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Press Release - American CareSource Holdings, Inc. (XSI-AMEX) |
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“If you look at a graph of what ancillary care spend looks like between 1980 and today, ancillary care spend in 1980 was roughly 25% of the overall healthcare spend at that point in time in the nation, today it represents north of 30% which makes it a nearly $600 billion market for services. It is taking a larger share of the pie and is expected to do so over time. For us we feel like we are uniquely positioned in the space. We are not aware of another business similar to ours...” - Steven J. Armond (XSI) (Interview published April 18, 2008) |
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American CareSource Holdings Reports 2009 Second Quarter Financial Results
DALLAS, TX--(Marketwire - August 11,
2009) -
American CareSource Holdings, Inc. (NASDAQ: ANCI) today announced financial and operational results for the second quarter and six months ended June 30, 2009. Recent highlights include: -- Reported quarterly net income of $534 thousand, or $0.03 per diluted
share. This represents the eighth consecutive profitable quarter for
the Company.
-- Achieved $17.1 million in revenue for the second quarter, a 32%
increase in revenues compared to the same prior year period and 7%
increase compared to the first quarter of 2009.
-- Attained gross margins of approximately 13.7% compared to 14.6% in the
three months ended June 30, 2008 and 14.3% in the first quarter of
2009.
-- Generated EBITDA, as adjusted, of approximately $749 thousand for the
quarter.
-- EBITDA, as adjusted, (a non-GAAP measure) is defined as income from
operations less depreciation and amortization, non-cash warrant and
option compensation expense and executive severance. EBITDA, as
adjusted, should be considered in addition to, but not in lieu of,
income (loss) from operations reported under generally accepted
accounting principles (GAAP).
-- Finished the quarter with approximately $9.9 million in cash and cash
equivalents on hand and generated approximately $32 thousand in cash
from operating activities in the second quarter and approximately
$86 thousand during the first half of 2009.
-- Processed claims volume increased to approximately 121 thousand for
the second quarter of 2009, up 68% over the second quarter of 2008
and 34% over the first quarter of 2009.
-- Signed new provider agreement with CVS subsidiary, MinuteClinic, the
leading provider of prescriptions and related health care services in
the nation.
-- Surpassed 30,000 contracted provider site mark by adding nearly 4,000
new network sites around the country since April 1, 2009.
-- Elected David A. George as Chairman of the Board.
Commenting on today's announcement, David S. Boone, stated, "Our second quarter top line results demonstrate a continuation of the strong momentum we are building in the market place. To that end we have invested significantly in our people and our technology to support that growth. During the quarter, we continued investing in our claims administration and provider development organizations to facilitate growth through the enhancement of our network of ancillary care providers, and to strengthen our claims processing and management capabilities. We also continued to recruit sales and marketing resources to further expand our national selling capability and to effectively position the business to realize future growth opportunities. "An important part of our growth strategy is to expand our provider network. We recently signed an agreement with CVS subsidiary MinuteClinic, which is a health care provider for common conditions when a primary care physician is not available and the hospital emergency room is not appropriate. Through this agreement, American CareSource has entered a new ancillary care segment on a national scale to provide high quality care in a cost effective manner." During the past several months, the Company expanded its provider network to nearly 4,000 providers operating in over 30,000 sites, an increase of approximately 600 providers and 4,000 sites since April 1, 2009. Revenues for the second quarter of 2009 rose 32% to $17.1 million compared to $13.0 million in the second quarter of 2008. The Company's second quarter revenues also represent a 7% improvement over reported revenues of $16.1 million for the first quarter of 2009. The quarter-over-quarter improvement was primarily the result of incremental revenue generated from recently implemented clients including HealthMarkets and HealthScope. For the six months ended June 30, 2009, revenues from existing clients grew 26% compared to the same period in 2008. Total reported revenues for the first half of 2009 were $33.2 