DALLAS, March 9 /PRNewswire-FirstCall/ -- Radiologix, Inc. (Amex: RGX), a
leading national provider of diagnostic imaging services, today announced
financial results for its fourth quarter and fiscal year ended (FYE) December
31, 2005. Radiologix also announced that it is restating the financial
statements for FYE December 31, 2004 and the nine months ended September 30,
2005, as discussed below.
Select Financial Information
(in thousands of dollars) For the Three Months For the Year
Ended December 31, Ended December 31,
2005 2004 2005 2004
Service fee revenue $62,120 $55,425 $251,440 $251,291
Service fee revenue excluding
terminated operations $62,120 $54,140 $250,472 $239,393
EBITDA from continuing
operations(1) $10,602 $11,008 $45,455 $46,060
EBITDA from continuing
operations excluding
terminated operations(1) $10,727 $10,203 $45,366 $41,976
Net loss $(3,080) $(21,653) $(1,531) $(31,855)
Loss from continuing
operations $(2,559) $(20,641) $(400) $(24,153)
Loss from continuing
operations excluding
terminated operations(1) $(2,433) $(20,744) $(317) $(24,127)
(1) As defined and reconciled below
Fourth Quarter 2005 Results
For the fourth quarter ended December 31, 2005, service fee revenue was
$62.1 million, compared to $55.4 million for the fourth quarter 2004.
Radiologix incurred a net loss of $3.1 million, or $0.14 per diluted share,
compared to a net loss of $21.7 million or $0.99 per diluted share for the
fourth quarter 2004.
- Service fee revenue excluding terminated operations was $62.1 million,
compared to $54.1 million for the fourth quarter 2004. Fourth quarter
2004 and FYE 2004 results reflect a $9.1 million increase to contractual
adjustments, resulting in a corresponding decrease in service fee
revenue and accounts receivable. $0.7 million of the $9.1 million is
included in terminated operations. Excluding the fourth quarter 2004
$9.1 million reduction, service fee revenue excluding terminated
operations for the fourth quarter 2005 was $62.1 million, compared to
$62.5 million for the fourth quarter 2004.
- Loss from continuing operations was $2.6 million, compared to a loss
from continuing operations of $20.6 million for the fourth quarter 2004.
- Loss from continuing operations, excluding terminated operations was
$2.4 million, compared to a loss of $20.7 million for the fourth quarter
2004.
- EBITDA was $10.6 million, compared to $11.0 million for the fourth
quarter 2004.
- EBITDA excluding terminated operations was $10.7 million, compared to
$10.2 million for the fourth quarter 2004.
FYE 2005 Results
For the fiscal year ended December 31, 2005, service fee revenue was
$251.4 million, compared to $251.3 million for fiscal year 2004. Radiologix
incurred a net loss of $1.5 million, or $0.07 per diluted share, compared to a
net loss of $31.9 million or $1.46 per diluted share for fiscal year 2004.
- Service fee revenue excluding terminated operations was $250.5 million,
compared to $239.4 million for the year ended December 31, 2004.
Excluding the fourth quarter 2004 $9.1 million reduction, service fee
revenue excluding terminated operations for the year ended December 31,
2005 was $250.5 million, compared to $247.8 million in 2004.
- Loss from continuing operations was $0.4 million, compared to a loss of
$24.2 million for FYE 2004.
- Loss from continuing operations excluding terminated operations was $0.3
million, compared to a loss of $24.1 million for FYE 2004.
- EBITDA was $45.5 million, compared to $46.1 million for FYE 2004.
- EBITDA excluding terminated operations grew 8.1% to $45.4 million,
compared to $42.0 million for FYE 2004.
Restated 2004 Results
As part of its normal review cycle, the Securities and Exchange Commission
(SEC) sent Radiologix a comment letter concerning its Form 10-K for the year
ended December 31, 2004. The Company had discussions with the SEC concerning
the accounting treatment of the PresGar equipment lease contract acquired on
October 31, 2004, for $13.9 million. Upon our further review of the
transaction, we determined that the $13.9 million should not have been
capitalized as an intangible asset but should have been expensed as a lease
termination.
