Symbion, Inc. (NASDAQ:SMBI), an owner and operator of short stay
surgery facilities, announced today results for the third quarter
and nine months ended September 30, 2006. For the third quarter
ended September 30, 2006, revenues increased 12% to $73.8�million
compared with $65.8 million for the third quarter ended September
30, 2005. Net income for the third quarter of 2006 decreased to
$3.8 million compared with $4.2 million for the third quarter of
2005. Net income of $3.8 million includes the impact of $527,000 of
non-cash stock option compensation expense recorded in accordance
with the Company�s adoption of Statement of Financial Accounting
Standards (�SFAS�) No. 123(R), �Share-Based Payment.� Income per
diluted share from continuing operations for the third quarter of
2006 remained constant at $0.19, including the impact of $0.02 per
diluted share related to the Company�s non-cash stock option
compensation expense, compared with income per diluted share from
continuing operations of $0.19 for the third quarter of 2005. The
Company adopted SFAS No. 123(R) on January 1, 2006, therefore no
expense was recorded during 2005 related to the Company�s non-cash
stock option compensation. EBITDA increased 4% to $12.1 million for
the third quarter of 2006, including $857,000 related to the
Company�s non-cash stock option compensation expense, compared with
$11.6 million for the third quarter of 2005. Same store net patient
service revenues for the third quarter of 2006 increased 9%
compared with the same period in 2005. At September 30, 2006, the
Company�s outstanding indebtedness was $116.5 million with a ratio
of debt to total capitalization of 29%. For the nine months ended
September 30, 2006, revenues increased 17% to $223.7�million
compared with $191.1 million for the similar period in 2005. Net
income for the year-to-date period in 2006 increased 7% to $14.3
million compared with $13.4 million for the same period in 2005.
Net income of $14.3 million includes the impact of $1.8 million of
non-cash stock option compensation expense. Income per diluted
share from continuing operations for the nine months ended
September�30, 2006, increased 10% to $0.67, including the impact of
$0.08 per diluted share related to the Company�s non-cash stock
option compensation expense, compared with $0.61 from continuing
operations for the nine months ended September 30, 2005. The $0.67
income per diluted share from continuing operations includes $0.04
related to non-recurring gains recorded during the first and second
quarters and $0.01 related to an adjustment to depreciation expense
based on a change in depreciation estimates at certain of the
Company�s newly acquired surgery centers during the second quarter.
EBITDA increased 13% to $39.3 million for the nine-month period in
2006, including $3.0 million related to the Company�s non-cash
stock option compensation expense, compared with $34.7 million for
the same period in 2005. Same store net patient service revenue for
the year-to-date period in 2006 increased 7% compared with the same
period in 2005. Commenting on the third quarter results, Richard E.
Francis, Jr., chairman and chief executive officer of Symbion,
said, �Obviously, the third quarter was a challenging one. Revenue
was impacted by lower volumes in the quarter and lower than
expected net revenue per case. This variance was driven primarily
by certain managed care pressures, which combined with case mix
changes with lower net revenue per case and higher supply costs to
negatively affect our earnings. Given our third quarter results, we
are adjusting our previously announced income per diluted share
guidance for 2006 to a range of $0.83 to $0.86 from continuing
operations, excluding one-time, non-recurring items as discussed
above. We are also adjusting our revenue guidance for 2006 to a
range of $300.0 million to $305.0 million.� Mr. Francis continued,
�We have analyzed the third quarter extensively in an effort to
address these issues, leading to what we believe will be both
immediate and long-term positive results.� The Company also
announced the acquisition of a majority interest in the Animas
Surgical Hospital, LLC, a multispecialty surgical hospital in
Durango, Colorado, and the acquisition of a minority interest in a
de novo multispecialty surgery center under construction in Novi,
Michigan. Also, during the quarter, the Company initiated the
disposition of one marginally profitable center, which was
completed in October and has been classified as discontinued
operations throughout this release. Mr. Francis commented, �We are
very pleased to announce these successful development results for
Symbion. We regard the acquisition of Animas Surgical Hospital to
be consistent with our mission as a short stay surgical provider
and view it as an important step in our growth and strategic
direction. We expect this acquisition to not only provide
significant 2007 revenue expansion, but also position the Company
quite well for what we expect to be an attractive market for future
development opportunities. The Novi, Michigan, de novo represents a
unique opportunity for the Company. This multispecialty ASC,
scheduled for a mid-2007 opening, has 29 physician partners and is