million, a 35% increase compared to revenues of $24.5 million in the same period of 2008. During the three months ended June 30, 2009, the number of billed claims increased by 26% and 53%, respectively, compared to the same three month periods ended March 31, 2009 and June 30, 2008. The increase in claim volume was driven by the expansion of existing client relationships, the implementation of new clients during the first half of 2009 as well as the expansion of the service provider network. Revenue per claim declined for the periods presented due to lower than estimated collection rates related to new client relationships, limited benefits offered by certain recently implemented clients and the change in mix of provider specialties driving claim volume during the first six months of 2009. In particular, the Company experienced accelerated growth in categories such as laboratory services with a lower average revenue per claim while other higher average revenue per claim categories such as dialysis services have not grown as rapidly. Revenue per claim can vary significantly depending upon factors including the types of services consumed by clients members, the quantity of services delivered, client negotiated pricing, provider negotiated service rates, the rate of collections based upon the client and members financial responsibility and other factors. The following table provides information with respect to claims processed, claims billed and associated revenue per claim metrics for the periods presented (claim amounts in thousands):
Three months ended
June March June
30, 31, 30,
2009 2009 2008
------- ------- -------
Claims processed 121 90 72
Claims billed 101 80 66
Revenue per processed claim $ 142 $ 178 $ 180
Revenue per billed claim 169 201 197
In the second quarter of 2009, the increase in cost of revenues related to provider payments compared to the first quarter of 2009 was a result of increased claims volume and increased revenues, and the fluctuation in the mix of types of services provided by the Company. The increase in provider payments as a percentage of revenues was due primarily to lower margins in dialysis services and infusion services specialties offset by improvements in diagnostic imaging specialty. These category margins were impacted by the execution of new provider agreements, pricing for associated services on recently implemented and existing client contracts, the mix of services delivered in each category, and the mix of providers delivering the services. Further, in the second quarter of 2009, administrative fees decreased despite increased revenue and claim volume as compared to the first quarter of 2009. The decrease in administrative fees as a percentage of net revenues was due to a shift in revenues to clients that carry lower contracted administrative fee rates. In the second quarter or 2009, the costs of claims administration and provider development organizations increased primarily due to headcount investments made to support the growth of claims volume and to facilitate growth through the enhancement of the network of ancillary care providers. As of June 30, 2009, the Company's claims administration organization added eight incremental employees, while its provider development organization added six incremental employees, compared to June 30, 2008. The following table sets forth a comparison of the components of the cost of revenues as a percentage of revenue. The detail of the costs of claims administration and provider development organizations are attached for further reference.
Three months
ended
June March
30, 31,
2009 2009 Change
------ ------ ------
Provider payments 75.2% 74.3% 0.9%
Administrative fees 4.5% 5.1% -0.6%
Claims administration and
provider development 6.6% 6.3% 0.3%
------ ------
Total cost of revenues 86.3% 85.7% 0.6%
====== ======
The Company reported SG&A expenses of $1,981,000 and $1,901,000 for the quarters ending June 30, 2009 and March 31, 2009, respectively. The approximate $80 thousand increase was due to sales and marketing related investments in people offset by reductions in professional fees and consulting costs. The detail of SG&A related costs is attached for further reference. The Company reported net income of $534 thousand, or $0.03 per share, for the three months ended June 30, 2009, compared to $621 thousand, or $0.04 per share, in the same period last year. For the six months ended June 30, 2009, the Company reported net income of $813 thousand, or $0.04 per diluted share, compared to $1.1 million, or $0.07 per share, for the same period in 2008. Included in net income during the three and six months ended June 30, 2009, are unrealized gains of $279 thousand and $254 thousand, respectively, related to warrants that are accounted for under