Symbion, Inc. (NASDAQ/NM:SMBI): Highlights for Full-Year 2005: --
Net income increased 40% to $19.1 million; -- Income per diluted
share increased 28% to $0.86; and -- Company added ten facilities.
Symbion, Inc. (NASDAQ/NM:SMBI), an owner and operator of short stay
surgery centers, announced today results for the fourth quarter and
year ended December 31, 2005. For the fourth quarter ended December
31, 2005, revenues increased 22% to $72.5 million compared with
$59.6 million for the fourth quarter ended December 31, 2004. Net
income for the fourth quarter of 2005 increased 40% to $5.6 million
compared with $4.0 million for the fourth quarter of 2004. Earnings
per diluted share for the fourth quarter of 2005 increased 32% to
$0.25 compared with $0.19 for the fourth quarter of 2004. EBITDA
less minority interests increased 38% to $13.8 million for the
fourth quarter of 2005 compared with $10.0 million for the fourth
quarter of 2004. Same store net patient service revenue for the
fourth quarter of 2005 increased 7% compared with the same period
in 2004. The results for the fourth quarter ended December 31,
2005, include the impact of a 34.6% income tax provision as
compared with a 38.5% income tax provision for the fourth quarter
ended December 31, 2004. At December 31, 2005, the Company's
outstanding indebtedness was $103.3 million with a ratio of debt to
total capitalization of 28%. The results for the fourth quarter
ended December 31, 2005, were negatively impacted by the closure of
one facility located in the New Orleans suburb of Metairie,
Louisiana, due to Hurricane Katrina in August 2005. The facility
located in Metairie reopened late in the fourth quarter of 2005.
The Company estimates that it lost approximately $0.7 million in
revenue during the fourth quarter of 2005 as a result of the
closure of the Metairie facility. For the year ended December 31,
2005, revenues increased 23% to $265.7 million compared with $216.3
million for the same period of 2004. Net income for the year ended
December 31, 2005, increased 40% to $19.1 million compared with
$13.6 million for the year ended December 31, 2004. Earnings per
diluted share for the year ended December 31, 2005, increased 28%
to $0.86 compared with $0.67 for the same period in 2004. EBITDA
less minority interests increased 29% to $48.6 million for the year
ended December 31, 2005, compared with $37.8 million for the same
period in 2004. Same store net patient service revenue for the year
ended December 31, 2005, increased 6% compared with the same period
in 2004. The results for the year ended December 31, 2005, include
the impact of a 37.4% income tax provision as compared to a 38.5%
income tax provision for the year ended December 31, 2004. As
discussed earlier, the results for the year ended December 31,
2005, include the impact of Hurricane Katrina. In addition to the
Metairie facility mentioned above, facilities located in Hammond
and Houma, Louisiana, were temporarily closed during the third
quarter due to Hurricane Katrina. The facilities located in Hammond
and Houma reopened during the third quarter of 2005 and showed
improved case volume during the fourth quarter 2005. The Company
estimates that it lost approximately $1.7 million in revenue during
the year ended December 31, 2005, as a result of the closure of the
facilities affected by the hurricane during the third and fourth
quarters. The results for the year ended December 31, 2004, include
an after-tax charge of $448,000, or $0.02 per diluted share,
recorded as a result of the prepayment of subordinated notes in the
first quarter of 2004. Commenting on the fourth quarter results,
Richard E. Francis, Jr., chairman and chief executive officer of
Symbion, said, "We are very pleased with our results for the fourth
quarter in that we exceeded both our own and the investment
community's expectations for the quarter. The integration of the
five Southern California surgery centers added in the third quarter
of 2005 has gone very well and is, in fact, ahead of schedule.
