AIQ reported Excellent 4th Quarter Results
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Alliance Imaging Reports Results for the Fourth Quarter and Year Ended Dec. 31, 2002
Business Editors/Health/Medical Writers
ANAHEIM, Calif.--(BUSINESS WIRE)--March 3, 2003--Alliance Imaging Inc. (NYSE:AIQ), a leading national provider of outsourced diagnostic imaging services, announced results for the fourth quarter and year ended Dec. 31, 2002.
Revenues increased 8.9% to $103.6 million for the fourth quarter ended Dec. 31, 2002, from revenues of $95.1 million for the same quarter in 2001, an increase of $8.5 million. For the year ended Dec. 31, 2002, revenues increased 9.8% to $412 million, from $375.2 million in 2001, a $36.8 million increase.
Alliance's earnings before interest, taxes, depreciation and amortization, adjusted solely for non-cash stock-based compensation ("Adjusted EBITDA"), increased 4.3% to $44 million for the fourth quarter of 2002, from $42.2 million for the corresponding quarter of 2001, an increase of $1.8 million.
For the full year of 2002, Adjusted EBITDA increased 7.4% to $182.1 million, from $169.6 million in 2001, an increase of $12.5 million. Non-cash stock-based compensation expenses, which were excluded from Adjusted EBITDA, totaled $0.4 million and $0.5 million in the fourth quarter of 2002 and 2001, respectively and totaled $1.9 million and $1.5 million in 2002 and 2001, respectively.
Earnings per share on a diluted basis (excluding non-cash stock-based compensation expenses) were $0.18 per share for the fourth quarter of 2002, compared with $0.10 per share for the fourth quarter of 2001.
For the years ended Dec. 31, 2002 and 2001, earnings per share on a diluted basis (excluding non-cash stock-based compensation expenses) totaled $0.74 per share and $0.30 per share (excluding non-cash stock- based compensation expenses and loss on early retirement of debt), respectively.
Earnings per share on a diluted basis were $0.17 per share for the fourth quarter of 2002, compared with $0.09 per share for the fourth quarter of 2001. For the years ended Dec. 31, 2002 and 2001, earnings per share on a diluted basis were $0.72 per share and $0.24 per share, respectively.
The adoption of Financial Accounting Standard No. 142, which eliminates the amortization of goodwill, would have had the effect of increasing earnings per share on a diluted basis by $0.03 per share and $0.15 per share for the fourth quarter and year ended Dec. 31, 2001, respectively.
The company's net debt to last 12 month Adjusted EBITDA was 3.2x at Dec. 31, 2002, compared with 3.7x at Dec. 31, 2001. Cash flow provided by operating activities was $41.1 million in the fourth quarter of 2002, compared with $27.1 million in the corresponding quarter of the preceding year.
For the years ended Dec. 31, 2002 and 2001, cash flow from operating activities totaled $139 million and $96.4 million, respectively. Capital expenditures were $19.8 million in the fourth quarter of 2002, compared with $16.8 million in the same quarter of 2001. For the years ended Dec. 31, 2002 and 2001, capital expenditures totaled $70.1 million and $75.4 million, respectively.
Richard N. Zehner, chairman of the board and chief executive officer, stated: "We are very pleased with our full year 2002 results, even with weak scan volumes during the holiday period. We continue to believe in the continued growth of the diagnostic imaging industry and believe that Alliance is well-positioned to take advantage of this growth."
Alliance Imaging is a leading national provider of outsourced diagnostic imaging services. Alliance provides imaging and therapeutic services, primarily to hospitals and other health-care providers on a mobile, shared-service basis. The company had 450 diagnostic imaging systems, including 353 MRI systems and 1,304 clients in 43 states at Dec. 31, 2002.
Investors and all others are invited to listen to a conference call discussing fourth-quarter results. The conference call is scheduled for Tuesday, March 4, 2003, at 1 p.m. Eastern Time. The call will be broadcast live on the Internet and can be accessed by visiting the company's Web site at www.allianceimaging.com. Click on Audio Presentations in the Investor Relations section of the Web site to access the link.
The conference call can also be accessed at 888/689-9529 (United States) or 706/645-0319 (international). Interested parties should call at least 10 minutes prior to the conference call to register. A replay of the call can be accessed until Friday, April 4, 2003, by visiting the company's Web site or by calling 800/642-1687 (United States) or 706/645-9291 (international). The replay passcode is 8302671. |
