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March 31, 2002.
fourth quarter of 2001. Net income for the first quarter of 2002 was $946,000,
diluted share, for the fourth quarter of 2001.
occurred on December 31, 2001. The Wisconsin operations accounted for $6.4
Company's fourth quarter 2001 revenue. Excluding revenue from the Wisconsin
the first quarter of 2001. The $800,000 decline in revenue from the first
quarter but primarily to the revenue declines in the Houston, Philadelphia,
Georgia and New Jersey markets. Revenue in these markets declined $1.6 million,
or 16.9%, while the remaining 13 markets reported an increase in revenue of
$857,000, or 2.2%, despite having one less business day in the current quarter.
The Colorado market, which has experienced dentist turnover and management
changes over the past twelve months, has experienced improved operating results
in the first quarter of 2002.
Net income for the first quarter of 2002 and 2001 as well as the fourth quarter
of 2001 contains several unusual items that make it difficult to compare
operating results from quarter to quarter. The results for the first quarter of
2002 include costs associated with the Company's evaluation of strategic
alternatives, net of tax, of $32,000, or $0.01 per diluted share, but do not
include any amortization of goodwill as specified by the Statement of Financial
Accounting Standards (SFAS) No. 142 "Goodwill and Other Intangible Assets" which
became effective January 1, 2002. The results of the first quarter of 2001
include strategic alternative costs, net of tax, of $158,000, or $0.07 per
diluted share, amortization of goodwill, net of tax, of $812,000, or $0.36 per
diluted share, and net income after tax from the Wisconsin operations of
$438,000, or $0.20 per diluted share. The results of the fourth quarter of 2001
include the loss on sale of a subsidiary of $1.1 million, or $0.49 per diluted
share, that was not deductible for tax purposes, a charge related to unbilled
orthodontic receivables, net of tax, of $673,000, or $0.31 per diluted share,
amortization of goodwill, net of tax, of $1.1 million, or $0.50 per diluted
share, and net income after tax from the Wisconsin operations of $259,000, or
$0.12 per diluted share.
Excluding these items, net income for the first quarter of 2002 was $978,000, or
$0.44 per diluted share, compared to $933,000, or $0.42 per diluted share, for
the first quarter of 2001 and a net loss of $1.1 million, or $0.49 per diluted
share, for the fourth quarter of 2001. The Company attributed the increase in
net income in the first quarter of 2002 compared to the same quarter in 2001 to
the reduction in interest expense resulting from the reduction in outstanding
debt during 2001 and the first quarter of 2002. For the period June 1, 2001
through April 30, 2002, the Company has reduced its bank debt by approximately
$16.1 million. The Company attributed the increase in net income from the fourth
quarter of 2001 to the increase in revenue and decreases in expenses such as
clinical and other salaries, other operating expenses and interest expense.
Cash flow from operations was $4.4 million in the first quarter of 2002 compared
to $6.5 million for the same period last year and $1.2 million in the fourth
quarter of 2001.
W. Barger Tygart, Chairman and Chief Executive Officer, stated, "We are pleased
with the financial results of the first quarter. Except for the continued
challenges in the Houston, Philadelphia, Georgia and New Jersey markets, the
Company experienced combined revenue growth in the remaining 13 markets of 2.2%
compared to the same quarter in 2001, despite having one less business day, and
combined margin growth in the 13 markets of 14.1%. We are starting to see some
margin improvement as a result of our cost reduction efforts at the corporate
office and in the markets. We are also pleased to see that the Colorado market
is showing signs of stronger financial performance. Our efforts for the
remainder of 2002 will be focused on restoring the Houston, Philadelphia,
Georgia and New Jersey markets to their previous levels of financial
performance."
The Company will hold a conference call Tuesday, May 7, 2002, at 5:00 p.m.
Eastern Time to further discuss its results for the first quarter ended March
31, 2002 and business highlights. The conference call will be broadcast live
over the Internet and will be hosted on the Company's web site located at
www.monarchdental.com. In addition, the Company may answer questions
concerning business and financial developments, trends and other business and
financial matters affecting the Company, some of the responses to which may
contain information that has not been previously disclosed.
Monarch Dental currently manages 155 dental offices serving 17 markets in 13
states. The Company seeks to build geographically dense networks of dental
providers primarily by expanding within its existing markets.
Pursuant to the safe harbor provisions of the Private Securities Litigation Act
of 1995, the Company notes that statements contained in this news release that
are not based on historical facts are forward-looking statements, including the
statements regarding improving future operating results in our Houston,
Philadelphia, Georgia, New Jersey, and Colorado markets, achieving efficiency
gains and improving revenues and operating margins, and such statements are
subject to uncertainties and risks that could cause actual results to differ
from those projected or implied by such statements. These include, but are not
limited to, the risk that the Company will not be able to consummate a strategic
transaction, the risk that the Company will not be able to renegotiate its loan
agreement on acceptable terms or maintain sufficient liquidity to fund future
operations, the risk that the Company will not receive a waiver of its current
defaults under its Credit Facility and the related risks that the Company's
lenders will accelerate the maturity of its indebtedness or apply the Company's
cash balances to debt repayment, risks associated with the operating performance
of the Houston, Philadelphia, Georgia, New Jersey, and Colorado markets, risks
associated with the change of status or departure of key management personnel,
risks associated with state regulatory compliance in the dental industry, the
reimbursement rates for dental services, and other risks detailed in the
Company's Securities and Exchange Commission filings.
MONARCH DENTAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended March 31,
2002 2001
Patient revenue, net $47,577,468 $54,813,883
Operating expenses:
Provider salaries and benefits 16,822,462 18,601,871
Clinical and other salaries and benefits 12,276,230 14,885,660
Dental supplies 2,403,827 2,666,288
Laboratory fees 2,729,851 2,891,498
Occupancy 2,276,874 2,672,004
Advertising 466,962 612,844
Other operating expenses 5,775,852 5,921,246
Strategic alternative costs 51,925 259,772
Depreciation and amortization 1,186,671 2,764,832
43,990,654 51,276,015
Operating income 3,586,814 3,537,868
Interest expense, net 1,978,115 2,561,483
Minority interest in
consolidated subsidiaries 57,097 72,907
Income before income taxes 1,551,602 903,478
Income taxes 605,129 502,423
Net income $946,473 $401,055
Net income per common share $0.44 $0.19
Net income per common share -
assuming dilution $0.42 $0.18
Weighted average number of
common shares outstanding 2,170,823 2,160,058
Weighted average number of common and
common equivalent shares outstanding 2,236,466 2,225,150
SOURCE Monarch Dental Corporation
CONTACT: Lisa Peterson, Chief Financial and Administrative Officer of
Monarch Dental Corporation, +1-972-361-8430; Investors - Lanie Fladell,
Media - Dan Budwick, both of Morgen-Walke Associates, +1-212-850-5600, for
Monarch Dental Corporation
URL:
www.monarchdental.comwww.prnewswire.comCopyright (C) 2002 PR Newswire. All rights reserved.
KEYWORD: Texas
INDUSTRY KEYWORD: HEA
SUBJECT CODE: ERN
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