Pediatrix Announces Share Repurchase Program, Expects Second Quarter EPS to Exceed Previous Guidance
Pediatrix Announces Share Repurchase Program, Expects Second Quarter EPS to Exceed Previous Guidance
Business Editors/Health & Medical Writers
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 3, 2002--Pediatrix Medical Group, Inc. (NYSE:PDX) today announced that its Board of Directors has authorized the Company to repurchase up to $35 million of its common stock. The repurchase program is effective immediately.
Any purchases under Pediatrix's stock repurchase program may be made in the open market or through privately-negotiated transactions, subject to market conditions and trading restrictions. These purchases may be commenced or suspended at any time without prior notice.
At June 30, 2002, Pediatrix had approximately 26.7 million shares outstanding.
Pediatrix also announced that it expects results for the three months ended June 30, 2002, to be approximately 62 cents per share, exceeding its previously-issued guidance of 58 to 60 cents per share. At this time, Pediatrix is not revising its previous guidance for the second half of 2002.
"Our board has made the decision to proceed with this accretive share repurchase program because we believe that it will increase shareholder value," said Roger J. Medel, M.D., Chairman and Chief Executive Officer of Pediatrix. "We are confident in our ability to simultaneously fund this share repurchase program while continuing to grow our business by expanding our national physician group practice."
At June 30, 2002, Pediatrix had more than $60 million in cash and cash equivalents and less than $3 million in long-term debt. It has no outstanding balance on a $100 million credit facility which matures in August 2004.
About Pediatrix
Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 190 NICUs and through Obstetrix its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 600 physicians in 29 states and Puerto Rico. Additional information is available on the Internet: http://www.pediatrix.com.
Matters discussed in this release may include forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Pediatrix intends, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions and assessments made by Pediatrix's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be relevant. Any forward-looking statement is not a guarantee of future performance and is subject to various risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statement. Such risks and uncertainties include, among others: billing and other investigations by government authorities; our ability to comply with laws and regulations applicable to the healthcare industry; limitations of, reductions in or retroactive adjustments to reimbursement amounts or rates by government-sponsored healthcare programs; whether our physicians appropriately record the services they provide; our ability to find suitable acquisition candidates and to successfully integrate our future or recent acquisitions; laws protecting the privacy of patient healthcare information; federal and state healthcare reform or changes in government-sponsored healthcare programs; our ability to successfully recruit and retain qualified physicians; malpractice and other lawsuits; the value of our intangible assets, such as goodwill; our ability to manage our growth; fluctuations in our quarterly results; and competition in the healthcare industry.
Pediatrix more fully describes these and other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2001, filed with the Securities and Exchange Commission. Any forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations and Pediatrix has no obligation to update and revise any such statements, whether as a result of new developments, information or otherwise.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 3, 2002--Pediatrix Medical Group, Inc. (NYSE:PDX) today announced that its Board of Directors has authorized the Company to repurchase up to $35 million of its common stock. The repurchase program is effective immediately.
Any purchases under Pediatrix's stock repurchase program may be made in the open market or through privately-negotiated transactions, subject to market conditions and trading restrictions. These purchases may be commenced or suspended at any time without prior notice.
At June 30, 2002, Pediatrix had approximately 26.7 million shares outstanding.
Pediatrix also announced that it expects results for the three months ended June 30, 2002, to be approximately 62 cents per share, exceeding its previously-issued guidance of 58 to 60 cents per share. At this time, Pediatrix is not revising its previous guidance for the second half of 2002.
"Our board has made the decision to proceed with this accretive share repurchase program because we believe that it will increase shareholder value," said Roger J. Medel, M.D., Chairman and Chief Executive Officer of Pediatrix. "We are confident in our ability to simultaneously fund this share repurchase program while continuing to grow our business by expanding our national physician group practice."
At June 30, 2002, Pediatrix had more than $60 million in cash and cash equivalents and less than $3 million in long-term debt. It has no outstanding balance on a $100 million credit facility which matures in August 2004.
About Pediatrix
Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 190 NICUs and through Obstetrix its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 600 physicians in 29 states and Puerto Rico. Additional information is available on the Internet: http://www.pediatrix.com.
Matters discussed in this release may include forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Pediatrix intends, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions and assessments made by Pediatrix's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be relevant. Any forward-looking statement is not a guarantee of future performance and is subject to various risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statement. Such risks and uncertainties include, among others: billing and other investigations by government authorities; our ability to comply with laws and regulations applicable to the healthcare industry; limitations of, reductions in or retroactive adjustments to reimbursement amounts or rates by government-sponsored healthcare programs; whether our physicians appropriately record the services they provide; our ability to find suitable acquisition candidates and to successfully integrate our future or recent acquisitions; laws protecting the privacy of patient healthcare information; federal and state healthcare reform or changes in government-sponsored healthcare programs; our ability to successfully recruit and retain qualified physicians; malpractice and other lawsuits; the value of our intangible assets, such as goodwill; our ability to manage our growth; fluctuations in our quarterly results; and competition in the healthcare industry.
Pediatrix more fully describes these and other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2001, filed with the Securities and Exchange Commission. Any forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations and Pediatrix has no obligation to update and revise any such statements, whether as a result of new developments, information or otherwise.
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CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954/384-0175, x-5300
bob_kneeley@pediatrix.com
KEYWORD: FLORIDA
INDUSTRY KEYWORD: MEDICAL
SOURCE: Pediatrix Medical Group, Inc.