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0001102624-07-000139.txt : 20070516
0001102624-07-000139.hdr.sgml : 20070516
20070516104856
ACCESSION NUMBER: 0001102624-07-000139
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20070515
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20070516
DATE AS OF CHANGE: 20070516
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: American Caresource Holdings, Inc.
CENTRAL INDEX KEY: 0001316645
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
IRS NUMBER: 200428568
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-33094
FILM NUMBER: 07856363
BUSINESS ADDRESS:
STREET 1: 5429 LYNDON B. JOHNSON FREEWAY
STREET 2: SUITE 700
CITY: DALLAS
STATE: TX
ZIP: 75240
BUSINESS PHONE: 972-308-6830
MAIL ADDRESS:
STREET 1: 5429 LYNDON B. JOHNSON FREEWAY
STREET 2: SUITE 700
CITY: DALLAS
STATE: TX
ZIP: 75240
FORMER COMPANY:
FORMER CONFORMED NAME: American Caresouce Holdings, Inc.
DATE OF NAME CHANGE: 20050204
8-K
1
americancaresource8k.htm
AMERICAN CARESOURCE 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
Date of Report: May 15, 2007
(Date of earliest event reported)
|
American CareSource Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
|
TX
(State or other jurisdiction of incorporation)
|
001-33094
(Commission File Number)
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20-0428568
(IRS Employer Identification Number)
|
|
5429 Lyndon B. Johnson Freeway, Suite 700, Dallas
(Address of principal executive offices)
|
|
75240
(Zip Code)
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972-308-6830 (Registrant's telephone number, including area code)
|
|
Not Applicable (Former Name or Former Address, if changed since last report)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
- o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
- o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
- o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On May 15, 2007, American CareSource Holdings, Inc. issued a press
release announcing its results for the quarter ended March 31, 2007. A copy of
the press release is attached as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be "filed".
99.1 Press Release of American CareSource Holdings, Inc. dated May 15, 2007
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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Dated: May 15, 2007
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AMERICAN CARESOURCE HOLDINGS, INC.
By: /s/ David S. Boone
David S. Boone
COO/CFO
|
Exhibit Index
|
Exhibit No. |
Description |
99.1 |
Press Release of American CareSource Holdings, Inc. dated May 15, 2007 |
EX-99
2
americancaresourceh.htm
AMERICAN CARESOURCE PRESS RELEASE
American CareSource Holdings Reports First Quarter Financial Results
DALLAS, TX -- 05/15/2007 -- American CareSource Holdings, Inc. (AMEX: XSI)
today announced financial results for the first quarter ending on March 31,
2007.
Revenues for the first quarter 2007 were approximately $2.3 million
compared to approximately $2.5 million in the first quarter 2006. The
decrease in the first quarter was a result of a decline in business from
Lutheran Preferred Health Network. Lutheran made the decision late in the
fourth quarter of 2006 to directly contract with certain providers.
Lutheran continues to utilize the company's network with other providers
within the American CareSource network. Excluding the impact of Lutheran,
revenue for the quarter would have increased 5% over the first quarter of
2006.
Net loss for the first quarter of 2007 was $611 thousand, or $0.04 per
share, compared to $260 thousand, or $0.02 per share in the prior year.
Cash used in operations was $546 thousand in the first quarter of 2007
versus $184 thousand in the first quarter of 2006. The company had $4.2
million in cash on hand at the end of the quarter versus $5.0 million at
the end of the fourth quarter of 2006.
Wayne Schellhammer, CEO of American CareSource Holdings, stated, "While we
are disappointed in the decline in Lutheran, we are very encouraged with
our current sales efforts and expect to replace the lost revenue in the
second quarter with new clients. We are committed to our business model
and are constantly striving to speed the adoption and subsequent
implementation of these new clients."
About American CareSource Holdings, Inc. (ACS)
American CareSource Holdings, Inc., the first national, publicly traded
ancillary care network services company, is a comprehensive ancillary care
service company offering a national network of more than 24,000 ancillary
providers. The ACS ancillary network and management provides a complete
outsourced solution for a wide variety of healthcare payors and plan
sponsors including self-insured employers, indemnity insurers, PPOs, HMOs,
third party administrators and both the Federal and local governments.
Through its product offerings, American CareSource Holdings, Inc. helps its
clients reduce the cost of ancillary services rendered through its network
of ancillary care providers in more than 30 service categories.
Any statements that are not historical facts contained in this release are
forward-looking statements. It is possible that the assumptions made by
American CareSource Holdings, Inc. for purposes of such statements may not
materialize. Actual results may differ materially from those projected or
implied in any forward-looking statements. Such statements may involve
further risks and uncertainties, including but not limited to those
relating to product demand, pricing, market acceptance, the effect of
economic conditions, and intellectual property rights, and the outcome of
competitive products, risks in product development, the results of
financing effort, the ability to complete transactions, and other risks
identified in this release, and the Securities and Exchange Commission
filings of American CareSource Holdings, Inc.
