FLOWER MOUND, Texas, Jan. 16 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. (Pink Sheets: AMHI), a medical services company with medical clinics in Texas and Tennessee, today, in an update for Company shareholders, said its net income for the year ended September 30, 2007, totaled $243,000.
"It was a year of positioning, growth and also stabilization," said Dr. J.W. Stucki, Chairman and CEO. "I am updating our shareholders on these achievements as we move into 2008."
Dr. Stucki said:
The Company has reduced its clinics to a core of six profitable clinics that should bill approximately $5 million in 2008. The clinic operations will continue to contribute profit and will be cash positive in the foreseeable future. AMHI continues to reduce corporate expenses to less than $400,000 annually.
While we continue to work to become current with filings with the U.S. Securities & Exchange Commission, and move back to the Over the Counter Bulletin Board, we are disappointed that our current auditor has been unable to provide the staff necessary to complete this engagement. The situation is exacerbated because Pink Sheets.com now lists AMHI as a company with "No Information." We are working to resolve this situation. Unaudited financials for the Fiscal Year ended September 30, 2007, are part of this news release.
We have implemented our telemedicine (http://www.telmedco.com) systems, a revolutionary new technology which allows a physician to visit a patient through a virtual connection, and we await greater acceptance prior to significant expansion.
Our OmniBody Scan (http://www.rehabco.com), a medical imaging system to screen for early breast cancer and soft tissue injuries is, we are confident, a working product that is second to none. We are in a dispute with the manufacturer, which wants us to accept delivery of systems prior to U.S. Food & Drug Administration approval which, we believe, is imminent. We have made a proposal to resolve this issue and the judge has ordered immediate mediation. In the meantime, our marketing efforts have been extremely positive.
AMHI is pleased to announce that its web sites, including
http://www.Americanhealthchoice.com have been updated. We will work hard to
keep shareholders informed. Growing this Company, and increasing
shareholder value, remains our number one concern and goal.
Condensed Consolidated Statements of Operations
Three months ended Year ended
December March June September September
2006 2007 2007 2007 2007
owned $1,581,000 $1,466,000 $1,479,000 $1,384,000 $5,910,000
billings 703,000 657,000 701,000 682,000 2,743,000
Company-owned 878,000 809,000 778,000 702,000 3,167,000
affiliated 42,000 113,000 130,000 94,000 379,000
billings 920,000 922,000 908,000 796,000 3,546,000
expenses 660,000 606,000 518,000 449,000 2,233,000
expenses 185,000 178,000 179,000 148,000 690,000
expenses 845,000 784,000 697,000 597,000 2,923,000
income 75,000 138,000 211,000 199,000 623,000
expenses 100,000 100,000 100,000 100,000 400,000
(loss) $(25,000) $38,000 $111,000 $99,000 $243,000
Safe Harbor Statement: The statements in this release that relate to
future plans, expectations, events, performance, and the like are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.
Actual results or events could differ materially from those described in
the forward-looking statements due to a variety of factors, including those
set forth in the company's report on Form 10-KSB for fiscal year 2005 filed
with the Securities and Exchange Commission on January 13, 2006.
Dr. J.W. Stucki, CEO
American HealthChoice, Inc.
E & E Communications
|SOURCE American HealthChoice, Inc.|
Copyright©2008 PR Newswire.
All rights reserved