Dialysis Corporation of America Reports Third Quarter 2009 Results
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LINTHICUM, Md., Nov. 4 /PRNewswire-FirstCall/ -- Dialysis Corporation of America (Nasdaq: DCAI) announced its financial results for the third quarter of 2009.
-- Quarter end patient census was approximately 2,050.
-- Quarterly Results included:
-- Operating revenues were $25.1 million compared to $21.9 million for
the same period last year, a 15% increase.
-- Operating income was $2.0 million compared to $1.5 million for the
same period last year, a 30% increase.
-- Net income was $940,000 or $0.10 per basic and diluted share
compared to $875,000 or $0.09 per basic and diluted share for the
same period last year.
-- Results for the first nine months of 2009 included:
-- Operating revenues were $73.3 million compared to $63.2 million for
the same period last year, a 16% increase.
-- Operating income was $4.5 million compared to $4.0 million for the
same period last year, a 13% increase.
-- Net income was $1.8 million or $0.19 per basic and diluted share
compared to $2.0 million or $0.21 per basic and diluted share for
the same period last year.
Stephen Everett, President and Chief Executive Officer, commented, "Our third quarter results were as we had expected, with very solid performances on all financial fronts. Our two newest centers in Ohio remain on track for opening within the next few months, subject to state licensure timing. On the corporate support front, our clinical information system is slightly ahead of schedule with expectations of completing our rollout close to this year's end, nearly four months ahead of plan. Finally, our development activities are active, with certain of those opportunities with physician partners being well advanced."
Financial results for the period included:
-- Pre-tax costs associated with opening new centers were $10,000 for the
3rd quarter of 2009 compared to $339,000 for the same period last year,
and $204,000 for the first nine months of 2009 compared to $577,000 for
the same period last year.
-- Non-cash stock compensation expense was $70,000 for the third quarter of
2009 compared to $82,000 for the same period last year, and $217,000 for
the first nine months of 2009 compared to $239,000 for the same period
last year.
Dialysis Corporation of America will be hosting a conference call in conjunction with its earnings release for the third quarter of 2009. The conference call will be held on Thursday, November 5, 2009 at 10:00 a.m. EST. The call is accessible either by dialing 1-866-814-8476 (enter attendee code: 1405582), or through simulcast on the internet at http://www.startconference.com, using conference ID 2135668. Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America Third Quarter Earnings." A replay of the conference call will be available on the company's website, www.dialysiscorporation.com, for a period of thirty days following the conference call.
Dialysis Corporation of America owns and operates freestanding kidney hemodialysis centers located in Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, and Virginia, and provides in-hospital dialysis services on a contract basis to certain hospitals located in the those states. The company provides patients with their choice of a full range of quality in-center, acute or at-home hemodialysis services.
This release contains forward-looking statements that are subject to risks and uncertainties that could affect the business and prospects of the company and cause actual results and plans to differ materially from those anticipated. Those factors include, but are not limited to, increases in interest rates, the possible need for and availability of additional financing, the company satisfying the covenants and conditions of its credit facility, certain delays beyond the company's control with respect to future business events, the highly competitive environment in the establishment and operation of dialysis centers, the ability to develop or acquire additional dialysis facilities, whether patient bases of the company's dialysis facilities can mature to provide profitability, the extensive regulation of dialysis operations, government rate determination for Medicare reimbursement, pricing pressure from private payors, and other risks detailed in the company's filings with the SEC, particularly as described in the company's annual report on Form 10-K for the fiscal year ended December 31, 2008. The historical results contained in this press release are not necessarily indicative of future performance of the company.
Other Dialysis Corporation of America press releases, corporate profile, corporate governance materials, quarterly and current reports, and other filings with the Securities and Exchange Commission are available on Dialysis Corporation of America's internet home page: http://www.dialysiscorporation.com.
CONTACT: For additional information, you may contact Dialysis Corporation of America, 1302 Concourse Drive, Suite 204, Linthicum, MD 21090; Telephone Number (410) 694-0500; Attention: Investor Relations.
DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ---------------------
2009 2008 2009 2008
---- ---- ---- ----
Operating revenues:
Sales:
Medical services
revenue $24,798 $21,586 $72,427 $62,300
Product sales 323 274 864 881
--- --- --- ---
Total sales
revenues 25,121 21,860 73,291 63,181
------ ------ ------ ------
Operating costs and
expenses:
Cost of sales revenues:
Cost of medical
services 15,315 12,805 44,839 37,825
Cost of product
sales 175 158 490 493
--- --- --- ---
Total cost of
sales revenues 15,490 12,963 45,329 38,318
Selling, general and
administrative
expenses:
Corporate 2,631 2,764 8,517 7,602
Facility 3,446 3,312 10,525 9,390
----- ----- ------ -----
Total 6,077 6,076 19,042 16,992
Stock compensation
expense 70 82 217 239
Depreciation and
amortization 759 709 2,241 2,050
Provision for
doubtful
accounts 738 500 1,952 1,579
--- --- ----- -----
23,134 20,330 68,781 59,178
------ ------ ------ ------
Operating income 1,987 1,530 4,510 4,003
Other (expense)
income, net 3 - (22) (28)
--- --- ---- ----
Income before
income taxes 1,990 1,530 4,488 3,975
Income tax
provision 631 511 1,531 1,196
--- --- ----- -----
Net income 1,359 1,019 2,957 2,779
Less: net income
attributable to
noncontrolling
interests 419 144 1,129 792
--- --- ----- ---
Net income
attributable
to the company $940 $875 $1,828 $1,987
==== ==== ====== ======
Earnings per share:
Basic $.10 $.09 $.19 $.21
==== ==== ==== ====
Diluted $.10 $.09 $.19 $.21
==== ==== ==== ====
Weighted average
shares outstanding:
Basic 9,600,433 9,579,743 9,596,030 9,579,868
========= ========= ========= =========
Diluted 9,626,308 9,614,084 9,618,833 9,614,162
========= ========= ========= =========
DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September 30, December 31,
2009 2008
---- ----
(unaudited)
Assets
Current assets:
Cash and cash equivalents $3,035 $6,543
Accounts receivable, net 21,997 21,494
Inventories, net 2,947 2,919
Deferred income tax asset 1,185 1,185
Other current assets 2,333 2,978
----- -----
Total current assets 31,497 35,119
------ ------
Property and equipment 33,687 32,987
Less: accumulated depreciation and
amortization 15,657 14,452
------ ------
18,030 18,535
------ ------
Goodwill 16,492 16,492
Other assets 851 933
--- ---
Total other assets 17,343 17,425
------ ------
$66,870 $71,079
======= =======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $12,902 $14,717
Income taxes payable 313 61
Current portion of long-term debt 76 74
--- ---
Total current liabilities 13,291 14,852
Deferred income taxes 1,275 1,275
Long-term debt, less current portion 9,718 14,276
----- ------
Total liabilities 24,284 30,403
------ ------
Commitments and Contingencies
Equity:
Common stock 96 96
Additional paid-in capital 16,238 16,001
Retained earnings 20,995 19,167
Treasury stock at cost (14) -
---- ---
Total company stockholders' equity 37,315 35,264
Noncontrolling interests 5,271 5,412
----- -----
Total equity 42,586 40,676
------ ------
$66,870 $71,079
======= =======
DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(Unaudited)
Three Months Ended
September 30, Period-to-Period
2009 2008 Change %
---- ---- --------
Operating data:
Treatments 75,985 68,925 10.2%
Patient revenue per
treatment $326.34 $313.18 4.2%
Same center growth data:
Same center treatment
growth 3% 6%
Same center revenue
per treatment change 6% 5%
Same center patient
revenue growth 9% 11%
Nine Months Ended
September 30, Period-to-Period
2009 2008 Change %
---- ---- --------
Operating data:
Treatments 221,402 202,176 9.5%
Patient revenue
per treatment $327.13 $308.15 6.2%
Same center growth data:
Same center treatment
growth 3% 6%
Same center revenue
per treatment change 10% 3%
Same center patient
revenue growth 13% 9%
3rd Quarter 2nd Quarter
2009 2009
---- ----
Key clinical metrics:
Treatment adequacy
(% of pts with Kt/V 97% 98%
greater than 1.2)
Anemia management
(% of pts with Hgb 79% 81%
greater than 11)
Venous access (% of pts
with AVF) 61% 60%
SOURCE Dialysis Corporation of America
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