American HomePatient Reports 2002 Financial Results.Business Editors BRENTWOOD Brentwood, city and district, England Brentwood, city (1991 pop. 51,212) and district, Essex, SE England. Brentwood is mainly residential but produces some agricultural equipment, film, and prefabricated concrete. , Tenn.--(BUSINESS WIRE)--April 16, 2003 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of HomePatient (Pink Sheets: AHOM) -- Company reports profitable 2002 fourth quarter -- Loss in 2002 third quarter declines, compared with 2001 third quarter loss -- Loss for year includes substantial non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for change in goodwill accounting -- Company provides restated income statements for the 2002 first and second quarter, as well as for 2001 -- Company announces April 23, 2003 hearing date on proposed reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. American HomePatient, Inc. (Pink Sheets: AHOM) today reported net income of $8.2 million on revenues of $82.2 million in its fourth quarter ended December December: see month. 31, 2002, compared with net income of $2.7 million on revenues of $82.9 million in the 2001 fourth quarter. Joseph F. Furlong furlong: see English units of measurement. , president and chief executive officer, said, "We are pleased to report a profitable fourth quarter. The fourth quarter results demonstrate that the strategies we are implementing to improve profitability - especially those to strengthen our organizational and financial structure, to boost our sales effort and to reduce bad debt expense - are succeeding. Our improved financial results position us to fully pay all creditors and lenders according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the reorganization plan that the Company and the Official Unsecured Creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. Committee are proposing for confirmation in a hearing before the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , scheduled for April 23, 2003." As announced on December 5, 2002, the Company determined that it had incorrectly in·cor·rect adj. 1. Not correct; erroneous or wrong: an incorrect answer. 2. Defective; faulty: incorrect programming of the computer. 3. accounted for certain fees in financial reports preceding its July July: see month. 31, 2002, bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing. The Company had believed that its method of recording these fees was appropriate and its prior auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP LLP - Lower Layer Protocol , had concurred. At the time, the Company said it was necessary to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its financial results for 2001 and the affected second, third and fourth quarters, as well as for the first and second quarters of 2002. The Company also announced at that time that it would delay reporting its financial results for the third quarter of 2002 until the restatements were completed. Accordingly, the Company today reported a net loss of $2.4 million in the 2002 third quarter and of $61.2 million for the year ended December 31, 2002 and provided restatements of its financial results for the first and second quarters of 2002, for the year ended December 31, 2001 and all quarters for the year ended December 31, 2001. All references to amounts in this news release include the effects of restatements, unless otherwise stated. Fourth Quarter 2002 Results American HomePatient said that net income in the 2002 fourth quarter was $8.2 million, compared with net income of $2.7 million in the 2001 fourth quarter. Fourth quarter 2002 net income included non-recurring reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. items of $1.6 million related to the bankruptcy reorganization, and excluded approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5.0 million of non-default interest expense that would have been paid during the period had the Company not sought bankruptcy protection. Net income in the 2001 fourth quarter included a gain of $2.6 million associated with the sale of certain non-core assets. 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 is a non-GAAP financial measurement that is calculated as revenues less expenses other than interest, taxes, depreciation and amortization. For the fourth quarter of 2002, EBITDA, excluding reorganization items of $1.6 million, was $15.2 million or 18.5 percent of revenues. EBITDA for the fourth quarter of 2001, excluding the gain on sale of assets of centers of $2.6 million, was $14.1 million or 17.0 percent of revenues. Revenues for the 2002 fourth quarter were $82.2 million, down slightly from the $82.9 million reported for the comparable 2001 period. As a result of sales of non-core assets in both 2001 and early 2002, revenues were negatively impacted by approximately $4.3 million in the fourth quarter of 2002. Furlong noted, "Excluding the revenues associated with the sold assets, revenues for the 2002 fourth quarter increased by approximately four percent, compared with 2001 fourth quarter revenues. We believe that our investment in sales and marketing over the past three years is paying off in growth in same-store locations." Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased in the 2002 fourth quarter compared with the 2001 fourth quarter, due primarily to improvements in bad debt expense and reductions in other operating expenses resulting from the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of certain non-core assets. The Company reported a $22.8 million cash balance as of December 31, 2002, compared with a cash balance of $9.1 million on December 31, 2001. Third Quarter 2002 Results The Company today reported a net loss of $2.4 million on revenues of $78.4 million in the third quarter ended September September: see month. 30, 2002, compared with a net loss of $6.0 million on revenues of $86.5 million in the 2001 third quarter. Third quarter 2001 net loss includes a loss of $2.6 million on the sale of non-core assets. The Company said the improvement in bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. results for the 2002 third quarter reflects a slight increase in revenues excluding the negative impact from the sales of non-core assets, lower bad debt expense and lower depreciation and amortization expense, as well as lower interest expense as a result of the stay on interest payments during the bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . The Company's sale of certain non-core assets negatively impacted 2002 third quarter revenues by approximately $8.3 million. EBITDA for the third quarter of 2002, excluding reorganization items of $3.9 million and Chapter 11 financial advisory expenses incurred prior to filing bankruptcy of $0.5 million, was $10.6 million or 13.5 percent of revenues. EBITDA for the third quarter of 2001, excluding the loss on sale of assets of centers of $2.6 million, was $12.6 million or 14.6 percent of revenues. Operating expenses decreased in the third quarter of 2002 as compared with the same period in the prior year, primarily as a result of a decrease in bad debt expense. This improvement in bad debt expense primarily is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the same factors that impacted fourth quarter bad debt expense. Year 2002 Results The Company's net loss for the year ended December 31, 2002 was $61.2 million, compared with a net loss of $12.9 million for the prior year. The loss in 2002 includes a $68.5 million charge for the cumulative effect of a change in accounting principle associated with the Company's adoption of Statement of Financial Accounting Standards No. 142 ("Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. "), $5.5 million in reorganization items, $0.8 million in Chapter 11 financial advisory expenses incurred prior to filing bankruptcy, and a tax benefit of $1.9 million. Excluding these items, American HomePatient enjoyed improved income in 2002 compared to 2001 primarily due to increased same-location revenues, lower bad debt expense and lower depreciation and amortization expense, as well as lower interest expense as a result of the stay on interest payments during the bankruptcy proceedings. The Company recorded adequate protection payments in 2002 of $8.0 million as an offset to the principal amount of the debt. However, the Bankruptcy Court will determine the ultimate application of these payments, as principal, or interest and expenses, as part of the bankruptcy proceedings. For the year ended December 31, 2002, the Company reported revenues of $319.8 million, down from $348.2 million for the same period of 2001. Excluding the loss of revenues of sold locations, revenues for fiscal 2002 increased approximately $4.8 million over the prior fiscal year or 1.4 percent. EBITDA for the 2002 fiscal year, excluding reorganization items of $5.5 million, Chapter 11 financial advisory expenses incurred prior to filing bankruptcy of $0.8 million, gain on sale of assets of centers of $0.7 million, and cumulative effect of change in accounting principle of $68.5 million, was $48.5 million or 15.2 percent of revenues. EBITDA for the 2001 fiscal year, excluding the loss on sale of assets of centers of $0.1 million, was $51.2 million or 14.7 percent of revenues. Overall, operating expenses decreased in 2002 compared with 2001, due primarily to improvements in bad debt expense and the sales of the assets of non-core businesses in 2001 and in the first quarter of 2002. As a percentage of revenues, bad debt expense for 2002 declined to 3.6 percent, compared with 4.5 percent for 2001, primarily due to the previously cited factors. Restated 2001 and First and Second Quarter 2002 Results As announced on December 5, 2002, the Company determined that it had incorrectly accounted for certain fees associated with its Fifth Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Credit Facility, although it previously believed that its method of recording these fees was appropriate and its prior auditors had concurred. At that time, the Company said it was necessary to restate its financial results for 2001 and the affected, second, third and fourth quarters, as well as for the first and second quarters of 2002. The restatements include corrections of the accounting for the credit facility fees and other adjustments not related to the credit facility fees that arose in connection with the re-audit of 2001 and audit of 2002. Table A (attached to this press release) shows 2001 and 2002 quarterly and annual restated income statements. Table A also provides a reconciliation of net income as originally reported with the restated amounts for the 2001 quarters