Under the equipment lease contract, PresGar Companies, LLC acquired a
long-term perpetual right to provide certain MRI systems to a Radiologix
subsidiary in Rochester, New York (and the obligation to service the equipment
and replace that equipment as it became obsolete), and to charge Radiologix
under a sublease, usage-based rent on these pieces of equipment. The
retirement of the equipment lease contract eliminated expenses that previously
varied based on volume resulting in incremental reductions in equipment lease
expense as volume increased. Radiologix estimated that this transaction would
reduce operating expenses (excluding depreciation and amortization) by $4.8
million annually. The transaction increased the value of the management
services agreement with the Ide Group, P.C. (the physician group in Rochester,
New York).
Neither Radiologix nor any of its subsidiaries or affiliates are a party
to any similar equipment lease contracts.
The effect of the restatement to the financial statements is as follows:
in 2004, operating expenses increase by $13.9 million; depreciation and
amortization expense decreases by $0.1 million; and net loss increases by
$13.8 million. In 2005, depreciation and amortization expense decreases by
$0.8 million and net loss decreases by $0.8 million. The financial information
contained in this press release reflects these restated amounts.
Due to the restatement of the 2004 Form 10-K, the filing of Radiologix's
Form 10-K for the year ended December 31, 2005 may be delayed. The Form 10-K
filing deadline is March 16, 2006, and an automatic fifteen-day extension
period is available.
Charges
Radiologix recorded the following pre-tax charges to continuing operations
during 2005:
- $2.2 million for impairment related to the write-off of the remaining
goodwill on imaging centers operated by Radiologix's Questar subsidiary;
- $557,000 to record compensation expense for restricted stock awards
outstanding; and
- $670,000 for severance and other related costs in the fourth quarter of
2005.
Income Taxes
Due to losses for the last three years, it is uncertain if our deferred
tax assets will be realized. Valuation allowances for net deferred tax assets
were recorded in the fourth quarter of 2005. The tax provision of $0.7
million for the year ended December 31, 2005, is for state income taxes and
federal alternative minimum tax. No federal or state tax benefits were
recorded for the full year 2005. Tax benefits, which had been recorded for
the nine months ended September 30, 2005, were reversed in the fourth quarter
of 2005.
Balance Sheet
Cash and cash equivalents were $36.0 million at December 31, 2005,
compared to $34.1 million at December 31, 2004, primarily reflecting continued
strong cash collections in 2005.
Net debt (total debt less cash and cash equivalents and restricted cash)
was $128.7 million at December 31, 2005, compared to net debt of $130.9
million at December 31, 2004. Total debt at December 31, 2005 was $170.3
million, compared to total debt of $170.5 million at December 31, 2004.
Days sales outstanding (DSOs) was 48 days for December 31, 2005 and
December 31, 2004.
Sarbanes-Oxley 404
As noted in our 2004 Form 10-K, subsequent to December 31, 2004, but prior
to the finalization of our 2004 consolidated financial statements, Radiologix
placed into operation new controls to address the material weakness we
identified in our accounts receivable estimation process. These new controls
include a retrospective collection analysis that matches cash collections to
billed charges by month of service.
We believe these new controls have remediated the material weakness that
existed as of December 31, 2004, and that these controls operated effectively
during the twelve months ended December 31, 2005.
Regulation G: GAAP and Non-GAAP Financial Information
This release contains certain financial information not derived in
accordance with GAAP. Radiologix uses both GAAP and non-GAAP metrics to
measure its financial results. We believe that, in addition to GAAP metrics,
these non-GAAP metrics assist Radiologix in measuring its cash-based
performance.
Radiologix believes this information is useful to investors and other
interested parties because it removes unusual and nonrecurring charges that
occur in the affected period and provides a basis for measuring the Company's
financial condition against other quarters.
As Radiologix has historically reported non-GAAP results to the investment
community, management also believes the inclusion of non-GAAP measures
provides consistency in its financial reporting.
Such information should not be considered as a substitute for any measures
calculated in accordance with GAAP, and may not be comparable to other
similarly titled measures of other companies. Non-GAAP financial measures
should not be considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. Reconciliation of this
information to the most comparable GAAP measures is included in this release
in the tables below.
Income from continuing operations is defined as income from continuing
operations calculated in accordance with GAAP.
Income from continuing operations excluding terminated operations is
defined as income from continuing operations, excluding terminated San Antonio
and certain Mid-Atlantic operations.
EBITDA is defined as earnings before interest, taxes, depreciation and
amortization, each from continuing operations, plus restricted stock
compensation expense, and is reconciled to its nearest comparable GAAP
financial measure.
EBITDA from continuing operations excluding terminated operations is
defined as EBITDA, excluding terminated San Antonio and certain Mid-Atlantic
operations.
