Pediatrix Earns 22 Cents Per Share Before Second
Quarter Charge
Business Wire - August 09, 2000 08:15
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 9, 2000--Pediatrix Medical
Group, Inc., (NYSE:PDX) today reported a net loss of 2 cents per share for the three
months ended June 30, 2000. Excluding the impact of a previously-announced pre-tax
charge against accounts receivable of $6.5 million, Pediatrix earned $3.4 million, or 22
cents per share, on a pro forma basis.
Net patient service revenue for the 2000 second quarter was reduced by the charge, to
$55.2 million. This compares to net patient service revenue of $56.8 million for the
comparable period of 1999.
Including the impact of the charge, Pediatrix reported a net loss of $291,000 or 2 cents per
share for the three months ended June 30, 2000 based on a weighted average 15.8 million
shares outstanding. For the three months ended June 30, 1999, Pediatrix reported net
income of $7.8 million, or 50 cents per share on a weighted average 15.8 million shares
outstanding.
Cash flow from operations for the 2000 second quarter was $5.2 million, compared with
negative cash flow from operations of $1 million for the 1999 second quarter.
For the first half of 2000, net patient service revenue increased to $114.6 million from
$110.6 million reported for the first half of 1999. Net income was $3.1 million for the six
months ended June 30, 2000, or 20 cents per share on a weighted average 15.8 million
shares outstanding compared to net income of $15.1 million, or 95 cents per share based
on a weighted average 15.9 million shares outstanding, for the same period in 1999.
Cash flow from operations for the first half of 2000 was $10.5 million, up 11 percent from
$9.5 million for the first half of 1999.
Pediatrix had previously announced that it would take a charge during the 2000 second
quarter following a review of changes in the usage of the critical care codes over the past
year, as well as increasing delays in collecting receivables from commercial payors.
As a result of the 2000 second quarter charge, Pediatrix expects that its effective income
tax rate for the remainder of 2000 will be approximately 49 percent of income before taxes.
Pediatrix expects that beginning with the 2001 first quarter, and thereafter, its effective tax
rate will return to 45 percent.
Pediatrix was founded in 1979 and its physicians provide services at more than 150
neonatal intensive care units. Combined, Pediatrix and its subsidiaries employ more than
450 physicians in 25 states and Puerto Rico. Additional information is available on the
Internet: pediatrix.com.
Except for historical information, this press release contains certain forward-looking
statements that involve risk and uncertainties that may cause actual results to differ materially
from the statements made. Such factors include, but are not limited to, changing market
conditions, the ability to successfully identify suitable acquisition candidates and to complete
those acquisitions on favorable terms and other risks detailed from time to time by the
Company in its filings with the U.S. Securities and Exchange Commission.
Pediatrix Medical Group, Inc.
Operations Highlights
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
(in thousands except for per share data)
Net patient service
revenue $ 55,178 $ 56,767 $114,587 $110,593
Operating expenses 54,350 43,368 106,710 84,950
Income from operations 828 13,399 7,877 25,643
Income (loss) before taxes (113) 13,019 6,029 25,103
Net income (loss) (291) 7,812 3,087 15,062
Net income (loss) per
share (diluted) (.02) .50 .20 .95
Weighted average common
shares outstanding
(diluted) 15,778 15,760 15,806 15,938
Balance Sheet Highlights
As of As of
June 30, 2000 Dec. 31, 1999
------------- -------------
(in thousands)
Assets:
Cash & marketable securities $ 1,197 $ 825
Other current assets 80,845 79,156
Other assets 259,555 254,809
Total assets $341,597 $334,790
Liabilities and stockholders' equity:
Accounts payable & accrued expenses
$ 31,240 $ 29,099
Total debt 49,950 50,743
Other liabilities 27,506 26,061
Total liabilities 108,696 105,903
Stockholders' equity 232,901 228,887
Total liabilities and stockholders'
equity $341,597 $334,790
CONTACT: Pediatrix Medical Group Inc., Fort Lauderdale
Bob Kneeley, Director, Investor Relations
954/384-0175, x-5300 |
