This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

American CareSource Reports Second Quarter 2011 Results

Stocks in this article: ANCI

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs