RENAL TREATMENT CENTERS ANNOUNCES FIRST QUARTER RESULTS.BERWYN, Pa.--(BUSINESS WIRE)--April 28, 1997-- COMPANY ANNOUNCES MULTIPLE TRANSACTIONS ADDING 520 NEW PATIENTS IN ARGENTINA AND PENNSYLVANIA Renal renal /re·nal/ (re´n'l) pertaining to the kidney. re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. Treatment Centers, Inc. (NYSE NYSE See: New York Stock Exchange :RXT RXT Recreational Extreme Truck (International) ) today announced financial results for the first quarter ended March 31, 1997. Robert L. Mayer, Jr., chairman, president and chief executive officer of Renal Treatment Centers, Inc., said, "Our record first quarter performance carries over our positive momentum from last year. Strong same-center growth and seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of multiple acquisitions are driving our favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. financial results." For the first quarter ended March 31, 1997, revenues increased 41% to $71,107,221 compared with $50,549,827 for the same period in 1996. Net income available to common stockholders increased 58% to $7,160,941, or $0.24 per share, based upon 29,357,582 fully 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. weighted average shares outstanding in the first quarter, compared with $4,522,232, or $0.18 per share, before non-recurring merger expenses based upon 25,464,145 fully diluted weighted average shares outstanding in the same period last year. Renal Treatment Centers today also announced transactions involving seven end-stage renal disease End-stage renal disease (ESRD) Total kidney failure; chronic kidney failure is diagnosed as ESRD when kidney function falls to 5-10% of capacity. Mentioned in: Chronic Kidney Failure end-stage renal disease outpatient dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. centers, six of which are located in the Republic of Argentina and one of which is located in the Commonwealth of Pennsylvania. The six centers in Argentina, when combined with existing Company-owned dialysis centers, give the Company a patient base of approximately 800, or a market share of approximately 10% in the Republic of Argentina. The announced transactions include the following seven centers:
Effective
Treatment Patients
Clinic Location Centers Stations Served
Domestic:
Pinnacle Health at
Polyclinic Hospital (1) Harrisburg, Pa. 1 11 74
Argentina:
Netroy S.A. Capital Federal 1 20 130
Terapia Sustitutiva
Renal S.A.(1) Monte Grande/
Adrogue 2 23 130
CE.NE.SI. S.A.(1) Florida 1 12 62
Centro Nefrologico
Privado Modelo S.A.(1) San Isidro 1 12 62
Lerena S.A.(1) Banfield 1 13 62
6 80 446
Total 7 91 520
(1) Effective May 1997
During the first quarter, Renal Treatment Centers acquired 12 end-stage renal disease outpatient dialysis centers, inclusive of inclusive of prep. Taking into consideration or account; including. one outpatient dialysis facility operating under a management agreement. The centers include:
Effective
Treatment Patients
Clinic Location Centers Stations Served
Domestic:
Texoma Regional Dialysis Denison, Texas 2 17 113
Angelina Dialysis Houston, Texas 2 36 135
Kingwood Dialysis Houston, Texas 2 29 100
Dialysis Center of
Victoria Victoria, Texas 1 23 115
Mid-Florida Renal
Applications, L.P. Leesburg, Florida 1 17 83
Northern Nevada Dialysis
Center, L.P. Sparks, Nevada 1 13 65
RMA of Lewistown, PA
Dialysis Center, L.P. Lewistown, Pa. 1 16 59
10 151 670
Argentina:
Villa Ballester Buenos Aires 1 12 70
Junin Sanitorium Cordoba 1 16 90
2 28 160
Total 12 179 830
Also in the first quarter, Renal Treatment Centers completed its acquisition of Plaza Dialysis Unit, an end-stage renal disease outpatient dialysis facility located in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , serving 205 patients through 29 treatment stations. Renal Treatment Centers had been operating the facility since September 1, 1996, under a management agreement pending the closing of the transaction. Subsequent to the close of the first quarter, the Company announced its acquisition of two end-stage renal disease outpatient dialysis centers. One of the centers is located in Houston, Texas, and provides care to 74 patients through 21 treatment stations; the other dialysis center is located in the Republic of Argentina and provides care to 44 patients through 13 treatment stations. The Company has also recently completed the development of two 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. centers operating a total of 27 treatment stations and has plans to develop eleven more de novo centers in 1997 operating a total of approximately 170 treatment stations. In conclusion, Mr. Mayer said, "We are confident about the remainder of the year. Our acquisition success in the first quarter is very sustainable considering our strong pipeline. We continue to evaluate numerous opportunities to expand our operational clusters in 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. through acquisitions and de novo developments. We are very proud of our progress in the Republic of Argentina and continue to evaluate expansion opportunities in that country." This press release contains 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. . The Company cautions that a number of factors, including those expressed in its Annual Report on 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. for the year ended December 31, 1996, and unforeseen changes in economic conditions in the United States and the Republic of Argentina, could cause actual results to differ materially from those expressed in any forward-looking statements. Renal Treatment Centers, Inc. provides dialysis treatments and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services to patients suffering from chronic kidney failure Chronic Kidney Failure Definition Chronic kidney failure occurs when disease or disorder damages the kidneys so that they are no longer capable of adequately removing fluids and wastes from the body or of maintaining the proper level of certain , primarily in its freestanding free·stand·ing adj. Standing or operating independently of anything else: a freestanding bell tower; a freestanding maternity clinic. outpatient dialysis treatment centers or in the patient's home. Including all transactions noted, the Company operates a total of 128 dialysis centers in 23 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and the Republic of Argentina. In these centers, the Company is providing dialysis services for approximately 9,300 patients. The Company also provides inpatient inpatient /in·pa·tient/ (in´pa-shent) a patient who comes to a hospital or other health care facility for diagnosis or treatment that requires an overnight stay. in·pa·tient n. dialysis services to 95 hospitals. -0-
RENAL TREATMENT CENTERS, INC.
Consolidated Statements of Earnings
(Unaudited)
Three Months Ended
March 31,
1997 1996
Net revenues $ 71,107,221 $ 50,549,827
Operating costs and expenses 53,994,912 39,209,764
Depreciation and amortization 5,733,667 3,572,201
Income from operations 11,378,642 7,767,862
Interest expense, net 1,824,043 697,120
Income before merger costs and taxes 9,554,599 7,070,742
Income taxes 3,535,202 2,616,175
Net income before merger costs $ 6,019,397 $ 4,454,567
Net income available to common
stockholders before merger costs $ 7,160,941 $ 4,522,232
Weighted average shares outstanding 29,357,582 25,464,145
Earnings per share before merger costs $ 0.24 $ 0.18
Net income after merger costs
and one-time tax charges $ 6,019,347 $ 3,372,288
Net income available to common
stockholders after merger costs
and one-time tax charges $ 7,160,941 $ 3,439,953
Weighted average shares outstanding 29,357,582 25,464,145
Earnings per share $ 0.24 $ 0.14
CONTACT: Renal Treatment Centers Inc., Berwyn Ronald H. Rodgers, Jr., 610/644-4796 |
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