross Margin, which includes
continuing and discontinued contracts, for the third quarter of 2005 was $5.0
million, or 3.3% of Total Revenues, as compared with $11.8 million, or 6.6% of
Total Revenues, in the prior year quarter. Total Gross Margin for the fourth
quarter of 2005 was $7.7 million, or 5.1% of Total Revenues, as compared with
$12.1 million, or 7.1% of Total Revenues, in the prior year quarter. Total Gross
Margin for the year ended December 31, 2005 was $36.5 million, or 5.6% of Total
Revenues, as compared with $46.5 million, or 6.7% of Total Revenues, in the
prior year period.

Selling, general and administrative expenses for the third quarter of 2005 were
$4.6 million, or 3.2% of healthcare revenues, as compared with $4.2 million, or
3.1% of healthcare revenues, in the prior year quarter. Selling, general and
administrative expenses for the fourth quarter of 2005 were $4.9 million, or
3.3% of healthcare revenues, as compared with $4.5 million, or 3.4% of
healthcare revenues, in the prior year quarter. Selling, general and
administrative expenses for the year ended December 31, 2005 were $18.1 million,
or 3.2% of healthcare revenues, as compared with $17.5 million, or 3.4% of
healthcare revenues, in the prior year period. Selling, general and
administrative expenses as a percentage of Total Revenues for the third quarter
of 2005, fourth quarter of 2005 and year ended December 31, 2005, were 3.0%,
3.3% and 2.8%, respectively, as compared with 2.3%, 2.6% and 2.5%, respectively,
in the prior year periods.

In addition to the above selling, general and administrative expenses, the
Company incurred $207,000 of due diligence expenses in the third quarter of 2005
related to a potential acquisition of a healthcare company outside of the
corrections sector. These acquisition discussions were discontinued in late July
2005. Therefore, no expenses were incurred subsequent to that date. For the year
ended December 31, 2005, the Company incurred $658,000 of due diligence expenses
related to this potential acquisition.


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ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 6
March 15, 2006


Audit Committee investigation and related expenses into certain matters at SPP
(discussed above) for the third quarter of 2005 were $370,000, for the fourth
quarter of 2005 were $3.3 million and for the year ended December 31, 2005 were
$3.7 million. The Company expects to record an additional $3.0 million to $4.0
million of Audit Committee investigation and related expenses into certain
matters related to SPP in 2006.

Adjusted EBITDA for the third quarter of 2005 was $455,000, as compared with
$7.6 million in the prior year quarter. Adjusted EBITDA for the fourth quarter
of 2005 was $2.8 million, as compared with $7.6 million in the prior year
quarter. Adjusted EBITDA for the year ended December 31, 2005 was $18.4 million,
as compared with $29.0 million in the prior year period. As reflected in the
attached schedule, the Company defines Adjusted EBITDA as earnings before
interest expense, late fee income, income taxes, depreciation, amortization,
increases or decreases in reserves for loss contracts, discontinued acquisition
expenses, Audit Committee investigation expenses and the charge for settlement
of a Florida legal matter that was recorded in the first quarter of 2004. The
Company includes in Adjusted EBITDA the results of discontinued operations under
the same definition.

Depreciation and amortization expense for the third quarter of 2005 was $1.1
million, as compared with $933,000 in the prior year quarter. Depreciation and
amortization expense for the fourth quarter of 2005 was $969,000, as compared
with $964,000 in the prior year quarter. Depreciation and amortization expense
for the year ended December 31, 2005 was $4.0 million, as compared with $3.8
million in the prior year period.

The loss from operations for the third quarter of 2005 was $1.9 million, as
compared with income from operations of $6.4 million in the prior year quarter.
The loss from operations for the fourth quarter of 2005 was $1.5 million, as
compared with income from operations of $5.0 million in the prior year quarter.
Income from operations for the year ended December 31, 2005 was $8.3 million, as
compared with $18.1 million in the prior year period. Negatively impacting the
current year results is the $658,000 of discontinued acquisition expenses
($451,000 recorded in the second quarter and $207,000 recorded in the third
quarter), as well as the $3.7 million of Audit Committee investigation expenses
($370,000 recorded in the third quarter and $3.3 million recorded in the fourth
quarter). Negatively impacting the prior year results is the $5.2 million charge
for final settlement of a Florida legal matter recorded in the first quarter.

Net interest expense for the third quarter of 2005 was $305,000, as compared
with $530,000 in the prior year quarter. Net interest expense for the fourth
quarter of 2005 was $371,000, as compared with $299,000 in the prior year
quarter. Net interest expense for the year ended December 31, 2005 was $1.2
million, as compared with $1.9 million in the prior year period.

Late fee income for the year ended December 31, 2005 was $249,000. There was no
late fee income collected in the prior year period. The late fee income related
to past due accounts receivable balances due from a client.

The loss from continuing operations before income taxes for the third quarter of
2005 was $2.2 million, as compared with income from continuing operations before
income taxes of $5.9 million in the prior year quarter. The loss from continuing
operations before income taxes for the fourth quarter of 2005 was $1.9 million,
as compared with income from continuing operations before income taxes of $4.7


                                     -MORE-


ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 7
March 15, 2006


million in the prior year quarter. Income from continuing operations before
income taxes for the year ended December 31, 2005 was $7.4 million, as compared
with $16.2 million in the prior year period. Positively impacting the current
year results is the $249,000 of late fee income collected in the second quarter.
Negatively impacting the current year results is the $658,000 of discontinued
acquisition expenses ($451,000 recorded in the second quarter and $207,000
recorded in the third quarter), as well as the $3.7 million of Audit Committee
investigation expenses ($370,000 recorded in the third quarter and $3.3 million
recorded in the fourth quarter). Negatively impacting the prior year results is
the $5.2 million charge for final settlement of a Florida legal matter recorded
in the first quarter.

The income tax benefit for the third quarter of 2005 was $671,000, as compared
with an income tax provision of $2.4 million in the prior year quarter. The
income tax benefit for the fourth quarter of 2005 was $735,000, as compared with
an income tax provision of $1.1 million in the prior year quarter. The income
tax provision for the year ended December 31, 2005 was $3.2 million, an
approximate 43.6% effective tax rate, as compared with an income tax benefit of
$2.8 million in the prior year period. The income tax provision for the year
ended December 31, 2005 is not comparable with the prior year period income tax
benefit, due to the deferred tax valuation allowance that existed during the
prior year until June 30, 2004. Substantially all of the Company's deferred tax
valuation allowance was reversed at June 30, 2004, resulting in a noncash income
tax benefit in the second quarter of 2004 of $6.6 million.