While the addition of these facilities contributed favorably to our
fourth quarter results, we expect them to have an even greater
impact in 2006." The Company confirmed its guidance for 2006 of
revenues in the range of $300 million to $305 million and earnings
per diluted share in the range of $0.99 to $1.02. The Company
continues to anticipate same store net patient service revenue
growth of 5% to 8% over 2005. The Company's guidance does not
include the impact from future acquisitions, of which the Company
expects to acquire three to four during 2006. In addition, the
Company's guidance does not include the Company's implementation on
January 1, 2006, of the Statement of Financial Accounting Standards
No. 123(R), "Share-Based Payment", which the Company estimates to
be $0.09 per diluted share based on the options granted as of
December 31, 2005. In closing, Mr. Francis added, "We are pleased
with our performance in our second year as a public company. Our
operating and development strategies continue to generate
outstanding results in terms of revenue growth, margin enhancement,
profitability and patient satisfaction. The Company's commitment
and focus on the fundamentals of our business model, when coupled
with an outstanding balance sheet, position Symbion well for a very
successful 2006." The live broadcast of Symbion's fourth quarter
and year-end 2005 conference call will begin at 10:00 a.m. Eastern
Time on February 23, 2006. An online replay of the call will be
available for 30 days following the conclusion of the live
broadcast. A link for these events can be found on the Company's
website at www.symbion.com or at www.earnings.com. Symbion, Inc.,
headquartered in Nashville, Tennessee, owns and operates a network
of surgery centers in 22 states. The Company's surgery centers
provide non-emergency surgical procedures across many specialties.
This press release contains forward-looking statements based on
management's current expectations and projections about future
events and trends that they believe may affect the Company's
financial condition, results of operations, business strategy and
financial needs. The words "anticipate," "believe," "continue,"
"estimate," "expect," "intend," "may," "plan," "will" and similar
expressions are generally intended to identify forward-looking
statements. These statements, including those regarding the
Company's growth and continued success, have been included in
reliance on the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve risks,
uncertainties and other factors that may cause actual results to
differ from the expectations expressed in the statements. Many of
these factors are beyond the ability of the Company to control or
predict. These factors include, without limitation: (i) the
Company's dependence on payments from third-party payors, including
government health care programs and managed care organizations;
(ii) the Company's ability to acquire and develop additional
surgery centers on favorable terms; (iii) numerous business risks
in acquiring and developing additional surgery centers, including
potential difficulties in operating and integrating such surgery
centers; (iv) efforts to regulate the construction, acquisition or
expansion of health care facilities; (v) the risk that the
Company's revenues and profitability could be adversely affected if
it fails to attract and maintain good relationships with the
physicians who use its facilities; (vi) the Company's ability to
comply with applicable laws and regulations, including health care
regulations, corporate governance laws and financial reporting
standards; (vii) risks related to the Medicare Prescription Drug,
Improvement, and Modernization Act of 2003 and future legislation,
which could restrict the Company's ability to operate its
facilities licensed as hospitals and could adversely impact its
reimbursement revenues; (viii) the risk of changes to physician
self-referral laws that may require the Company to restructure some
of its relationships, which could result in a significant loss of
revenues and divert other resources; (ix) the Company's significant
indebtedness; (x) the intense competition for physicians, strategic
relationships, acquisitions and managed care contracts, which may
result in a decline in the Company's revenues, profitability and
market share; (xi) the geographic concentration of the Company's
operations, which makes the Company particularly sensitive to
regulatory, economic and other conditions in certain states; (xii)
the Company's dependence on its senior management; (xiii) the
Company's ability to enhance operating efficiencies at its surgery
centers; and (xiv) other risks and uncertainties detailed from time
to time in the Company's filings with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in
the forward-looking statements contained in this press release, you
should not place undue reliance on them. The Company undertakes no
obligation to update any forward-looking statements or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise. -0- *T SYMBION, INC.
Unaudited Condensed Consolidated Statement of Operations (in
thousands, except per share amounts) Three Months Ended Year Ended
December 31, December 31, ------------------ ------------------
2005 2004 2005 2004 -------- -------- -------- -------- Revenues
$72,490 $59,620 $265,744 $216,325 Operating expenses: Salaries and
benefits 18,132 15,359 67,753 56,395 Supplies 13,408 11,586 48,669
42,756 Professional and medical fees 3,564 3,338 13,880 11,493 Rent
and lease expense 4,817 3,808 17,212 13,667 Other operating
expenses 4,958 4,150 19,096 17,454 -------- -------- --------
-------- Cost of revenues 44,879 38,241 166,610 141,765 General and
administrative expense 5,616 4,776 21,993 18,449 Depreciation and
amortization 3,658 2,623 13,277 10,927 Provision for doubtful
accounts 1,055 1,465 4,215 3,989 Income on equity investments (431)
(411) (1,273) (1,272) Impairment and loss on disposal of long-lived
assets 21 255 1,541 271 Gain on sale of long-lived assets -- (93)
(1,785) (250) -------- -------- -------- -------- Total operating
expenses 54,798 46,856 204,578 173,879 -------- -------- --------
-------- Operating income 17,692 12,764 61,166 42,446 Minority
interests in income of consolidated subsidiaries (7,586) (5,345)
(25,871) (15,549) Interest expense, net (1,529) (871) (4,851)
(4,862) -------- -------- -------- -------- Income before income
taxes 8,577 6,548 30,444 22,035 Provision for income taxes 2,970
2,522 11,389 8,483 -------- -------- -------- -------- Net income
$5,607 $4,026 $19,055 $13,552 ======== ======== ======== ========
Net income per share: Basic $0.26 $0.19 $0.90 $0.69 ========
======== ======== ======== Diluted $0.25 $0.19 $0.86 $0.67 ========
======== ======== ======== Weighted average number of common shares
outstanding and common equivalent shares: Basic 21,427 21,010
21,285 19,737 Diluted 22,180 21,552 22,029 20,347 SYMBION, INC.
Condensed Consolidated Balance Sheets (dollars in thousands) Dec.
31, Dec. 31, 2005 2004 -------- -------- (Unaudited) (Audited)
ASSETS Current assets: Cash and cash equivalents $28,434 $23,276
Accounts receivable, less allowance for doubtful accounts 32,487
28,893 Inventories 7,572 6,068 Prepaid expenses and other current
assets 8,002 7,246 -------- -------- Total current assets 76,495
65,483 Property and equipment, net of accumulated depreciation
73,410 67,793 Goodwill 268,312 215,533 Other intangible assets, net
650 950 Investments in and advances to affiliates 13,770 12,927
Other assets 3,741 3,075 -------- -------- Total assets $436,378
$365,761 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $6,727 $5,237 Accrued payroll
and benefits 8,680 7,985 Other accrued expenses 10,957 9,186
Current maturities of long-term debt 1,347 1,620 -------- --------
Total current liabilities 27,711 24,028 Long-term debt, less
current maturities 101,969 69,747 Other liabilities 17,845 10,350
Minority interests 28,795 23,638 Total stockholders' equity 260,058
237,998 -------- -------- Total liabilities and stockholders'
equity $436,378 $365,761 ======== ======== SYMBION, INC.
Supplemental Operating Data (dollars in thousands, except per case
and per share data) Three Months Ended Year Ended December 31,
December 31, ------------------ ------------------ 2005 2004 2005
2004 -------- -------- -------- -------- Same store statistics (1):
Cases 50,602 49,794 196,239 189,467 Cases percentage growth 1.6%
N/A 3.6% N/A Net patient service revenue per case $1,195 $1,137
$1,148 $1,120 Net patient service revenue per case percentage
growth 5.1% N/A 2.5% N/A Number of same store surgery centers 39
N/A 35 N/A Consolidated Statistics: Cases 53,895 47,233 209,429
176,483 Cases percentage growth 14.1% N/A 18.7% N/A Net patient
service revenue per case $1,285 $1,198 $1,209 $1,148 Net patient
service revenue per case percentage growth 7.3% N/A 5.3% N/A Number
of surgery centers operated as of end of period (2) 59 54 59 54
Number of states in which the Company operates surgery centers 22
21 22 21 Revenues: Net patient service revenues $69,251 $56,583
$253,180 $202,678 Physician service revenues 1,090 1,020 4,325
4,040 Other service revenues 2,149 2,017 8,239 9,607 --------
-------- -------- -------- Total revenues $72,490 $59,620 $265,744
$216,325 ======== ======== ======== ======== Cash flow information:
Net cash provided by operating activities $14,793 $9,454 $41,903
$28,087 Net cash used in investing activities (7,053) (47,542)