AMERICAN CARESOURCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
March 31, December 31,
ASSETS 2007 2006
------------ ------------
CURRENT ASSETS
Cash and Cash Equivalents $ 4,152,870 $ 5,025,380
Accounts Receivable 950,106 1,334,950
Other 59,175 33,515
============ ============
Total Current Assets 5,162,151 6,393,845
Net Property, Plant, and Equipment 260,709 266,555
OTHER ASSETS
Certificate of Deposit, Restricted 145,000 145,000
Intangible Assets 1,654,424 1,707,819
Goodwill 4,361,299 4,361,299
============ ============
Total Other Assets 6,160,723 6,214,118
============ ============
Total Assets $ 11,583,583 $ 12,874,518
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Due to Service Providers $ 631,491 $ 1,077,174
Accounts Payable and Accrued Liabilities 739,639 761,926
Current Maturities of Long-Term Debt 52,872 352,718
============ ============
Total Current Liabilities 1,424,002 2,191,818
Long-Term Debt 91,728 101,541
============ ============
Total Liabilities 1,515,730 2,293,359
------------ ------------
STOCKHOLDERS' EQUITY:
Common Stock-par value $0.01, 40,000,000 shares
authorized and 14,492,798 and 14,486,615
shares issued and outstanding as of March 31,
2007 and December 31, 2006 respectively 144,928 144,866
Preferred Stock-par value $0.01, 10,000,000
shares authorized and none outstanding 0 0
Additional Paid in Capital 17,085,574 17,034,176
Deferred Debt Issuance Cost - (46,300)
Accumulated (Deficit) (7,162,649) (6,551,583)
============ ============
Total Stockholders' Equity 10,067,853 10,581,159
------------ ------------
Total Liabilities and Equity $ 11,583,583 $ 12,874,518
============ ============
AMERICAN CARESOURCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended
March 31, March 31,
2007 2006
----------- -----------
REVENUES
Net Ancillary Health $ 2,266,569 $ 2,432,232
Patient Claims Processing - 32,149
----------- -----------
Total Net Revenue 2,266,569 2,464,381
Total Cost of Revenues 2,101,643 2,045,474
----------- -----------
Contribution Margin 164,926 418,907
----------- -----------
Selling, General, and Administrative Expenses 694,421 533,897
Depreciation and Amortization 78,074 78,247
----------- -----------
Total Operating Expenses 772,495 612,144
----------- -----------
Operating (Loss) (607,569) (193,237)
----------- -----------
Financing (Income) Expense:
Interest (Income) (53,874) (21,601)
Debt Issuance Cost 46,300 46,301
Interest Expense 11,071 42,300
----------- -----------
Total Financing Expenses 3,497 67,000
----------- -----------
Net (Loss) Before Income Tax (611,066) (260,237)
Income Tax Expense 0 0
----------- -----------
Net (Loss) $ (611,066) $ (260,237)
=========== ===========
NET LOSS PER SHARE - BASIC AND DILUTED $ (0.04) $ (0.02)
WEIGHTED AVERAGE COMMON SHARES 14,486,749 13,278,649
AMERICAN CARESOURCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
Common Stock
Additional
Paid In
Shares Amount Capital
------------- ------------- -------------
Balance December 31, 2006 14,486,615 $ 144,866 $ 17,034,176
Exercise of 6,183 Stock Options 6,183 62 1,862
Option Compensation Expense - - 49,536
Amortization of Deferred Debt
Issuance Cost - - -
Net Loss - - -
============= ============= =============
Balance
March 31, 2007 14,492,798 $ 144,928 $ 17,085,574
============= ============= =============
Deferred
Debt
Issuance Accumulated
Cost Deficit Total
------------ ------------ ------------
Balance December 31, 2006 $ (46,300) $ (6,551,583) $ 10,581,159
Exercise of 6,183 Stock Options - - 1,924
Option Compensation Expense - - 49,536
Amortization of Deferred Debt
Issuance Cost 46,300 - 46,300
Net Loss (611,066) (611,066)
============ ============ ============
Balance
March 31, 2007 - $ (7,162,649) $ 10,067,853
============ ============ ============
AMERICAN CARESOURCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended
March 31, March
2007 31, 2006
----------- -----------
OPERATING ACTIVITIES:
Net loss $ (611,066) $ (260,237)
Adjustments to reconcile net loss to net cash
used in operating activities:
Stock option compensation expense 49,536 22,230
Depreciation and amortization 78,074 78,247
Compensation expense related to warrants 46,300 46,301
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable 384,844 (830,477)
(Increase) decrease in other current
assets (25,660) 9,129
Increase (decrease) in accounts payable
and accrued liabilities (22,287) 93,747
Increase (decrease) in amounts payable to
service providers (445,683) 657,050
----------- -----------
Net cash (used in) operating
activities (545,942) (184,010)
----------- -----------
INVESTING ACTIVITIES:
Purchase of Property and equipment (18,833) (17,700)
----------- -----------
Net cash (used in) investing activities (18,833) (17,700)
----------- -----------
FINANCING ACTIVITIES:
Borrowings from line of credit - 200,000
Payment on line of credit or long term debt (309,659) (3,654,894)
Net proceeds from the exercising of stock
options 1,924 32,997
Net proceeds from the sale of capital stock - 9,069,848
----------- -----------
Net cash provided by (used in)
financing activities $ (307,735) $ 5,647,951
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS $ (872,510) $ 5,446,241
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,025,380 23,399
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,152,870 $ 5,469,640
=========== ===========
Supplemental disclosures cash flow information
Cash paid for interest expense 29,931 88,805
Contact:
David S. Boone
Chief Operational Officer and Chief Financial Officer
American CareSource Holdings, Inc.
Tel. 972.308.6830
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