HealthTronics Announces Strong Second Quarter Results and Raises 2005 Earnings Guidance.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas -- HealthTronics, Inc. (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 :HTRN HTRN Research Triangle Park Training System HTRN Hyper Terminal ) -- Urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. Procedures Increase -- Continued Growth in Medical Device Segment -- Margin Gains Highlight Vehicle Business HealthTronics, Inc. (NASDAQ:HTRN), today announced its financial results for the second quarter ended June June: see month. 30, 2005. Financial results for the second quarter of 2004 reflect the operations of Prime Medical Services, Inc. exclusively, and do not include HealthTronics Surgical Services, Inc. Comparable non-financial metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and financial variances incorporated in this news release reflect the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
Divisions of a business that have been sold or written off and that no longer are maintained by the business. and assets held for sale. See attached tables. Total revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the during the second quarter 2005 were $64.7 million. Under GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , income from continuing operations was $3.2 million, or $0.09 per share. Excluding mandatory redemption premiums redemption premium See call premium. associated with the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, income from continuing operations was $4.1 million or $0.12 per share. Fully-diluted weighted average shares outstanding for the quarter were 35.2 million. HealthTronics' President & 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. , Brad A. Hummel hummel entire, naturally polled deer. , commented, "Second quarter results were in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with our expectations, highlighted by steady gains in our medical device segment and margin improvement within the specialty vehicle group. We continue to meet our integration objectives by eliminating redundant costs and streamlining operations while attacking our strategic goals. Notably in the second quarter, we introduced the HealthTronics UroVantage(R), our intra-operative imaging system, at the American Urology Association Conference in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . Market reaction has been very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. and our first installation will be completed next month." SEGMENT ANALYSIS UROLOGY Urology procedures (all modalities Modalities The factors and circumstances that cause a patient's symptoms to improve or worsen, including weather, time of day, effects of food, and similar factors. ) totaled 16,587 during the quarter, an increase of 2.5% over the same period a year ago. Lithotripsy Lithotripsy Definition Lithotripsy is the use of high-energy shock waves to fragment and disintegrate kidney stones. The shock wave, created by using a high-voltage spark or an electromagnetic impulse, is focused on the stone. procedures, at 14,124, decreased approximately 5% from the previous year, suggesting a generally late start to the normally busier stone season. Partnership constituency and the total number of referring physicians was consistent with that of the prior quarter. Segment 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 totaled $7.1 million in the quarter. Average lithotripsy revenue per case was $2,050, slightly below the previous quarter, reflecting case mix and indicative of continued wholesale pricing stability. Minority interest in lithotripsy partnerships remained stable. Prostate therapies grew markedly to 2,070 treatments during the quarter, up from 821 in the same period a year ago. Prostate laser procedures totaled 1,070 and TUMT TUMT Transurethral microwave therapy, see there accounted for 1,000 cases during the second quarter. The Company also realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. in cryotherapy Cryotherapy Definition Cryotherapy is a technique that uses an extremely cold liquid or instrument to freeze and destroy abnormal skin cells that require removal. treatment delivery, with procedures increasing to 387 in the quarter, up from 207 in the same quarter a year ago. The operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for the services group remains very good. The Company's position as a wholesaler provides a comfortable level of insulation insulation (ĭn'səlā`shən, ĭn'sy  –), use of materials or devices to inhibit or prevent the conduction of heat or of electricity. against reimbursement ReimbursementPayment made to someone for out-of-pocket expenses has incurred. fluctuation Fluctuation A price or interest rate change. in each of our service profiles. The proposed 2006 Hospital 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. Payment System ("HOPPS HOPPS Hospital Outpatient Prospective Payment System ") rate for lithotripsy is unchanged at $2,541 per case, which positions our average charge at approximately 20% below this benchmark 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 and nearly 35% below average private pay reimbursement. The proposed cutback cut·back n. 1. A decrease; a curtailment: "The political effects of food cutbacks could be devastating" New York Times. 