expected to have four operating suites and three special procedure
rooms.� The live broadcast of Symbion�s third quarter 2006
conference call will begin at 10:00 a.m. Eastern Time on October
26, 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 61 short stay surgery facilities in 23 states. The Company�s
facilities 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 management believes 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 pending or
future heightened regulation of specialty hospitals 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 to control costs as the volume of cases performed at the
Company�s facilities changes; (xiv) efforts by certain states to
reduce payments from workers� compensation payors for services
provided to injured workers; (xv) risks associated with the
practice of some of the Company�s centers in billing for services
�out-of-network�, including the risk that out-of-network payments
by some third-party payors may be reduced or eliminated; and (xvi)
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. SYMBION, INC. Unaudited
Condensed Consolidated Statement of Operations (in thousands,
except per share amounts) � Three Months Ended Nine Months Ended
September 30, September 30, 2006� 2005� 2006� 2005� � Revenues
$73,803� $65,782� $223,688� $191,051� Operating expenses: Salaries
and benefits, includes non-cash stock option compensation expense
19,947� 17,486� 59,554� 48,800� Supplies 14,738� 11,857� 43,771�
34,755� Professional and medical fees 4,454� 3,458� 12,110� 10,078�
Rent and lease expense 4,809� 4,402� 14,239� 12,136� Other
operating expenses 5,534� 4,412� 15,860� 13,813� Cost of revenues
49,482� 41,615� 145,534� 119,582� General and administrative
expense, includes non-cash stock option compensation expense 5,018�
5,069� 18,062� 16,377� Depreciation and amortization 3,587� 3,315�
10,157� 9,488� Provision for doubtful accounts 1,438� 1,350� 2,891�
3,134� Income on equity investments (511) (233) (1,483) (842)
Impairment and loss on disposal of long-lived assets 137� 664� 705�
1,520� Gain on sale of long-lived assets (81) (758) (1,733) (1,785)
Proceeds from insurance settlement -� -� (410) -� Proceeds from
litigation settlement -� -� (588) -� Total operating expenses
59,070� 51,022� 173,135� 147,474� Operating income 14,733� 14,760�
50,553� 43,577� Minority interests in income of consolidated
subsidiaries (6,211) (6,462) (21,437) (18,347) Interest expense,
net (1,790) (1,442) (5,110) (3,362) Income from continuing
operations before income taxes 6,732� 6,856� 24,006� 21,868�
Provision for income taxes 2,589� 2,640� 9,238� 8,419� Income from
continuing operations 4,143� 4,216� 14,768� 13,449� Loss from
discontinued operations, net of tax (328) (34) (474) (1) Net income
$3,815� $4,182� $14,294� $13,448� � Income per share - continuing
operations: Basic $0.19� $0.20� $0.69� $0.63� Diluted $0.19� $0.19�
$0.67� $0.61� � Net income per share: Basic $0.18� $0.20� $0.66�
$0.63� Diluted $0.17� $0.19� $0.65� $0.61� � Weighted average
number of common shares outstanding and common equivalent shares: �
Basic 21,582� 21,321� 21,517� 21,237� Diluted 21,969� 22,075�
21,944� 21,929� SYMBION, INC. Condensed Consolidated Balance Sheets
(dollars in thousands) (unaudited) � Sept. 30, Dec. 31, 2006� 2005�
ASSETS � Current assets: Cash and cash equivalents $ 30,058� $
28,394� Accounts receivable, less allowance for doubtful accounts
34,072� 32,391� Inventories 7,963� 7,484� Prepaid expenses and
other current assets 11,752� 7,959� Current assets of discontinued
operations -� 267� Total current assets 83,845� 76,495� Property
and equipment, net of accumulated depreciation 76,085� 72,798�
Goodwill 293,897� 268,312� Other intangible assets, net -� 650�
Investments in and advances to affiliates 13,769� 13,770� Other
assets 3,203� 3,740� Long-term assets of discontinued operations -�
613� � Total assets $ 470,799� $ 436,378� � LIABILITIES AND
STOCKHOLDERS' EQUITY � Current liabilities: Accounts payable $
4,545� $ 6,577� Accrued payroll and benefits 7,003� 8,623� Other
accrued expenses 12,061� 10,846� Current maturities of long-term
debt 1,298� 1,347� Current liabilities of discontinued operations
-� 318� Total current liabilities 24,907� 27,711� Long-term debt,
less current maturities 115,188� 101,969� Other liabilities 19,852�
17,845� Long-term liabilities of discontinued operations -� (39)
Minority interests 31,125� 28,834� Total stockholders' equity
279,727� 260,058� � Total liabilities and stockholders' equity $
470,799� $ 436,378� SYMBION, INC. Supplemental Operating Data
(dollars in thousands, except per case and per share data) � Three
Months Ended Nine Months Ended September 30, September 30, 2006�
2005� 2006� 2005� Same store statistics (1): Cases 57,909� 53,930�
172,664� 163,543� Cases percentage growth 7.4% N/A� 5.6% N/A� Net
patient service revenue per case $ 1,191� $ 1,177� $ 1,193� $
1,173� Net patient service revenue per case percentage growth 1.2%
N/A� 1.7% N/A� Number of same store surgery centers 46� N/A� 43�
N/A� � Consolidated statistics - continuing operations: Cases
57,985� 51,945� 173,959� 152,959� Cases percentage growth 11.6%
N/A� 13.7% N/A� Net patient service revenue per case $ 1,208� $
1,206� $ 1,217� $ 1,188� Net patient service revenue per case
