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Access Plans Inc (APNC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, September 30, 2010

Access Plans Inc

CIK: 1087216 Ticker: APNC
Exhibit 99.1 Press release of Access Plans, Inc. dated August 16, 2010
THIRD QUARTER EPS INCREASE 25% AT ACCESS PLANS, INC.
NEW MARKETING STRATEGIES DESIGNED TO ADDRESS OPPORTUNITIES CREATED BY
HEALTHCARE REFORM ACT
NORMAN, OK—August 16, 2010 — Access Plans, Inc. (OTCBB: APNC), a leading membership benefits marketing company, today announced its operating results for the third quarter and first nine months of FY2010. An investor conference call is scheduled for 11:30 a.m. EDT today, August 16, 2010 (see details below).
Third Quarter Results
Revenues for the three months ended June 30, 2010 increased 3% to approximately $14.4 million, compared with approximately $14.0 million in the third quarter of FY2009. Operating income increased 7% to $1.34 million, versus $1.26 million in the prior-year period.
Net income for the third quarter of FY2010 improved to $0.95 million, which represented an increase of 10% when compared with net income of $0.86 million in the year-earlier quarter. Earnings per share, fully diluted, increased 25% to $0.05, versus $0.04 in last year’s third quarter. The number of weighted average diluted shares outstanding approximated 19.8 million during the most recent quarter, compared with 21.6 million shares in the third quarter of FY2009. The decrease in the weighted average number of diluted shares outstanding resulted from the Company’s repurchase in the first quarter of FY2010.
“I am confident that we are taking the steps necessary to grow our revenues and earnings on a long-term basis,” commented Danny Wright, Chief Executive Officer of Access Plans, Inc. “The Wholesale Plans division generated a 15% increase in revenues during the most recent quarter, reflecting increased customer participation at existing locations, along with an increase in the number of locations offering our plans. The Retail Plans division’s growth continues to more than offset the revenue losses from the run-off of legacy programs that we inherited following the acquisition of Access Plans USA in April 2009. We are also investing in new product offerings and marketing strategies in the Retail Plans division. Meanwhile, we continue to work on transitioning the Insurance Marketing division’s sales mix from its previous emphasis on major medical policies towards innovative solutions that combine supplemental and life products with major medical sales. We believe this new approach, which was prompted by certain aspects of the Healthcare Reform Act, should maintain commission income for agents, while improving the division’s operating margins. We are in the final stages of designing this new supplemental offering, and rollout is scheduled for the first quarter of Fiscal 2011.”

 

 


The following information was filed by Access Plans Inc (APNC) on Tuesday, August 17, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: APNC
CIK: 1087216
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-115875
Submitted to the SEC: Wed Dec 22 2010 5:19:35 PM EST
Accepted by the SEC: Wed Dec 22 2010
Period: Thursday, September 30, 2010
Industry: Direct Mail Advertising Services

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