2014 Q2 Form 10-Q Financial Statement

#000114275014000010 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $250.9M $253.9M
YoY Change -1.19% 7.7%
Cost Of Revenue $173.8M $179.5M
YoY Change -3.22% 6.35%
Gross Profit $77.16M $74.41M
YoY Change 3.69% 11.11%
Gross Profit Margin 30.75% 29.3%
Selling, General & Admin $55.57M $54.55M
YoY Change 1.86% 8.44%
% of Gross Profit 72.02% 73.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.010M $3.240M
YoY Change 23.77% -8.78%
% of Gross Profit 5.2% 4.35%
Operating Expenses $59.58M $57.79M
YoY Change 3.09% 7.31%
Operating Profit $17.58M $16.62M
YoY Change 5.78% 26.72%
Interest Expense $4.629M $3.130M
YoY Change 47.89% -76.97%
% of Operating Profit 26.33% 18.83%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -100.0% -103.68%
Pretax Income $12.95M $13.49M
YoY Change -3.99% -2952.43%
Income Tax $5.760M $5.093M
% Of Pretax Income 44.47% 37.75%
Net Earnings $7.193M $8.399M
YoY Change -14.36% -10469.14%
Net Earnings / Revenue 2.87% 3.31%
Basic Earnings Per Share $0.15 $0.18
Diluted Earnings Per Share $0.15 $0.18
COMMON SHARES
Basic Shares Outstanding 46.48M shares 46.04M shares
Diluted Shares Outstanding 47.84M shares 47.84M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.500M $10.50M
YoY Change -47.62% -32.26%
Cash & Equivalents $5.501M $10.52M
Short-Term Investments
Other Short-Term Assets $55.70M $34.20M
YoY Change 62.87% 22.14%
Inventory $3.083B $3.155B
Prepaid Expenses
Receivables $151.5M $149.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $235.2M $210.2M
YoY Change 11.86% 2.5%
LONG-TERM ASSETS
Property, Plant & Equipment $27.07M $16.83M
YoY Change 60.86% 10.7%
Goodwill $144.9M $123.3M
YoY Change 17.53%
Intangibles $146.4M $133.7M
YoY Change 9.51%
Long-Term Investments $4.666B $4.777B
YoY Change -2.32% -3.86%
Other Assets $37.50M $43.50M
YoY Change -13.79% 10.41%
Total Long-Term Assets $376.5M $317.4M
YoY Change 18.65% -0.23%
TOTAL ASSETS
Total Short-Term Assets $235.2M $210.2M
Total Long-Term Assets $376.5M $317.4M
Total Assets $611.7M $527.6M
YoY Change 15.94% 0.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.13M $52.40M
YoY Change 24.29% 3.35%
Accrued Expenses $56.00M $46.90M
YoY Change 19.4% 9.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $7.500M $5.000M
YoY Change 50.0% -75.0%
Total Short-Term Liabilities $139.3M $111.2M
YoY Change 25.28% -8.12%
LONG-TERM LIABILITIES
Long-Term Debt $140.6M $148.5M
YoY Change -5.32% -14.51%
Other Long-Term Liabilities $98.19M $69.97M
YoY Change 40.33% 11.77%
Total Long-Term Liabilities $98.19M $69.97M
YoY Change 40.33% -70.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.3M $111.2M
Total Long-Term Liabilities $98.19M $69.97M
Total Liabilities $378.1M $329.7M
YoY Change 14.69% -7.74%
SHAREHOLDERS EQUITY
Retained Earnings -$196.5M -$226.2M
YoY Change -13.16%
Common Stock $465.0K $462.0K
YoY Change 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.046M
YoY Change
Treasury Stock Shares 204.0K shares
Shareholders Equity $233.6M $197.9M
YoY Change
Total Liabilities & Shareholders Equity $611.7M $527.6M
YoY Change 15.94% 0.84%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $7.193M $8.399M
YoY Change -14.36% -10469.14%
Depreciation, Depletion And Amortization $4.010M $3.240M
YoY Change 23.77% -8.78%
Cash From Operating Activities $6.100M $19.50M
YoY Change -68.72% -7.14%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$3.100M
YoY Change 32.26% 158.33%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$300.0K
YoY Change -1100.0% -400.0%
Cash From Investing Activities -$1.100M -$3.400M
YoY Change -67.65% 209.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.800M -7.500M
YoY Change 17.33% -20.21%
NET CHANGE
Cash From Operating Activities 6.100M 19.50M
Cash From Investing Activities -1.100M -3.400M
Cash From Financing Activities -8.800M -7.500M
Net Change In Cash -3.800M 8.600M
YoY Change -144.19% -18.1%
FREE CASH FLOW
Cash From Operating Activities $6.100M $19.50M
Capital Expenditures -$4.100M -$3.100M
Free Cash Flow $10.20M $22.60M
YoY Change -54.87% 1.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated balance sheets and related condensed consolidated statements of comprehensive income and cash flows contained in this Quarterly Report on Form&#160;10-Q (this &#8220;Quarterly Report&#8221;), which are unaudited, include the accounts of AMN&#160;Healthcare Services, Inc. and its wholly-owned subsidiaries (collectively, the &#8220;Company&#8221;). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all entries necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. These entries consisted of all normal recurring items. The results of operations for the interim period are not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year or for any future period. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States. Please refer to the Company&#8217;s audited consolidated financial statements and the related notes for the fiscal year ended December&#160;31, 2013, contained in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December&#160;31, 2013, filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on February 21, 2014. </font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, valuation and recognition of share-based payments and income taxes. Actual results could differ from those estimates under different assumptions or conditions. </font></div><div style="line-height:120%;padding-top:12px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior year&#8217;s consolidated financial statements to conform to the current year presentation. Specifically, payments made into the Company&#8217;s life insurance policies to assist in funding the deferred compensation plan were reclassified from cash flows from operations to cash flows from investing activities in the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2013. In addition, the Company reclassified expected insurance recoveries under its professional liability and workers&#8217; compensation policies in the condensed consolidated balance sheet for the year ended December 31, 2013 to conform to the current year presentation. Professional liability and workers&#8217; compensation liability were previously presented net of insurance recoveries. Commencing June 30, 2014, expected insurance recoveries are presented on a gross basis, with the short-term insurance receivable portion included within &#8220;Prepaid and other current assets&#8221; and the long-term portion included within &#8220;Other assets&#8221; on the condensed consolidated balance sheet.</font></div></div>
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OperatingLeasesFutureMinimumPaymentsDue
124091000 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
8648000 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8355000 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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4623000 USD