Emerging Issues Task Force Issue No. 07-5 ("EITF 07-5"). Because of provisions included in the warrants, EITF 07-5 requires the Company to adjust the related liability based on the fair value of the warrants. During the second quarter, the fair value of the warrants declined, creating the unrealized gains. Cash provided by operations was $86 thousand for the six months ended June 30, 2009 versus cash provided by operations of $2.1 million during the same period in 2008. Factors affecting the change in operating cash flows included a one-time investment in a key client relationship of $1 million, investments in developing sales and marketing capabilities, the provider development function and other support areas to enable business scale. At June 30, 2009, the Company had approximately $9.9 million in cash and cash equivalents compared to $10.6 million at December 31, 2008. Conference Call As previously announced, American CareSource will hold a conference call to discuss financial results of the second quarter ended June 30, 2008 as follows:
Date: Wednesday, August 12, 2009
Time: 7:30 a.m. (CT)/8:30 a.m. (ET)
Dial-in numbers: 888-645-4404 (U.S. & Canada) or 201-604-0169
Live webcast: www.anci-care.com, under "Events"
The teleconference replay will be available three hours after completion through Wednesday, August 19, 2009 at 888-632-8973 (U.S. & Canada) or 201-499-0429. The replay passcode is 58754250. The archived webcast will be available for one year on the Company's investor website, www.anci-care.com, "Events." About Ancillary Healthcare Services American CareSource provides ancillary healthcare services through its network that offers cost effective alternatives to physician and hospital-based services. This market is estimated at $574 billion, and has grown to 30% of total national health expenditures. These providers offer services in over 30 categories, including laboratories, dialysis centers, free-standing diagnostic imaging centers, non-hospital surgery centers, as well as durable medical equipment such as orthotics and prosthetics, and others. About American CareSource Holdings, Inc. American CareSource Holdings, the first national, publicly traded ancillary care network services company, offers a comprehensive national network of approximately 4,000 ancillary service providers at over 30,000 sites through its subsidiary, Ancillary Care Services. The Company's ancillary network and management provides a complete outsourced solution for a wide variety of healthcare payors and plan sponsors including self-insured employers, indemnity insurers, PPOs, HMOs, third party administrators and both federal and local governments. For additional information, please visit www.anci-care.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements that are not historical facts contained in this release, including with respect to future engagements by clients, revenue growth, earnings, and guidance are forward-looking statements. It is possible that the assumptions made by American CareSource Holdings, Inc. for purposes of such statements may prove to be inaccurate or may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve further risks and uncertainties, including but not limited to those relating to demand for our services, pricing, market acceptance, our ability to integrate with our clients, consolidation in the industry that may affect our key clients, our ability to attract and maintain providers, our ability to manage growth, the effect of economic, political and regulatory conditions, the effect of competition, risks in product development, the ability to complete transactions, and other risks identified in this release, and the Securities and Exchange Commission filings of American CareSource Holdings, Inc. (Tables to Follow)
AMERICAN CARESOURCE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three months ended Six months ended
June 30, June 30,
--------------------------- --------------------------
2009 2008 2009 2008
------------- ------------ ------------ ------------
Net Revenues $ 17,134,653 $ 13,012,528 $ 33,190,303 $ 24,518,203
Cost of revenues:
Provider payments 12,879,496 9,554,966 24,815,331 17,945,576
Administrative
fees 778,146 751,018 1,593,672 1,452,694
Claims administration
and provider
development costs 1,131,167 804,609 2,135,740 1,513,445
------------- ------------ ------------ ------------
Total cost of
revenues 14,788,809 11,110,593 28,544,743 20,911,715
------------- ------------ ------------ ------------
Contribution
margin 2,345,844 1,901,935 4,645,560 3,606,488
Selling, general
and administrative
expenses 1,980,887 1,194,504 3,881,565 2,307,358
Depreciation and
amortization 132,315 96,606 245,112 188,672
------------- ------------ ------------ ------------
Total operating
