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Alliance HealthCard Reports Fiscal 2008 First Quarter Results
Gross profit increased 123% with revenue 30% higher compared to prior year
ATLANTA February 13, 2008 Alliance HealthCard, Inc. (OTCBB: ALHC), a leading provider of health discount and lifestyle benefits, today reported significantly higher revenue and gross profit, resulting in positive net income for the first quarter, which ended December 31, 2007.
Fiscal 2008 First Quarter Highlights:
Revenue increased 30% to $4.8 million
Gross profit up 123% to $2.3 million
Direct costs decreased 6%
Net Income was $635,896 or $0.04 per share.
Revenue for the fiscal 2008 first quarter was $4.8 million, up 30% compared with fiscal 2007 first quarter revenue of $3.7 million. The increase was the result of both organic growth in the BMS division, and the additional revenue provided by Alliance HealthCard of $.6 million, (not included in last years results due to the 2007 reverse merger). The increase primarily was due to increased membership sales by a major BMS client and to an expansion of the Companys customer base as well as an increase in its existing business. Gross profit increased 123% to $2.3 million in the 2008 first quarter from $1.0 million in the fiscal 2007 period. The increase was due to additional revenue plus a reduction in direct costs for BMS Net income for first quarter 2008 was $.6 million or $0.04 per fully diluted share compared with a net loss after dividends of ($1.4) million or ($0.14) per share in the fiscal 2007 first quarter. The improvement occurred even with a 39% increase in sales and marketing expenses, 45% higher general and administrative expenses and a $.4 million income tax expense that was absent in the 2007 first quarter.
Chief Executive Officer, Danny Wright, commented that the excellent first quarter was the result of the Companys strategy, which enables growth through both acquisitions and internal development. We now have three full quarters since the completion of the BMS merger. The successful integration of that company has enabled us to reduce direct costs by taking advantage of the synergies that exist between the two entities. We plan to continue looking for similar acquisition opportunities such as our planned acquisition of HealthExtras supplemental division, which markets supplemental disability, accidental death and medical accident benefit programs. Terms for that transaction are currently being worked out.
Mr. Wright continued, Organic growth is also having a positive impact on our revenue picture. Since the beginning of the second quarter, we have begun servicing a large account in the rent-to-own market, which, so far, is the
The following information was filed by Access Plans Inc (APNC) on Thursday, February 14, 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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