Alliance Imaging Issues Financial Guidance for the First Quarter and Full Year 2004.

Business Editors/Health/Medical Writers

ANAHEIM, Calif.--(BUSINESS WIRE)--Dec. 22, 2003

Alliance Imaging, Inc. (NYSE:AIQ), a leading national provider of diagnostic imaging services, announced financial guidance for the first quarter and full year 2004.

For the first quarter of 2004, Alliance is expecting revenue to range from $99 million to $102 million and Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for employment agreement costs and non-cash stock-based compensation expense), to range from $37 million to $38 million.

For the full year of 2004, the company expects revenue to range from $410 million to $420 million and Adjusted EBITDA to range from $150 million to $156 million.

Alliance expects capital expenditures to total approximately $80 million. Including new 2004 capitalized leases from consolidated joint ventures, the company expects its net debt level (total debt less cash and cash equivalents) to remain relatively unchanged from 2003 levels.

The company is also reaffirming its financial guidance for the fourth quarter and full year of 2003. Fourth quarter 2003 revenue is expected to range from $98 to $100 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for employment agreement costs, severance costs, and non-cash stock-based compensation expenses) is expected be reported at the lower end of the $40.7 million to $42.7 million range. Full year 2003 guidance is for revenue to range from $412 million to $414 million. Full year Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for employment agreement costs, severance costs, impairment charges, and non-cash stock-based compensation expenses) is expected to be reported at the lower end of the $170 million to $172 million range.

Investors and all others are invited to listen to a conference call discussing first quarter and full year 2004 guidance. The conference call is scheduled for today, December 22, 2003, at 1:00 p.m. Eastern Time. The conference call can be accessed at [phone] (United States) or [phone] (International). Interested parties should call at least 10 minutes prior to the call to register. Additionally, a live webcast of the call will be available on Alliance Imaging's website at www.allianceimaging.com. Click on Audio Presentations in the Investor Relations section of the company's website to access the link.

A telephone replay will be available until Thursday, January 22, 2004. The telephone replay can be accessed by calling [phone] (United States) or [phone] (International). The conference call replay identification number is 4502169. A replay of the webcast will be available on Alliance's website until Thursday, January 22, 2004.

Alliance Imaging, Inc. is a leading national provider of diagnostic imaging services. Alliance provides imaging services primarily to hospitals and other healthcare providers on a shared and full-time service basis, in addition to operating a growing number of free-standing imaging centers. The Company had 468 diagnostic imaging systems, including 365 MRI systems, and 1,339 clients in 45 states at September 30, 2003.

This press release contains forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For a complete list of risks and uncertainties, please refer to the Risk Factor section of the Company's Form 10-K for the year ended December 31, 2002 filed with the Securities and Exchange Commission.