(68,840) (104,852) Net cash provided by (used in) financing
activities (6,109) 43,533 32,095 82,383 Other information: EBITDA
less minority interests (3) $13,764 $10,042 $48,572 $37,824
------------ (1) For purposes of this release, the Company defines
same store facilities as those centers that the Company owned an
interest in and managed throughout both of the respective periods
shown. Same store facilities include centers that the Company does
not consolidate for financial reporting purposes. (2) The data for
2005 and 2004 includes nine surgery centers that the Company
managed but in which it did not have an ownership interest. (3)
When the term "EBITDA" is used, it refers to operating income plus
depreciation and amortization. "EBITDA less minority interests"
represents the Company's portion of EBITDA, after subtracting the
interests of third parties that own interests in surgery centers
that the Company consolidates for financial reporting purposes. The
Company's operating strategy involves sharing ownership of its
surgery centers with physicians, physician groups and hospitals,
and these third parties own an interest in all but one of the
Company's centers. The Company believes that it is preferable to
present EBITDA less minority interests because it excludes the
portion of EBITDA attributable to these third-party interests and
clarifies for investors the Company's portion of EBITDA generated
by its surgery centers and other operations. The Company uses
EBITDA and EBITDA less minority interests as measures of liquidity.
The Company has included them because it believes that they provide
investors with additional information about the Company's ability
to incur and service debt and make capital expenditures. The
Company also uses EBITDA, with some variation in the calculation,
to determine compliance with some of the covenants under the
Company's senior credit facility, as well as to determine the
interest rate and commitment fee payable under the senior credit
facility. EBITDA and EBITDA less minority interests are not
measurements of financial performance or liquidity under generally
accepted accounting principles. They should not be considered in
isolation or as a substitute for net income, operating income, cash
flows from operating, investing or financing activities, or any
other measure calculated in accordance with generally accepted
accounting principles. The items excluded from EBITDA and EBITDA
less minority interests are significant components in understanding
and evaluating financial performance and liquidity. The Company's
calculation of EBITDA and EBITDA less minority interests may not be
comparable to similarly titled measures reported by other
companies. The following table reconciles EBITDA and EBITDA less
minority interests to net cash provided by operating activities:
Three Months Ended Year Ended (in thousands) December 31, December
31, ------------------ ------------------ 2005 2004 2005 2004
-------- -------- -------- -------- EBITDA $21,350 $15,387 $74,443
$53,373 Minority interests in income of consolidated subsidiaries
(7,586) (5,345) (25,871) (15,549) -------- -------- --------
-------- EBITDA less minority interests 13,764 10,042 48,572 37,824
Depreciation and amortization (3,658) (2,623) (13,277) (10,927)
Interest expense, net (1,529) (871) (4,851) (4,862) Income taxes
(2,970) (2,522) (11,389) (8,483) -------- -------- --------
-------- Net income 5,607 4,026 19,055 13,552 Depreciation and
amortization 3,658 2,623 13,277 10,927 Impairment and loss on
disposal of long-lived assets 21 255 1,541 271 Gain on sale of
long-lived assets -- (93) (1,785) (250) Minority interests in
income of consolidated subsidiaries 7,586 5,345 25,871 15,549
Income taxes 2,970 2,522 11,389 8,483 Distributions to minority
partners (7,580) (4,438) (23,225) (14,420) Income on equity
investments (431) (411) (1,273) (1,272) Provision for doubtful
accounts 1,055 1,465 4,215 3,989 Changes in operating assets and
liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (3,823) (3,750) (4,929) (5,274) Other assets
and liabilities 5,730 1,910 (2,233) (3,468) -------- --------
-------- -------- Net cash provided by operating activities $14,793
$9,454 $41,903 $28,087 ======== ======== ======== ======== *T
Symbion (NASDAQ:SMBI)
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Symbion (NASDAQ:SMBI)
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