2. in the 2006 HOPPS rate for GreenLight PVP See portable video player. from $3,750 to $2,500 per case, while severe, would place our average charge at a 52% discount to the proposed rate -- and a total fee (including fibers) at a 23.5% discount to the proposed rate." Mr Hummel stated, "The endurability of our lithotripsy model is well established and we believe that our contractual structure in prostate therapies, both for laser treatments and TUMT, was designed thoughtfully and it, too, will withstand the test of time." MEDICAL DEVICE SALES & SERVICE "During the second quarter Medical Device group revenue grew to $9.0 million, and $4.8 million after intercompany eliminations, resulting in a 37% increase in revenue from the same period a year ago. Production efficiencies and rationalized SG&A allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as helped drive substantial improvement in group contribution, as segment EBITDA grew to $2.2 million, up from $1.1 million in the same period a year ago. "Gross margin on device and consumables for the quarter was 48%. We look forward to continued growth and expanded margins in this division as higher end Coordinates: For other places with the same name, see Billinge. Higher End or Billinge Higher End is a district of the Metropolitan Borough of Wigan, in Greater Manchester, England. products such as the UroVantage(R) impact product mix, complementing high margin consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" sales and opportunities for expanded service and maintenance revenue." "On the heels of the successful launch of the UroVantage(R) system, we are continuing our initiatives to develop new devices to expand our product portfolio. Additionally, the physician interest in emerging technologies such as High Intensity Focused Ultrasound HIFU (high intensity focused ultrasound) (sometimes FUS or HIFUS) is a highly precise medical procedure using high-intensity focused ultrasound to heat and destroy pathogenic tissue rapidly. ("HIFU HIFU High-intensity focused ultrasound Surgery A method that focuses ultrasound to heat/ablate target tissue without injuring surrounding structures. See Sonablate 200™. ") and the promise of expanded applications of our UroVantage(R) platform creates the opportunity to move beyond our significant reach within the urology community and into other specialties and the global marketplace." SPECIALTY VEHICLE MANUFACTURING "Second quarter results from our Specialty Vehicles unit reflect a continuation of margin improvements achieved in each of the two previous quarters. Division EBITDA grew 25%, to $3.4 million, on revenue of $25.5 million. EBITDA margins increased to 13.3% from 8.2% in the same period last year, despite a 16% revenue decline. "Following last year's decision to consolidate plants, the Company directed its top-line focus to revenue opportunities where our core engineering capabilities could distinguish our products, furthering our marketplace prominence prominence /prom·i·nence/ (prom´i-nins) a protrusion or projection. frontonasal prominence and leading to higher profitability. "The improved outlook in demand for mobile medical product, good visibility in our broadcast group and modest but steady improvements in efficiency are encouraging, adding to our confidence that we can attain our previously stated profitability goals for the division in 2005." INTEGRATION & FINANCIAL GUIDANCE John Q. Barnidge, HealthTronics' Chief Financial Officer, commented, "Our integration efforts relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Prime/HealthTronics merger continue to progress and are yielding synergies in excess of our projected amounts. We have also realized the value of our much strengthened balance sheet. These cost savings have contributed to our strong net working capital position, which was $75.5 million at June 30, 2005, an increase of $18.8 million during the quarter. Net debt was $135.2 million at June 30, 2005." Mr Barnidge concluded, "Given the positive outlook in each of our three business segments, we are raising our previously stated guidance from $0.48-$0.52 to $0.52-$0.54 in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations for the year ending December 31, 2005." Conference Call and Webcast Management of HealthTronics will host a conference call the morning of Thursday, July 28, 2005 at 10:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To participate in the live call, please dial 888-743-0342 (706-679-0861 for international callers) and ask for the "HealthTronics" call (conference I.D. #7808233). Please call in 10 minutes before the call is scheduled to begin. The conference call will also be webcast live via the Investors section of the Company's web site at www.healthtronics.com. To listen to the live webcast, go to the web site at least 10 minutes early 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. If you are unable to listen live, the conference call will be archived on the Company's web site. A telephone replay will be available for two weeks by dialing 800-642-1687 (706-645-9291 for international callers) and entering the conference I.D. #5542492. HEALTHTRONICS' USE OF NON-GAAP FINANCIAL MEASURES This press release includes financial measures for net income and related per share amounts that exclude certain charges and therefore have not been calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP). Non-GAAP income from continuing operations and earnings per share exclude certain expenses in 2005 related to loan fees and incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. interest expense related to the Company's refinancing Refinancing An extension and/or increase in amount of existing debt. of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and its senior credit facility, and in 2004 charges related to expenses primarily associated with the implementation of FAS 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, (collectively "Certain Charges"). These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding Certain Charges, these non-GAAP financial measures facilitate management's internal comparisons to the Company's historical operating results, to competitors' operating results, and to estimates made by securities analysts. Management uses these non-GAAP financial measures internally to evaluate its performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. of supplemental information used by management in its financial and operational decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . In addition, the Company has historically reported similar non-GAAP financial measures to its investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measure as provided with the financial statements attached to this press release. EBITDA AND ADJUSTED EBITDA HealthTronics has presented EBITDA and Adjusted EBITDA amounts, which are non-GAAP financial measures, in various filings with the SEC. In the SEC filings, HealthTronics has reconciled such amounts to their most directly comparable financial measure calculated in accordance with GAAP, which is HealthTronics' net income. HealthTronics believes that its presentations of EBITDA and Adjusted EBITDA are important supplemental measures of operating performance to its investors. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
EBITDA and Adjusted EBITDA are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA and Adjusted EBITDA should not be considered as an alternative to net income, 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. , a liquidity measure, or any other operating performance measure prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA and Adjusted EBITDA reflect additional ways of viewing HealthTronics' operations that HealthTronics believes, when viewed with its GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting HealthTronics' business than could be obtained absent this disclosure. HealthTronics strongly encourages investors to review its financial information in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. and not to rely on a single financial measure. About HealthTronics, Inc. HealthTronics provides healthcare services, primarily to the urology community, and manufactures medical devices as well as specialty vehicles used for the transport of high technology medical and broadcast & communications equipment. For more information, visit www.healthtronics.com. Statements by the Company's management during the conference call announced in this press release that are not strictly historical, including statements regarding plans, objective and future financial performance, are "forward-looking" statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. Although HealthTronics believes that the expectations reflected in such 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. are reasonable, no assurance can be given that the expectations will prove to be correct. Factors that could cause actual results to differ materially from HealthTronics' expectations include, among others, the existence of demand for and acceptance of HealthTronics' services, the integration of Prime's and HealthTronics' businesses, regulatory approvals, economic conditions, the impact of competition and pricing, financing efforts and other factors described from time to time in HealthTronics' periodic filings with the Securities and Exchange Commission.
HealthTronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income/Information
GAAP VS. Pro Forma Results
(Unaudited)
GAAP RESULTS
------------
($ in thousands, Three Months Six Months
except per share data) Ended June 30, Ended June 30,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Revenue:
Urology $34,182 $16,484 $67,542 $30,879
Device Sales and Service 4,814 3,283 7,512 5,107
Specialty Vehicle Manufacturing 25,530 30,513 52,504 54,270
Other 196 238 390 475
-------- -------- -------- --------
Total revenue 64,722 50,518 127,948 90,731
-------- -------- -------- --------
Cost of services and general and
administrative expenses:
Urology 15,739 6,578 30,300 12,509
Device Sales and Service 2,664 2,206 3,342 3,254
Specialty Vehicle Manufacturing 22,135 27,507 46,165 49,213
Corporate 1,233 1,045 2,770 1,997
Depreciation and amortization 3,229 1,846 6,506 3,466
-------- -------- -------- --------
45,000 39,182 89,083 70,439
-------- -------- -------- --------
Operating income 19,722 11,336 38,865 20,292
Other income (expenses):
Interest and dividends 153 61 296 149
Interest expense (1,804) (2,364) (4,732) (4,653)
Loan fees (1,463) -- (2,646) --
-------- -------- -------- --------
(3,114) (2,303) (7,082) (4,504)
-------- -------- -------- --------
Income from continuing operations
before provision for income
taxes and minority interest 16,608 9,033 31,783 15,788
Minority interest
in consolidated income 11,414 5,373 22,848 10,264
Provision for income taxes 2,010 1,338 3,440 2,021
-------- -------- -------- --------
Income from continuing operations 3,184 2,322 5,495 3,503
-------- -------- -------- --------
Income from discontinued
operations, net of tax benefit (359) -- (935) --
-------- -------- -------- --------
Net income 2,825 $2,322 4,560 $3,503
======== ======== ======== ========
Diluted income from continuing
operations per share:
Income from continuing
operations $0.09 $0.11 $0.16 $0.18
======== ======== ======== ========
Weighted average shares
outstanding 35,218 20,952 34,627 19,913
======== ======== ======== ========
PRO FORMA RESULTS
-----------------
Income from continuing
operations, as reported $3,184 $2,322 $5,495 $3,503
Compensation charge for employee
puts and stock buybacks,
net of tax -- (313) -- (517)
Loan fees and incremental
interest charges, net of tax 900 -- 2,279 --
-------- -------- -------- --------
Income from continuing
operations, pro forma $4,084 $2,009 $7,774 $2,986
======== ======== ======== ========
Diluted income from continuing
operations per share:
Income from continuing
operations, pro forma $0.12 $0.10 $0.22 $0.15
======== ======== ======== ========
Weighted average shares
outstanding 35,218 20,952 34,627 19,913
-------- -------- -------- --------
HealthTronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, Dec. 31,
($ in thousands) 2005 2004
---------- ----------
ASSETS
Total current assets $114,706 $102,535
Property and equipment, net 41,972 42,343
Assets held for sale 13,971 16,169
Other assets 309,828 313,226
---------- ----------
$480,477 $474,273
========== ==========
LIABILITIES
Total current liabilities $39,235 $84,774
Long-term debt, net of current portion 142,877 110,304
Other long-term liabilities 25,452 26,339
---------- ----------
Total liabilities 207,564 221,417
Liabilities held for sale 7,224 6,352
Minority interest 32,969 29,277
Total stockholders' equity 232,720 217,227
---------- ----------
$480,477 $474,273
========== ==========
HealthTronics, Inc.
Pro Forma Supplemental Financial Information
Continuing Operations
For the Six Months Ended June 30, 2005
Unaudited
In thousands, except per share data
2nd Quarter YTD
---------------------------------------
2005 2004(a) 2005 2004(a)
Summary of Results
from Operations
Revenues $64,722 $50,518 $127,948 $90,731
EBITDA $23,104 $12,749 $45,667 $23,091
Adjusted EBITDA $11,690 $7,376 $22,819 $12,827
Net Income $4,084 $2,009 $7,774 $2,986
EPS $0.12 $0.10 $0.22 $0.15
Number of Shares 35,218 20,952 34,627 19,913
Segment Information
Revenues:
Urology $34,182 $16,484 $67,542 $30,879
Medical Device Sales &
Service $4,814 $3,283 $7,512 $5,107
Specialty Vehicles $25,530 $30,513 $52,504 $54,270
Adjusted EBITDA:
Urology $7,121 $4,539 $14,557 $8,240
Medical Device Sales &
Service $2,161 $1,100 $4,198 $1,885
Specialty Vehicles $3,399 $2,515 $6,344 $4,245
Capital Expenditures:
Consolidated, net to
HealthTronics $1,346 $950 $3,559 $2,629
Urology, net to HealthTronics $661 $415 $2,377 $1,085
Medical Device Sales &
Service $111 $-- $407 $--
Specialty Vehicles
Manufacturing $362 $365 $521 $1,242
Corporate $212 $170 $254 $302
Other Information:
Net Draws (Payments) on Line
of Credit $(313) $-- $687 $(3,000)
Net Debt $135,217 $106,276 $135,217 $106,276
Days Sales Outstanding 30.8 37.3 $30.8 37.3
(a) In accordance with General Accepted Accounting Principals, 2004
amounts are for Prime Medical Services, Inc. only.
(b) See accompanying reconciliation of EBITDA and Adjusted EBITDA
HealthTronics, Inc.
Supplemental Segment Financial Information
2005 by Quarter
Unaudited
In thousands, except procedure data
2005
-------------------
Q-2 Q-1
--------- ---------
Urology Segment
Procedures:
Litho 13,926 13,475
Holmium Renal 198 220
Prostate Laser 1,070 940
TUMT 1,000 818
Cryotherapy 387 372
Other 6 13
--------- ---------
Total Procedures 16,587 15,838
========= =========
Revenues:
Litho $28,548 $28,405
Holmium Renal 129 146
Prostate Laser 2,084 1,770
TUMT 2,008 1,598
Cryotherapy 1,370 1,414
Other 43 27
--------- ---------
Segment Revenue $34,182 $33,360
========= =========
Adjusted EBITDA $7,121 $7,436
========= =========
Specialty Vehicle Manufacturing Segment
Units:
Mobile Medical 38 32
Broadcast 32 34
Command/Homeland Security 11 36
Other 2 1
--------- ---------
Total Units 83 103
========= =========
Revenues:
Mobile Medical $14,112 $11,945
Broadcast 4,658 6,170
Command/Homeland Security 3,532 5,706
Other 3,228 3,153
--------- ---------
Segment Revenue $25,530 $26,974
========= =========
Adjusted EBITDA $3,399 $2,945
========= =========
HealthTronics, Inc.
Reconciliation of EBITDA and Adjusted EBITDA
Continuing Operations
For the Six Months Ended June 30, 2005
Unaudited
In thousands
2nd Quarter YTD
-----------------------------------
2005 2004 2005 2004
-------- -------- -------- --------
Net Income from continuing
operations as reported $3,184 $2,322 $5,495 $3,503
Add Back(deduct):
Provision for Income Taxes 2,010 1,338 3,440 2,021
Interest Expense,
Including Loan Fees 3,267 2,364 7,378 4,653
Depreciation & Amortization 3,229 1,846 6,506 3,466
Compensation charge for employee
puts and stock buybacks -- (494) -- (816)
-------- ------- -------- --------
Adjusted EBITDA 11,690 7,376 22,819 12,827
Add Back:
Minority Interest Expense 11,414 5,373 22,848 10,264
-------- -------- -------- --------
EBITDA $23,104 $12,749 $45,667 $23,091
======== ======== ======== ========
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