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America Service Group Announces Fourth Quarter and Year-End Results
Company Announces Stock Repurchase Program of up to $15 Million and Provides Initial Guidance for Full-Year 2008 Results
● Net income of $2.8 million in 2007, as compared with a net loss of $3.4 million in 2006
● Cash and debt outstanding of $9.0 million and $7.5 million, respectively, at December 31, 2007
● Company expects 33.3% increase in diluted net income per common share in 2008 compared with 2007
BRENTWOOD, Tenn.--(BUSINESS WIRE)--America Service Group Inc. (NASDAQ: ASGR) announced today results for the fourth quarter and year ended December 31, 2007, and provided its initial guidance for full-year 2008 results. Additionally, the Company announced that its Board of Directors has approved a stock repurchase program to repurchase up to $15 million of the Company’s common stock through the end of 2009.
Commenting on today’s announcement, Michael Catalano, chairman and chief executive officer of America Service Group, said, “Although improvements were made over 2006, the Company did not meet its financial performance or growth expectations for 2007. However, recent developments such as the long-term extensions of our two largest contracts demonstrate the value of our services and the capability to stabilize performance in 2008. We are determined to improve our financial results by seizing the real opportunities for growth in the coming year. Based upon current expectations, future prospects and the present valuation of the Company, we are confident that a stock repurchase program can significantly increase long-term shareholder value.”
FAS 144 Impact on Income Statement Presentation Format
As noted in its 2006 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.
The following information was filed by America Service Group Inc De on Tuesday, March 4, 2008 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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