NightHawk Radiology Holdings, Inc. Announces Second Quarter 2009 Results
finance.yahoo.com
Wednesday August 5, 2009, 4:02 pm EDT
COEUR D'ALENE, Idaho, Aug. 5, 2009 (GLOBE NEWSWIRE) -- NightHawk Radiology Holdings, Inc. (Nasdaq:NHWK), the leading provider of radiology solutions to radiology groups across the United States, today announced financial results for second quarter 2009.
Second Quarter 2009 Highlights
* Revenue grew $3.5 million sequentially, or 9%, to $42.3 million
driven by robust same site volume growth, improved customer
retention and healthy revenue growth from new customers.
* Final scan revenue increased 18% sequentially to $5.9 million, and
now represents 14% of total revenue.
* Total scan volume reached a record high of approximately 817,000
scans during the quarter.
* Adjusted net income was $4.4 million, or $0.16 per diluted share.
Adjusted net income excludes non-cash charges for stock
compensation, amortization of intangible assets, losses on
cancelled interest rate swap contracts, mark to market gains on
interest rate hedge contracts and malpractice reserve adjustments.
* GAAP net income was $2.1 million, or $0.08 per share. A
reconciliation of adjusted net income to GAAP net income is
included in the tables attached to this press release.
* Cash flow from operations grew 11% to $8.3 million, up from
$7.5 million in the year-ago quarter. Free cash flow was
$7.2 million during the quarter, an increase of 22% from
$5.9 million in the year-ago quarter.
* Cash and investments at June 30, 2009 totaled $52.1 million.
"We are very pleased with our second quarter operating results and continued strong cash flow. Looking ahead, we are confident that the initiatives on which we are focused will continue to enhance long term shareholder value. These initiatives leverage our position as the leading provider of high quality, high value solutions to the radiology marketplace," said David Engert, the company's president and chief executive officer. |
