Alliance Imaging Reports Results for the Fourth Quarter and Year Ended Dec. 31, 2002.Business Editors/Health/Medical 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)--March 3, 2003 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 results for the fourth quarter and year ended Dec. 31, 2002. Revenues increased 8.9% to $103.6 million for the fourth quarter ended Dec. 31, 2002, from revenues of $95.1 million for the same quarter in 2001, an increase of $8.5 million. For the year ended Dec. 31, 2002, revenues increased 9.8% to $412 million, from $375.2 million in 2001, a $36.8 million increase. Alliance's earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the full year of 2002, Adjusted EBITDA increased 7.4% to $182.1 million, from $169.6 million in 2001, an increase of $12.5 million. Non-cash stock-based compensation expenses, which were excluded from Adjusted EBITDA, totaled $0.4 million and $0.5 million in the fourth quarter of 2002 and 2001, respectively and totaled $1.9 million and $1.5 million in 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 $0.18 per share for the fourth quarter of 2002, compared with $0.10 per share for the fourth quarter of 2001. For the years ended Dec. 31, 2002 and 2001, earnings per share on a diluted basis (excluding non-cash stock-based compensation expenses) totaled $0.74 per share and $0.30 per share (excluding non-cash stock- based compensation expenses and loss on early retirement of debt), respectively. Earnings per share on a diluted basis were $0.17 per share for the fourth quarter of 2002, compared with $0.09 per share for the fourth quarter of 2001. For the years ended Dec. 31, 2002 and 2001, earnings per share on a diluted basis were $0.72 per share and $0.24 per share, respectively. 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 $0.15 per share for the fourth quarter and year ended Dec. 31, 2001, respectively. The company's net debt to last 12 month Adjusted EBITDA was 3.2x at Dec. 31, 2002, compared with 3.7x at Dec. 31, 2001. Cash flow provided by operating activities was $41.1 million in the fourth quarter of 2002, compared with $27.1 million in the corresponding quarter of the preceding year. For the years ended Dec. 31, 2002 and 2001, cash flow from operating activities totaled $139 million and $96.4 million, respectively. Capital expenditures were $19.8 million in the fourth quarter of 2002, compared with $16.8 million in the same quarter of 2001. For the years ended Dec. 31, 2002 and 2001, capital expenditures totaled $70.1 million and $75.4 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 full year 2002 results, even with weak scan volumes during the holiday period. We continue to believe in the continued growth of the diagnostic imaging industry and believe that Alliance is well-positioned to take advantage of this growth." 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 450 diagnostic imaging systems, including 353 MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. systems and 1,304 clients in 43 states at Dec. 31, 2002. Investors and all others are invited to listen to a conference call discussing fourth-quarter results. The conference call is scheduled for Tuesday Tuesday: see week. , March 4, 2003, 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 888/689-9529 (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 706/645-0319 (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 , April 4, 2003, by visiting the company's Web site or by calling 800/642-1687 (United States) or 706/645-9291 (international). The replay passcode is 8302671. 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 Year Ended
Dec. 31, Dec. 31,
2001 2002 2001 2002
Revenues $95,133 $103,556 $375,216 $412,033
Costs and expenses:
Operating expenses, excluding
depreciation 42,094 48,174 162,190 184,050
Selling, general and
administrative expenses 10,843 11,367 43,472 45,930
Non-cash stock-based compensation 532 418 1,456 1,900
Depreciation expense 16,311 17,679 63,761 69,384
Amortization expense 3,599 805 14,454 2,502
Interest expense, net of interest
and other income 13,248 10,760 65,651 46,833
Loss on early retirement of debt - - 3,734 -
Total costs and expenses 86,627 89,203 354,718 350,599
Income before income taxes 8,506 14,353 20,498 61,434
Provision for income taxes 4,024 5,956 9,968 25,495
Net income $4,482 $8,397 $10,530 $35,939
Earnings per common share:
Basic $0.09 $0.18 $0.25 $0.76
Diluted $0.09 $0.17 $0.24 $0.72
Weighted average number of shares
of common stock and common stock
equivalents:
Basic 47,455 47,683 42,004 47,595
Diluted 49,990 49,345 44,612 49,793
Adjusted EBITDA (a) $42,196 $44,015 $169,554 $182,053
(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
and loss on early retirement of debt. 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
(In thousands, except per-share amounts)
Quarter Ended Year Ended
Dec. 31, Dec. 31,
2001 2002 2001 2002
Net income, as reported $4,482 $8,397 $10,530 $35,939
Add non-cash stock-based compensation
expenses 532 418 1,456 1,900
Less income tax effect of non-cash
stock-based compensation expenses (252) (173) (689) (789)
280 245 767 1,111
Income excluding non-cash stock-based
compensation expenses $4,762 $8,642 $11,297 $37,050
Add loss on early retirement of debt - - 3,734 -
Less income tax effect of loss on early
retirement of debt - - (1,494) -
- - 2,240 -
Income excluding non-cash stock-based
compensation expenses and loss on
early retirement of debt $4,762 $8,642 $13,537 $37,050
Earnings per share -- diluted
As reported $0.09 $0.17 $0.24 $0.72
Excluding non-cash stock-based
compensation expenses $0.10 $0.18 $0.25 $0.74
Excluding non-cash stock-based
compensation expenses and loss
on early retirement of debt $0.10 $0.18 $0.30 $0.74
Weighted average number of shares
of common stock and common stock
equivalents -- diluted 49,990 49,345 44,612 49,793
ALLIANCE IMAGING INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
Dec. 31, Dec. 31,
2001 2002
Cash and cash equivalents $ 22,051 $ 31,413
Accounts receivable, net of allowances 53,294 49,830
Total current assets 83,721 99,502
Equipment, net 352,533 358,607
Total assets 658,232 683,058
Total current liabilities 58,894 55,923
Long-term debt, including current maturities 655,961 608,862
Total stockholders' deficit (80,857) (42,309)
ALLIANCE IMAGING INC.
SELECTED STATISTICAL INFORMATION
Fourth Quarter
Ended
Dec. 31,
2001 2002
MRI scan-based
Average number of scan-based systems 303.1 308.0
Scans per system per day 9.50 9.55
Total number of MRI scans 211,000 211,900
Price per scan $369.7 $370.6
Revenue breakdown (in millions)
Total scan-based MRI revenue $78.0 $78.5
PET revenue 3.5 9.7
Non-scan based MRI and other modalities 13.6 15.4
Total revenues $95.1 $103.6
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