The loss from continuing operations for the third quarter of 2005 was $1.6
million, as compared with income from continuing operations of $3.6 million in
the prior year quarter. The loss from continuing operations for the fourth
quarter of 2005 was $1.2 million, as compared with income from continuing
operations of $3.6 million in the prior year quarter. Income from continuing
operations for the year ended December 31, 2005 was $4.2 million, as compared
with $19.0 million in the prior year period. Positively impacting the current
year results is the pre-tax $249,000 of late fee income collected in the second
quarter. Negatively impacting the current year results is the pre-tax $658,000
of discontinued acquisition expenses ($451,000 recorded in the second quarter
and $207,000 recorded in the third quarter), as well as the pre-tax $3.7 million
of Audit Committee investigation expenses ($370,000 recorded in the third
quarter and $3.3 million recorded in the fourth quarter). Negatively impacting
the prior year results is the $5.2 million charge for final settlement of a
Florida legal matter recorded in the first quarter, offset by the positive
impact of the $6.6 million income tax valuation allowance reversal recorded in
the second quarter. Additionally, the income tax provision for the year ended
December 31, 2005 is not comparable with the prior year period income tax
provision, due to the deferred tax valuation allowance that existed during the
prior year until June 30, 2004.

Income from discontinued operations, net of taxes, for the third quarter of 2005
was $405,000, as compared with a loss from discontinued operations, net of
taxes, of $3.5 million in the prior year quarter. The loss from discontinued
operations, net of taxes, for the fourth quarter of 2005 was $9,000, as compared
with income from discontinued operations, net of taxes of $1.2 million in the
prior year quarter. Income from discontinued operations, net of taxes, for the
year ended December 31, 2005 was $206,000, as compared with a loss from
discontinued operations, net of taxes of $9.1 million in the prior year period.
Negatively impacting the current year loss from discontinued operations, net of
taxes, is the pre-tax $1.3 million increase in the Company's loss contract
reserve recorded in the second quarter of 2005 to cover losses and allocated
overheard related to the Company's Maryland Department of Public Safety and
Correctional Services ("Maryland DPS") contract through its expiration on June
30, 2005. Negatively impacting the prior year loss from discontinued operations,
net of taxes, is the $12.8


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ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 8
March 15, 2006


million loss contract charge recorded in the second and third quarters related
to the Maryland DPS contract. Additionally, the income tax provision for the
year ended December 31, 2005 is not comparable with the prior year income tax
provision, due to the deferred tax valuation allowance that existed during the
prior year until June 30, 2004.

The net loss for the third quarter of 2005 was $1.2 million, or $0.11 basic and
diluted per common share, as compared with net income of $81,000, or $0.01 basic
and diluted per common share, in the prior year quarter. The net loss for the
fourth quarter of 2005 was $1.2 million, or $0.11 basic and diluted per common
share, as compared with net income of $4.9 million, or $0.45 basic and $0.44
diluted per common share, in the prior year quarter. Net income for the year
ended December 31, 2005 was $4.4 million, or $0.40 basic and $0.39 diluted per
common share, as compared with $9.9 million, or $0.92 basic and $0.90 diluted
per common share, in the prior year period. Positively impacting the current
year results is the pre-tax $249,000 of late fee income collected in the second
quarter. Negatively impacting the current year results is the pre-tax $658,000
of discontinued acquisition expenses ($451,000 recorded in the second quarter
and $207,000 recorded in the third quarter), the pre-tax $3.7 million of Audit
Committee investigation expenses ($370,000 recorded in the third quarter and
$3.3 million recorded in the fourth quarter) and the pre-tax $1.3 million
increase in the Company's loss contract reserve recorded in the second quarter.
Negatively impacting the prior year results is the $12.8 million loss contract
charge recorded in the second and third quarters and the $5.2 million charge for
final settlement of a Florida legal matter recorded in the first quarter,
partially offset by the positive impact of the $6.6 million income tax valuation
allowance reversal recorded in the second quarter. Additionally, the income tax
provision for the year ended December 31, 2005 is not comparable with the prior
year period income tax provision, due to the deferred tax valuation allowance
that existed during the prior year until June 30, 2004.

Cash on hand and restricted cash decreased to $4.2 million at December 31, 2005,
as compared with $11.5 million at June 30, 2005. Total debt outstanding as of
December 31, 2005 was $12.5 million. The Company had no debt outstanding as of
June 30, 2005. Days sales outstanding in accounts receivable increased to
approximately 61 days at December 31, 2005, as compared to 50 days at December
31, 2004. The increase in days sales outstanding was primarily due to an
increase in receivables past due from 1-29 days of $16.5 million, an increase in
unbilled healthcare receivables of $14.0 million and an increase in unbilled SPP
receivables of $6.4 million. The increase in unbilled healthcare receivables
relates to an increase in aggregate cap receivables not yet billable to clients
based on stated contract terms and represents revenues earned under shared-risk
contracts that reimburse the Company for expenses above mutually agreed upon
thresholds. The increase in unbilled SPP receivables is due to management's
decision to temporarily suspend billings to SPP customers beginning in September
2005 until the findings of the internal investigation into matters at SPP were
finalized. Included in healthcare accounts receivable at December 31, 2005 is
approximately $6.5 million of receivables related to contracts that expired
prior to December 31, 2004. The Company believes that these receivables are
contractually due under the terms of the respective expired contracts. However,
due to the age of the receivables and the lack of an ongoing business
relationship between the Company and the clients, there is a heightened risk of
collectibility related to these receivables. Nevertheless, the Company intends
to take all necessary measures in order to collect these receivables.


                                     -MORE-

ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary,
   Announces Preliminary Unaudited 2005 Results and Provides Initial
   2006 Full-Year Guidance
Page 9
March 15, 2006


2006 GUIDANCE

The Company is providing its initial guidance for full-year 2006 results.
Consistent with past practice, the Company's guidance for full-year 2006 results
does not consider the impact of any potential new business. Contracts currently
in operation are included in the guidance for full-year 2006 results through the
end of the year, unless the Company has previously been notified otherwise by
the client. The Company's guidance takes into consideration the items discussed
previously related to the increase in healthcare expenses in the last six months
of 2005. It is expected that the majority of these items will continue to impact
the Company's financial results during the initial portions of 2006.

