Coastal Physician Group, Inc. Announces First Quarter 1999 Financial Results.DURHAM Durham, town and district, England Durham, town (1991 pop. 38,105) and district, county seat of Durham, NE England, on the sides of a hill nearly encircled by the Wear River. The town's small factories produce organs and carpets. , N.C.--(BUSINESS WIRE)--May 18, 1999-- Coastal Physician Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ERDR) today reported unaudited financial results for the three months ended March 31, 1999. The Company reported a net loss for the first quarter of 1999 of $2,336,000, or basic and 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. loss of $0.06 per share based upon 37,832,000 weighted average shares outstanding, compared to a loss of $4,593,000, or basic and diluted loss of $0.12 per share based upon 37,545,000 weighted average shares outstanding for the first quarter of 1998. Net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of the core businesses of emergency medicine practice management, government services and medical billing and collections for the 1999 period was $50,695,000, a decrease of $195,000 or 0.4%, from net operating revenue of $50,500,000 for the same period in 1998. Net operating revenue of the divested operations for the 1999 period was zero, a decrease of $37,377,000 for the same period in 1998. Total costs and expenses decreased by $39,858,000, or 44.0%, from $90,536,000 to $50,678,000 resulting in an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before other income and expense of $17,000 for the first quarter of 1999 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the first quarter of 1998 of $2,659,000. A copy of the Coastal Physician Group, Inc. Form 10-Q Form 10-Q See 10-Q. for the period ended March 31, 1999 as filed with the Securities and Exchange Commission is available by contacting the Company's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department or via our website at http://www.coastalphysician.com. The Company expects to hold its Annual Meeting of Shareholders on July July: see month. 15, 1999, in Durham, North Carolina Durham is a city in the U.S. state of North Carolina. It is the county seat of Durham CountyGR6 and is the fourth-largest city in the state by population. . Coastal Physician Group, Inc. is an emergency medicine physician management company and provides certain core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information or Statements: Except for statements of historical fact, statements made herein are forward-looking in nature and are inherently subject to uncertainties. The actual results of the Company may differ materially from those reflected in the 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. based on a number of important risk factors, including, but not limited to: the level and timing of improvements in the operations of the Company's businesses; the possibility that the Company may not be able to improve operations as planned; the inability to obtain continued and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. additional necessary working capital financing as needed as needed prn. See prn order. ; and other important factors discussed above under "Other Trends and Uncertainties" and disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). from time to time in the Company's 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. , Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. -0-
COASTAL PHYSICIAN GROUP, INC.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31, December 31,
1999 1998
--------------- -------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,395 $ 45
Trade accounts receivable, net 31,853 29,216
Reserves held by NCFE 5,192 5,400
Accounts receivable, other 2,720 686
Receivables from related party 17 54
Prepaid expenses and other current assets 5,639 5,411
------- -------
Total current assets 47,816 40,812
------- -------
Property and equipment, at cost,
less accumulated depreciation 7,014 7,171
Excess of cost over fair value
of net assets acquired, net 2,204 2,248
Other assets 4,114 4,843
------- -------
Total assets $61,148 $55,074
======= =======
Liabilities and Shareholders' Equity (Deficit)
Current liabilities:
Current maturities and other
short-term borrowings $ 442 $ 433
Accounts payable 19,551 22,559
Payables to related party 209 1,277
Accrued physician fees
and medical costs 10,411 9,986
Accrued expenses 7,524 7,429
-------- --------
Total current liabilities 38,137 41,684
-------- --------
Long-term debt, excluding
current maturities 89,055 77,109
-------- --------
Total liabilities 127,192 118,793
-------- --------
Shareholders' equity (deficit):
Preferred stock $.01 par value;
shares authorized 10,000; shares
issued and outstanding
445 and 445, respectively 4 4
Additional paid-in capital
preferred stock 2,061 2,061
Common stock $.01 par value;
shares authorized 100,000; shares
issued and outstanding 37,892 and
37,832, respectively 379 378
Additional paid-in capital 176,207 176,197
Common stock warrants 1,691 1,691
Retained earnings
(accumulated deficit) (246,386) (244,050)
Accumulated other comprehensive
income 0 0
--------- ---------
Total shareholders' equity (deficit) (66,044) (63,719)
--------- ---------
Total liabilities and
shareholders' equity (deficit) $ 61,148 $ 55,074
========= =========
COASTAL PHYSICIAN GROUP, INC.
Unaudited Consolidated Condensed Statements of Cash Flows
(In thousands)
Three months ended
March 31,
-----------------
----------------------------
1999 1998
----------- ------------
Net cash used in operating activities $ (9,458) $ (5,467)
Cash flows from investing activities:
Sales of marketable securities
and investments, net 0 245
Purchases of property and
equipment, net (158) (153)
Disposition of subsidiaries,
net of cash disposed 0 (5,865)
Net cash used in investing ------- -------
activities (158) (5,773)
------- -------
Cash flows from financing
activities:
Net borrowings on
long-term debt 11,955 3,125
Proceeds from issuances
of common stock 11 60
Net cash provided by ------ ------
financing activities 11,966 3,185
------ ------
Net increase (decrease) in
cash and cash equivalents 2,350 (8,055)
Cash and cash equivalents
at beginning of period 45 8,921
------- -------
Cash and cash equivalents
at end of period $ 2,395 $ 866
------- -------
------- -------
Supplemental disclosures of cash flow information:
Cash payments
(refunds) during
the period for:
Interest $ 2,565 $ 2,140
Income taxes $ 60 $ 0
COASTAL PHYSICIAN GROUP, INC.
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
Three months ended
March 31,
----------------------------------------
1999 1998
-------------------------
Operating revenue, net $ 50,695 $ 87,877
Costs and expenses:
Physician and other provider services 34,907 70,524
Medical support services 8,431 7,925
Selling, general and administrative 7,250 11,659
Related party expense, net 90 428
-------- --------
Total costs and expenses 50,678 90,536
-------- --------
Operating income (loss) 17 (2,659)
-------- --------
Other income (expense):
Interest expense (2,429) (2,140)
Interest income 63 56
Other related party expense, net (114) 0
Other, net 127 150
-------- --------
Total other expense (2,353) (1,934)
-------- --------
Loss before income taxes (2,336) (4,593)
Benefit for income taxes 0 0
-------- --------
Net loss $ (2,336) $ (4,593)
======== ========
Basis and diluted loss per share $ (0.06) $ (0.12)
======== ========
Weighted average number of shares
outstanding 37,832 37,545
======== ========
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