Alliance Imaging Reports Record Results for the Third Quarter and Nine Months Ended Sept. 30, 2002.Business Editors ANAHEIM Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Calif.--(BUSINESS WIRE)--Nov. 6, 2002 Alliance Imaging Inc. (NYSE NYSE See: New York Stock Exchange :AIQ AIQ Analytical Instrument Qualification AIQ Available in Quarters AIQ Action Internet Québec AIQ Allowance Item Quantity AIQ Analyst Interest Queue AIQ Algebraic Integer Quantization ), a leading national provider of outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, diagnostic imaging services, announced record results for the third quarter and first nine months ended Sept. 30, 2002. Revenues increased 11.0% to a record $105.9 million for the third quarter ended Sept. 30, 2002 from revenues of $95.4 million for the same quarter in 2001, an increase of $10.5 million. For the first nine months of 2002, revenues increased 10.1% to a record $308.5 million from $280.1 million in the same period of the preceding year, a $28.4 million increase. Alliance's earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. , adjusted solely for non-cash stock-based compensation ("Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become "), increased 8.0% to $47.5 million for the third quarter of 2002 from $44 million for the corresponding quarter of 2001, an increase of $3.5 million. For the first nine months of 2002, Adjusted EBITDA increased 8.4% to $138 million from $127.3 million in the same period of 2001, an increase of $10.7 million. Non-cash stock-based compensation expenses, which were excluded from Adjusted EBITDA, totaled $0.4 million and $0.5 million in the third quarter of 2002 and 2001, respectively, and totaled $1.5 million and $0.9 million in the first nine months of 2002 and 2001, respectively. Earnings per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis (excluding non-cash stock-based compensation expenses) were $0.21 per share for the third quarter of 2002 compared with $0.09 per share for the third quarter of 2001. For the nine months ended Sept. 30, 2002 and 2001, earnings per share on a diluted basis (excluding non-cash stock-based compensation expenses) totaled $0.57 per share and $0.21 per share (excluding non-cash stock-based compensation expenses and extraordinary loss), respectively. In the nine months ended Sept. 30, 2001, the company recorded a $2.2 million extraordinary loss, net of income taxes, or $0.05 per share on a diluted basis, related to a charge for unamortized deferred financing costs related to the 2001 refinancing Refinancing An extension and/or increase in amount of existing debt. of the company's $260 million senior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. credit facility. The adoption of Financial Accounting Standard No. 142, which eliminates the amortization of goodwill, would have had the effect of increasing earnings per share on a diluted basis by $0.03 per share and $0.12 per share for the third quarter and nine months ended Sept. 30, 2001, respectively. The company's net debt to last 12 month Adjusted EBITDA was 3.4x at Sept. 30, 2002 compared with 3.9x at Sept. 30, 2001. Cash flow provided by operating activities was $36.8 million in the third quarter of 2002 compared with $33.3 million in the corresponding period of the preceding year. For the nine months ended Sept. 30, 2002 and 2001, cash flow from operating activities totaled $97.8 million and $69.2 million, respectively. Capital expenditures were $13 million in the third quarter of 2002 compared with $28.4 million in the same quarter of 2001. For the nine months ended Sept. 30, 2002 and 2001, capital expenditures totaled $50.3 million and $58.7 million, respectively. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a N. Zehner Zeh´ner n. 1. An Austrian silver coin equal to ten kreutzers, or about five cents. , chairman of the board and chief executive officer stated, "We are very pleased with our third quarter results and continue to feel that Alliance is well-positioned to take advantage of the strong growth in the diagnostic imaging industry." Alliance Imaging is a leading national provider of outsourced diagnostic imaging services. Alliance provides imaging and therapeutic services, primarily to hospitals and other healthcare providers on a mobile, shared-service basis. The company had 440 diagnostic imaging systems, including 353 MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. systems, and 1,267 clients in 42 states at Sept. 30, 2002. Investors and all others are invited to listen to a conference call discussing second quarter results. The conference call is scheduled for Thursday Thursday: see week. , Nov. 7, 2002 at 1 p.m. Eastern Time. The call will be broadcast live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and can be accessed by visiting the company's Web site at www.allianceimaging.com. Click on Audio Presentations in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Web site to access the link. The conference call can also be accessed at 888/299-6448 (United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ) or 706/634-1053 (International). Interested parties should call at least 10 minutes prior to the conference call to register. A replay of the call can be accessed until Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , Dec. 6, 2002 by visiting the company's Web site or by calling 800/642-1687 (United States) or 706/645-9291 (International). The replay passcode is 6199022. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . 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 S-1 filed with the Securities and Exchange Commission on July July: see month. 26, 2001.