and year, as well as for the first and second quarters of 2002. Bankruptcy Proceeding Update As announced previously, the American HomePatient, Inc. and 24 of its subsidiaries filed voluntary petitions for relief to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. by the Office of the 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. Trustee A user or group of users that has been given access rights to files on a network server. See also TRUSTe. jointly have proposed a plan of reorganization for the Company pursuant to which all of the Company's creditors will be paid in full and the shareholders of the Company will retain all of their equity interests in the Company. The bankruptcy filing was prompted by the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. December 31, 2002, maturity of the Company's Bank Credit Facility. Over the last several years the Company unsuccessfully un·suc·cess·ful adj. 1. Having an unfavorable outcome: an unsuccessful venture. 2. Failing to attain something desired or intended: an unsuccessful entrepreneur. had attempted to reach a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreement with its lenders to restructure the Bank Credit Facility and thus determined that filing the bankruptcy cases was the best way to restructure the Company's debt. The Company expects that the lenders will object to the proposed plan, even though the Company's financial results have continued to improve during the bankruptcy proceedings. The Company and the Official Unsecured Creditors Committee believe the proposed plan is feasible (algorithm) feasible - A description of an algorithm that takes polynomial time (that is, for a problem set of size N, the resources required to solve the problem can be expressed as some polynomial involving N). and in the best interests of all creditors, and the plan provides for full payment to all creditors, including the lenders. The hearing before the Bankruptcy Court on confirmation of the jointly proposed plan is scheduled for April 23, 2003. There can be no assurance as to the final outcome of the bankruptcy proceedings. American HomePatient, Inc. is one of the nation's largest home health care providers with 285 centers in 35 states. Its product and service offerings include respiratory respiratory /res·pi·ra·to·ry/ (res´pi-rah-tor?e) pertaining to respiration. res·pi·ra·to·ry adj. Of, relating to, used in, or affecting respiration. services, infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. therapy, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , and medical equipment for patients in their home. American HomePatient, Inc.'s common stock is currently traded in the Pink Sheets under the symbol AHOM. American HomePatient, Inc. provides information related to non-GAAP financial measurements such as EBITDA and, from time to time, other non-GAAP financial measurements that adjust for certain items outside of the ordinary course of its business. To enable interested parties to reconcile non-GAAP measures to the Company's GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financials, the Company clearly defines EBITDA and quantifies all other adjustments to GAAP measurements (see Table B). The Company provides EBITDA information, a widely used non-GAAP financial measurement, to assist in analyzing the Company's operating profitability and in comparing the Company to its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . The Company provides other non-GAAP financial measurements that adjust for certain items outside of the ordinary course of business in order to assist in comparing the Company's current operating performance to its historical performance. These adjustments typically reflect non-recurring items but sometimes reflect items, such as dispositions of assets and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , that are not technically non-recurring but are outside of the ordinary course of operations. Investors are encouraged to use this information in connection with the information contained in the Company's GAAP financial statements. Certain statements made in the press release may constitute 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the Company is unable to predict or control, that may cause the Company's actual results or performance to materially differ from any future results or performance expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. These statements involve risks and uncertainties, including, without limitation, risks and uncertainties regarding the Chapter 11 filings, the proposed plan, the operation of the Company during such proceedings and thereafter, and the final resolution of such proceedings. These risks and uncertainties are in addition to other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. Such factors may include changes to the Company's business strategy and operation, the effect of healthcare regulation and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , the ability to obtain business, and the outcome of ongoing government investigations. The Company cautions investors that any forward-looking statements made by the Company are not necessarily indicative indicative: see mood. of future performance. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or 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 services.