EBITDA and EBITDA from continuing operations excluding terminated
operations are non-GAAP financial measures used as analytical indicators by
Radiologix management and the healthcare industry to assess business
performance. They also serve as measures of leverage capacity and ability to
service debt.
EBITDA and EBITDA from continuing operations excluding terminated
operations should not be considered measures of financial performance under
GAAP, and the items excluded from EBITDA and EBITDA from continuing operations
excluding terminated operations should not be considered in isolation or as an
alternative to net income, cash flows generated by operating, investing or
financing activities or other financial statement data presented in the
consolidated financial statements as an indicator of financial performance or
liquidity.
As EBITDA and EBITDA from continuing operations excluding terminated
operations are not measurements determined in accordance with GAAP and are
therefore susceptible to varying methods of calculation, these metrics, as
presented, may not be comparable to other similarly titled measures of other
companies.
Conference Call
In connection with this press release, you are invited to listen to our
conference call with Sami S. Abbasi, president and chief executive officer,
and Michael N. Murdock, senior vice president and chief financial officer, on
Thursday, March 9, 2006, at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time.
You may access the call by dialing (800) 289-0494 and entering code
6904462. A replay of the call will be available by dialing (888) 203-1112 and
entering code 6904462.
In addition, the conference call will be broadcast live over the Internet.
You may listen to the call via the Internet by navigating to Radiologix's Web
site (http://www.radiologix.com) and from the "Investor Relations" drop-down
menu, click on "Conference Calls & Presentations."
If you are unable to participate during the live Webcast, the Fourth
Quarter and FYE 2005 Results Conference Call will be archived on Radiologix's
Web site (http://www.radiologix.com). To access the replay, from the "Investor
Relations" drop-down menu, click on "Conference Calls & Presentations."
About Radiologix
Radiologix (http://www.radiologix.com) is a leading national provider of
diagnostic imaging services, owning and operating multi-modality diagnostic
imaging centers that use advanced imaging technologies such as positron
emission tomography (PET), magnetic resonance imaging (MRI), computed
tomography (CT) and nuclear medicine, as well as x-ray, general radiography,
mammography, ultrasound and fluoroscopy. The diagnostic images created, and
the radiology reports based on these images, enable more accurate diagnosis
and more efficient management of illness for ordering physicians. Radiologix
owned or operated 72 diagnostic imaging centers located in 7 states as of
December 31, 2005.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking
statements include words such as "may," "will," "would," "could," "likely,"
"estimate," "intend," "plan," "continue," "believe," "expect" or "anticipate"
and other similar words, and include all discussions about our acquisition and
development plans. We do not guarantee that the events described in this
press release will occur as described, or that any positive trends noted in
this press release will continue.
These forward-looking statements generally relate to our plans, objectives
and expectations for future operations and are based upon management's
reasonable estimates of future results or trends. Although we believe that
our plans and objectives reflected in, or suggested by, such forward-looking
statements are reasonable, we may not achieve such plans or objectives. You
are cautioned not to unduly rely on such forward-looking statements when
evaluating the information presented in this press release. You should read
this press release completely and with the understanding that actual future
results may be materially different from what we expect. We will not update
forward-looking statements even though our situation may change in the future.
Specific factors that might cause actual results to differ from our
expectations include, but are not limited to:
- economic, demographic, business and other conditions in our markets;
- the highly competitive nature of the healthcare business;
- changes in patient referral patterns;
- changes in the rates or methods of third-party reimbursement for
diagnostic imaging services;
- changes in our contracts with radiology practice groups;
- changes in the number of radiologists operating in our contracted
radiology practice groups;
- the ability to recruit and retain technologists;
- the availability of additional capital to fund capital expenditure
requirements;
- lawsuits against Radiologix and our contracted radiology practice
groups;
- changes in operating margins, particularly changes due to our managed
care contracts and capitated fee arrangements;
- failure by Radiologix to comply with state and federal anti-kickback and
anti-self referral laws or any other applicable healthcare regulations;
- changes in business strategy and development plans;
- changes in federal, state or local regulations affecting the healthcare
industry;
- our indebtedness, debt service requirements and liquidity constraints;
- risks related to our Senior Notes and healthcare securities generally;
- interruption of operations due to severe weather or other extraordinary
events; and
- charges for unusual or infrequent (non-recurring) matters.
A more comprehensive list of such factors is set forth in the Company's
Annual Report on Form 10-K for the year ended December 31, 2005, and our other
filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such
statement is made. The information in this press release is as of March 9,
2006. Radiologix undertakes no obligation to update any forward-looking
statement or statements to reflect new events or circumstances or future
developments.
Radiologix, Inc.
Consolidated Balance Sheets
(In thousands)
December 31,
2005 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $36,004 $34,084
Restricted cash 5,662 5,539
Accounts receivable, net of allowances 40,815 44,197
Due from affiliates 1,737 2,404
Federal and state income tax receivable 6,189 3,905
Assets held for sale - 305
Other current assets 5,491 6,621
Total current assets 95,898 97,055
Property and equipment, net 67,965 58,627
Investments in joint ventures 10,597 8,137
Goodwill - 2,241
Intangible assets, net 54,050 57,381
Deferred financing costs, net 4,942 6,591
Deferred income taxes - 8,892
Other assets 1,076 1,328
Total assets $234,528 $240,252
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued expenses $10,158 $11,343
Accrued physician retention 7,051 8,384
Accrued salaries and benefits 6,987 7,339
Deferred income taxes - 3,202
Accrued interest 685 708
Current maturities of capital lease obligations 32 48
Current maturities of long-term debt - 109
Other current liabilities 477 536
Total current liabilities 25,390 31,669
Long-term debt, net of current portion 158,270 158,270
Convertible debt 11,980 11,980
Capital lease obligations, net of current portion 62 92
Deferred revenue 6,494 6,903
Other liabilities 1,488 1,000
Total liabilities 203,684 209,914
Commitments and contingencies
Minority interests in consolidated subsidiaries 1,874 1,242
STOCKHOLDERS' EQUITY:
Common stock 2 2
Treasury stock (180) (180)
Additional paid-in capital 15,615 14,210
Retained earnings 13,533 15,064
Total stockholders' equity 28,970 29,096
Total liabilities and stockholders' equity $234,528 $240,252
Radiologix, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
For the Three Months For the Year
Ended December 31, Ended December 31,
2005 2004 2005 2004
Service fee revenue $62,120 $55,425 $251,440 $251,291
Costs of operations:
Cost of services 40,060 39,268 160,898 158,613
Equipment lease 3,453 3,655 13,035 17,660
Provision for doubtful
accounts 5,386 6,151 19,033 22,337
Depreciation and
amortization 5,997 5,516 23,430 22,999
Gross profit $7,224 $835 $35,044 $29,682
Severance and other related
costs 670 - 670 405
Lease termination expense - 13,948 - 13,948
Corporate general and
administrative 3,677 5,134 16,872 18,919
Impairment of goodwill,
intangible and long-lived
assets 2,241 1,332 2,241 14,558
Gain on sale of operations - - - (4,669)
Interest expense, net, including
amortization of deferred
financing costs 4,493 4,581 18,295 18,596
Loss before equity in earnings of
unconsolidated affiliates,
minority interests in
consolidated subsidiaries,
income taxes and
discontinued operations $(3,857) $(24,160) $(3,034) $(32,075)
Equity in earnings of
investments 1,040 529 3,928 2,865
Minority interests in income
of consolidated subsidiaries (145) (152) (632) (791)
INCOME (LOSS) BEFORE INCOME
TAXES AND DISCONTINUED
OPERATIONS $(2,962) $(23,783) $262 $(30,001)
Income tax expense (benefit) (403) (3,142) 662 (5,848)
LOSS FROM CONTINUING
OPERATIONS $(2,559) $(20,641) $(400) $(24,153)
Discontinued Operations:
Loss from discontinued
operations before
income taxes (145) (1,977) (1,131) (13,128)
Income tax expense (benefit) 376 (965) - (5,426)
Loss from discontinued
operations $(521) $(1,012) $(1,131) $(7,702)
NET LOSS $(3,080) $(21,653) $(1,531) $(31,855)
LOSS PER COMMON SHARE
Loss from continuing
operations-basic $(0.12) $(0.94) $(0.02) $(1.11)
Loss from discontinued
operations-basic $(0.02) $(0.05) $(0.05) $(0.35)
Net loss-basic $(0.14) $(0.99) $(0.07) $(1.46)
Loss from continuing
operations-diluted $(0.12) $(0.94) $(0.02) $(1.11)
Loss from discontinued
operations-diluted $(0.02) $(0.05) $(0.05) $(0.35)
Net loss-diluted $(0.14) $(0.99) $(0.07) $(1.46)
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 22,176,113 21,816,204 22,067,445 21,789,517
Diluted 22,176,113 21,816,204 22,067,445 21,789,517
Radiologix, Inc.
Reconciliation of Non-GAAP Financial Information
(In thousands)
Reconciliation of Loss from
Continuing Operations to
EBITDA from Continuing
Operations For the Three Months For the Year
Ended December 31, Ended December 31,
2005 2004 2005 2004
GAAP: Loss from continuing
operations $(2,559) $(20,641) $(400) $(24,153)
Add: Income tax expense
(benefit) (403) (3,142) 662 (5,848)
Add: Interest expense, net 4,493 4,581 18,295 18,596
Add: Depreciation and
amortization 5,997 5,516 23,430 22,999
Add: Severance and other
related costs 670 - 670 405
Add: Lease termination
expense - 13,948 - 13,948
Add: Impairment of goodwill
and long-lived assets 2,241 1,332 2,241 14,558
Add: Restricted stock
expense 163 - 557 -
Add: Litigation settlement - - - 295
Add: Charges related to contract
cancellations - - - 515
Add: Professional fees - - - -
Add: Gain on sale of
operations - - - (4,669)
Add: Increase in contractual
adjustments - 9,128 - 9,128
Add: Decrease in equity in
earnings of unconsolidated
affiliates - 286 - 286
EBITDA from continuing
operations $10,602 $11,008 $45,455 $46,060
Radiologix, Inc.
Reconciliation of Non-GAAP Financial Information Excluding Terminated
Operations
(In thousands)
Reconciliation of Loss from
Continuing Operations to
EBITDA from Continuing
Operations Excluding
Terminated Operations For the Three Months For the Year
Ended December 31, Ended December 31,
2005 2004 2005 2004
GAAP: Loss from continuing
operations excluding
terminated operations $(2,433) $(20,744) $(317) $(24,127)
Add: Income tax expense
(benefit) (404) (3,131) 491 (5,532)
Add: Interest expense, net 4,493 4,576 18,294 18,421
Add: Depreciation and
amortization 5,997 5,514 23,430 22,311
Add: Severance and other
related costs 670 - 670 405
Add: Lease termination expense - 13,948 - 13,948
Add: Impairment of goodwill and
long-lived assets 2,241 1,332 2,241 7,347
Add: Restricted stock
expense 163 - 557 -
Add: Litigation settlement - - - 295
Add: Charges related to contract
cancellations - - - 200
Add: Professional fees - - - -
Add: Gain on sale of operations - - - -
Add: Increase in contractual
adjustments - 8,422 - 8,422
Add: Decrease in equity in
earnings of unconsolidated
affiliates - 286 - 286
EBITDA from continuing
operations excluding
terminated operations $10,727 $10,203 $45,366 $41,976
Radiologix, Inc.
Reconciliation of Financial Information Excluding Terminated Operations
(In thousands)
For the Three Months Ended December 31, 2005
Radiologix
Excluding
Radiologix Terminated Terminated
Operations Operations
Service fee revenue $62,120 $- $62,120
Costs of operations:
Cost of services 40,060 127 39,933
Equipment lease 3,453 4 3,449
Provision for doubtful accounts 5,386 (6) 5,392
Depreciation and amortization 5,997 - 5,997
Gross profit $7,224 (125) $7,349
Severance and other related costs 670 - 670
Corporate general and
administrative 3,677 - 3,677
Impairment of Goodwill 2,241 - 2,241
Interest expense, net, including
amortization of deferred
financing costs 4,493 - 4,493
Loss before equity in earnings
of unconsolidated affiliates,
minority interests in consolidated
subsidiaries, income taxes and
discontinued operations $(3,857) $(125) $(3,732)
Equity in earnings of
unconsolidated affiliates 1,040 - 1,040
Minority interests in income of
consolidated subsidiaries (145) - (145)
LOSS BEFORE INCOME TAXES AND
DISCONTINUED OPERATIONS $(2,962) $(125) $(2,837)
Income tax expense (benefit) (403) 1 (404)
LOSS FROM CONTINUING OPERATIONS $(2,559) $(126) $(2,433)
Radiologix, Inc.
