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American CareSource Announces Financial Results For Second Quarter 2012

Stocks in this article: ANCI

American CareSource Holdings (NASDAQ: ANCI), the leading national network of ancillary healthcare providers, today reported revenue of $8.2 million for the second quarter of 2012, compared to $11.3 million for the same period in 2011. Net loss for the quarter was $829,000 compared to a net loss of $645,000 for the prior-year period.

Kenn S. George, CEO and Chairman of the Board, stated, “While we are disappointed but not surprised by the continued declines in our legacy accounts, we are focused and working assiduously on preserving that revenue stream, in part by providing technical support to our clients to accelerate the claims flow cycle.” Mr. George continued, “More importantly, we are directing energy and resources into strategic initiatives that will offset our torpid sales conversion ratio and will diversify our revenue sources to facilitate growth in the future.”

Net Revenue

Overall, net revenue was $8.2 million for the second quarter of 2012 compared to $11.3 million in the same period in 2011. Non-legacy accounts (added in 2010-2012) contributed $2.7 million compared to $3.1 million in the second quarter of 2011. The decline in non-legacy accounts was primarily the result of technology issues experienced by two clients that negatively impacted claims flow to ACS and collection of billed amounts. While the estimated impact to second quarter revenue is estimated at approximately $305,000, ACS continues to proactively work with the clients to resolve the issues. Despite these issues, the non-legacy accounts grew 11 percent in the six months ended June 30, 2012, compared to the same period in 2011.

For the three months ended June 30, 2012, revenue from ACS’ two significant legacy accounts declined by a combined $1.8 million, or 32 percent, compared to the same period in 2011, due to factors described previously by the company. Revenue and claims volume from the larger of the two legacy clients was negatively impacted by issues related to its recent change in technology platforms. Revenue from the other significant legacy account was negatively impacted by its continued transition related to a business combination. An additional client that was implemented in early 2009, exited the health insurance business in 2011 and generated no revenue in the second quarter of 2012 compared to $663,000 in the second quarter last year.

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