Coast Dental Services Announces Results for First Quarter.Business Editors/Health & Medical Writers TAMPA, Fla.--(BUSINESS WIRE)--April 27, 2000 Coast Dental Services, Inc. (the "Company") (Nasdaq:CDEN CDEN Canadian Design Engineering Network ) announced net revenues and earnings for the quarter ended March 31, 2000. The Company reported net revenues increased 6.0% to $11,568,944 for the first quarter of 2000 as compared to $10,912,548 for the first quarter of 1999. Net loss and loss per share were ($29,761) or ($0.00) per 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. share for the first quarter of 2000 compared to net income and earnings per share of $1,117,930 or $0.15 for the same period in 1999. The $0.00 per diluted share was within the Company's predicted range for the quarter, which it previously disclosed. The Company continues to focus on internal growth through the further development and maturity of existing Dental Centers. As such, no additional Dental Centers were added during the first quarter. However two (2) previously acquired Dental Centers were consolidated into one (1). In further developments, the Company provided an update on its previously announced ongoing share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The Company indicated that it has acquired 113,000 shares since December December: see month. 31, 1999, bringing the total number of acquired shares to 1,331,800. Commenting on the results of the first quarter, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Terek Diasti said, "We remain very focused. We previously set goals toward improving operational efficiency and effectiveness in the areas of technological enhancements and regional operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. . In addition, our previously announced re-negotiation of the management fee with the Coast P.A. has afforded the P.A. with the flexibility to implement a true incentive-based compensation structure with our affiliated dentists Dentists can refer to one of the following:
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. shareholder value, particularly as our de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. Dental Centers continue to mature. We are pleased that, in the first quarter, we were able to achieve essentially a break-even performance given the large number of immature immature /im·ma·ture/ (im?ah-chldbomacr´) unripe or not fully developed. im·ma·ture adj. Not fully grown or developed. immature unripe or not fully developed. de novo Dental Centers." Coast Dental Services, Inc. is a dental service organization providing management services to affiliated dental care providers in Dental Centers located in Florida, 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. , Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . As of March 31, 2000, the Company had 129 Dental Centers under management. SPECIAL NOTE REGARDING 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. This press release contains statements, which may constitute "forward-looking statements" 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. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors as set forth from time to time in the Company's previous press releases and previous filings with the SEC including its recently filed Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Additionally, officers of the Company may make forward-looking statements during analyst conference calls and in other meetings. The Company undertakes no obligation to publicly update or revise the forward-looking statements made in this press release to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this press release or to reflect the occurrence of unanticipated events. - Table follows -
COAST DENTAL SERVICES, INC.
CONDENSED STATEMENTS OF INCOME (Unaudited)
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Quarter Ended
March 31,
--------------------------------------
1999 2000
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Net Revenue.................. $ 10,912,548 $ 11,568,944
Dental Center Expenses:
Staff salaries................. 3,501,144 4,803,159
Dental supplies and lab fees... 1,680,544 2,093,137
Advertising.................... 767,552 448,512
Rent........................... 1,439,637 1,747,247
Depreciation................... 479,696 757,333
Other.......................... 324,262 330,046
----------------- ---------------
Total Dental Center expenses.. 8,192,835 10,179,434
----------------- ---------------
Gross profit.................. 2,719,713 1,389,510
General and administrative
expenses........................ 1,005,579 1,202,771
Development costs................ -- --
Depreciation and amortization.... 287,278 306,151
----------------- ---------------
Operating profit.............. 1,426,856 (119,412)
Interest income (expense)........ 265,925 72,155
----------------- ---------------
Income before income taxes....... 1,692,781 (47,257)
Income taxes..................... 574,851 (17,496)
----------------- ---------------
Income before cumulative effect
of a change in accounting
principle....................... 1,117,930 (29,761)
Cumulative effect of change
in accounting principal, net of
income tax of $382,403.......... -- --
----------------- ---------------
Net income....................... 1,117,930 (29,761)
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Basic earnings per share:
Income before cumulative effect
of a change in accounting
principle....................... 15 --
Cumulative effect of a change
in accounting principle......... -- --
----------------- ---------------
Net income....................... 15 --
================= ===============
Diluted earnings per share:
Income before cumulative effect
of a change in accounting
principle....................... 15 --
Cumulative effect of a change
in accounting principle......... -- --
----------------- ---------------
Net income....................... 15 --
================= ===============
Weighted average number of
shares outstanding:
Basic............................ 7,538,686 6,312,318
================= ===============
Diluted.......................... 7,538,717 6,312,318
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