CareSource Holdings, Inc.
CARESOURCE HOLDINGS REPORTS RECORD FINANCIAL RESULTS
2007 FOURTH QUARTER AND YEAR END
Company reports Q4 profit of $319 thousand, or $0.02 per share -
DALLAS, TX – March 31, 2008 --
American CareSource Holdings, Inc. (AMEX: XSI) today announced record financial
and operational results for the fourth quarter and year ended December 31,
2007. Highlights include:
• Reported a quarterly
profit of $319 thousand in net income, or $0.02 per share – the largest profit
in the Company’s history.
• Achieved $10.1 million
in revenue for the quarter, a record 260% rise in revenues for Q4 2007 compared
to Q4 2006.
• Achieved $23.5 million
in revenue for the year, a 106% increase in revenues for 2007 compared to
• Generated EBITDA, as
adjusted, of $222 thousand for the quarter and $(85) thousand for the
as adjusted, (a non-GAAP measure) is defined as income (loss) from operations
less depreciation and amortization, non-cash warrant and option compensation
expense and executive severance. EBITDA, as adjusted, should be considered in
addition to, but not in lieu of, income (loss) from operations reported under
generally accepted accounting principles (GAAP).
• The Company finished the
year with $4.3 million in cash on hand and generated $687 thousand in cash from
operating activities in the fourth quarter.
volume increased to 51,039 for Q4 2007, up 243% over Q4 2006.
key executive additions:
Cornelia Outten appointed to Vice President of Network Development
− Rost A.
Ginevich named Chief Information Officer
on today’s announcement, David S. Boone, Chief Executive Officer of American
CareSource, stated, “We are delighted to report such strong financial results
for the fourth quarter and year ended December 31, 2007. We worked
diligently during the past year to make the transition from a network provider
to an ancillary services provider that works in true partnership with its
clients, and I am pleased to say that we achieved this goal. As a result, we
were successful in adding new clients while expanding many of our existing
client relationships. This has translated into a greater than tripling of
revenues for the fourth quarter of 2007 compared to 2006 and a substantial
increase in claims volume for the period.
The following information was filed by American Caresource Holdings, Inc. (GNOW) on Monday, March 31, 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.