The Company's guidance for estimated full-year 2006 results (adjusted for the
items discussed in detail in the footnotes) is summarized below:

                                                                      
        Total Revenues (1)                                               $660 -- 680 million
        Depreciation, amortization and interest expense (1)              $6.0 million
        Adjusted pre-tax income (2)                                      $16.0 -- 17.0 million
        Effective tax rate                                               41%
        Adjusted net income (2)                                          $9.4 -- 10.0 million
        Weighted average common shares outstanding - diluted             10.5 million
        Adjusted net income per common share -- diluted (2)              $0.90 -- 0.96
(1) From continuing and discontinued contracts (2) From continuing and discontinued contracts and adjusted to exclude the pre-tax negative impact of the additional $3.0 million to $4.0 million of estimated Audit Committee investigation and related expenses expected to be recorded in 2006 and the $2.7 million to $3.1 million of estimated stock-based compensation expense expected to be recorded in 2006 as a result of the Company's adoption of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 (revised 2004), effective January 1, 2006. POTENTIAL RESUMPTION OF STOCK REPURCHASE PROGRAM On July 26, 2005, the Company announced that its Board of Directors had approved a stock repurchase program to repurchase up to $30 million of the Company's common stock over an approximate 24-month period. After the Company has filed its Third Quarter 2005 Form 10-Q, its 2005 Annual Report on Form 10-K and released earnings for the first quarter of 2006, the Company may resume repurchases under this program from time to time in accordance with Securities and Exchange Commission requirements and subject to ongoing reviews of the Company's operating cash flow requirements. This program is intended to be implemented through purchases made from time to time in either the open market or through private transactions. Under the stock repurchase program, no shares will be purchased directly from officers or directors of the Company. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other considerations. Funds for the repurchase of shares are expected to come primarily from cash generated from operations and also from funds on hand, including amounts available under the Company's credit facility. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 10 March 15, 2006 The repurchase program does not obligate the Company to acquire any particular amount of common stock and the repurchase program may be suspended at any time at the Company's discretion. The Company had repurchased and retired 149,100 shares of its common stock for approximately $3.0 million prior to the temporary suspension of the program during the pendency of the Audit Committee investigation into certain matters related to SPP. As of March 9, 2006, the Company had approximately 10.8 million shares outstanding. UPDATE OF REGULATORY FILINGS On January 13, 2006, the Company announced that it received on January 10, 2006, a letter from the NASDAQ Office of General Counsel, Listing Qualifications Hearings, which notified the Company that its common stock will continue to be listed on NASDAQ pursuant to an exception from the filing requirements in Marketplace Rule 4310(C)14, provided the Company files its Quarterly Report on Form 10-Q for the three months ended September 30, 2005 ("Third Quarter 2005 10-Q") and any required restatements resulting from the internal investigation by March 15, 2006. The NASDAQ Office of General Counsel, Listing Qualifications Hearings has granted the Company an extension related to the filing of the Third Quarter 2005 10-Q until April 3, 2006. Additionally, the Company expects to request a fifteen-day extension of the filing deadline related to the Company's 2005 Annual Report on Form 10-K permitted under Rule 12b-25. This extension would extend the due date for filing of the Company's Annual Report on Form 10-K until March 31, 2006. The Company is working diligently to meet the prescribed filing deadlines related to both reports, but there can be no assurance it will do so. CONFERENCE CALL A listen-only simulcast and replay of America Service Group's 2005 results conference call will be available online at www.asgr.com or www.earnings.com on March 16, 2006, beginning at 9:00 a.m. Eastern time. In addition, a copy of the press release containing the related financial information can be found on the Company's website. America Service Group Inc., based in Brentwood, Tennessee, is a leading provider of correctional healthcare services in the United States. America Service Group Inc., through its subsidiaries, provides a wide range of healthcare and pharmacy programs to government agencies for the medical care of inmates. This release contains certain financial information not derived in accordance with United States generally accepted accounting principles ("GAAP"). The Company believes this information is useful to investors and other interested parties. Such information should not be considered as a substitute for any measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. A discussion of the Company's definition of such information and reconciliation to the most comparable GAAP measure is included below. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 11 March 15, 2006 The most directly comparable GAAP measures for the guidance provided by the Company are: Healthcare Revenues; Income from Continuing Operations Before Income Taxes; Depreciation and Amortization; and Interest, each of which will only include results from continuing contracts. Because it is not possible to reliably forecast discontinued operations, reconciliation of the Company's guidance to the most directly comparable GAAP measure cannot be estimated on a forward-looking basis. Cautionary Statement This press release contains "forward-looking" statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this release that are not historical facts, including statements about the Company's or management's beliefs and expectations, constitute forward-looking statements and may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes" or "intends" and similar words and phrases. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: o the fact that the audit of the Company's 2005 results is ongoing and the results of that audit may differ from the information contained herein; o the ability of the Company to file its Third Quarter 2005 Form 10-Q by April 3, 2006 so as to comply with the condition to the exception from NASDAQ to allow continued listing of the Company's common stock on NASDAQ and the Company's ability to comply with other NASDAQ listing requirements; o the risk that government entities (including the Company's government customers) may bring enforcement actions against, or impose penalties on, the Company or its subsidiaries as a result of the matters investigated by the Audit Committee or the restatement of the Company's financial results; o the risk that the Company may be subject to shareholder litigation as a result of the matters investigated by the Audit Committee or the restatement of the Company's financial results; o risks associated with the possibility that we may be unable to satisfy covenants under our credit facility; o risks arising from potential weaknesses or deficiencies in our internal control over financial reporting; o risks arising from the possibility that we may be unable to collect accounts receivable; o the Company's ability to retain existing client contracts and obtain new contracts; o whether or not government agencies continue to privatize correctional healthcare services; o the possible effect of adverse publicity on the Company's business; o increased competition for new contracts and renewals of existing contracts; o the Company's ability to execute its expansion strategies; o the Company's ability to limit its exposure for catastrophic illnesses and injuries in excess of amounts covered under contracts or insurance coverage; o the outcome of pending litigation; o the Company's dependence on key personnel; and o the Company's determination whether to repurchase shares under its previously announced stock repurchase program. A discussion of important factors and assumptions regarding certain statements and risks involved in an investment in the Company is contained in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this release. The Company assumes no obligations to update or revise them or provide reasons why actual results may differ. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 12 March 15, 2006 AMERICA SERVICE GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
THREE MONTHS ENDED -------------------------------------------------- SEPT. 30, % OF SEPT. 30, % OF 2005 REVENUE 2004 (1) REVENUE ------------- -------- -------------- ------- Healthcare revenues $ 140,083 100.0 $ 134,784 100.0 Healthcare expenses 135,766 96.9 123,204 91.4 ------------- -------- -------------- -------- Gross margin 4,317 3.1 11,580 8.6 Selling, general and administrative expenses 4,566 3.2 4,199 3.1 Discontinued acquisition expenses 207 0.2 -- -- Audit Committee investigation and related expenses 370 0.3 -- -- Depreciation and amortization 1,107 0.8 933 0.7 ------------- -------- -------------- -------- Income (loss) from operations (1,933) (1.4) 6,448 4.8 Interest, net 305 0.2 530 0.4 ------------- -------- -------------- -------- Income (loss) from continuing operations before income tax provision (benefit) (2,238) (1.6) 5,918 4.4 Income tax provision (benefit) (671) (0.5) 2,368 1.8 ------------- -------- -------------- -------- Income (loss) from continuing operations (1,567) (1.1) 3,550 2.6 Income (loss) from discontinued operations, net of taxes 405 0.3 (3,469) (2.5) ------------- -------- -------------- -------- Net income (loss) $ (1,162) (0.8) $ 81 0.1 ============= ======== ============== ======== Income (loss) per common share -- basic: Income (loss) from continuing operations $ (0.14) $ 0.33 Income (loss) from discontinued operations, net of taxes 0.03 (0.32) ------------- -------------- Net income (loss) $ (0.11) $ 0.01 ============= ============== Income (loss) per common share -- diluted: Income (loss) from continuing operations $ (0.14) $ 0.32 Income (loss) from discontinued operations, net of taxes 0.03 (0.31) ------------- -------------- Net income (loss) $ (0.11) $ 0.01 =============- ============== Weighted average common shares outstanding: Basic 10,823 10,780 ============= ============== Diluted 11,036 11,084 ============= ==============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 13 March 15, 2006 AMERICA SERVICE GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
THREE MONTHS ENDED -------------------------------------------------- DEC. 31, % OF DEC. 31, % OF 2005 REVENUE 2004 (1) REVENUE ------------- -------- -------------- ------- Healthcare revenues $ 149,303 100.0 $ 130,140 100.0 Healthcare expenses 141,632 94.9 119,712 92.0 ------------- -------- -------------- -------- Gross margin 7,671 5.1 10,428 8.0 Selling, general and administrative expenses 4,900 3.3 4,463 3.4 Audit Committee investigation and related expenses 3,332 2.2 -- -- Depreciation and amortization 969 0.6 964 0.8 ------------- -------- -------------- -------- Income (loss) from operations (1,530) (1.0) 5,001 3.8 Interest, net 371 0.3 299 0.2 ------------- -------- -------------- -------- Income (loss) from continuing operations before income tax provision (benefit) (1,901) (1.3) 4,702 3.6 Income tax provision (benefit) (735) (0.5) 1,092 0.8 ------------- -------- -------------- -------- Income (loss) from continuing operations (1,166) (0.8) 3,610 2.8 Income (loss) from discontinued operations, net of taxes (9) -- 1,244 0.9 ------------- -------- -------------- -------- Net income (loss) $ (1,175) (0.8) $ 4,854 3.7 ============= ======== ============== ======== Income (loss) per common share -- basic: Income (loss) from continuing operations $ (0.11) $ 0.33 Income from discontinued operations, net of taxes -- 0.12 ------------- -------------- Net income (loss) $ (0.11) $ 0.45 ============= ============== Income (loss) per common share -- diluted: Income (loss) from continuing operations $ (0.11) $ 0.33 Income from discontinued operations, net of taxes -- 0.11 ------------- -------------- Net income (loss) $ (0.11) $ 0.44 ============= ============== Weighted average common shares outstanding: Basic 10,753 10,807 ============= ============== Diluted 10,935 11,140 ============= ==============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 14 March 15, 2006 AMERICA SERVICE GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
YEAR ENDED -------------------------------------------------- DEC. 31, % OF DEC. 31, % OF 2005 REVENUE 2004 (1) REVENUE ------------- -------- -------------- ------- Healthcare revenues $ 562,676 100.0 $ 517,060 100.0 Healthcare expenses 527,849 93.8 472,488 91.4 ------------- -------- -------------- -------- Gross margin 34,827 6.2 44,572 8.6 Selling, general and administrative expenses 18,100 3.2 17,543 3.4 Discontinued acquisition expenses 658 0.1 -- -- Audit Committee investigation and related expenses 3,702 0.7 -- -- Depreciation and amortization 4,021 0.7 3,760 0.7 Charge for settlement of Florida legal matter -- -- 5,200 1.0 ------------- -------- -------------- -------- Income from operations 8,346 1.5 18,069 3.5 Interest, net 1,218 0.2 1,872 0.4 Late fee income 249 -- -- -- ------------- -------- -------------- -------- Income from continuing operations before income tax provision (benefit) 7,377 1.3 16,197 3.1 Income tax provision (benefit) 3,218 0.6 (2,811) (0.6) ------------- -------- -------------- -------- Income from continuing operations 4,159 0.7 19,008 3.7 Income (loss) from discontinued operations, net of taxes 206 0.1 (9,098) (1.8) ------------- -------- -------------- -------- Net income $ 4,365 0.8 $ 9,910 1.9 ============= ======== ============== ======== Income per common share -- basic: Income from continuing operations $ 0.38 $ 1.77 Income (loss) from discontinued operations, net of taxes 0.02 (0.85) ------------- -------------- Net income $ 0.40 $ 0.92 ============= ============== Income per common share -- diluted: Income from continuing operations $ 0.38 $ 1.72 Income (loss) from discontinued operations, net of taxes 0.01 (0.82) ------------- -------------- Net income $ 0.39 $ 0.90 ============= ============== Weighted average common shares outstanding: Basic 10,824 10,721 ============= ============== Diluted 11,064 11,048 ============= ==============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 15 March 15, 2006 AMERICA SERVICE GROUP INC. CONSOLIDATED BALANCE SHEETS (In thousands)
