ORTHODONTIC CENTERS OF AMERICA, INC. REPORTS 1996 GROWTH PACE.PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--June 10, 1996-- Orthodontic orthodontic (ôr´th  dän´tik),adj Centers of America, Inc. (Nasdaq/NM:OCAI) today announced the results of its expansion strategy for the first five months of 1996. From the beginning of the year through June 10, 1996, the Company has signed letters of intent to affiliate with 18 practitioners with existing practices which generated annual collections of $9.6 million during 1995. Nine of these centers began their affiliation with Orthodontic Centers during the second quarter of 1996. The remainder are expected to begin their affiliation in the third quarter. Dr. Gasper gasp·er n. Chiefly British Slang A cigarette. Lazzara, Jr., chief executive officer, said, "As of right now, we are on target to achieve our goal for acquisitions during the year. More importantly, the average collections of these centers is notably larger than originally anticipated. The current pipeline of possible affiliations with existing practitioners is still very full." In addition, the Company has developed 15 new orthodontic centers through June 10, 1996. Thirteen additional new orthodontic centers are scheduled to open in July. Construction will be completed on all of these centers before the end of June. Dr. Lazzara said, "The pace of new developments continues to quicken." With regard to future development, the Company currently has 34 new centers under construction. These new centers will be staffed by 14 affiliated orthodontists. Dr. Lazzara said, "The interest in our company at the international meeting of the American Association of Orthodontists The American Association of Orthodontists, or AAO, is an American advocate group for orthodontists. Most American orthodontists, about 95 percent, are members. They are also dentists and are members of the American Dental Association. in Denver in May was well beyond our expectations. The response has caused us to retain two additional development officers to assist in discussions with the 90 orthodontists who expressed interest in affiliating with our Company." Orthodontic Centers of America, Inc. provides comprehensive management and consulting services to orthodontic practices. The Company currently has management or consulting arrangements with 159 orthodontic centers in 24 states located throughout 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. . Recent expansions include centers in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Oregon, Ohio Oregon is a city in Lucas County, Ohio, United States. The population was 19,355 at the 2000 census. Geography Oregon is located at (41.649094, -83.461514)GR1. , Massachusetts and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . 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. contained in this release, particularly the statements regarding affiliations with additional orthodontists and future growth in the number of orthodontic centers, involve certain risks and uncertainties that could cause actual results to differ materially from anticipated results. These risks and uncertainties include the general United States economy, regulatory constraints, competition, the availability of suitable new markets and suitable locations within such markets and the ability of the Company to effectively manage an increasing number of orthodontic centers. CONTACT: Orthodontic Centers of America, Inc. Bartholomew F. Palmisano, Sr., 504/834-4392 |
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