ALLIANCE IMAGING INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
2001 2002 2001 2002
Revenues $95,422 $105,920 $280,083 $308,477
Costs and expenses:
Operating expenses, excluding
depreciation 40,638 46,993 120,096 135,876
Selling, general and
administrative expenses 10,809 11,451 32,629 34,563
Non-cash stock-based
compensation 532 418 924 1,482
Depreciation expense 16,280 17,610 47,450 51,705
Amortization expense 3,614 564 10,855 1,697
Interest expense, net of
interest income 15,864 11,714 52,403 36,073
Total costs and expenses 87,737 88,750 264,357 261,396
Income before income taxes and
extraordinary loss 7,685 17,170 15,726 47,081
Provision for income taxes 3,659 7,125 7,438 19,539
Income before extraordinary
loss 4,026 10,045 8,288 27,542
Extraordinary loss, net of
taxes -- -- (2,240) --
Net income $4,026 $10,045 $6,048 $27,542
Earnings per common share:
Income before
extraordinary loss $0.09 $0.21 $0.21 $0.58
Extraordinary loss, net of
taxes -- -- (0.06) --
Net income per common
share $0.09 $0.21 $0.15 $0.58
Earnings per common share --
assuming dilution:
Income before
extraordinary loss $0.09 $0.20 $0.19 $0.55
Extraordinary loss, net of
taxes -- -- (0.05) --
Net income per common
share -- assuming dilution $0.09 $0.20 $0.14 $0.55
Weighted average number of
shares of common stock
and common stock equivalents:
Basic 44,279 47,627 40,167 47,578
Diluted 46,947 49,724 42,799 49,953
Adjusted EBITDA (a) $43,975 $47,476 $127,358 $138,038
(a) EBITDA represents earnings before interest expense, net,
income taxes, depreciation and amortization expense. Adjusted EBITDA
represents EBITDA adjusted for non-cash stock-based compensation.
EBITDA and Adjusted EBITDA should not be considered in isolation or as
a substitute for net income, cash flows from operating activities and
other income or cash flow statement data prepared in accordance with
generally accepted accounting principles or as measures of
profitability or liquidity.
ALLIANCE IMAGING INC.
EARNINGS PER SHARE -- DILUTED
(Unaudited)
(in thousands, except per share amounts)
Nine Months
Quarter Ended Ended
Sept. 30, Sept. 30,
2002 2001 2002 2001
Net income, as reported $10,045 $4,026 $27,542 $6,048
Add non-cash stock-based
compensation expenses 418 532 1,482 924
Less income tax effect of non-cash
stock-based
compensation expenses (174) (252) (614) (437)
244 280 868 487
Income excluding non-cash
stock-based compensation expenses $10,289 $4,306 $28,410 $6,535
Add extraordinary loss, net of
income taxes -- -- -- 2,240
Income excluding non-cash
stock-based compensation
expenses and extraordinary loss $10,289 $4,306 $28,410 $8,775
Earnings per share -- diluted
As reported $0.20 $0.09 $0.55 $0.14
Excluding non-cash stock-based
compensation expenses $0.21 $0.09 $0.57 $0.15
Excluding non-cash stock-based
compensation expenses
and extraordinary loss $0.21 $0.09 $0.57 $0.21
Weighted average number of shares of
common stock and common stock
equivalents -- diluted 49,724 46,947 49,953 42,799
ALLIANCE IMAGING INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
Dec. 31, Sept. 30,
2001 2002
Cash and cash equivalents $ 22,051 $ 13,196
Accounts receivable, net of allowances 53,294 52,146
Total current assets 83,721 76,434
Equipment, net 352,533 356,777
Total assets 658,232 668,533
Total current liabilities 58,894 56,562
Long-term debt, including current
maturities 655,961 620,275
Stockholders' deficit (80,857) (51,147)
ALLIANCE IMAGING INC.
SELECTED STATISTICAL INFORMATION
Quarter Ended
Sept. 30,
2001 2002
MRI scan-based
Average number of scan-based
systems 297.2 302.8
Scans per system per day 9.67 9.90
Total number of MRI scans 210,400 221,600
Price per scan $371.8 $366.4
Revenue breakdown (in millions)
Total scan-based MRI revenue $78.2 $81.2
Non-scan-based MRI and other modalities
(including PET) revenue 17.2 24.7
Total revenues $95.4 $105.9
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion