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American CareSource Holdings (NASDAQ: ANCI), the leading national network of ancillary healthcare providers, today reported revenue of $8.2 million for the third quarter of 2012, compared to $11.5 million for the same period in 2011. Net loss for the quarter was $1.1 million compared to a net loss of $6.5 million for the prior-year period.
Results from the prior-year period included a non-cash goodwill impairment charge of $2.9 million (net of an income tax benefit of $1.5 million) and a non-cash valuation allowance against its deferred tax assets of $2.9 million. Excluding the non-cash goodwill impairment charge and the deferred tax valuation allowance, the net loss for the three months ended September 30, 2011, was $781,000.
The company ended the quarter with $10.3 million of cash and cash equivalents.
During the quarter, the company made two key appointments: M. Cornelia Outten was named vice president of strategic development and Ryan P. Hensley was named director of performance management. The appointments were made to realign the company’s leadership team with its strategic objectives and priorities. In their new roles, Ms. Outten will focus on the development of new products and strategies around our network of service providers, and Mr. Hensley will analyze internal and external strategic opportunities.
Kenn S. George, CEO and Chairman of the Board, stated, “As we continue to experience expected declines in legacy accounts, the ACS management team has been moving decisively to realign the business with clients’ evolving needs. We have strengthened our product development, performance management and analytics functions to ensure that our resources, systems and employees share a common focus: connecting the value of our provider network to the needs of the marketplace. The result of our efforts will be a more relevant product portfolio and a more diversified set of revenue streams we believe will begin to be seen in 2013.”