American HomePatient, Inc. Table A
Summary Financial Data page 1 of 3
(In thousands, except per share data)
Three Three Three Three Twelve
Months Months Months Months Months
ended ended ended ended ended
Mar. 31, June 30, Sept. 30, Dec. 31, Dec. 31,
2001 2001 2001 2001 2001
as as as as as
restated restated restated restated restated
------------------------------------------------
Revenues $90,264 $88,556 $86,477 $82,893 $348,190
Cost of sales and
related services 22,066 21,805 18,305 16,708 78,884
Cost of rentals and
other revenues,
including rental
equipment depreciation 8,518 8,978 9,230 8,513 35,239
Operating expenses,
including bad debt
expense 49,521 48,262 49,296 45,783 192,862
General and
administrative expenses 4,109 3,928 3,768 3,888 15,693
Earnings from joint
ventures (1,059) (1,140) (1,137) (1,423) (4,759)
Depreciation, excluding
rental equipment, and
amortization 2,828 2,733 2,639 2,576 10,776
Amortization of deferred
financing costs 324 1,057 828 873 3,082
Loss (gain) on sale of
assets of centers - - 2,629 (2,574) 55
Income before interest
and taxes 3,957 2,933 919 8,549 16,358
(Loss) income before
taxes (6,271) (3,042) (5,818) 2,689 (12,442)
Net (loss) income $(6,421) $(3,192) $(5,968) $2,689 $(12,892)
Basic net (loss)
income per share $(0.40) $(0.20) $(0.37) $0.16 $(0.79)
Diluted net (loss)
income per share $(0.40) $(0.20) $(0.37) $0.14 $(0.79)
Reconciliation of
Restated Net income (loss):
----------------------
Net (loss) income, as
previously reported $(6,597) $(2,110) $(5,855) $3,018 $(11,544)
Adjustments 176 (1,082) (113) (329) (1,348)
------------------------------------------------
Net (loss) income, as
restated $(6,421) $(3,192) $(5,968) $2,689 $(12,892)
================================================
American HomePatient, Inc. Table A
Summary Financial Data page 2 of 3
(In thousands, except per share data)
Three Three Three Three Twelve
Months Months Months Months Months
ended ended ended ended ended
Mar. 31, June 30, Sept. 30, Dec. 31, Dec. 31,
2002 2002 2002 2002 2002
as as
restated restated
----------------------------------------------
Revenues $80,004 $79,210 $78,370 $82,213 $319,797
Cost of sales and
related services 16,504 15,561 15,110 16,353 63,528
Cost of rentals and
other revenues,
including rental
equipment depreciation 8,186 8,580 9,295 8,915 34,976
Operating expenses,
including bad debt
expense 46,336 44,853 46,084 43,581 180,854
General and
administrative expenses 4,262 4,055 3,748 4,174 16,239
Earnings from joint
ventures (1,273) (1,119) (1,000) (1,198) (4,590)
Depreciation, excluding
rental equipment, and
amortization 1,033 1,069 982 991 4,075
Amortization of deferred
financing costs 824 719 236 - 1,779
Gain on sale of assets
of centers (667) - - - (667)
Chapter 11 financial
advisory expenses
incurred prior to
filing bankruptcy - 314 504 - 818
Income before
reorganization items,
interest, taxes and
cumulative effect of
change in accounting
principle 4,799 5,178 3,411 9,397 22,785
(Loss) income before
taxes and cumulative
effect of change in
accounting principle (404) 35 (2,304) 8,092 5,419
Income (loss) before
cumulative effect of
change in accounting
principle 1,608 (65) (2,404) 8,192 7,331
Cumulative effect of
change in accounting
principle (68,485) - - - (68,485)
Net (loss) income $(66,877) $(65) $(2,404) $8,192 $(61,154)
Basic income (loss) per
share before cumulative
effect of change in
accounting principle $0.10 $- $(0.15) $0.50 $(0.45)
Diluted income (loss)
per share before
cumulative effect of
change in accounting
principle $0.09 $- $(0.15) $0.45 $(0.39)
Basic net (loss) income
per share $(4.10) $- $(0.15) $0.50 $(3.74)
Diluted net (loss)
income per share $(3.57) $- $(0.15) $0.45 $(3.29)
Reconciliation of
Restated Net loss :
------------------------
Net loss, as previously
