American CareSource Reports Fourth Quarter and Year End 2009 Results
Recent Achievements
Added Ecom PPO Advisors ("Ecom") to client portfolio; allows access to over 250,000 Ecom lives
Signed national provider agreement with ChiroSource, Inc.
Signed national provider agreement with VITAS Innovative Hospice Care
DALLAS, Mar 24, 2010 (BUSINESS WIRE) -- American CareSource Holdings Inc. (NASDAQ: ANCI) today reported fourth quarter 2009 net income of $1.4 million or $0.07 per diluted share, compared to net income of $1.5 million, or $.08 per diluted share reported 2008. Fourth quarter results include a tax benefit of $590,000 associated with the reversal of a deferred tax asset valuation allowance. Excluding this benefit, earnings per diluted share was $0.04.
The Company also announced 2009 net income of $2.3 million, or $0.11 per diluted share, compared to net income of $3.6 million, or $0.21 per diluted share reported 2008. The year-end results include an income tax benefit of approximately $533,000, or $0.03 per diluted share. The Company believes its future profitability will allow it to utilize its existing deferred tax assets. Excluding this benefit, diluted earnings per share was $0.08.
"Our business remained resilient during a difficult time in the healthcare industry," said David Boone, Chief Executive Officer of American CareSource Holdings. "During the year we made significant progress in growing our business. In 2009, we secured nine new clients bringing our total client base to 21 and increasing our provider sites by over 32% to 33,000 total sites. This helped drive client additions which added approximately $6 million of revenue during 2009."
Fourth Quarter Highlights
Revenues were $16.9 million compared with $17.7 million reported for 4Q08
Diluted earnings per share were $0.07 compared with $0.08 during 4Q08
Adjusted EBITDA was $1.4 million compared with $1.8 million during 4Q08
Processed claims up 31% to 108,000
Achieved tenth consecutive profitable quarter
"We are facing some headwinds with our legacy accounts. Unemployment and dropped coverages have significantly impacted the lives we cover within our two largest accounts. While we have increased our market share within these accounts by expanding our capture rate, our overall business has declined with these accounts. We expect that trend to reverse itself in the next twelve months."
Fourth Quarter Summary
Softer Revenues
Revenues for the fourth quarter of 2009 were $16.9 million compared to $17.7 million reported during the fourth quarter of 2008. Lower claims activity from key legacy clients, such as HealthSmart and Viant attributed to the softer revenues.
Revenues in the fourth quarter of 2009 as compared to the third quarter of 2009 were also softer due to lower claims activity from key clients.
Claims Volumes
During the fourth quarter of 2009, the Company processed 108,000 claims, which represents a 31% increase over the 82,500 claims processed during the same period of 2008. The higher claims activity was the result of new client business.

The following information was filed by American Caresource Holdings, Inc. (GNOW) on Thursday, March 25, 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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