Coast Dental Services Inc. announces year end results.TAMPA, Fla.--(HealthWire)--Feb. 27, 1997--Coast Dental Services Inc. (the "company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CDEN CDEN Canadian Design Engineering Network ) announced Thursday record net revenues and earnings for the year ended Dec. 31, 1996. The company reported that their net revenues were $8,128,000 for 1996 as compared to $3,325,000 for 1995. Income before income taxes was $1,403,000 for 1996 as compared to $224,000 for 1995 and pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income and pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share were $855,800 and $.24 per share, respectively, for 1996 compared to $134,600 and $.04 per share, respectively, for 1995. Coast Dental Services Inc. completed their initial public offering on Feb. 11, 1997, selling 2,200,000 shares of common stock at a price of $8 per share raising $16,368,000 for the company. The managing underwriters Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. for the initial public offering were Prudential Securities Incorporated and Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . & Associates Inc. The company intends to use 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 the offering to: (a) finance the continued expansion of the company in its existing markets through central and northern Florida and eventually into select new markets in the Southeast, (b) repay outstanding 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. of approximately $4.1 million and, (c) for future working capital and general corporate purposes, as needed as needed prn. See prn order. . The company's Stock is traded on the NASDAQ National Market over the counter under the symbol "CDEN." Coast Dental Services Inc. provides management services to dental centers located in central and northern Florida. The company expanded their management services to 18 additional dental centers in 1996 bringing the total dental centers managed to 29 as of Dec. 31, 1996. The dental centers managed by the company serve over 235,000 patients. The company regrets its inability to answer questions from the press at this time as the company remains in its "quiet period" under federal securities laws. -0-
COAST DENTAL SERVICES INC.
STATEMENTS OF OPERATIONS
(dollars in thousands except per share data)
Dec. 31,
1995 1996
(Unaudited)
Net revenues $ 3,325 $ 8,128
Dental center expenses 2,353 5,452
Gross profit 972 2,676
General and administrative 683 950
Depreciation and amortization 15 139
Interest expense (net) 50 184
Total operating expenses 748 1,273
Income before income taxes 224 1,403
Pro forma income tax expense 89 547
Pro forma net income $ 135 $ 856
Pro forma earning per share $ .04 $ .24
Weighted average number of
shares outstanding 3,500,000 3,500,000
CONTACT: Coast Dental Services Inc., Tampa Joseph R. Smith, Chief Financial Officer 813/288-1999 |
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