reported $(67,558) $(239)
Adjustments 681 174
------------------
Net loss, as restated $(66,877) $(65)
==================
American HomePatient, Inc. Table A
Summary Financial Data page 3 of 3
(In thousands)
Dec. 31, Dec. 31,
2002 2001
as restated
---------- -----------
Cash & equivalents $22,827 $9,129
Restricted cash 67 265
Net patient receivables 54,183 60,117
Other receivables 1,254 2,037
---------- -----------
Total receivables 55,437 62,154
Other current assets 18,841 15,583
---------- -----------
Total current assets 97,172 87,131
Property and equipment, net 50,427 47,088
Goodwill, net 121,214 189,699
Other assets 22,130 23,122
---------- -----------
Total Assets $290,943 $347,040
========== ===========
Accounts payable $13,267 $19,819
Current portion of long term debt - 282,554
Other current liabilities 16,850 25,194
---------- -----------
Total current liabilities 30,117 327,567
Long term debt, less current portion - 1,142
Other non-current liabilities 591 4,782
---------- -----------
Total liabilities 30,708 333,491
Liabilities subject to compromise 307,829 -
Total stockholders' (deficit)
equity (47,594) 13,549
---------- -----------
Total Liabilities and
Stockholders' (Deficit) Equity $290,943 $347,040
========== ===========
American HomePatient, Inc. Table B
Reconciliation of Non-GAAP Financial Measurements page 1 of 1
to GAAP Financial Statements
(In thousands)
Three Months Three Months Twelve Months
ended ended ended
Sept. 30, Dec. 31, Dec. 31,
2001 2001 2001
as restated as restated as restated
------------ ------------ -------------
Net loss (income) $(5,968) $2,689 $(12,892)
Add:
Provision for (benefit
from) income taxes 150 - 450
Interest 6,737 5,860 28,800
Amortization of deferred
financing costs 828 873 3,082
Depreciation, excluding
rental equipment, and
amortization 2,639 2,576 10,776
Rental equipment
depreciation 5,596 4,672 20,932
-----------------------------------------
Earnings before interest,
taxes, depreciation, and
amortization (EBITDA) $9,982 $16,670 $51,148
Add:
Cumulative effect of
change in accounting
principle with no related
tax effect - - -
Reorganization items - - -
Chapter 11 financial
advisory expenses
incurred prior to filing
bankruptcy - - -
(Gain) loss on sale of
assets of centers 2,629 (2,574) 55
-----------------------------------------
EBITDA, excluding cumulative
effect of change in
accounting principle,
reorganization items,
chapter 11 financial
advisory expenses incurred
prior to filing bankruptcy,
and (gain) loss on sale of
assets of centers $12,611 $14,096 $51,203
=========================================
Three Months Three Months Twelve Months
ended ended ended
Sept. 30, Dec. 31, Dec. 31,
2002 2002 2002
------------ ------------ -------------
Net loss (income) $(2,404) $8,192 $(61,154)
Add:
Provision for (benefit
from) income taxes 100 (100) (1,912)
Interest 1,798 (275) 11,869
Amortization of deferred
financing costs 236 - 1,779
Depreciation, excluding
rental equipment, and
amortization 982 991 4,075
Rental equipment
depreciation 5,428 4,853 19,687
-----------------------------------------
Earnings before interest,
taxes, depreciation, and
amortization (EBITDA) $6,140 $13,661 $(25,656)
Add:
Cumulative effect of
change in accounting
principle with no related
tax effect - - 68,485
Reorganization items 3,917 1,580 5,497
Chapter 11 financial
advisory expenses
incurred prior to filing
bankruptcy 504 - 818
(Gain) loss on sale of
assets of centers - - (667)
-----------------------------------------
EBITDA, excluding cumulative
effect of change in
accounting principle,
reorganization items,
chapter 11 financial
advisory expenses incurred
prior to filing bankruptcy,
and (gain) loss on sale of
assets of centers $10,561 $15,241 $48,477
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