AmeriPath, Inc. Announces 1999 Fourth Quarter and Year End Results.Business Editors RIVIERA BEACH Riviera Beach (rəvēr`ə), resort city (1990 pop. 27,639), Palm Beach co., SE Fla., on Lake Worth (a lagoon); inc. 1922. Research and development firms are located in the growing city. , Fla.--(BUSINESS WIRE)--Feb. 22, 2000 - Quarterly Net Revenue and Net Income Up 27% and 14%, Respectively - AmeriPath, Inc. (Nasdaq:PATH), the nation's leading integrated physician group practice and laboratory management company focused on anatomic anatomic /ana·tom·ic/ (an?ah-tom´ik) anatomical. Anatomic Related to the physical structure of an organ or organism. pathology pathology, study of the cause of disease and the modifications in cellular function and changes in cellular structure produced in any cell, organ, or part of the body by disease. services, today reported its results for the fourth quarter and year ended December 31, 1999. Net revenue for the quarter ended December 31, 1999 was $65.1 million, compared to $51.5 million for the fourth quarter of the prior year, an increase of 27%. Same practice net revenue for the fourth quarter of 1999 increased by $3.8 million or 7% over the fourth quarter of the prior year. The remaining increase in net revenue of $9.8 million resulted from the operations of the acquired practices. Net income for the quarter was $6.1 million, or $0.28 per share, compared to $5.3 million, or $0.25 per share, for the same period of the prior year. The 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. weighted average number of shares outstanding for the fourth quarter of 1999 were 22.1 million, compared to 21.6 million for the same period in 1998. For the year ended December 31, 1999, AmeriPath reported net revenue of $232.8 million, an increase of 31% over the $177.3 million reported for the year ended December 31, 1998. Of this increase, $49.0 million was attributable to acquisitions. Same practice net revenue for 1999 increased by $6.5 million, or 4%. Same practice hospital net revenue increased $3.1 million, or 2% and same practice outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. net revenue increased $4.2 million, or 3%. These increases were offset by a 1% Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. decrease, which was effective January 1, 1999. Net income for the year was $23.0 million, or $1.05 per share, compared to $18.6 million, or $0.89 per share, for the year ended December 31, 1998. The diluted weighted average number of shares outstanding for the year ended December 31, 1999 were 21.8 million as compared to 21.0 million for 1998. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for 1999 was approximately $35.1 million, compared to $21.7 million for 1998. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net revenue per pathologist pa·thol·o·gist n. A specialist in pathology who practices chiefly in the laboratory as a consultant to clinical colleagues. Pathologist full-time equivalent Full-time equivalent (FTE) is a way to measure a worker's involvement in a project, or a student's enrollment at an educational institution. An FTE of 1.0 means that the person is equivalent to a full-time worker, while an FTE of 0.5 signals that the worker is only half-time. continues at approximately $1.0 million. James C. New, President and Chief Executive Officer of AmeriPath, commented, "AmeriPath's second year as a public company was outstanding in numerous ways. We again exceeded both Wall Street's financial expectations and our internal budgets for the ninth consecutive quarter. Our annual net revenue run rate now exceeds $270 million. During 1999, we completed 10 acquisitions and entered new markets in Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. and Michigan, while adding to our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and presence in Texas, Florida, Wisconsin and Pennsylvania. Our consistent profitability and cash flow, coupled with the increase in availability under our credit facility to $230 million, provide the necessary capital to invest in technology, equipment, and to finance strategic acquisitions. For 2000, we expect that the acquisition and operational strategies that have worked for us in the past will continue to be the foundation for future growth. These strategies include quality acquisitions, market densification, high quality service, same practice revenue growth and the integration of acquired practices into AmeriPath's operating structure. In 2000, we will also make major strides toward the transition of AmeriPath into one of the country's leading providers of healthcare diagnostic information." The Company will broadcast its fourth quarter and year ended December 31, 1999 financial results conference call on Tuesday, February 22, 2000 at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy over the Internet. This event is available through Investor Broadcast Network's Vcall website, located at http://www.vcall.com. Listeners should go to the website at least fifteen minutes before the event to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available shortly after the call. There is no charge to access the event. The replay of the call will also be available by telephone beginning at 12:00 p.m. February 22 to 12:00 p.m. February 23. The dial-in number is 800-633-8284, reservation no. 14370742. AmeriPath, Inc. is the nation's leading physician group practice and laboratory management company focused on providing anatomic pathology services to physicians, hospitals, national clinical laboratories and managed care organizations. The Company presently operates in 13 states and employs 297 physicians that provide medical services through outpatient pathology laboratories, hospital inpatient inpatient /in·pa·tient/ (in´pa-shent) a patient who comes to a hospital or other health care facility for diagnosis or treatment that requires an overnight stay. in·pa·tient n. laboratories and outpatient surgery Outpatient Surgery, also referred to as ambulatory surgery or same-day surgery, is surgery that does not require an overnight hospital stay. The term “outpatient” arises from the fact that surgery patients may go home do not need an overnight hospital centers. This release contains certain 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. regarding AmeriPath, including its operations and prospects. Past performance is not necessarily indicative of future results. In addition, AmeriPath's actual results could differ materially from the results anticipated in these forward-looking statements as a result of uncertainties, including risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc demand, pricing, government regulation, payments and reimbursements, dependence upon contracts and pathologists
Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : This release is also available at http://www.ameripath.com
AmeriPath, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
(Unaudited)
------------------ --------------------
1999 1998 1999 1998
------- --------- --------- ---------
Net revenue $65,145 $ 51,482 $ 232,753 $ 177,304
------- --------- --------- ---------
Operating costs and
expenses:
Cost of services 31,587 22,571 108,177 78,460
Selling, general & admin.
expense 10,074 8,850 37,590 29,731
Provision for doubtful
accounts 6,716 5,811 25,262 18,698
Amortization expense 3,607 2,629 12,453 9,461
------- --------- --------- ---------
Total operating costs
and expenses 51,984 39,861 183,482 136,350
------- --------- --------- ---------
Income from operations 13,161 11,621 49,271 40,954
Interest expense (2,731) (2,285) (9,299) (8,201)
Other income (expense), net 59 (37) 114 10
------- --------- --------- ---------
Income before income taxes 10,489 9,299 40,086 32,763
Provision for income taxes 4,391 3,953 17,117 14,124
======= ========= ========= =========
Net income $ 6,098 $ 5,346 $ 22,969 $ 18,639
======= ========= ========= =========
Diluted net income per share $ 0.28 $ 0.25 $ 1.05 $ 0.89
======= ========= ========= =========
Diluted weighted average
shares 22,079 21,601 21,828 21,038
======= ========= ========= =========
AmeriPath, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
1999 1998
Cash and cash equivalents $ 620 $ 458
Accounts receivable, net 45,969 36,090
Inventories 482 526
Other current assets 7,144 8,960
-------- --------
Total current assets 54,215 46,034
Property and equipment, net 14,129 8,584
-------- --------
Other assets 381,802 307,329
Total assets $450,146 $361,947
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Total current liabilities $ 19,047 $ 17,442
-------- --------
Revolving loan 163,300 121,087
Subordinated notes 777 1,106
Deferred taxes 62,980 44,488
Total long term liabilities 227,057 166,681
Total stockholders' equity 204,042 177,824
Total liabilities and
stockholders' equity $450,146 $361,947
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