expenses 2,113,202 1,291,110 4,126,677 2,496,030
------------- ------------ ------------ ------------
Operating income 232,642 610,825 518,883 1,110,458
Interest income 35,706 31,240 76,668 71,908
Interest expense - (1,606) (312) (3,444)
Unrealized gain on
warrant derivative 278,591 - 254,109 -
------------- ------------ ------------ ------------
Total other income,
net 314,297 29,634 330,465 68,464
------------- ------------ ------------ ------------
Income before income
taxes 546,939 640,459 849,348 1,178,922
Income tax provision 13,163 19,019 36,512 36,064
------------- ------------ ------------ ------------
Net Income $ 533,776 $ 621,440 $ 812,836 $ 1,142,858
============= ============ ============ ============
Earnings per common
share:
Basic $ 0.03 $ 0.04 $ 0.05 $ 0.08
============= ============ ============ ============
Diluted $ 0.03 $ 0.04 $ 0.04 $ 0.07
============= ============ ============ ============
Basic weighted
average common
shares outstanding 15,425,774 15,069,007 15,422,144 14,973,213
============= ============ ============ ============
Diluted weighted
average common
shares outstanding 18,054,976 17,435,365 18,171,233 17,343,860
============= ============ ============ ============
Reconciliation of non-GAAP financial measures to reported GAAP financial
measures
Reconciliation of EBITDA and EBITDA,
as adjusted:
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
------------- ------------ ------------ ------------
Operating income $ 232,642 $ 610,825 $ 518,883 $ 1,110,458
Depreciation and
amortization 132,315 96,606 245,112 188,672
------------- ------------ ------------ ------------
EBITDA 364,957 707,431 763,995 1,299,130
Non-cash
stock-based
compensation
expense 356,180 171,848 616,969 342,601
Other non-cash
charges 28,011 - 56,022 -
Executive severance - - - 21,844
------------- ------------ ------------ ------------
EBITDA, as
adjusted $ 749,148 $ 879,279 $ 1,436,986 $ 1,663,575
============= ============ ============ ============
AMERICAN CARESOURCE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2009 2008
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 9,906,816 $ 10,577,829
Accounts receivable, net 6,875,211 5,788,457
Prepaid expenses and other current assets 781,802 495,814
------------ ------------
Total current assets 17,563,829 16,862,100
Property and equipment, net 1,508,935 915,224
Other assets:
Other non-current assets 1,131,703 1,127,114
Intangible assets, net 1,216,623 1,280,656
Goodwill 4,361,299 4,361,299
------------ ------------
Total assets $ 25,782,389 $ 24,546,393
============ ============
LIABILITIES and SHAREHOLDERS' EQUITY
Current Liabilities:
Due to service providers $ 6,750,646 $ 5,964,392
Accounts payable and accrued liabilities 2,029,555 311,862
------------ ------------
Total current liabilities 8,780,201 6,276,254
Warrant derivative liability 87,693 -
Long-term debt - 3,053
Shareholders' equity 16,914,495 15,467,086
------------ ------------
Total liabilities and shareholders' equity $ 25,782,389 $ 21,746,393
============ ============
AMERICAN CARESOURCE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six months ended
June 30,
------------------------
2009 2008
----------- -----------
Cash flows from operating activities:
Net income $ 812,835 $ 1,142,858
Adjustments to reconcile net income to net
cash provided by operations:
Stock-based compensation expense 616,969 316,147
Depreciation and amortization 245,112 188,672
Unrealized gain on warrant derivative (254,109) -
Amortization of long-term client
agreement 125,000 -
Client administration fee expense related
to warrants 56,022 26,455
Changes in operating assets and
liabilities:
Accounts receivable (1,086,754) (770,020)
Prepaid expenses and other assets (168,312) 13,876
Accounts payable and accrued
liabilities (1,047,071) 285,403
Due to service providers 786,254 881,081
----------- -----------
Net cash provided by operating
activities 85,946 2,084,472
----------- -----------
Cash flows from investing activities:
Investment in software development costs (329,347) (284,085)
Additions to property and equipment (437,471) (105,461)
----------- -----------
Net cash used in investing activities (766,818) (389,546)
----------- -----------
Cash flows from financing activities:
Payments on long-term debt (5,501) (27,360)
Proceeds from exercise of stock warrants 12,650 -
Proceeds from exercise of stock options 2,710 137,331
----------- -----------
Net cash provided by financing
activities 9,859 109,971
----------- -----------
Net increase (decrease) in cash and cash
equivalents (671,013) 1,804,897
Cash and cash equivalents at beginning of period 10,577,829 4,272,498
----------- -----------
Cash and cash equivalents at end of period $ 9,906,816 $ 6,077,395
=========== ===========
American CareSource Holdings, Inc.
