AMERICAN ONCOLOGY RESOURCES REPORTS RECORD 1996 FIRST QUARTER RESULTS.HOUSTON--(BUSINESS WIRE)--April 30, 1996 -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 first quarter ended March 31, 1996. Revenue for the quarter was $40,750,000, up 179% from $14,600,000 reported in the first quarter last year. Net income was $4,447,000, up 353% from $982,000 in the first quarter last year. Net income per share rose to $0.19, up 217% from $0.06 in the first quarter last year, while shares outstanding increased 49% to 23,669,000, compared to 15,890,000 shares in the first quarter of 1995. R. Dale Dale , Sir Henry Hallett 1875-1968. British physiologist. He shared a 1936 Nobel Prize for work on the chemical transmission of nerve impulses, particularly for the isolation and study of acetylcholine (1914). 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, said, "We are pleased with our first quarter results and believe we started 1996 on a strong note. The results reflect solid internal growth in existing markets and the benefits of the investments we made last year in building strong regional networks. In markets in which we have had practices for over one year, revenues increased significantly, up 25% over the first quarter last year." Mr. Ross continued, "During the quarter, we added 26 oncologists to the AOR AOR The ISO 4217 currency code for Angolan Reajustado Kwanza. network and significantly expanded in two geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets: Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . We will continue to follow our expansion plan of controlled growth in 1996 and are well positioned to take advantage of opportunities to expand through additional transactions with premier oncologists." 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 174 physicians practicing in 14 states.
AMERICAN ONCOLOGY RESOURCES, INC.
Financial Highlights
(In thousands, except per share data)
Three Months Ended
March 31,
1996 1995
Revenue $40,750 $14,600
Practice operating costs 28,350 9,839
General and administrative 2,869 1,892
Depreciation & amortization 1,902 741
33,121 12,472
Income from operations 7,629 2,128
Other income (expense): Interest income 549 73 Interest expense (1,006) (617) Income before income taxes 7,172 1,584 Income taxes 2,725 602 Net income $4,447 $982 Net income per share $ 0.19 $0.06 Shares used in per share calculations 23,669 15,890
AMERICAN ONCOLOGY RESOURCES, INC.
Condensed Consolidated Balance Sheet
(In thousands)
March 31, December 31,
1996 1995
(unaudited) (audited)
ASSETS
Current assets:
Cash and short term investments $ 21,557 $ 59,783
Accounts receivable 38,454 31,152
Other current assets 6,872 4,857
Total current assets 66,883 95,792
Property and equipment, net 13,161 11,157
Management service agreements,
net and other assets 193,366 165,410
$ 273,410 $ 272,359
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 20,495 $ 36,068 Long-term indebtedness and deferred income taxes 50,964 45,111 Total liabilities 71,459 81,179 Stockholders' equity 201,951 191,180 Total liabilities and stockholders' equity $ 273,410 $ 272,359 CONTACT: American Oncology Resources,Inc. L. Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. 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