FORT LAUDERDALE, Fla., April 30 /PRNewswire/ -- Pediatrix Medical Group,
Inc., (NYSE: PDX) today reported record revenue and net income for the three
months ended March 31, 1997 as the company continues to successfully integrate
new group practice acquisitions into its existing operations.
Net patient service revenue for the first quarter of 1997 was $27.0
million, up 68 percent from $16.1 million for the same period of 1996. Net
income for the three months ended March 31, 1997, increased by 65 percent to
$4.3 million, compared with $2.6 million for the previous year. Net income
per share increased by 47 percent to 28 cents, based on a weighted average of
15.5 million shares outstanding, up from 19 cents on a weighted average of
13.7 million shares outstanding in the previous year.
"With this report, our management team continues to demonstrate that we
are able to simultaneously acquire group practices across the country and
effectively operate our existing network of neonatology units, which now
exceeds 80," said Roger J. Medel, M.D., President and Chief Executive Officer
During the 1997 first quarter, Pediatrix added a total of 11 new neonatal
intensive care units (NICUs) through a combination of internal marketing
efforts and acquisitions. These NICUs generated approximately 60,000 patient
days during 1996. For all of 1996, Pediatrix recorded approximately 186,000
patient days.
Since the close of the first quarter, the company has acquired a
neonatology group practice based in Pasadena, California.
Pediatrix Medical Group, Inc., is the nation's largest provider of
physician practice management services to hospital-based NICUs. The company
provides services to 81 NICUs, eight pediatric intensive care units (PICUs)
and three pediatrics departments in 20 states and Puerto Rico and employs or
contracts with approximately 225 physicians. Additional information is
available on the Internet: http://www.pediatrix.com .
Pediatrix Medical Group, Inc.
Operations Highlights
Three months ended March 31
1997 1996
(in thousands except per share data)
Net patient service revenue $27,013 $16,127
Operating expenses 20,494 12,242
Income from operations 6,519 3,885
Income before taxes 7,180 4,349
Net income 4,308 2,612
Net income per share 0.28 0.19
Weighted average common
shares outstanding 15,544 13,726
Balance Sheet Highlights
As of March 31 As of Dec 31
1997 1996
(in thousands)
Assets:
Cash & marketable securities $56,875 $75,653
Other current assets 29,243 25,256
Other assets 79,619 58,117
Total assets 165,737 159,026
Liabilities:
Accounts payable & accrued
expenses 12,743 13,423
Other liabilities 11,278 9,282
Total liabilities 24,021 22,705
Stockholders' equity 141,716 136,321
Total liabilities and
stockholders equity 165,737 159,026
Other Operating Data
Three months ended March 31
1997 1996
Number of:
Births 39,572 25,337
NICU Admissions 4,368 2,798
NICU Patient days 63,754 33,424
SOURCE Pediatrix Medical Group
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CONTACT:
Larry Mullen, Pediatrix Medical Group,
954-384-0175; or Robert Kneeley, RKC Communications, 954-351-1976
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