Claims Administration and Provider Development Costs
(Unaudited)
(000)
Quarter Ended Quarter Ended
June 30, March 31,
------------------------------ ----------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ -------------- ------ --------------
Claims Administration
Total wages,
incentives and
benefits $ 608 $ 430 $ 178 41% $ 534 $ 74 14%
Contract labor
and consulting
fees 172 240 (68) -28% 117 55 47%
Capitalized
development
costs (215) (203) (12) 6% (114) (101) 89%
Other 37 34 3 9% 26 11 42%
Allocation of
shared overheads (18) 8 (26) -325% (29) 11 -38%
------ ------ ------ ------ ------ ------ ------
$ 584 $ 509 $ 75 15% $ 534 $ 50 9%
====== ====== ====== ====== ====== ====== ======
Quarter Ended Quarter Ended
June 30, March 31,
------------------------------ ----------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ -------------- ------ --------------
Provider Development
Total wages,
incentives and
benefits $ 372 $ 216 $ 156 72% $ 308 $ 64 21%
Contract labor
and consulting
fees 69 10 59 590% 50 19 38%
Other 6 5 1 20% 26 (20) -77%
Allocation of
shared overheads 100 65 35 54% 87 13 15%
------ ------ ------ ------ ------ ------ ------
$ 547 $ 296 $ 251 85% $ 471 $ 76 16%
====== ====== ====== ====== ====== ====== ======
Quarter Ended Quarter Ended
June 30, March 31,
------------------------------ ----------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ -------------- ------ --------------
Total Claims
Administration
and Provider
Development
Total wages,
incentives and
benefits $ 980 $ 646 $ 334 52% $ 842 $ 138 16%
Contract labor
and consulting
fees 241 250 (9) -4% 167 74 44%
Capitalized
development
costs (215) (203) (12) 6% (114) (101) 89%
Other 43 39 4 10% 52 (9) -17%
Allocation of
shared overheads 82 73 9 12% 58 24 41%
------ ------ ------ ------ ------ ------ ------
$1,131 $ 805 $ 326 40% $1,005 $ 126 13%
====== ====== ====== ====== ====== ====== ======
Year To Date June 30,
----------------------------------
Increase
2009 2008 (Decrease)
------- ------- ----------------
Claims Administration
Total wages, incentives and benefits $ 1,142 $ 827 $ 315 38%
Contract labor and consulting fees 289 346 (57) -16%
Capitalized development costs (329) (284) (45) 16%
Other 63 58 5 9%
Allocation of shared overheads (47) 65 (112) -172%
------- ------- ------- -------
$ 1,118 $ 1,012 $ 106 10%
======= ======= ======= =======
Year To Date June 30,
----------------------------------
Increase
2009 2008 (Decrease)
------- ------- ----------------
Provider Development
Total wages, incentives and benefits $ 680 $ 374 $ 306 82%
Contract labor and consulting fees 119 10 109 1090%
Other 32 6 26 433%
Allocation of shared overheads 187 111 76 68%
------- ------- ------- -------
$ 1,018 $ 501 $ 517 103%
======= ======= ======= =======
Year To Date June 30,
----------------------------------
Increase
2009 2008 (Decrease)
------- ------- ----------------
Total Claims Administration
and Provider Development
Total wages, incentives and benefits $ 1,822 $ 1,201 $ 621 52%
Contract labor and consulting fees 408 356 52 15%
Capitalized development costs (329) (284) (45) 16%
Other 95 64 31 48%
Allocation of shared overheads 140 176 (36) -20%
------- ------- ------- -------
$ 2,136 $ 1,513 $ 623 41%
======= ======= ======= =======
American CareSource Holdings, Inc.
