Alliance Imaging Reports Record Revenues for the Third Quarter and Nine Months Ended Sept. 30, 2001.Business Editors & Health/Medcial Writers 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. 7, 2001 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 diagnostic imaging services, announced results for the third quarter and nine months ended Sept. 30, 2001. Revenues increased 8.2% to a record $95.4 million in the third quarter ended Sept. 30, 2001 from revenues of $88.2 million for the same quarter in 2000, an increase of $7.2 million. For the nine months ended Sept. 30, 2001, revenues increased 8% to $280.1 million from $259.4 million in the same period of the preceding year, a $20.7 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 for non-cash stock-based compensation, separation and related costs, recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. costs, merger integration costs, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. costs, and extraordinary items ("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 10.3% to a record $44 million in the third quarter of 2001 from $39.9 million in the corresponding quarter of 2000, an increase of $4.1 million. For the nine months ended Sept. 30, 2001, Adjusted EBITDA increased $8 million to $127.4 million from $119.4 million in the same period of 2000. 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 of $0.5 million in the third quarter of 2001 and separation and related costs, recapitalization costs, merger integration costs, and regulatory costs of $4.5 million in the third quarter of 2000) were $0.09 per share for the third quarter of 2001 compared with $0.04 per share in the third quarter of 2000. Earnings per share on a diluted basis before extraordinary items (excluding non-cash stock-based compensation expenses of $0.9 million in the first nine months of 2001 and separation and related costs, recapitalization costs, merger integration costs, and regulatory costs of $7.3 million in first nine months of 2000) were $0.21 per share for the nine months ended Sept. 30, 2001 compared with $0.14 per share for the nine months ended Sept. 30, 2000. Earnings (loss) per share on a diluted basis were $0.09 and $(0.02) per share for the third quarters of 2001 and 2000, respectively. For the nine months ended Sept. 30, 2001 and 2000, earnings per share on a diluted basis were $0.14 and $0.05 per share, respectively. Earnings per share on a diluted basis for the first nine months of 2001 were impacted by an extraordinary item of $(2.2) million, or $(0.05) per share, net of income taxes, for a charge for unamortized deferred financing costs related to the 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. This facility was replaced with the successful offering in April 2001 of $260 million 10 3/8% senior subordinated notes due 2011. 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 pleased to report strong third quarter operating results and continue to believe that the diagnostic imaging market remains strong." On Aug. 1, 2001, Alliance Imaging completed an initial public offering of 9,375,000 shares of common stock priced at $13 per share. All of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $111 million were used to repay 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. under the company's credit facility. At Sept. 30, 2001, the company's last 12 month Adjusted EBITDA to net debt ratio is 3.9x. Investors and all others are invited to listen to a conference call discussing the third quarter results. The conference call is scheduled for Thursday Thursday: see week. , Nov. 8, 2001 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 800/388-8975 (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 973/694-2225 (international). Interested parties should call at least ten minutes prior to the conference call to register. A replay of the call can be accessed until Thursday, Nov. 15, 2001 by visiting the company's Web site or by calling 800/428-6051 (United States) or 973/709-2089 (international). The replay passcode is 215305. Alliance Imaging is a leading national provider of outsourced diagnostic imaging services. Alliance provides imaging and therapeutic services, primarily to hospitals and other health-care providers on a mobile, shared-service basis. The company had 404 diagnostic imaging and therapeutic systems, including 335 MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. systems, and 1,283 clients in 42 states at Sept. 30, 2001. 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 OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 2001 2000 2001
Revenues $ 88,222 $ 95,422 $259,443 $280,083
Costs and expenses:
Operating expenses,
excluding depreciation 38,640 40,638 112,413 120,096
Selling, general and
administrative expenses 9,722 10,809 27,634 32,629
Non-cash stock-based
compensation - 532 - 924
Separation and related
costs 3,920 - 3,920 -
Recapitalization, merger
integration, and
regulatory costs 545 - 3,366 -
Depreciation expense 14,264 16,280 40,326 47,450
Amortization expense,
primarily goodwill 3,596 3,614 10,790 10,855
Interest expense, net of
interest income 19,309 15,864 57,080 52,403
Total costs and expenses 89,996 87,737 255,529 264,357
Income (loss) before
income taxes and
extraordinary loss (1,774) 7,685 3,914 15,726
Provision (benefit) for
income taxes (887) 3,659 1,957 7,438
Income (loss) before
extraordinary loss (887) 4,026 1,957 8,288
Extraordinary loss, net
of taxes - - - (2,240)
Net income (loss) $ (887) $ 4,026 $ 1,957 $ 6,048
Earnings (loss) per
common share:
Income (loss) before
extraordinary loss $ (0.02) $ 0.09 $ 0.05 $ 0.21
Extraordinary loss,
net of taxes - - - (0.06)
Net income (loss) per
common share $ (0.02) $ 0.09 $ 0.05 $ 0.15
Earnings (loss) per
common share - assuming
dilution:
Income (loss) before
extraordinary loss $ (0.02) $ 0.09 $ 0.05 $ 0.19
Extraordinary loss,
net of taxes - - - (0.05)
Net income (loss) per
common share -
assuming dilution $ (0.02) $ 0.09 $ 0.05 $ 0.14
Weighted average number
of shares of common
stock and common stock
equivalents:
Basic 37,989 44,279 37,989 40,167
Diluted 37,989 46,947 39,048 42,799
Adjusted EBITDA (a) $ 39,860 $ 43,975 $119,396 $127,358
(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,
separation and related costs, recapitalization costs, merger
integration costs, regulatory costs, and extraordinary items.
EBITDA and Adjusted EBITDA should not be considered in isolation
or as substitutes 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.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
December 31, September 30,
2000 2001
(Unaudited)
Cash and cash equivalents $ 12,971 $ 11,739
Accounts receivable, net of allowances 49,973 56,224
Total current assets 72,092 75,142
Equipment, net 329,796 351,937
Total assets 646,160 667,075
Total current liabilities 74,219 69,164
Long-term debt, including current
maturities 758,989 657,646
Stockholders' deficit (203,809) (85,890)
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