DEC. 31, DEC. 31, 2005 2004 (1) ------------- -------------- ASSETS Current assets: Cash and cash equivalents $ -- $ 7,191 Restricted cash 4,200 -- Accounts receivable, healthcare and other, less allowances 99,712 93,242 Inventories 6,546 7,511 Prepaid expenses and other current assets 18,976 17,186 Current deferred tax assets 7,575 10,733 ------------- -------------- Total current assets 137,009 135,863 Property and equipment, net 6,336 5,357 Goodwill, net 43,813 43,813 Contracts, net 7,166 8,793 Other intangibles, net 845 1,076 Other assets 10,068 12,548 ------------- -------------- Total assets $ 205,237 $ 207,450 ============= ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 36,023 $ 49,786 Accrued medical claims liability 31,122 25,808 Accrued expenses 44,478 48,709 Deferred revenue 8,533 11,869 Current portion of loss contract reserve -- 6,062 Revolving credit facility classified as current 12,500 -- ------------- -------------- Total current liabilities 132,656 142,234 Noncurrent portion of accrued expenses 15,701 11,259 Noncurrent deferred tax liabilities 876 1,017 ------------- -------------- Total liabilities 149,233 154,510 ------------- -------------- Stockholders' equity: Common stock 108 108 Additional paid-in capital 53,987 55,203 Deferred compensation (228) (143) Retained earnings (accumulated deficit) 2,137 (2,228) ------------- -------------- Total stockholders' equity 56,004 52,940 ------------- -------------- Total liabilities and stockholders' equity $ 205,237 $ 207,450 ============= ==============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 16 March 15, 2006 AMERICA SERVICE GROUP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
YEAR ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- OPERATING ACTIVITIES Net income $ 4,365 $ 9,910 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 4,084 3,926 Loss on retirement of fixed assets 138 -- Finance cost amortization 501 639 Stock option income tax benefits 98 541 Deferred income taxes 3,017 (5,776) Amortization of deferred compensation 90 32 Interest on stockholders' notes receivable -- (2) Increase in loss contract reserve 1,295 12,800 Changes in operating assets and liabilities: Accounts receivable, net (6,470) (31,732) Inventories 965 (1,016) Prepaid expenses and other current assets (1,790) (5,082) Other assets 1,991 3,819 Accounts payable (13,763) 17,727 Accrued medical claims liability 5,314 5,740 Accrued expenses 211 1,812 Deferred revenue (3,336) 3,907 Loss contract reserve utilization (7,357) (7,462) ------------- -------------- Net cash provided by (used in) operating activities (10,647) 9,783 ------------- -------------- INVESTING ACTIVITIES Capital expenditures (3,355) (2,703) ------------- -------------- Net cash used in investing activities (3,355) (2,703) ------------- -------------- FINANCING ACTIVITIES Net borrowings (payments) on line of credit and term loan 12,500 (3,559) Restricted cash used to collateralize letters of credit (4,200) -- Share repurchases (2,972) -- Proceeds from stockholders' notes receivable -- 50 Issuance of common stock 600 509 Exercise of stock options 883 1,954 ------------- -------------- Net cash provided by (used in) financing activities 6,811 (1,046) ------------- -------------- Net increase (decrease) in cash and cash equivalents (7,191) 6,034 Cash and cash equivalents at beginning of period 7,191 1,157 ------------- -------------- Cash and cash equivalents at end of period $ -- $ 7,191 ============= ==============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 17 March 15, 2006 AMERICA SERVICE GROUP INC. SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES (In thousands)
THREE MONTHS ENDED --------------------------------------------------- SEPT. 30, % OF SEPT. 30, % OF 2005 REVENUE 2004 (1) REVENUE ------------- ------- -------------- -------- Healthcare revenues $ 14,224 100.0 $ 44,739 100.0 Healthcare expenses 13,520 95.1 44,480 99.4 Increase in loss contract reserve -- -- 6,000 13.4 ------------- -------- -------------- -------- Gross margin 704 4.9 (5,741) (12.8) Depreciation and amortization 7 -- 40 0.1 Interest, net 9 0.1 2 -- ------------- -------- -------------- -------- Income (loss) from discontinued operations before income taxes 688 4.8 (5,783) (12.9) Income tax provision (benefit) 283 2.0 (2,314) (5.1) ------------- -------- -------------- -------- Income (loss) from discontinued operations, net of taxes $ 405 2.8 $ (3,469) (7.8) ============= ======== ============== ========
THREE MONTHS ENDED -------------------------------------------------- DEC. 31, % OF DEC. 31, % OF 2005 REVENUE 2004 (1) REVENUE ------------- ------- -------------- -------- Healthcare revenues $ 486 100.0 $ 40,126 100.0 Healthcare expenses 483 99.4 38,489 95.9 ------------- -------- -------------- -------- Gross margin 3 0.6 1,637 4.1 Depreciation and amortization 14 2.9 24 0.1 Interest, net 10 2.0 -- -- ------------- -------- -------------- -------- Income (loss) from discontinued operations before income taxes (21) (4.3) 1,613 4.0 Income tax provision (benefit) (12) (2.4) 369 0.9 ------------- -------- -------------- -------- Income (loss) from discontinued operations, net of taxes $ (9) (1.9) $ 1,244 3.1 ============= ======== ============== ========
YEAR ENDED --------------------------------------------------- DEC. 31, % OF DEC. 31, % OF 2005 REVENUE 2004 (1) REVENUE ------------- ------- -------------- -------- Healthcare revenues $ 86,673 100.0 $ 173,441 100.0 Healthcare expenses 84,952 98.0 171,494 98.9 Increase in loss contract reserve 1,295 1.5 12,800 7.4 ------------- -------- -------------- -------- Gross margin 426 0.5 (10,853) (6.3) Depreciation and amortization 63 0.1 165 0.1 Interest, net 23 -- 8 -- ------------- -------- -------------- -------- Income (loss) from discontinued operations before income taxes 340 0.4 (11,026) (6.4) Income tax provision (benefit) 134 0.2 (1,928) (1.2) ------------- -------- -------------- -------- Income (loss) from discontinued operations, net of taxes $ 206 0.2 $ (9,098) (5.2) ============= ======== ============== ========
