America Service Group Inc. (ASGR)
Q1 2010 Earnings Conference Call
April 28, 2010 11:00 AM ET
Rich Hallworth – President and CEO
Mike Taylor – EVP and CFO
Jon Walker – SVP, Business Development
Wes Huffman – Avondale Partners
Mike Lamb – Wealth Monitors
Kevin Campbell – Avondale Partners
Ladies and gentlemen, thank you for standing by. Welcome to the America Service Group first quarter 2010 conference call. During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. (Operator Instructions)
As a reminder, this conference is being recorded Wednesday, April 28, 2010 and I would now like to turn the conference over to Rich Hallworth, President and Chief Executive Officer. Please go ahead.
Good morning. Welcome to our Q1 2010 earnings conference call. A copy of our press release addressing our first quarter results can be found on our website, www.asgr.com. Before asking Mike Taylor to discuss our specific financial performance for the quarter and our financial position and guidance, I'd like to make a few remarks. My comments will be brief and succinct.
We had a great first quarter beating our internal expectations leading us to increase our full year guidance. Our contract portfolio is performing well. We did not experience any significant unexpected medical expenses or malpractice costs in this quarter.
Our balance sheet continues to be very strong with $41.5 million of cash on hand at the end of the quarter up from $37.7 million at December 31, 2009 and we still have no debt. Our day sales outstanding crept up slightly from 25 days at year end to 28 days at the end of Q1.