AMERICAN ONCOLOGY RESOURCES REPORTS 1995 FOURTH QUARTER AND YEAR END RESULTS.HOUSTON--(BUSINESS WIRE)--February 15, 1996 -- American Oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. Resources, Inc. (Nasdaq: AORI AORI Airfield Obstruction Reduction Initiative ) today announced record revenues and earnings for the fourth quarter and year ended December 31, 1995. Revenue for the fourth quarter was $34,433,000, up 332% from $7,973,000 in the fourth quarter of 1994. Net income for the quarter was $3,913,000, or $0.17 per share, as compared to $819,000, or $0.05 per share, recorded in the same period last year. Average weighted shares outstanding in the quarter rose 53% to 23,460,000, compared to 15,285,000 shares in the fourth quarter of 1994. Revenue for the year was $99,174,000, up 386% from $20,410,000 reported in 1994. Net income for the year was $11,617,000, or $0.58 per share, as compared to $1,243,000, or $0.08 per share, recorded last year. Average weighted shares outstanding for the year rose 35% to 20,069,000, compared with 14,905,000 shares in 1994. "During 1995, the Company experienced substantial growth and successfully completed its initial public offering. As part of our commitment to providing coordinated cancer care, we expanded our network into eight new states and added 106 new physicians enhancing our national presence," said R. Dale Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. , Chairman and Chief Executive Officer. "In 1996, we will continue to expand our national network of high quality, full service oncology practices through acquisitions, with ongoing focus on internal growth opportunities available in existing sites. We have a very experienced management team in place and an outstanding network of premier oncologists. We believe American Oncology is well positioned to take advantage of the market opportunities available and we look forward to continued growth in 1996," added Mr. Ross. American Oncology Resources is a national physician practice management company focusing exclusively on oncology. The Company currently provides comprehensive management services under management agreements including practice operations, practice development, marketing, facility development, managed care contracting and information systems management to 159 physicians practicing in 14 states.
AMERICAN ONCOLOGY RESOURCES, INC.
Financial Highlights
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31 December 31
1995 1994 1995 1994
Revenue $34,433 $ 7,973 $99,174 $20,410
Practice operating costs 24,275 5,381 67,538 13,834
General and administrative 2,373 1,228 9,335 4,367
Depreciation & amortization 1,510 351 4,749 746
28,158 6,960 81,622 18,947
Income from operations 6,275 1,013 17,552 1,463
Other income (expense): Interest income 792 44 2,007 143 Interest expense (1,004) (112) (3,690) (237) Other, net 98 - 1,600(1) - Income before income taxes 6,161 945 17,469 1,369 Income taxes 2,248 126 5,852 126 Net income $ 3,913 $ 819 $11,617 $1,243 Net income per share $ 0.17 $ 0.05 $ 0.58 $ 0.08 Shares used in per share calculations 23,460 15,285 20,069 14,905 (1) Relates to non-recurring events in the third quarter of 1995 which totaled $0.09 of net income per share. This item is reported in the third quarter as $0.07 of net income per share. The difference is due to the weighted average shares used in quarterly versus annual calculations. There was no income per share impact in the fourth quarter. AMERICAN ONCOLOGY RESOURCES, INC. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (In thousands) December 31, December 31, 1995 1994 ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and short term investments $60,193 $ 4,207 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 31,152 7,430 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 5,358 845 Total current assets 96,703 12,482 Property and equipment, net 10,899 2,311 Management service agreements, net and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 164,183 40,916 Total assets $ 271,785 $ 55,709 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 35,897 $ 5,829 Long-term indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and deferred income taxes 44,708 18,903 Total liabilities 80,605 24,732 Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. 191,180 30,977 Total liabilities and stockholders' equity $ 271,785 $ 55,709 CONTACT: American Oncology Resources,Inc. L. Fred Pounds, Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. E. Sands, 713/873-2674 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion