Medindia LOGIN REGISTER
Medindia
Advertisement

/C O R R E C T I O N -- Birner Dental Management Services, Inc./

Wednesday, March 19, 2008 General News
Advertisement
In the news release, Birner Dental Management Services, Inc.(Nasdaq: BDMS) Announces 10.0% Adjusted EBITDA Increase for 2007 Versus 2006,issued earlier today by Birner Dental Management Services, Inc. over PRNewswire, the first table, first row, third column should read "$39,386,996"rather than "9,386,996" as incorrectly transmitted by PR Newswire. The fullcorrected table follows:
Advertisement



------

Birner Dental Management Services, Inc. Announces 10.0% Adjusted EBITDA Increase for 2007 Versus 2006

DENVER, March 18 /PRNewswire-FirstCall/ -- Birner Dental ManagementServices, Inc. (Nasdaq: BDMS), operators of PERFECT TEETH(R) dental practices,announced results for the year ended December 31, 2007. Total dental grouppractice revenue increased $2.2 million, or 3.9%, to $59.4 million. Netrevenue increased $1.4 million, or 3.6%, to $40.8 million. The Company'searnings before interest, taxes, depreciation, amortization and non-cashexpense associated with stock-based compensation ("Adjusted EBITDA") increased$712,000, or 10.0%, to $7.8 million from $7.1 million for the year endedDecember 31, 2006.
Advertisement

Net income for the year ended December 31, 2007 increased $114,000, or4.9% to $2.4 million. Earnings per share increased 14.7% to $1.08 for theyear ended December 31, 2007 compared to $.94 for the year ended December 31,2006.

For the quarter ended December 31, 2007, total dental group practicerevenue increased $116,000, or .8%, to $13.8 million. Net revenue increased$96,000, or 1.0%, to $9.5 million. The Company's Adjusted EBITDA increased$30,000, or 1.8%, to $1.7 million for the quarter ended December 31, 2007compared to $1.6 million for the quarter ended December 31, 2006.

Net income for the quarter ended December 31, 2007 increased $43,000, or11.8% to $408,000. Earnings per share increased 22.3% to $.19 for the quarterended December 31, 2007 compared to $.15 for the quarter ended December 31,2006.

During 2007, the Company purchased 196,791 shares of its Common Stock forapproximately $4.1 million and paid out just over $1.2 million in dividends toits shareholders while reducing debt outstanding by $1.7 million. In January2008, the Company signed a lease for a de novo office in Longmont, Colorado,which the Company expects to open in the second quarter of 2008.

As previously reported, the Company's Board of Directors approved anincrease in its quarterly dividend for 2008 to $.17 per share from $.15 pershare in 2007. This increased dividend is first payable on April 11, 2008 toshareholders of record on March 28, 2008.

Birner Dental Management Services, Inc. acquires, develops, and managesgeographically dense dental practice networks in select markets in Colorado,New Mexico, and Arizona. The Company currently manages 60 dental offices, ofwhich 35 were acquired and 25 were de novo developments. The Company operatesits dental offices under the PERFECT TEETH(R) name.

The Company previously announced it would conduct a conference call toreview results for the year and quarter ended December 31, 2007. In additionto current operating results, the teleconference may include discussion ofmanagement's expectations of future financial and operating results. The callwill be held on Tuesday, March 18, 2008, at 9:00 a.m. MT. To participate inthis conference call, dial in to 1-866-837-9780 and refer to "Birner DentalManagement Services, Inc." approximately five minutes prior to the scheduledtime. If you are unable to join in on the conference call on March 18, therebroadcast number is 1-888-266-2081 with the pass code of 1214453. Thisrebroadcast will be available through April 1, 2008.

Non-GAAP Disclosures

This press release includes certain non-GAAP financial measures withrespect to total dental group practice revenue and Adjusted EBITDA. Thenon-GAAP financial measures included in this
Sponsored Post and Backlink Submission


Latest Press Release on General News

This site uses cookies to deliver our services.By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use  Ok, Got it. Close