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 18 March 15, 2006 AMERICA SERVICE GROUP INC. DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES (In thousands) This release contains certain financial information not derived in accordance with United States generally accepted accounting principles ("GAAP"). The Company believes this information is useful to investors and other interested parties. Such information should not be considered as a substitute for any measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. A discussion of the Company's definition of such information and reconciliation to the most comparable GAAP measure is included below. ADJUSTED EBITDA The Company defines Adjusted EBITDA as earnings before interest expense, late fee income, income taxes, depreciation, amortization, increases or decreases in reserves for loss contracts, discontinued acquisition expenses, Audit Committee investigation expenses and the charge for settlement of a Florida legal matter. The Company includes in Adjusted EBITDA the results of discontinued operations under the same definition. The Company believes that Adjusted EBITDA is an important operating measure that supplements discussions and analysis of the Company's results of operations. The Company believes that it is useful to investors to provide disclosures of its results of operations on the same basis as that used by management, credit providers and analysts. The Company's management, credit providers and analysts rely upon Adjusted EBITDA as a key measure to review and assess operating performance. Adjusted EBITDA is utilized by management, credit providers and analysts to compare the Company's current operating results with the corresponding periods in the previous year and to compare the Company's operating results with other companies in the healthcare industry. Adjusted EBITDA is not a measure of financial performance under United States generally accepted accounting principles and should not be considered an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 19 March 15, 2006 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
THREE MONTHS ENDED SEPT. 30, ---------------------------- 2005 2004 (1) ------------- ------------- Net income (loss) $ (1,162) $ 81 Depreciation, interest and taxes included in income (loss) from discontinued operations, net of taxes 299 (2,272) Increase in loss contract reserve included in income (loss) from discontinued operations, net of taxes -- 6,000 Income tax provision (benefit) (671) 2,368 Interest, net 305 530 Depreciation and amortization 1,107 933 Discontinued acquisition expenses 207 -- Audit Committee investigation and related expenses 370 -- ------------- ------------- Adjusted EBITDA $ 455 $ 7,640 ============= =============
THREE MONTHS ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Net income (loss) $ (1,175) $ 4,854 Depreciation, interest and taxes included in income (loss) from discontinued operations, net of taxes 12 393 Income tax provision (benefit) (735) 1,092 Interest, net 371 299 Depreciation and amortization 969 964 Audit Committee investigation and related expenses 3,332 -- ------------- ------------- Adjusted EBITDA $ 2,774 $ 7,602 ============= =============
YEAR ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Net income $ 4,365 $ 9,910 Depreciation, interest and taxes included in income (loss) from discontinued operations, net of taxes 220 (1,755) Increase in loss contract reserve included in income (loss) from discontinued operations, net of taxes 1,295 12,800 Income tax provision (benefit) 3,218 (2,811) Late fee income (249) -- Interest, net 1,218 1,872 Depreciation and amortization 4,021 3,760 Discontinued acquisition expenses 658 -- Audit Committee investigation and related expenses 3,702 -- Charge for settlement of Florida legal matter -- 5,200 ------------- ------------- Adjusted EBITDA $ 18,448 $ 28,976 ============= =============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 20 March 15, 2006 TOTAL REVENUES, TOTAL HEALTHCARE EXPENSES AND TOTAL GROSS MARGIN The Company defines Total Revenues as healthcare revenues plus revenues from expired service contracts classified as discontinued operations. The Company defines Total Healthcare Expenses as healthcare expenses plus expenses from expired contracts classified as discontinued operations. The Company defines Total Gross Margin as Total Revenues less Total Healthcare Expenses. Total Gross Margin excludes loss contract reserve utilization. The Company believes that Total Revenues, Total Healthcare Expenses and Total Gross Margin are useful measurements when comparing the Company's performance for such items as selling, general and administrative expenses, interest expense or tax expense as a percentage of revenue between periods. As a result of the application of FAS 144, "healthcare revenues," "healthcare expenses," and "gross margin" on the Company's consolidated statements of operations for any period presented will only include revenues and expenses from continuing contracts. RECONCILIATION OF HEALTHCARE REVENUES TO TOTAL REVENUES
THREE MONTHS ENDED SEPT. 30, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare revenues $ 140,083 $ 134,784 Healthcare revenues included in income (loss) from discontinued operations, net of taxes 14,224 44,739 ------------- ------------- Total Revenues $ 154,307 $ 179,523 ============= =============
THREE MONTHS ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare revenues $ 149,303 $ 130,140 Healthcare revenues included in income (loss) from discontinued operations, net of taxes 486 40,126 ------------- ------------- Total Revenues $ 149,789 $ 170,266 ============= =============
YEAR ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare revenues $ 562,676 $ 517,060 Healthcare revenues included in income (loss) from discontinued operations, net of taxes 86,673 173,441 ------------- ------------- Total Revenues $ 649,349 $ 690,501 ============= =============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 21 March 15, 2006 RECONCILIATION OF HEALTHCARE EXPENSES TO TOTAL HEALTHCARE EXPENSES
THREE MONTHS ENDED SEPT. 30, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare expenses $ 135,766 $ 123,204 Healthcare expenses included in income (loss) from discontinued operations, net of taxes 13,520 44,480 ------------- ------------- Total Healthcare Expenses $ 149,286 $ 167,684 ============= =============
THREE MONTHS ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare expenses $ 141,632 $ 119,712 Healthcare expenses included in income (loss) from discontinued operations, net of taxes 483 38,489 ------------- ------------- Total Healthcare Expenses $ 142,115 $ 158,201 ============= =============
YEAR ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Healthcare expenses $ 527,849 $ 472,488 Healthcare expenses included in income (loss) from discontinued operations, net of taxes 84,952 171,494 ------------- ------------- Total Healthcare Expenses $ 612,801 $ 643,982 ============= =============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 22 March 15, 2006 RECONCILIATION OF GROSS MARGIN TO TOTAL GROSS MARGIN
THREE MONTHS ENDED SEPT. 30, ---------------------------- 2005 2004 (1) ------------- ------------- Gross margin $ 4,317 $ 11,580 Gross margin included in income (loss) from discontinued operations, net of taxes 704 (5,741) Increase in loss contract reserve included in income (loss) from discontinued operations, net of taxes -- 6,000 ------------- ------------- Total Gross Margin $ 5,021 $ 11,839 ============= =============
THREE MONTHS ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Gross margin $ 7,671 $ 10,428 Gross margin included in income (loss) from discontinued operations, net of taxes 3 1,637 ------------- ------------- Total Gross Margin $ 7,674 $ 12,065 ============= =============
YEAR ENDED DEC. 31, ---------------------------- 2005 2004 (1) ------------- ------------- Gross margin $ 34,827 $ 44,572 Gross margin included in income (loss) from discontinued operations, net of taxes 426 (10,853) Increase in loss contract reserve included in income (loss) from discontinued operations, net of taxes 1,295 12,800 ------------- ------------- Total Gross Margin $ 36,548 $ 46,519 ============= =============
(1) As restated. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 23 March 15, 2006 AMERICA SERVICE GROUP INC. EFFECTS OF RESTATEMENT (In thousands, except per share data) Note: The Company expects to reflect the restatement by setting forth in their entirety the results of operations for the years ended December 31, 2003, 2004 and 2005 as part of its upcoming Annual Report on Form 10-K. The Company also expects to restate its selected financial data for the effects of the restatement in 2001 and 2002. Effects of the restatement in particular quarters will be reflected in the note to the financial statements to be filed with the Annual Report which sets forth quarterly results. The Company will also file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, which will reflect the restatement. The following statements of operations reconcile previously filed and restated financial information, including the reclassification due to accounting for discontinued operations in accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards No. 144 ("FAS No. 144").
SIX MONTHS ENDED JUNE 30, 2005 ------------------------------------------------------------ AS RESTATEMENT AS RESTATED PREVIOUSLY RELATED RECLASSIFICATIONS AND REPORTED ADJUSTMENTS (1) RECLASSIFIED -------------- ------------- ------------- -------------- Healthcare revenues $ 314,630 $ (118) $ (41,222) $ 273,290 Healthcare expenses 289,957 382 (39,888) 250,451 -------------- ------------- ------------- -------------- Gross margin 24,673 (500) (1,334) 22,839 Selling, general and administrative expenses 8,633 -- -- 8,633 Discontinued acquisition expenses 451 -- -- 451 Depreciation and amortization 1,979 -- (34) 1,945 -------------- ------------- ------------- -------------- Income (loss) from operations 13,610 (500) (1,300) 11,810 Interest, net 433 109 -- 542 Late fee income 249 -- -- 249 -------------- ------------- ------------- -------------- Income (loss) from continuing operations before income tax provision (benefit) 13,426 (609) (1,300) 11,517 Income tax provision (benefit) 5,381 (237) (520) 4,624 -------------- ------------- ------------- -------------- Income (loss) from continuing operations 8,045 (372) (780) 6,893 Income (loss) from discontinued operations, net of taxes (985) 16 780 (189) -------------- ------------- ------------- -------------- Net income (loss) $ 7,060 $ (356) $ -- $ 6,704 ============== ============= ============= ============== Income (loss) per common share -- basic: Income (loss) from continuing operations $ 0.74 $ (0.03) $ (0.07) $ 0.64 Income (loss) from discontinued operations, net of taxes (0.09) -- 0.07 (0.02) ------------- ------------- ------------- -------------- Net income (loss) $ 0.65 $ (0.03) $ 0.00 $ 0.62 ============= ============= ============= ============== Income (loss) per common share -- diluted: Income (loss) from continuing operations $ 0.72 $ (0.03) $ (0.07) $ 0.62 Income (loss) from discontinued operations, net of taxes (0.09) -- 0.07 (0.02) ------------- ------------- ------------- -------------- Net income (loss) $ 0.63 $ (0.03) $ 0.00 $ 0.60 ============= ============= ============= ============== Weighted average common shares outstanding: Basic 10,860 10,860 10,860 10,860 ============== ============= ============= ============== Diluted 11,142 11,142 11,142 11,142 ============== ============= ============= ==============
(1) Certain prior year amounts have been reclassified due to accounting for discontinued operations in accordance with FAS No. 144. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 24 March 15, 2006
YEAR ENDED DECEMBER 31, 2004 ------------------------------------------------------------ AS RESTATEMENT AS RESTATED PREVIOUSLY RELATED RECLASSIFICATIONS AND REPORTED ADJUSTMENTS (1) RECLASSIFIED -------------- ------------- ------------- -------------- Healthcare revenues $ 665,113 $ (412) $ (147,641) $ 517,060 Healthcare expenses 619,433 (88) (146,857) 472,488 Increase in reserve for loss contracts 12,800 -- (12,800) -- -------------- ------------- ------------- -------------- Gross margin 32,880 (324) 12,016 44,572 Selling, general and administrative expenses 17,543 -- -- 17,543 Depreciation and amortization 3,887 -- (127) 3,760 Charge for settlement of Florida legal matter 5,200 -- -- 5,200 -------------- ------------- ------------- -------------- Income (loss) from operations 6,250 (324) 12,143 18,069 Interest, net 1,707 165 -- 1,872 -------------- ------------- ------------- -------------- Income (loss) from continuing operations before income tax provision (benefit) 4,543 (489) 12,143 16,197 Income tax provision (benefit) (3,486) (1,381) 2,056 (2,811) -------------- ------------- ------------- -------------- Income from continuing operations 8,029 892 10,087 19,008 Income (loss) from discontinued operations, net of taxes 983 6 (10,087) (9,098) -------------- ------------- ------------- -------------- Net income $ 9,012 $ 898 $ -- $ 9,910 ============== ============= ============= ============== Net income per common share -- basic: Income from continuing operations $ 0.75 $ 0.08 $ 0.94 $ 1.77 Income (loss) from discontinued operations, net of taxes 0.09 -- (0.94) (0.85) -------------- ------------- ------------- -------------- Net income $ 0.84 $ 0.08 $ 0.00 $ 0.92 ============== ============= ============= ============== Net income per common share -- diluted: Income from continuing operations $ 0.73 $ 0.08 $ 0.91 $ 1.72 Income (loss) from discontinued operations, net of taxes 0.09 -- (0.91) (0.82) -------------- ------------- ------------- -------------- Net income $ 0.82 $ 0.08 $ 0.00 $ 0.90 ============== ============= ============= ============== Weighted average common shares outstanding: Basic 10,721 10,721 10,721 10,721 ============== ============= ============= ============== Diluted 11,048 11,048 11,048 11,048 ============== ============= ============= ==============
(1) Certain prior year amounts have been reclassified due to accounting for discontinued operations in accordance with FAS No. 144. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 25 March 15, 2006