Selling, General & Administative Expenses
(Unaudited)
(000)
Quarter Ended Quarter Ended
June 30, March 31,
--------------------------- --------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ ------------ ------ ------------
Finance & Administration
Total wages,
commissions, incentives
and benefits $ 453 $ 381 $ 72 19% $ 370 $ 83 22%
Professional fees
(legal, accounting and
consulting) 173 103 70 68% 269 (96) -36%
Stock-based compensation
expense 285 159 126 79% 243 42 17%
Investor relations costs 64 42 22 52% 72 (8) -11%
Recruiting costs 35 76 (41) -54% 30 5 17%
Banking fees 41 31 10 32% 35 6 17%
Other 87 89 (2) -2% 73 14 19%
Allocation of shared
overheads 122 137 (15) -11% 117 5 4%
------ ------ ----- ----- ------ ----- -----
$1,260 $1,018 $ 242 24% $1,209 $ 51 4%
====== ====== ===== ===== ====== ===== =====
Quarter Ended Quarter Ended
June 30, March 31,
--------------------------- --------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ ------------ ------ ------------
Sales & Marketing/Client
Development
Total wages,
commissions, incentives
and benefits $ 440 $ 114 $ 326 286% $ 423 $ 17 4%
Professional consulting
fees 40 18 22 122% 60 (20) -33%
Marketing costs 76 10 66 660% 79 (3) -4%
Other 95 11 84 764% 63 32 51%
Allocation of shared
overheads 70 24 46 192% 67 3 4%
------ ------ ----- ----- ------ ----- -----
$ 721 $ 177 $ 544 307% $ 692 $ 29 4%
====== ====== ===== ===== ====== ===== =====
Quarter Ended Quarter Ended
June 30, March 31,
--------------------------- --------------------
Increase Increase
2009 2008 (Decrease) 2009 (Decrease)
------ ------ ------------ ------ ------------
Selling, general and
administrative expenses
Total wages,
commissions, incentives
and benefits $ 893 $ 495 $ 398 80% $ 793 $ 100 13%
Professional fees
(legal, accounting and
consulting) 213 121 92 76% 329 (116) -35%
Stock-based compensation
expense 285 159 126 79% 243 42 17%
Investor relations costs 64 42 22 52% 72 (8) -11%
Recruiting costs 35 76 (41) -54% 30 5 17%
Banking fees 41 31 10 32% 35 6 17%
Marketing costs 76 10 66 660% 79 (3) -4%
Other 182 100 82 82% 136 46 34%
Allocation of shared
overheads 192 161 31 19% 184 8 4%
------ ------ ----- ----- ------ ----- -----
Total selling, general and
administrative expenses $1,981 $1,195 $ 786 66% $1,901 $ 80 4%
====== ====== ===== ===== ====== ===== =====
Year To Date June 30,
-----------------------------------
Increase
2009 2008 (Decrease)
-------- -------- ----------------
Finance & Administration
Total wages, commissions, incentives
and benefits $ 823 $ 728 $ 95 13%
Professional fees (legal, accounting
and consulting) 442 313 129 41%
Stock-based compensation expense 528 316 212 67%
Investor relations costs 136 62 74 119%
Recruiting costs 65 82 (17) -21%
Banking fees 76 58 18 31%
Other 160 142 18 13%
Allocation of shared overheads 241 273 (32) -12%
-------- -------- ------- -------
$ 2,471 $ 1,974 $ 497 25%
======== ======== ======= =======
Year To Date June 30,
-----------------------------------
Increase
2009 2008 (Decrease)
-------- -------- ----------------
Sales & Marketing/Client Development
Total wages, commissions, incentives
and benefits $ 863 $ 236 $ 627 266%
Professional consulting fees 100 18 82 456%
Marketing costs 155 13 142 1092%
Other 158 20 138 690%
Allocation of shared overheads 135 46 89 193%
-------- -------- ------- -------
$ 1,411 $ 333 $ 1,078 324%
======== ======== ======= =======
Year To Date June 30,
-----------------------------------
Increase
2009 2008 (Decrease)
-------- -------- ----------------
Selling, general and administrative
expenses
Total wages, commissions, incentives
and benefits $ 1,686 $ 964 $ 722 75%
Professional fees (legal, accounting
and consulting) 542 331 211 64%
Stock-based compensation expense 528 316 212 67%
Investor relations costs 136 62 74 (12)
Recruiting costs 65 82 (17) 99
Banking fees 76 58 18 40
Marketing costs 155 13 142 1092%
Other 318 162 156 96%
Allocation of shared overheads 376 319 57 18%
-------- -------- ------- -------
Total selling, general and
administrative expenses $ 3,882 $ 2,307 $ 1,575 68%
======== ======== ======= =======
Contact: Steven J. Armond Chief Financial Officer American CareSource Holdings, Inc. Tel: 972-308-6847
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