American Caresource Holdings, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
April 01, 2015 at 11:30 am EDT
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American Caresource Holdings, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported net revenue of $9.3 million for the fourth quarter of 2014, as compared with $6.2 million for the fourth quarter of 2013. The net loss for the fourth quarter ended December 31, 2014, was $2.5 million, as compared with a net loss of $267,000 for the fourth quarter of 2013.
For the year, the company's total net revenues were $27,052,000 compared to $26,751,000 a year ago. The Company was not engaged in the urgent and primary care business in 2013. Operating loss was $6,152,000 compared to $3,782,000 a year ago. Loss before income taxes was $6,693,000 compared to $3,760,000 a year ago. Net loss was $6,763,000 compared to $3,785,000 a year ago. The increase in the net loss for the quarter and full year is primarily attributable to costs related to acquisitions, relocation of corporate office, professional fees relating to the transition of the accounting function, marketing investments for the urgent and primary care business, and various other strategic initiatives such as the finalization of agreement with HealthSmart Preferred Care II, L.P., or HealthSmart, to manage ancillary network business. Basic and diluted net loss per share was $1.05 compared to $0.66 a year ago. Net cash used in operating activities was $4,034,000 compared to $4,188,000 a year ago. Additions to property and equipment was $776,000 compared to $315,000 a year ago.
American CareSource Holdings, Inc. is a provider of urgent and primary care services. The Company owns and operates over 10 urgent and primary care centers in the east and southeastern United States. The Company operates through urgent and primary care business segment. The Company's services provided at its centers include treatment of general medical problems, including colds, influenza, ear infections, hypertension, asthma, pneumonia, urinary tract infections and other conditions typically treated by primary care providers; treatment of injuries, such as simple fractures, dislocations, sprains, bruises and cuts; minor, non-emergent surgical procedures, including suturing of lacerations and removal of cysts and foreign bodies; diagnostic tests, such as x-rays, electrocardiograms, complete blood counts and urinalyses, and occupational and industrial medical services, including drug testing, workers' compensation cases and physical examinations.