573 0 Kommentare Agility Health Reports Third Quarter 2014 Financial Results - Seite 2

Administrative Cost Realignment

During the third quarter of 2014, the Company completed a restructuring of certain administrative functions across each of the operating segments of the Company, as well as corporate administration. The restructuring resulted in the reassignment of certain administrative responsibilities, intended to increase leverage of existing administrative personnel. The Company expects that the administrative restructuring will result, beginning in the fourth quarter of 2014, in the reduction of approximately $1 million in annual salaries and benefits within selling, general and administrative expenses. At September 30, 2014, the Company had accrued and expensed $250,000 of severance expenses related to the administrative cost realignment.

Discontinued Operations

The third quarter of 2014, included a decision by the Company to discontinue operations at its subsidiary located in the greater Boston, Massachusetts area. The discontinued operations contributed a net loss of $2.8 million or $0.04 per share, for the year ended December 31, 2013 and has contributed a net loss of $1.1 million, or $0.01 per share, for the nine month period ended September 30, 2014.

The Company has initiated measures during the third quarter to ensure that overall selling, general and administrative (SG&A) costs return to historical levels on a percentage of revenue basis. The third quarter included several non-recurring expenses related to administrative restructuring and previous acquisitions.

Selected Financial Information

(amounts expressed are in US dollars)

(in $000's, except for per share amounts and as otherwise indicated)		Three months ended September 30		Nine months ended September 30
		2014	2013	2014	2013
Revenues		$15,541	$13,582	$46,692	$45,414

Gross Margin		$3,444	$2,534	$10,375	$8,027
	(as % of revenues)	22.1%	18.6%	22.2%	17.6%

Selling, general and administrative		$3,786	$2,455	$10,163	$7,417
	(as % of revenues)	24.3%	18.0%	21.7%	16.3%

Loss from continuing operations		$(1,363)	$(904)	$(3,071)	$(2,217)
	(as % of revenues)	(8.7%)	(6.6%)	(6.5%)	(4.8%)

Net loss		$(2,303)	$(1,226)	$(4,214)	$(3,960)

Adjusted EBITDA
	Continuing operations	$515	$182	$2,029	$2,494
	(as % of revenues)	3.3%	1.3%	4.3%	5.4%

Basic and Diluted earnings per share
	From continuing operations	$(0.02)	$(0.01)	$(0.05)	$(0.03)
	From discontinued operations	$(0.01)	$(0.01)	$(0.01)	$(0.03)
	From net loss	$(0.03)	$(0.02)	$(0.06)	$(0.06)