YEAR ENDED DECEMBER 31, 2003 ------------------------------------------------------------ AS RESTATEMENT AS RESTATED PREVIOUSLY RELATED RECLASSIFICATIONS AND REPORTED ADJUSTMENTS (1) RECLASSIFIED -------------- ------------- ------------- -------------- Healthcare revenues $ 516,828 $ (960) $ (135,932) $ 379,936 Healthcare expenses 482,350 (623) (130,618) 351,109 -------------- ------------- ------------- -------------- Gross margin 34,478 (337) (5,314) 28,827 Selling, general and administrative expenses 14,879 -- -- 14,879 Depreciation and amortization 4,150 -- (181) 3,969 -------------- ------------- ------------- -------------- Income (loss) from operations 15,449 (337) (5,133) 9,979 Interest, net 3,663 133 -- 3,796 -------------- ------------- ------------- -------------- Income (loss) from continuing operations before income tax provision 11,786 (470) (5,133) 6,183 Income tax provision 829 -- -- 829 -------------- ------------- ------------- -------------- Income (loss) from continuing operations 10,957 (470) (5,133) 5,354 Income (loss) from discontinued operations, net of taxes 918 (57) 5,133 5,994 -------------- ------------- ------------- -------------- Net income (loss) $ 11,875 $ (527) $ -- $ 11,348 ============== ============ ============= ============= Net income (loss) per common share -- basic: Income (loss) from continuing operations $ 1.14 $ (0.05) $ (0.53) $ 0.56 Income (loss) from discontinued operations, net of taxes 0.10 (0.01) 0.53 0.62 -------------- ------------- ------------- -------------- Net income (loss) $ 1.24 $ (0.06) $ 0.00 $ 1.18 ============== ============= ============= ============== Net income (loss) per common share -- diluted: Income (loss) from continuing operations $ 1.11 $ (0.05) $ (0.52) $ 0.54 Income (loss) from discontinued operations, net of taxes 0.09 (0.00) 0.52 0.61 -------------- ------------- ------------- -------------- Net income (loss) $ 1.20 $ (0.05) $ 0.00 $ 1.15 ============== ============= ============= ============== Weighted average common shares outstanding: Basic 9,597 9,597 9,597 9,597 ============== ============= ============= ============== Diluted 9,906 9,906 9,906 9,906 ============== ============= ============= ==============
(1) Certain prior year amounts have been reclassified due to accounting for discontinued operations in accordance with FAS No. 144. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 26 March 15, 2006
YEAR ENDED DECEMBER 31, 2002 ----------------------------------------------------------- AS RESTATEMENT AS RESTATED PREVIOUSLY RELATED RECLASSIFICATIONS AND REPORTED ADJUSTMENTS (1) RECLASSIFIED -------------- ------------- ------------- -------------- Healthcare revenues $ 409,885 $ (408) $ (116,769) $ 292,708 Healthcare expenses 385,949 9 (110,352) 275,606 Reduction in reserve for loss contracts 3,320 -- -- 3,320 -------------- ------------- ------------- -------------- Gross margin 27,256 (417) (6,417) 20,422 Selling, general and administrative expenses 14,411 -- -- 14,411 Depreciation and amortization 4,701 -- (194) 4,507 -------------- ------------- ------------- -------------- Income (loss) from operations 8,144 (417) (6,223) 1,504 Interest, net 5,825 114 -- 5,939 Charge for early retirement of debt 726 -- -- 726 -------------- ------------- ------------- -------------- Income (loss) from continuing operations before income tax provision 1,593 (531) (6,223) (5,161) Income tax provision 307 -- -- 307 -------------- ------------- ------------- -------------- Income (loss) from continuing operations 1,286 (531) (6,223) (5,468) Income (loss) from discontinued operations, net of taxes 10,615 (64) 6,223 16,774 -------------- ------------- ------------- -------------- Net income (loss) $ 11,901 $ (595) $ -- $ 11,306 ============== ============= ============= ============== Net income (loss) per common share -- basic: Income (loss) from continuing operations $ 0.15 $ (0.06) $ (0.74) $ (0.65) Income (loss) from discontinued operations, net of taxes(2) 1.27 (0.01) 0.74 1.99 -------------- ------------- ------------- -------------- Net income (loss) (2) $ 1.42 $ (0.07) $ 0.00 $ 1.34 ============== ============= ============= ============== Net income (loss) per common share -- diluted: Income (loss) from continuing operations (3) $ 0.15 $ (0.06) $ (0.74) $ (0.65) Income (loss) from discontinued operations, net of taxes (2)(3) 1.24 (0.01) 0.74 1.99 -------------- ------------- ------------- -------------- Net income (loss) (2)(3) $ 1.39 $ (0.07) $ 0.00 $ 1.34 ============== ============= ============= ============== Weighted average common shares outstanding: Basic 8,404 8,404 8,404 8,404 ============== ============= ============= ============== Diluted(3) 8,577 8,404 8,404 8,404 ============== ============= ============= ==============
(1) Certain prior year amounts have been reclassified due to accounting for discontinued operations in accordance with FAS No. 144. (2) Does not sum due to rounding. (3) Due to the loss from continuing operations, there can be no dilution. -MORE- ASGR Reports Findings of Internal Investigation into Pharmacy Subsidiary, Announces Preliminary Unaudited 2005 Results and Provides Initial 2006 Full-Year Guidance Page 27 March 15, 2006
YEAR ENDED DECEMBER 31, 2001 ------------------------------------------------------------ AS RESTATEMENT AS RESTATED PREVIOUSLY RELATED RECLASSIFICATIONS AND REPORTED ADJUSTMENTS (1) RECLASSIFIED -------------- ------------- ------------- -------------- Healthcare revenues $ 397,264 $ (1,210) $ (96,835) $ 299,219 Healthcare expenses 382,380 (82) (93,994) 288,304 Charge for loss contracts 9,475 -- -- 9,475 -------------- ------------- ------------- -------------- Gross margin 5,409 (1,128) (2,841) 1,440 Selling, general and administrative expenses 19,063 -- -- 19,063 Depreciation and amortization 7,115 -- (206) 6,909 Strategic initiative and severance expenses 2,562 -- -- 2,562 -------------- ------------- ------------- -------------- Loss from operations (23,331) (1,128) (2,635) (27,094) Interest, net 5,713 75 -- 5,788 -------------- ------------- ------------- -------------- Loss from continuing operations before income tax provision (benefit) (29,044) (1,203) (2,635) (32,882) Income tax provision (benefit) (1,852) 233 1,574 (45) -------------- ------------- ------------- -------------- Loss from continuing operations (27,192) (1,436) (4,209) (32,837) Income (loss) from discontinued operations, net of taxes (17,651) (48) 4,209 (13,490) -------------- ------------- ------------- -------------- Net loss (44,843) (1,484) -- (46,327) Preferred stock dividends 163 -- -- 163 -------------- ------------- ------------- -------------- Net loss attributable to common shares $ (45,006) $ (1,484) $ -- $ (46,490) ============== ============= ============= ============== Net loss per common share -- basic: Loss from continuing operations $ (3.45) $ (0.18) $ (0.53) $ (4.16) Income (loss) from discontinued operations, net of taxes (2.22) (0.01) 0.53 (1.70) -------------- ------------- ------------- -------------- Net loss $ (5.67) $ (0.19) $ 0.00 $ (5.86) ============== ============= ============= ============== Net loss per common share -- diluted: Loss from continuing operations $ (3.45) $ (0.18) $ (0.53) $ (4.16) Income (loss) from discontinued operations, net of taxes (2.22) (0.01) 0.53 (1.70) -------------- ------------- ------------- -------------- Net loss $ (5.67) $ (0.19) $ 0.00 $ (5.86) ============== ============= ============= ============= Weighted average common shares outstanding: Basic 7,938 7,938 7,938 7,938 ============== ============= ============= ============= Diluted 7,938 7,938 7,938 7,938 ============== ============= ============= =============
(1) Certain prior year amounts have been reclassified due to accounting for discontinued operations in accordance with FAS No. 144. -END-

The following information was filed by America Service Group Inc De on Thursday, March 16, 2006 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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