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OtherAssetsNoncurrent
37502000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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65000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2013Q4 us-gaap Other Liabilities Noncurrent
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us-gaap Other Noncash Expense
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us-gaap Other Noncash Expense
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us-gaap Payments Of Financing Costs
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935000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2537000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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4243000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5348000 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
1399000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9876000 USD
us-gaap Provision For Doubtful Accounts
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1648000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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0 shares
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0 USD
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
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27662000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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26631000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
150000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
58000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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767000 USD
us-gaap Proceeds From Lines Of Credit
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19500000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
10000000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
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140000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
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-109000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21158000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27066000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2153000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
5000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
1875000 USD
us-gaap Repayments Of Lines Of Credit
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0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
13000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
318000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
313000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
1000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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20000000 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
149620000 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
0 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
23115000 USD
CY2014Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
20606000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-211275000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-196452000 USD
ahs Holdbacksettlementinequityfromprioracquisition
Holdbacksettlementinequityfromprioracquisition
3046000 USD
us-gaap Revenues
Revenues
491794000 USD
us-gaap Revenues
Revenues
506063000 USD
CY2014Q2 us-gaap Revenues
Revenues
250913000 USD
CY2013Q2 us-gaap Revenues
Revenues
253943000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
110234000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
54551000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
108158000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55567000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3570000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3180000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1751000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1478000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
217742000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
233606000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, valuation and recognition of share-based payments and income taxes. Actual results could differ from those estimates under different assumptions or conditions. </font></div></div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1460000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1832000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1798000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1357000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47759000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47837000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47876000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47836000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46416000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46039000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45927000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46479000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3113000 USD
CY2014Q2 ahs Accounts Payable To Subcontractor
AccountsPayableToSubcontractor
24936000 USD
CY2013Q4 ahs Accounts Payable To Subcontractor
AccountsPayableToSubcontractor
22051000 USD
CY2014Q2 ahs Accountsreceivablesubcontractor
Accountsreceivablesubcontractor
22512000 USD
CY2013Q4 ahs Accountsreceivablesubcontractor
Accountsreceivablesubcontractor
18271000 USD
ahs Holdbacksettlementinequityfromprioracquisition
Holdbacksettlementinequityfromprioracquisition
0 USD
ahs Increase Decreasein Accounts Receivablessubcontractor
IncreaseDecreaseinAccountsReceivablessubcontractor
4241000 USD
ahs Increase Decreasein Accounts Receivablessubcontractor
IncreaseDecreaseinAccountsReceivablessubcontractor
-2739000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001142750
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
46501082 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
AMN HEALTHCARE SERVICES INC

Files In Submission

Name View Source Status
0001142750-14-000010-index-headers.html Edgar Link pending
0001142750-14-000010-index.html Edgar Link pending
0001142750-14-000010.txt Edgar Link pending
0001142750-14-000010-xbrl.zip Edgar Link pending
ahs-20140630.xml Edgar Link completed
ahs-20140630.xsd Edgar Link pending
ahs-20140630x10q.htm Edgar Link pending
ahs-20140630_cal.xml Edgar Link unprocessable
ahs-20140630_def.xml Edgar Link unprocessable
ahs-20140630_lab.xml Edgar Link unprocessable
ahs-20140630_pre.xml Edgar Link unprocessable
ahs-ex311x20140630x10q1.htm Edgar Link pending
ahs-ex312x20140630x10q1.htm Edgar Link pending
ahs-ex321x20140630x10q1.htm Edgar Link pending
ahs-ex322x20140630x10q1.htm Edgar Link pending
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report.css Edgar Link pending
sandiegoleaseexa.htm Edgar Link pending
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