Pediatrix Reports 2001 Second Quarter EPS of 30 Cents, Record Cash Flow
Pediatrix Reports 2001 Second Quarter EPS of 30 Cents, Record Cash Flow
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 8, 2001--Pediatrix Medical Group, Inc., (NYSE:PDX) the national group of newborn and maternal-fetal medicine physician specialists, today reported earnings of 30 cents per share, as well as record cash flow from operations of $20.4 million for the three months ended June 30, 2001.
For the 2001 second quarter, net patient service revenue was $83.1 million, compared with revenue of $55.2 million during the second quarter of 2000. Second quarter 2001 net income was $6.4 million, or 30 cents per share based on a weighted average 21.3 million shares outstanding, compared to a net loss of $291,000, or 2 cents per share on a weighted average 15.8 million shares outstanding, for the comparable period of 2000.
For the six months ended June 30, 2001, Pediatrix had net revenue of $147.1 million, up 28 percent from $114.6 million for the comparable 2000 period. Net income through the first half of 2001 was $10.0 million, or 53 cents per share on a weighted average 19 million shares outstanding, compared with net income of $3.1 million, or 20 cents per share on a weighted average 15.8 million shares outstanding for the comparable period of 2000.
Pediatrix's results for the 2000 second quarter were impacted by a charge against net patient service revenue of $6.5 million related to accounts receivable. Excluding the impact of that charge, Pediatrix would have earned $3.4 million, or 22 cents per share, on a pro forma basis for the three months ended June 30, 2000.
Pediatrix's 2001 second quarter results include the operations of Magella Healthcare Corporation, a newborn-maternal-fetal medicine physician group practice that merged into Pediatrix effective May 15, 2001. The transaction was accounted for as a purchase, and accordingly Magella's operations are included in Pediatrix's financial statements commencing with the effective date.
In addition to the Magella transaction, Pediatrix completed the acquisition of two neonatal physician group practices in Central Florida, including one practice that generated patient volume of approximately 30,000 NICU patient days in 2000. Pediatrix also completed the acquisition of a maternal-fetal physician group practice that serves Seattle's Eastside communities. That acquisition complemented Pediatrix's existing presence in the Seattle-Tacoma market.
Investor Conference Call
Pediatrix Medical Group, Inc., will host an investor conference call at 11 a.m. EDT today to discuss the 2001 second quarter results. Future performance of the Company may be discussed. The conference call will be available through simultaneous webcast at http://www.vcall.com.
A telephone replay of the conference call will also be available from approximately 2 p.m. (EDT) today through midnight (EDT) August 13, 2001 by dialing 800-475-6701 from within the U.S., or 320-365-3944 from international locations. The access code for the telephone replay is 594441. The replay will also be available at http://www.vcall.com.
About Pediatrix
Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 185 NICUs and its perinatal physicians provide services in 16 markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 570 physicians in 27 states and Puerto Rico. Additional information is available on the Internet: http://www.pediatrix.com.
Except for historical information, matters discussed in this release include forward-looking statements that involve risks and uncertainties including, but not limited to, business, financial and integration risks. In addition, Pediatrix details other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2000, filed with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or anticipated in the forward-looking statements.
Pediatrix Medical Group, Inc. Consolidated Statements of Operations (Unaudited) Three months ended Six months ended June 30 June 30 ------- ------- 2001 2000(1) 2001 2000(1) ---- ---- ---- ---- (in thousands, except for per share data) Net patient service revenue $ 83,137 $ 55,178 $147,056 $114,587 ------ ------ ------- ------- Operating expenses: Salaries and benefits 56,746 44,238 103,226 87,541 Supplies and other operating expenses 8,819 6,677 15,676 12,398 Depreciation and amortization 5,103 3,435 8,681 6,771 ------ ------ ------- ------- Total operating expenses 70,668 54,350 127,583 106,710 ------ ------ ------- ------- Income from operations 12,469 828 19,473 7,877 ------ ------ ------- ------- Investment income 73 74 146 154 Interest expense (788) (1,015) (1,313) (2,002) ------ ------ ------- ------- Income before income taxes 11,754 (113) 18,306 6,029 Income tax provision (5,397) (178) (8,345) (2,942) ------ ------ ------- ------- Net income $ 6,357 $ (291) $ 9,961 $ 3,087 ====== ====== ======= ======= Per share data: Net income per common and common equivalent share (diluted) $ 0.30 $ (0.02) $ 0.53 $ 0.20 Weighted average shares used in computing net income per common and common equivalent share (diluted) 21,292 15,778 19,010 15,806 (1) These results include the impact of a secondquarter pretax charge against accounts receivable of $6.5 million. Balance Sheet Highlights As of As of June 30, 2001 Dec. 31, 2000 ------------- ------------- (in thousands) Assets: Cash & cash equivalents $ 4,440 $ 3,075 Accounts receivable, net 71,356 69,133 Other current assets 2,869 1,667 Other assets, property and equipment 468,251 250,859 ------- ------- Total assets $ 546,916 $ 324,734 ======= ======= Liabilities and stockholders' equity: Accounts payable & accrued expenses $ 45,034 $ 29,878 Total debt 54,943 23,500 Other liabilities 17,617 29,456 ------ ------ Total liabilities 117,594 82,834 Stockholders' equity 429,322 241,900 ------- ------- Total liabilities and stockholders' equity $ 546,916 $ 324,734 ======= =======
--30--jar/mi* CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale Bob Kneeley, Investor Relations, 954/384-0175, x-5300 KEYWORD: FLORIDA INDUSTRY KEYWORD: MEDICAL CONFERENCE CALLS EARNINGS SOURCE: Pediatrix Medical Group, Inc.