Dialysis Corporation of America Reports Fourth Quarter and Year Ended December 31, 2009 Results
Items impacting comparability between 2008 and 2009 include:
Stephen Everett, President and Chief Executive Officer, commented, "We are very pleased with our company's performance throughout 2009. This past year has proven to be one of clinical and operational enhancements as we prepare our company for a 'bundled payment environment' that will begin in 2011. Between our facility-wide rollout of a new electronic, clinical and billing system, and our furthering of the relationship we have established with the University of Cincinnati via a commitment to research on behalf of patients with kidney failure, DCA is continuing to be well situated as a leader within our industry. Additionally, we developed two new centers in Ohio, and integrated a new center in Maryland that was purchased at the end of 2008. Our committed staff of exceptional caregivers, administrative personnel, and physicians have positioned DCA for continued growth and success throughout 2010."
Significant markers and noteworthy items for 2009 include:
Dialysis Corporation of America will be hosting a conference call in conjunction with its earnings release for the fourth quarter and fiscal year ended December 31, 2009. The conference call will be held on Thursday, March 11, 2010 at 10:00 a.m. EST. The call is accessible by dialing 1-866-238-0826 (enter attendee code: 1437866). Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America Fiscal Year 2009 Earnings." Participants may also access an audio simulcast of the conference call on the internet through the company's website at www.dialysiscorporation.com/companyinfo/investorrelations.htm. A replay of the conference call will be available on the company's website for a period of thirty days following the conference call.
Dialysis Corporation of America owns and operates freestanding kidney hemodialysis centers located in Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, and Virginia, and provides in-hospital dialysis services on a contract basis to certain hospitals located in the those states. The company provides patients with their choice of a full range of quality in-center, acute or at-home hemodialysis services.
This release contains forward-looking statements that are subject to risks and uncertainties that could affect the business and prospects of the company and cause actual results and plans to differ materially from those anticipated. Those factors include, but are not limited to, increases in interest rates, the possible need for and availability of additional financing, the company's satisfying the covenants and conditions of its credit facility, certain delays beyond the company's control with respect to future business events, the highly competitive environment in the establishment and operation of dialysis centers, the ability to develop or acquire additional dialysis facilities, whether patient bases of the company's dialysis facilities can mature to provide profitability, the extensive regulation of dialysis operations, government rate determination for Medicare reimbursement, pricing pressure from private payors, and other risks detailed in the company's filings with the SEC, particularly as described in the company's annual report on Form 10-K for the fiscal year ended December 31, 2008. The historical results contained in this press release are not necessarily indicative of future performance of the company.
Other Dialysis Corporation of America press releases, corporate profile, corporate governance materials, quarterly and current reports, and other filings with the Securities and Exchange Commission are available on Dialysis Corporation of America's internet home page: http://www.dialysiscorporation.com.
CONTACT: For additional information, you may contact Dialysis Corporation of America, 1302 Concourse Drive, Suite 204, Linthicum, MD 21090; Telephone Number (410) 694-0500; Attention: Investor Relations.
-- Year end patient census was approximately 2,000. -- Operating revenues for the fourth quarter of 2009 were $25.6 million compared to $23.7 million for the same period last year, an 8% increase. -- Operating income was $2.3 million for the fourth quarter of 2009 compared to $2.2 million for the same period last year, a 3% increase. -- Net income attributable to the company for the quarter was $1.0 million or $0.11 per basic and diluted share compared to $858,000 or $0.09 per basic and diluted share for the same period last year. -- Operating revenues for 2009 were $98.9 million compared to $86.8 million for 2008, a 14% increase. -- Operating income was $6.8 million for 2009 compared to $6.2 million for 2008, a 9% increase. -- Net income for 2009 was $2.9 million or $0.30 per basic and diluted share compared to $2.8 million or $0.30 per basic and diluted share for 2008.
SOURCE Dialysis Corporation of America
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