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American CareSource Announces Fourth Quarter And Year-End Financial Results For 2012

American CareSource Holdings (NASDAQ: ANCI), a leading national network of ancillary healthcare providers, today reported net revenue of $9.1 million for the fourth quarter of 2012, as compared with $13 million for the fourth quarter of 2011. For 2012, net revenue was $34.9 million, as compared with $48.9 million for full-year 2011. Net loss for 2012 was $3.1 million, as compared with $7.2 million (including a non-cash goodwill impairment charge of $2.9 million, net of an income tax benefit of $1.5 million, and a non-cash deferred tax valuation allowance of $2.8 million) for 2011, while the fourth quarter net loss was $629,000, as compared with net income of $153,000 for the prior-year period.

“In 2012, American CareSource made progress in its pursuit of new strategic alternatives while maintaining operational stability by renewing a key partnership and protecting cash reserves,” said Kenn S. George, CEO and Chairman of the Board. “We preserved and extended our relationship with our most important client, HealthSmart, commenced a relationship with a new client third-party administrator, INTEGRA Administrative Group, and completed technology development that will enable future clients more streamlined access to the ACS network.”

Mr. George continued, “While maintaining stability in our operations, we have been aggressively developing new opportunities for expanded market reach. While we see our legacy business continuing to be under pressure, we feel other segments of healthcare that are congruent with ACS’ core competencies provide significant upside potential.”

Year-end Highlights
  • ACS signed significant agreements with HealthSmart and INTEGRA.
    • The multiyear extension with HealthSmart allows ACS to continue to serve as the primary provider of ancillary services to HealthSmart clients. HealthSmart contributed 31 percent of the Company’s 2012 revenue. The two companies also will work together on other methods of accessing ACS’ network, such as secondary group health, among others.
    • The relationship with INTEGRA will allow clients to save an additional 7-9 percent on their ancillary healthcare spending as well as gain access to ACS’ analytics functionality.
  • ACS completed strategic technology development in conjunction with WLT Software. The relationship created an integrated suite of features within the WLT system that accelerates ACS’ implementations, reduces demands on clients’ IT resources and allows clients seamless access to the ACS network, enabling them to realize opportunities for savings more quickly.
  • ACS continued to manage expense ratios and reduce non-variable costs.
  • ACS preserved existing cash and cash equivalents of $10.7 million as of Dec. 31, 2012.

Net Revenue

Net revenue for the fourth quarter of 2012 was $9.1 million, as compared with $13 million reported during the fourth quarter of 2011. Non-legacy accounts (those added in 2010-2012) grew 17 percent and contributed $4.4 million compared to $3.8 million in the fourth quarter of 2011. In addition, the non-legacy accounts grew 11 percent in 2012, as compared with 2011. The revenue growth from the group of clients is due to the addition of employer groups that were not previously utilizing the ACS network and the implementation of six new clients during 2012. Those clients contributed incremental revenue of $735,000 and $898,000 during the quarter and year ended Dec. 31, 2012.

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