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Alliance Healthcard Inc (APNC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2009

Access Plans Inc

CIK: 1087216 Ticker: APNC
EXHIBIT 99.1
ACCESS PLANS REPORTS FISCAL 2009 FOURTH QUARTER AND YEAR-END RESULTS

Fourth Quarter EPS of $0.06; Full Year EPS of $0.19
NORMAN, OK — December 11, 2009 — Access Plans, Inc. (OTC.BB:ALHC), a leading membership and insurance marketing company, today announced financial results for its fiscal fourth quarter and year ended September 30, 2009. Fiscal 2009 results reflect the Company’s acquisition of Access Plans USA, completed on April 1, 2009, and higher share count resulting from the transaction.
On December 8, 2009, the Company announced that as the result of a reincorporation merger, it changed its corporate name from Alliance HealthCard, Inc. to Access Plans, Inc. which better reflects the Company’s broadened scope of services. Pending final approval, the Company also plans to implement a change of its stock trading symbol.
Revenues for the fiscal 2009 fourth quarter increased to $13.6 million compared to $5.5 million in the prior-year period primarily as a result of the acquired Access Plans USA operations. Operating income was $1.1 million versus $1.4 million in the prior-year period which reflected the impact of the acquired Access Plans USA operations as well as higher claims expense in Wholesale Plans. Net income for the period was $1.3 million versus $0.8 million in the year ago period primarily related to a deferred tax benefit. On a per share basis, earnings were $0.06 versus $0.05 per diluted share in last year’s fourth quarter. As a result of the Access Plans USA acquisition, the Company had 21.6 million shares outstanding at September 30, 2009, versus 14.8 million shares at the end of last year’s fourth quarter.
For the fiscal 2009 full year, revenues were $39.1 million compared to $20.9 million in the prior year. Operating income was $4.3 million versus $4.9 million in the prior year. Net income for fiscal 2009 was $3.4 million versus $2.7 million. On a per share basis, earnings were $0.19 versus $0.18 per diluted share in fiscal 2008.
“Fiscal 2009 was a transformational year for the Company as we successfully enhanced and expanded our operations through the Access Plans acquisition and integration,” commented Danny Wright, Chief Executive Officer. “In the fourth quarter, we continued to realize additional efficiencies resulting from the acquisition and consolidation of our Atlanta call center operation into the Irving, Texas location. This will result in significant annualized savings going forward.”
Mr. Wright continued, “Despite market challenges, we were able to maintain positive results in the fourth quarter and position the business for more profitable, long-term growth. We are actively pursuing opportunities to cross-sell our expanded suite of services, particularly our membership and insurance offerings geared towards the individual healthcare market and are currently negotiating a significant reduction in network costs.”

 

 


The following information was filed by Access Plans Inc (APNC) on Tuesday, December 15, 2009 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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Access Plans Inc provided additional information to their SEC Filing as exhibits

Ticker: APNC
CIK: 1087216
Form Type: 10-K Annual Report
Accession Number: 0000950123-09-073665
Submitted to the SEC: Mon Dec 28 2009 7:09:57 PM EST
Accepted by the SEC: Tue Dec 29 2009
Period: Wednesday, September 30, 2009
Industry: Direct Mail Advertising Services

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