This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American CareSource Reports Second Quarter 2011 Results

American CareSource Holdings Inc. (NASDAQ: ANCI) today reported second quarter 2011 net revenue of $11.3 million compared to $16.0 million for the second quarter of 2010. In addition, the Company reported a loss of $645,000, or $0.04 per diluted share, compared to net income of $299,000, or $0.02 per diluted share reported in 2010.

“During the first half of 2011, revenues continued to be negatively impacted by competitive factors that have significantly extended the sales cycle. In addition, we have seen accelerated attrition in our key legacy accounts,” said Kenn S. George, Chairman and Chief Executive Officer of American CareSource Holdings. “The goal of new management is to identify ways to overcome the revenue challenges we face, develop new revenue sources, make selective investments and manage costs during the remainder of the year. We will analyze our alternatives and seek profitable revenue enhancements with a sense of urgency that is required under the circumstances.”

Net Revenue

Net revenue for the second quarter of 2011 was $11.3 million compared to $16.0 million reported during the second quarter of 2010. Revenue from the Company’s two key legacy accounts declined $7.4 million, or 57%. Claims volume from the two accounts decreased 28,000 claims, or 47% during the quarter compared to the corresponding prior year period. The loss of a significant employer group by one of the Company's two key clients accounted for approximately $3.0 million of the decline, while the remainder of the decline was the result of various competitive factors and the transition status of one of the accounts related to a business combination. The decline was partially offset by $1.7 million of incremental revenue generated in the second quarter from 13 new clients implemented in 2010 and $300,000 of incremental revenue from two new clients added in 2011.

Second quarter 2011 revenues decreased 14% sequentially from $13.1 million reported during the first quarter of 2011.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,636.21 -53.65 -0.30%
S&P 500 2,102.45 -1.39 -0.07%
NASDAQ 5,139.5020 +11.2210 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs