Service Fee Revenue Grew 5.1% From Third Quarter 2003;
8.3% From Nine Months 2003
DALLAS, Nov. 4 /PRNewswire-FirstCall/ -- Radiologix, Inc. (Amex: RGX), a
leading national provider of diagnostic imaging services, today announced
financial results for its third quarter and nine months ended September 30,
2004.
Radiologix reported a net loss of $5.4 million, or $0.25 per diluted share
for the third quarter 2004, compared to a net loss of $646,000, or $0.03 per
diluted share for the third quarter 2003. For the nine months ended September
30, 2004, Radiologix reported a net loss of $10.2 million, or $0.47 per
diluted share, compared to a net loss of $5.0 million, or $0.23 per diluted
share for the same period last year.
Income from continuing operations, excluding charges and San Antonio
operations, was $621,000, or $0.03 per diluted share for the third quarter
2004, compared to a loss of $705,000, or $0.03 loss per diluted share, for the
third quarter 2003. Income from continuing operations, excluding charges, a
gain on sale of operations, and San Antonio operations, was $1.4 million, or
$0.06 per diluted share for the nine months ended September 30, 2004, compared
to a loss of $1.2 million, or $0.06 per diluted share, for the nine months
ended September 30, 2003.
Other financial results for the third quarter and nine months ended
September 30, 2004 included:
-- service fee revenue growth of 5.1% to $64.7 million, compared to
$61.5 million for the third quarter 2003,
-- income from continuing operations, excluding charges, of $0, or $0.00
per diluted share, compared to $81,000, or $0.00 per diluted share, for
the third quarter 2003,
-- EBITDA from continuing operations, excluding charges, of $10.2 million,
or 15.8% of service fee revenue, compared to $10.9 million, or 17.8% of
service fee revenue, for the third quarter 2003,
-- service fee revenue growth of 8.3% to $199.2 million, compared to
$183.9 million for the nine months ended September 30, 2003,
-- growth in income from continuing operations, excluding charges and a
gain on sale of operations, to $1.8 million, or $0.08 per diluted
share, from $1.2 million, or $0.06 per diluted share, for the nine
months ended September 30, 2003,
-- EBITDA from continuing operations, excluding charges and a gain on sale
of operations, of $34.9 million, or 17.5% of service fee revenue,
compared to $35.0 million, or 19.0% of service fee revenue, for the
nine months ended September 30, 2003,
-- cash and cash equivalents of $52.5 million at September 30, 2004,
compared to $36.8 million at December 31, 2003,
-- net debt (total debt less cash and cash equivalents) at September 30,
2004, was $118.1 million, compared to net debt of $137.3 million at
December 31, 2003. Total debt at September 30, 2004 was
$170.6 million, compared to total debt of $174.1 million at
December 31, 2003, and
-- days sales outstanding (DSOs) of 61 days at September 30, 2004,
compared to 63 days at December 31, 2003.
EBITDA, or earning before interest, taxes, depreciation and amortization,
including equity in earnings of unconsolidated affiliates and minority
interests, is a non-GAAP financial measure that is defined, discussed and
reconciled below.
Results from the third quarter and nine months ended September 30, 2004,
excluding San Antonio operations, included:
-- service fee revenue growth of 12.4% to $64.9 million, from
$57.7 million for the third quarter 2003,
-- growth in income from continuing operations, excluding charges, to
$621,000, or $0.03 per diluted share, from a loss of $705,000, or $0.03
loss per diluted share, for the third quarter 2003,
-- EBITDA from continuing operations, excluding charges, of $11.2 million,
or 17.2% of service fee revenue, compared to $9.3 million, or 16.1% of
service fee revenue, for the third quarter 2003,
-- service fee revenue growth of 12.2% to $193.3 million, from
$172.3 million for the nine months ended September 30, 2003,
-- growth in income from continuing operations, excluding charges, to
$1.4 million, or $0.06 per diluted share, from a loss of $1.2 million,
or $0.06 loss per diluted share, for the nine months ended
September 30, 2003, and
-- EBITDA from continuing operations, excluding charges and a gain on sale
of operations, of $33.7 million, or 17.4% of service fee revenue,
compared to $29.9 million, or 17.4% of service fee revenue, for the
nine months ended September 30, 2003.
"Radiologix is in the midst of a major undertaking to improve operational
and financial results, and we accelerated this effort in the third quarter by
making and executing critical decisions. These decisions are reflected in the
charges and special items recorded in our third quarter as well as our nine
month results," said Marvin S. Cadwell, chairman of the board of directors of
Radiologix and interim CEO. "However, in analyzing these results, you will
note that Radiologix reported a strong third quarter and nine months this
year. Our service fee revenue continues to show solid growth, we continue to
generate cash with stable DSOs, and we continue to make tangible strides in
rationalizing our operations. We believe we are seeing the results of
improving operations in our core markets and disposing of non-core and
unprofitable operations."
Cash Flow
Cash flow from operating activities was $9.8 million for the third quarter
2004, compared to $12.9 million for the third quarter 2003. Cash flow from
operating activities was $26.4 million for the nine months ended September 30,
2004, compared to $22.6 million for the nine months ended September 30, 2003.
Discontinued Operations
Radiologix continues to pursue its goal of either improving or disposing
of imaging centers that do not meet its strategic or profitability
requirements.
During the third quarter 2004, Radiologix sold three Questar imaging
centers previously placed in discontinued operations, closed two other
unprofitable Questar imaging centers, and closed one unprofitable imaging
center in New York State.
Also during the third quarter 2004, Radiologix initiated discussions to
sell its 80% joint venture interest in its Questar Tampa operations.
Charges and Costs
During the third quarter 2004, Radiologix recorded the following pre-tax
amounts:
-- a $6.5 million impairment to write off the unamortized portion of
intangible assets related to the previously announced termination of a
medical services agreement with a radiology practice in its Mid-
Atlantic market,
-- an $800,000 impairment to write off long-lived assets related to the
previously announced closing of unprofitable three centers in its Mid-
Atlantic market,
-- a $300,000 impairment to write off assets damaged from the impact of
hurricanes on its Southeastern operations,
-- $405,000 for severance and other related costs related to the
resignation in September 2004 of the company's former president
and CEO,
-- $315,000 for a lease termination related to diagnostic equipment no
longer in use,
-- $295,000 for costs associated with a litigation settlement, and
-- $200,000 to write off software costs associated with canceling a
software contract.
Guidance
Radiologix has assessed the radiology sector of the healthcare industry,
the competitive landscape for radiology services, its operations, and its
opportunities for growth.
Radiologix believes that it can achieve diluted earnings per share from
continuing operations excluding charges and a gain on sale of operations of
$0.08 to $0.10 for 2004.
Radiologix currently anticipates capital expenditures for 2004 to range
between $40 million and $50 million, and that approximately one-third of this
amount would be funded by cash and two-thirds would be funded through lease
lines.
Forward looking statements concerning fiscal year 2004 guidance relate to
future financial results or business expectations and, therefore, may prove to
be inaccurate due to changing or unexpected circumstances. Fiscal year 2004
guidance is made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Please read the "Forward-Looking Statements"
section below.
CEO Search
The Radiologix Board of Directors retained Korn/Ferry International to
assist with the previously discussed search for a chief executive officer for
Radiologix. The Board of Directors anticipates that this search could take 90
to 180 days to complete.
GAAP and Non-GAAP Financial Information
This release contains certain financial information not derived in
accordance with GAAP, including EBITDA, and EBITDA from continuing operations.
Radiologix believes this information is useful to investors and other
interested parties. 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. Reconciliation of this
information to the most comparable GAAP measures is included in this release.
Conference Call
In connection with this press release, you are invited to listen to our
conference call with Marvin S. Cadwell, chairman and interim CEO, Sami S.
Abbasi, executive vice president and COO, and Richard J. Sabolik, senior vice
president and CFO, that will be broadcast live over the Internet on Thursday,
November 4, 2004, at 8:00 a.m., Central Time / 9:00 a.m. Eastern Time.
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 Third
Quarter 2004 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 88 diagnostic imaging centers located in 13 states as of
September 30, 2004.
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;
and
-- interruption of operations due to severe weather or other
extraordinary events.
A more comprehensive list of such factors is set forth in the Company's
Annual Report on Form 10-K, as amended, for the year ended December 31, 2003,
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 November 4,
2004. 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)
September 30, December 31,
2004 2003
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $52,532 $36,766
Restricted cash 4,820 --
Accounts receivable, net of allowances 56,396 58,746
Due from affiliates 2,386 4,104
Assets held for sale 620 251
Other current assets 7,333 7,571
Total current assets 124,087 107,438
PROPERTY AND EQUIPMENT, net 57,676 62,655
INVESTMENTS IN JOINT VENTURES 8,698 10,665
GOODWILL 3,651 20,110
INTANGIBLE ASSETS, net 58,215 67,917
DEFERRED FINANCING COSTS, net 6,936 8,151
DEFERRED INCOME TAXES 8,647 --
OTHER ASSETS 1,443 2,200
Total assets $269,353 $279,136
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued expenses $13,399 $11,986
Accrued physician retention 8,785 8,821
Accrued salaries and benefits 7,484 7,788
Accrued interest 4,959 815
Deferred income taxes 3,891 1,797
Current portion of capital lease obligations 314 1,438
Current portion of long-term debt -- 261
Other current liabilities 693 482
Total current liabilities 39,525 33,388
DEFERRED INCOME TAXES -- 4,260
LONG-TERM DEBT, net of current portion 158,270 160,000
CONVERTIBLE DEBT 11,980 11,980
CAPITAL LEASE OBLIGATIONS, net of current portion -- 376
DEFERRED REVENUE 7,005 7,312
OTHER LIABILITIES 900 319
Total liabilities 217,680 217,635
COMMITMENTS AND CONTINGENCIES
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES 979 817
STOCKHOLDERS' EQUITY:
Common stock 2 2
Treasury stock (180) (180)
Additional paid-in capital 14,155 13,942
Retained earnings 36,717 46,920
Total stockholders' equity 50,694 60,684
Total liabilities and stockholders' equity $269,353 $279,136
Radiologix, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
SERVICE FEE REVENUE $64,669 $61,508 $199,224 $183,913
COSTS OF OPERATIONS:
Cost of services 40,819 37,863 123,111 112,489
Equipment lease 4,576 4,318 14,005 13,030
Provision for doubtful accounts 5,462 5,272 16,637 15,730
Depreciation and amortization 5,914 6,418 18,905 19,450
Gross profit 7,898 7,637 26,566 23,214
SEVERANCE AND OTHER RELATED COSTS 405 -- 405 1,280
CORPORATE GENERAL
AND ADMINISTRATIVE 5,179 3,560 13,075 10,576
IMPAIRMENT OF GOODWILL, INTANGIBLE
AND
LONG-LIVED ASSETS 7,612 -- 19,317 --
GAIN ON SALE OF OPERATIONS -- -- (4,669) --
INTEREST EXPENSE, NET 4,214 4,389 12,858 13,510
LOSS BEFORE EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES,
MINORITY INTERESTS IN CONSOLIDATED
SUBSIDIARIES, INCOME TAXES
AND DISCONTINUED OPERATIONS (9,512) (312) (14,420) (2,152)
Equity In Earnings of Unconsolidated
Affiliates 983 647 2,336 3,159
Minority Interests In Income of
Consolidated Subsidiaries (195) (200) (639) (730)
INCOME (LOSS) BEFORE
INCOME TAXES AND
DISCONTINUED OPERATIONS (8,724) 135 (12,723) 277
Income Tax Expense (Benefit) (3,428) 54 (5,308) 111
INCOME (LOSS) FROM CONTINUING
OPERATIONS (5,296) 81 (7,415) 166
Discontinued Operations:
Loss from discontinued operations
before income taxes (150) (1,211) (4,646) (8,577)
Income tax benefit (60) (484) (1,858) (3,431)
Loss from
discontinued operations (90) (727) (2,788) (5,146)
NET LOSS $(5,386) $(646) $(10,203) $(4,980)
INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing
operations - basic $(0.24) $0.00 $(0.34) $0.01
Income (loss) from discontinued
operations - basic (0.01) (0.03) (0.13) (0.24)
Net income (loss)-basic $(0.25) $(0.03) $(0.47) $(0.23)
Income (loss) from continuing
operations - diluted $(0.24) $0.00 $(0.34) $0.01
Income (loss) from discontinued
operations-diluted (0.01) (0.03) (0.13) (0.24)
Net income (loss) - diluted $(0.25) $(0.03) $(0.47) $(0.23)
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 21,805,607 21,741,317 21,780,557 21,710,702
Diluted 21,805,607 22,223,909 21,780,557 21,906,781
Radiologix, Inc.
Reconciliation of Non-GAAP Financial Information
(In thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
Service fee revenue $64,669 $61,508 $199,224 $183,913
Income (loss) from continuing
operations (5,296) 81 (7,415) 166
Less: Income tax expense (benefit) (3,428) 54 (5,308) 111
Add: Interest expense, net 4,214 4,389 12,858 13,510
Add: Depreciation and amortization 5,914 6,418 18,905 19,450
EBITDA from continuing operations 1,404 10,942 19,040 33,237
Add: Severance and other related
costs 405 -- 405 1,280
Add: Imp. of goodwill, intangible
and long-lived assets 7,612 -- 19,317 --
Add: Litigation settlement 295 -- 295 500
Add: Charges related to contract
cancellations 515 -- 515 --
Less: Gain on sale of operations -- -- (4,669) --
EBITDA from continuing operations
excluding charges $10,231 $10,942 $34,903 $35,017
EBITDA from continuing operations
excluding charges as a percent
of service fee revenue 15.8 % 17.8 % 17.5 % 19.0 %
EBITDA
EBITDA (earnings before interest, taxes, depreciation and amortization,
including equity in earnings of unconsolidated affiliates and minority
interests) and EBITDA from continuing 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 should not be considered
measures of financial performance under GAAP, and the items excluded from
EBITDA and EBITDA from continuing 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 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.
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
Net Income (loss) $(5,386) $(646) $(10,203) $(4,980)
Less: Income tax benefit from
discontinued ops. 60 484 1,858 3,431
Add: Loss from discontinued
operations 150 1,211 4,646 8,577
Income (loss) from continuing
operations (5,296) 81 (7,415) 166
Add: Severance and other
related costs(1) 243 -- 243 768
Add: Imp. of goodwill and
long-lived assets(1) 4,567 -- 11,590 --
Add: Litigation settlement(1) 177 -- 177 300
Add: Charges related to
contract cancellations(1) 309 -- 309 --
Add: Gain on sale of
operations(1) -- -- (3,081) --
Income from continuing
operations excluding
charges and gain -- 81 1,823 1,234
Fully diluted shares outstanding 21,806 22,224 21,781 21,907
Income from continuing
operations excluding charges
and gain per share - diluted $0.00 $0.00 $0.08 $0.06
(1) Net of taxes
Radiologix, Inc.
Reconciliation of Non-GAAP Financial Information, Excluding San Antonio
Operations
(In thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
Service fee revenue $64,907 $57,731 $193,342 $172,310
Loss from continuing operations (4,675) (705) (7,826) (2,291)
Less: Income tax benefit (3,108) (350) (5,520) (1,154)
Add: Interest expense, net 4,214 4,303 12,743 13,225
Add: Depreciation and amortization 5,914 6,062 18,395 18,381
EBITDA from continuing operations 2,345 9,310 17,791 28,161
Add: Severance and other related
costs 405 -- 405 1,280
Add: Imp. of goodwill, intangible
and long-lived assets 7,612 -- 19,317 --
Add: Litigation settlement 295 -- 295 500
Add: Charges related to contract
cancellations 515 -- 515 --
Less: Gain on sale of operations -- -- (4,669) --
EBITDA from continuing operations
excluding charges $11,172 $9,310 $33,655 $29,941
EBITDA from continuing operations
excluding charges as a percent
of service fee revenue 17.2 % 16.1 % 17.4 % 17.4 %
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
2004 2003 2004 2003
Net Income (loss) $(4,765) $(1,432) $(10,614) $(7,437)
Less: Income tax benefit from
discontinued ops. 60 484 1,858 3,431
Add: Loss from discontinued
operations 150 1,211 4,646 8,577
Loss from continuing operations (4,675) (705) (7,826) (2,291)
Add: Severance and other related
costs(1) 243 -- 243 768
Add: Imp. of goodwill and
long-lived assets(1) 4,567 -- 11,590 --
Add: Litigation settlement(1) 177 -- 177 300
Add: Charges related to contract
cancellations(1) 309 -- 309 --
Less: Gain on sale of
operations(1) -- -- (3,081) --
Income (loss) from continuing
operations excluding charges and gain $621 $(705) $1,412 (1,223)
Fully diluted shares outstanding 21,806 22,224 21,781 21,907
Income (loss) from continuing
operations excluding charges
and gain per share - diluted $ 0.03 $ (0.03) $ 0.06 $ (0.06)
(1) Net of taxes
Radiologix, Inc.
Reconciliation of Financial Information, Excluding San Antonio Operations
(In thousands, except per share data)
For the Three Months Ended
September 30, 2004
Radiologix
Excluding
San San Percent
Antonio Antonio of
Radiologix Operations Operations Revenue
SERVICE FEE REVENUE $64,669 $(238) $64,907 100%
COSTS OF OPERATIONS:
Cost of services 40,819 496 40,323 62.1
Equipment lease 4,576 -- 4,576 7.1
Provision for doubtful accounts 5,462 207 5,255 8.1
Depreciation and amortization 5,914 -- 5,914 9.1
Gross profit 7,898 (941) 8,839 13.6
SEVERANCE AND OTHER RELATED COSTS 405 -- 405 0.6
CORPORATE GENERAL AND
ADMINISTRATIVE 5,179 -- 5,179 8.0
IMPAIRMENT OF GOODWILL, INTANGIBLE
AND LONG-LIVED ASSETS 7,612 -- 7,612 11.7
INTEREST EXPENSE, NET 4,214 -- 4,214 6.5
LOSS BEFORE EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES,
MINORITY
INTERESTS IN CONSOLIDATED
SUBSIDIARIES,
INCOME TAXES AND DISCONTINUED
OPERATIONS (9,512) (941) (8,571) (13.2)
Equity In Earnings of
Unconsolidated Affiliates 983 -- 983 1.5
Minority Interests In Income of
Consolidated Subsidiaries (195) -- (195) (0.3)
INCOME (LOSS) BEFORE INCOME TAXES
AND
DISCONTINUED OPERATIONS (8,724) (941) (7,783) (12.0)
Income Tax Expense (Benefit) (3,428) (320) (3,108) (4.8)
INCOME (LOSS) FROM CONTINUING
OPERATIONS (5,296) (621) (4,675) (7.2)
Discontinued Operations:
Loss from discontinued
operations before income taxes (150) -- (150) (0.2)
Income tax benefit (60) -- (60) (0.1)
Loss from discontinued
operations (90) -- (90) (0.1)
NET LOSS $(5,386) $(621) $(4,765) (7.3)
INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing
operations - basic $(0.24) $(0.03) $(0.21)
Income (loss) from discontinued
operations - basic (0.01) -- (0.01)
Net income (loss)-basic $(0.25) $(0.03) $(0.22)
Income (loss) from continuing
operations - diluted $(0.24) $(0.03) $(0.21)
Income (loss) from discontinued
operations-diluted (0.01) -- (0.01)
Net income (loss) - diluted $(0.25) $(0.03) $(0.22)
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 21,805,607 21,805,607 21,805,607
Diluted 21,805,607 21,805,607 21,805,607
Radiologix, Inc.
Reconciliation of Financial Information, Excluding San Antonio Operations
(In thousands, except per share data)
For the Three Months Ended
September 30, 2003
Radiologix
Excluding
San San Percent
Antonio Antonio of
Radiologix Operations Operations Revenue
SERVICE FEE REVENUE $61,508 $3,777 $57,731 100%
COSTS OF OPERATIONS:
Cost of services 37,863 1,319 36,544 63.3
Equipment lease 4,318 4 4,314 7.5
Provision for doubtful
accounts 5,272 567 4,705 8.1
Depreciation and amortization 6,418 356 6,062 10.5
Gross profit 7,637 1,531 6,106 10.6
SEVERANCE AND OTHER RELATED
COSTS -- -- -- --
CORPORATE GENERAL AND
ADMINISTRATIVE 3,560 -- 3,560 6.2
IMPAIRMENT OF GOODWILL,
INTANGIBLE AND
LONG-LIVED ASSETS -- -- -- --
INTEREST EXPENSE, NET 4,389 86 4,303 7.5
LOSS BEFORE EQUITY IN
EARNINGS OF UNCONSOLIDATED
AFFILIATES, MINORITY
INTERESTS IN CONSOLIDATED
SUBSIDIARIES, INCOME
TAXES AND DISCONTINUED
OPERATIONS (312) 1,445 (1,757) (3.0)
Equity In Earnings of
Unconsolidated Affiliates 647 (211) 858 1.5
Minority Interests In Income
of Consolidated Subsidiaries (200) (44) (156) (0.3)
INCOME (LOSS) BEFORE INCOME
TAXES AND DISCONTINUED OPERATIONS 135 1,190 (1,055) (1.8)
Income Tax Expense (Benefit) 54 404 (350) (0.6)
INCOME (LOSS) FROM CONTINUING
OPERATIONS 81 786 (705) (1.2)
Discontinued Operations:
Loss from discontinued
operations before
income taxes (1,211) -- (1,211) (2.1)
Income tax benefit (484) -- (484) (0.8)
Loss from discontinued
operations (727) -- (727) (1.3)
NET LOSS $(646) $786 $(1,432) (2.5)
INCOME (LOSS) PER COMMON
SHARE
Income (loss) from continuing
operations-basic $ -- $0.03 $(0.03)
Income (loss) from
discontinued
operations - basic (0.03) -- --
Net income (loss)-basic $(0.03) $0.03 $(0.06)
Income (loss) from continuing
operations - diluted $ -- $0.03 $(0.03)
Income (loss) from
discontinued
operations - diluted (0.03) -- --
Net income (loss)- diluted $(0.03) $0.03 $(0.06)
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 21,741,317 21,741,317 21,741,317
Diluted 22,223,909 22,223,909 22,223,909
Radiologix, Inc.
Reconciliation of Financial Information, Excluding San Antonio Operations
(In thousands, except per share data)
For the Nine Months Ended
September 30, 2004
Radiologix
Excluding
San San Percent
Antonio Antonio of
Radiologix Operations Operations Revenue
SERVICE FEE REVENUE $199,224 $5,882 $193,342 100%
COSTS OF OPERATIONS:
Cost of services 123,111 3,443 119,668 61.9
Equipment lease 14,005 5 14,000 7.2
Provision for doubtful
accounts 16,637 1,171 15,466 8.0
Depreciation and amortization 18,905 510 18,395 9.5
Gross profit 26,566 753 25,813 13.4
SEVERANCE AND OTHER
RELATED COSTS 405 -- 405 0.2
CORPORATE GENERAL AND
ADMINISTRATIVE 13,075 -- 13,075 6.8
IMPAIRMENT OF GOODWILL,
INTANGIBLE AND
LONG-LIVED ASSETS 19,317 -- 19,317 10.0
GAIN ON SALE OF OPERATIONS (4,669) -- (4,669) (2.4)
INTEREST EXPENSE, NET 12,858 115 12,743 6.6
LOSS BEFORE EQUITY IN
EARNINGS OF
UNCONSOLIDATED
AFFILIATES, MINORITY
INTERESTS IN CONSOLIDATED
SUBSIDIARIES, INCOME
TAXES AND DISCONTINUED
OPERATIONS (14,420) 638 (15,058) (7.8)
Equity In Earnings of
Unconsolidated Affiliates 2,336 114 2,222 1.1
Minority Interests In Income
of Consolidated Subsidiaries (639) (129) (510) (0.3)
INCOME (LOSS) BEFORE INCOME
TAXES AND
DISCONTINUED OPERATIONS (12,723) 623 (13,346) (6.9)
Income Tax Expense (Benefit) (5,308) 212 (5,520) (2.9)
INCOME (LOSS) FROM CONTINUING
OPERATIONS (7,415) 411 (7,826) (4.0)
Discontinued Operations:
Loss from discontinued
operations before
income taxes (4,646) -- (4,646) (2.4)
Income tax benefit (1,858) -- (1,858) (1.0)
Loss from discontinued
operations (2,788) -- (2,788) (1.4)
NET LOSS $(10,203) $411 $(10,614) (5.5)
INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing
operations-basic $(0.34) $0.02 $(0.36)
Income (loss) from
discontinued
operations - basic (0.13) -- (0.13)
Net income (loss) - basic $(0.47) $0.02 $(0.49)
Income (loss) from continuing
operations - diluted $(0.34) $0.02 $(0.36)
Income (loss) from
discontinued
operations - diluted (0.13) -- (0.13)
Net income (loss)-diluted $(0.47) $0.02 $(0.49)
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 21,780,557 21,780,557 21,780,557
Diluted 21,780,557 21,780,557 21,780,557
Radiologix, Inc.
Reconciliation of Financial Information, Excluding San Antonio Operations
(In thousands, except per share data)
For the Nine Months Ended
September 30, 2003
Radiologix
Excluding
San San Percent
Antonio Antonio of
Radiologix Operations Operations Revenue
SERVICE FEE REVENUE $183,913 $11,603 $172,310 100%
COSTS OF OPERATIONS:
Cost of services 112,489 4,875 107,614 62.5
Equipment lease 13,030 11 13,019 7.6
Provision for doubtful accounts 15,730 1,694 14,036 8.1
Depreciation and amortization 19,450 1,069 18,381 10.7
Gross profit 23,214 3,954 19,260 11.2
SEVERANCE AND OTHER RELATED
COSTS 1,280 -- 1,280 0.7
CORPORATE GENERAL AND
ADMINISTRATIVE 10,576 -- 10,576 6.1
IMPAIRMENT OF GOODWILL,
INTANGIBLE AND
LONG-LIVED ASSETS -- -- -- --
INTEREST EXPENSE, NET 13,510 285 13,225 7.7
LOSS BEFORE EQUITY IN EARNINGS
OF UNCONSOLIDATED AFFILIATES,
MINORITY INTERESTS IN
CONSOLIDATED SUBSIDIARIES,
INCOME TAXES AND
DISCONTINUED OPERATIONS (2,152) 3,669 (5,821) (3.4)
Equity In Earnings of
Unconsolidated Affiliates 3,159 293 2,866 1.7
Minority Interests In Income of
Consolidated Subsidiaries (730) (240) (490) (0.3)
INCOME (LOSS) BEFORE INCOME
TAXES AND DISCONTINUED OPERATIONS 277 3,722 (3,445) (2.0)
Income Tax Expense (Benefit) 111 1,265 (1,154) (0.7)
INCOME (LOSS) FROM CONTINUING
OPERATIONS 166 2,457 (2,291) (1.3)
Discontinued Operations:
Loss from discontinued
operations before income taxes (8,577) -- (8,577) (5.0)
Income tax benefit (3,431) -- (3,431) (2.0)
Loss from discontinued
operations (5,146) -- (5,146) (3.0)
NET LOSS $(4,980) $2,457 $(7,437) (4.3)
INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing
operations - basic $0.01 $0.11 $(0.10)
Income (loss) from discontinued
operations - basic (0.24) -- (0.24)
Net income (loss) - basic $(0.23) $0.11 $(0.34)
Income (loss) from continuing
operations - diluted $0.01 $0.11 $(0.10)
Income (loss) from discontinued
operations - diluted (0.24) -- (0.24)
Net income (loss) - diluted $(0.23) $0.11 $(0.34)
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 21,710,702 21,710,702 21,710,702
Diluted 21,906,781 21,906,781 21,906,781
SOURCE Radiologix, Inc.
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Related links:
http://www.radiologix.com
CONTACT:
Paul R. Streiber of Radiologix, Inc.,
Investor Relations, +1-214-303-2702, paul.streiber@radiologix.com
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