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EXHIBIT 99.1 Press Release
FOR IMMEDIATE RELEASE
ACCESS PLANS REPORTS FIRST QUARTER OPERATING RESULTS
NORMAN, Oklahoma February 16, 2012 Access Plans, Inc. (OTCBB: APNC), a leading membership benefits marketing company, today announced its operating results for the first quarter of FY2012.
As announced earlier today, the Company has materially agreed to terms for the sale of the Companys insurance marketing business segment, Americas Health Care Plan/Rx Agency, Inc. (AHCP) to RF Group, for an undisclosed price. In reporting the Companys operating results for the first quarter of FY2012, the assets, liabilities, results of operations and cash flows related to AHCP have been classified as discontinued operations. During the quarter ended December 31, 2011, the Company recognized a non-cash goodwill impairment expense in the amount of $0.4 million following the Board of Directors November 2011 decision that management should explore the sale or discontinuance of the Insurance Marketing segment business.
First Quarter Results
Revenues for the three months ended December 31, 2011 decreased 8% to approximately $8.5 million, compared with approximately $9.2 million in the prior-year period. The decrease in revenues primarily reflected growth in the Companys Wholesale Plans Division revenues of approximately $0.4 million, offset by a decrease of $1.1 million in Retail Plans Division revenues due to a small number of existing clients reaching the end of their contract terms.
Net income decreased, due to the abovementioned $0.4 million goodwill impairment expense associated with the discontinuance of the Insurance Marketing segment, to approximately $1.2 million in the most recent quarter, versus net income of approximately $1.5 million in the year-earlier quarter. Fully diluted earnings per share totaled $0.08 from continuing operations and $0.06 including discontinued operations, versus $0.08 in last years first quarter. The number of weighted average diluted shares outstanding approximated 21.1 million during the most recent quarter, compared with 20.0 million shares in the first quarter of FY2011.
The Company recorded a solid financial performance during the first quarter of Fiscal 2012, stated Danny Wright, Chairman and Chief Executive Officer of Access Plans, Inc. The impairment charge associated with the Boards decision to designate the insurance marketing division as a discontinued operation had a one-time negative impact on total net income of two cents per share, with no effect on our cash position. The Wholesale Plans division reported another excellent quarter both in revenue and earnings growth, and the Retail Plans division increased earnings slightly while positioning itself for a resumption in revenue growth later in the fiscal year.
Revenues generated by the Wholesale Plans Division increased 7% to $6.5 million in the most recent quarter, versus $6.1 million in the prior-year period. The increase was attributable to improved sell-through at existing
The following information was filed by Access Plans Inc (APNC) on Friday, February 17, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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