America Service Group Inc. (ASGR)
Q2 2010 Earnings Conference Call
July 30, 2010 11:00 AM ET
Rich Hallworth – President and CEO
Mike Taylor – EVP and CFO
Jon Walker – SVP, Business Development
Kevin Campbell – Avondale Partners
Michael Lamb – Wealth Monitors
Ladies and gentlemen, thank you for standing by. Welcome to the America Service Group’s second 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 today Friday, July 30, 2010. I would now like to turn the conference over to Mr. Rich Hallworth, President and CEO of the America Service Group. Please go ahead sir.
Thank you (Tunica). Good morning everyone. Welcome to our second quarter 2010 earnings call. A copy of our press release addressing our second quarter results can be found on our website,
Today Mike Taylor, Jon Walker and I are making this call from Chicago. We hope the telephone technology behind this broadcast call will not cause any problems for all of you. I’m pleased with our performance again this quarter.
Margins for the second quarter were well within our expectations despite having to overcome unanticipated charges of over $800,000. Those charges were incurred due to some corporate restructuring we had not anticipated in our forecasts and the accelerated vesting of some restricted stock grants.
There was an opportunity to vest certain shares granted in March of 2009 early if the stock price increased 56% from the market price when the stock was granted. That improvement was realized in a 15-month period following the grant. After recording those charges our actual financial results for the second quarter, like the first quarter were better than we had anticipated.