American CareSource Announces Fourth Quarter and Year-End Financial Results for 2012
DALLAS, February 28, 2013 - American CareSource Holdings (NASDAQ: ANCI), a leading national network of ancillary healthcare providers, today reported net revenue of $9.1 million for the fourth quarter of 2012 compared to $13.0 million for the fourth quarter of 2011. For 2012, net revenue was $34.9 million compared to $48.9 million reported for the full-year of 2011. Net loss for 2012 was $3.1 million compared to $7.2 million (including a non-cash goodwill impairment charge of $2.9 million, net of an income tax benefit of $1.5 million, and a non-cash deferred tax valuation allowance of $2.8 million) for 2011, while the fourth quarter net loss was $629,000 compared to net income of $153,000 for the prior-year period.
"In 2012, American CareSource made progress in its pursuit of new strategic alternatives while maintaining operational stability by renewing a key partnership and protecting cash reserves," said Kenn S. George, CEO and Chairman of the Board. “We preserved and extended our relationship with our most important client, HealthSmart, commenced a relationship with a new client third-party administrator, INTEGRA Administrative Group, and completed technology development that will enable future clients more streamlined access to the ACS network."
Mr. George continued, “While maintaining stability in our operations, we have been aggressively developing new opportunities for expanded market reach. While we see our legacy business continuing to be under pressure, we feel other segments of health care that are congruent with ACS's core competencies provide significant upside potential.”
Year End Highlights
ACS signed significant agreements with HealthSmart and INTEGRA.
The multiyear extension with HealthSmart allows ACS to continue to serve as the primary provider of ancillary services to HealthSmart clients. HealthSmart contributed 31 percent of the Company's 2012 revenue. The two companies will also work together on other methods of accessing ACS' network, including secondary group health among others.
The following information was filed by American Caresource Holdings, Inc. (GNOW) on Monday, March 4, 2013 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.
View differences made from one year to another to evaluate American Caresource Holdings, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by American Caresource Holdings, Inc..
Ticker: GNOW CIK: 1316645 Form Type:10-K Annual Report Accession Number: 0001316645-13-000013 Submitted to the SEC: Fri Mar 01 2013 9:36:10 PM EST Accepted by the SEC: Mon Mar 04 2013 Period: Monday, December 31, 2012 Industry: Health And Allied