Reconciliation of Financial Information Excluding Terminated Operations
(In thousands)
For the Three Months Ended December 31, 2004
Radiologix
Excluding
Radiologix Terminated Terminated
Operations Operations
Service fee revenue $55,425 $1,285 $54,140
Costs of operations:
Cost of services 39,268 484 38,784
Equipment lease 3,655 6 3,649
Provision for doubtful accounts 6,151 696 5,455
Depreciation and amortization 5,516 2 5,514
Gross profit $835 $97 $738
Severance and other related costs - - -
Lease termination expense 13,948 - 13,948
Corporate general and
administrative 5,134 - 5,134
Impairment of Goodwill 1,332 - 1,332
Interest expense, net, including
amortization of deferred
financing costs 4,581 5 4,576
Income (loss) before equity in
earnings of unconsolidated
affiliates, minority interests
in consolidated subsidiaries,
income taxes and discontinued
operations $(24,160) $92 $(24,252)
Equity in earnings of
unconsolidated affiliates 529 - 529
Minority interests in income of
consolidated subsidiaries (152) - (152)
INCOME (LOSS) BEFORE INCOME TAXES
AND DISCONTINUED OPERATIONS $(23,783) $92 $(23,875)
Income tax expense (benefit) (3,142) (11) (3,131)
INCOME (LOSS) FROM CONTINUING
OPERATIONS $(20,641) $103 $(20,744)
Radiologix, Inc.
Reconciliation of Financial Information Excluding Terminated Operations
(In thousands)
For the Year Ended December 31, 2005
Radiologix
Excluding
Radiologix Terminated Terminated
Operations Operations
Service fee revenue $251,440 $968 $250,472
Costs of operations:
Cost of services 160,898 607 160,291
Equipment lease 13,035 36 12,999
Provision for doubtful accounts 19,033 236 18,797
Depreciation and amortization 23,430 - 23,430
Gross profit $35,044 $89 $34,955
Severance and other related costs 670 - 670
Corporate general and
administrative 16,872 - 16,872
Impairment of goodwill, intangible
and long-lived assets 2,241 - 2,241
Interest expense, net, including
amortization of deferred
financing costs 18,295 1 18,294
Income (loss) before equity in
earnings of unconsolidated
affiliates, minority interests
in consolidated subsidiaries,
income taxes and discontinued
operations $(3,034) $88 $(3,122)
Equity in earnings of
unconsolidated affiliates 3,928 - 3,928
Minority interests in income of
consolidated subsidiaries (632) - (632)
INCOME BEFORE INCOME TAXES AND
DISCONTINUED OPERATIONS $262 $88 $174
Income tax expense 662 171 491
LOSS FROM CONTINUING OPERATIONS $(400) $(83) $(317)
Radiologix, Inc.
Reconciliation of Financial Information Excluding Terminated Operations
(In thousands)
For the Year Ended December 31, 2004
Radiologix
Excluding
Radiologix Terminated Terminated
Operations Operations
Service fee revenue $251,291 $11,898 $239,393
Costs of operations:
Cost of services 158,613 6,084 152,529
Equipment lease 17,660 114 17,546
Provision for doubtful accounts 22,337 2,623 19,714
Depreciation and amortization 22,999 688 22,311
Gross profit $29,682 $2,389 $27,293
Severance and other related costs 405 - 405
Lease termination expense 13,948 - 13,948
Corporate general and
administrative 18,919 - 18,919
Impairment of goodwill,
intangible and long-lived
assets 14,558 7,211 7,347
Gain on Sale of Operations (4,669) (4,669) -
Interest expense, net, including
amortization of deferred
financing costs 18,596 175 18,421
Income (loss) before equity in
earnings of unconsolidated
affiliates, minority interests
in consolidated subsidiaries,
income taxes and discontinued
operations $(32,075) $(328) $(31,747)
Equity in earnings of
unconsolidated affiliates 2,865 114 2,751
Minority interests in income of
consolidated subsidiaries (791) (128) (663)
INCOME (LOSS) BEFORE INCOME TAXES
AND DISCONTINUED OPERATIONS $(30,001) $(342) $(29,659)
Income tax expense (benefit) (5,848) (316) (5,532)
INCOME (LOSS) FROM CONTINUING
OPERATIONS $(24,153) $(26) $(24,127)
SOURCE Radiologix, Inc.
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Related links:
http://www.radiologix.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19991026/RLGXLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Paul R. Streiber, Investor Relations of
Radiologix, Inc., +1-214-303-2702, paul.streiber@radiologix.com
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