percentage growth 0.2% N/A� 2.4% N/A� Number of surgery centers
operated as of end of period (2) 61� 58� 61� 58� Number of states
in which the Company operates surgery centers 23� 22� 23� 22� �
Revenues - continuing operations: Net patient service revenues $
70,040� $ 62,623� $ 211,701� $ 181,726� Physician service revenues
1,117� 1,091� 3,377� 3,235� Other service revenues 2,646� 2,068�
8,610� 6,090� Total revenues $ 73,803� $ 65,782� $ 223,688� $
191,051� � Cash flow information - continuing operations: Net cash
provided by operating activities $ 4,846� $ 11,324� $ 20,898� $
27,217� Net cash used in investing activities (2,315) (49,115)
(34,841) (61,805) Net cash provided by (used in) financing
activities (5,914) 39,555� 15,222� 38,204� � Other information:
EBITDA, (3) includes non-cash stock option compensation expense $
12,109� $ 11,613� $ 39,273� $ 34,718� � (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 each
of the respective periods shown. The Company has also included the
results of a surgery center in which it owns an interest that
opened during the first quarter of 2006 within the market served by
another surgery center in which the Company owns an interest. The
Company has not included the surgery center that is reported as a
discontinued operation. The definition of same store facilities
includes non-consolidated centers and allows for comparability to
other companies in the industry. SYMBION, INC. Supplemental
Operating Data (Continued) � (2) This data includes nine surgery
centers that the Company managed but in which it did not have an
ownership interest. (3) The following table reconciles EBITDA to
net cash provided by operating activities � continuing operations:
Three Months Ended Nine Months Ended (in thousands) September 30,
September 30, 2006� 2005� 2006� 2005� EBITDA $ 12,109� $ 11,613� $
39,273� $ 34,718� Depreciation and amortization (3,587) (3,315)
(10,157) (9,488) Interest expense, net (1,790) (1,442) (5,110)
(3,362) Income taxes (2,589) (2,640) (9,238) (8,419) Loss on
discontinued operations, net of taxes (328) (34) (474) (1) Net
income 3,815� 4,182� 14,294� 13,448� Depreciation and amortization
3,587� 3,315� 10,157� 9,488� Non-cash compensation expense 890� -�
3,064� -� Non-cash gains and losses 56� (94) (1,028) (265) Minority
interests in income of consolidated subsidiaries 6,211� 6,462�
21,437� 18,347� Income taxes 2,589� 2,640� 9,238� 8,419�
Distributions to minority partners (6,306) (5,689) (19,096)
(15,645) Income on equity investments (511) (233) (1,483) (842)
Provision for doubtful accounts 1,438� 1,350� 2,891� 3,134� Changes
in operating assets and liabilities, net of effects of acquisitions
and dispositions: � Accounts receivable (311) 998� (2,994) (1,159)
Other assets and liabilities (6,612) (1,607) (15,582) (7,708) Net
cash provided by operating activities - continuing operations $
4,846� $ 11,324� $ 20,898� $ 27,217� Symbion, Inc. (NASDAQ:SMBI),
an owner and operator of short stay surgery facilities, announced
today results for the third quarter and nine months ended September
30, 2006. For the third quarter ended September 30, 2006, revenues
increased 12% to $73.8 million compared with $65.8 million for the
third quarter ended September 30, 2005. Net income for the third
quarter of 2006 decreased to $3.8 million compared with $4.2
million for the third quarter of 2005. Net income of $3.8 million
includes the impact of $527,000 of non-cash stock option
compensation expense recorded in accordance with the Company's
adoption of Statement of Financial Accounting Standards ("SFAS")
No. 123(R), "Share-Based Payment." Income per diluted share from
continuing operations for the third quarter of 2006 remained
constant at $0.19, including the impact of $0.02 per diluted share
related to the Company's non-cash stock option compensation
expense, compared with income per diluted share from continuing
operations of $0.19 for the third quarter of 2005. The Company
adopted SFAS No. 123(R) on January 1, 2006, therefore no expense
was recorded during 2005 related to the Company's non-cash stock
option compensation. EBITDA increased 4% to $12.1 million for the
third quarter of 2006, including $857,000 related to the Company's
non-cash stock option compensation expense, compared with $11.6
million for the third quarter of 2005. Same store net patient
service revenues for the third quarter of 2006 increased 9%
compared with the same period in 2005. At September 30, 2006, the
Company's outstanding indebtedness was $116.5 million with a ratio
of debt to total capitalization of 29%. For the nine months ended
September 30, 2006, revenues increased 17% to $223.7 million
compared with $191.1 million for the similar period in 2005. Net
income for the year-to-date period in 2006 increased 7% to $14.3
million compared with $13.4 million for the same period in 2005.
Net income of $14.3 million includes the impact of $1.8 million of
non-cash stock option compensation expense. Income per diluted
share from continuing operations for the nine months ended
September 30, 2006, increased 10% to $0.67, including the impact of
$0.08 per diluted share related to the Company's non-cash stock
option compensation expense, compared with $0.61 from continuing
operations for the nine months ended September 30, 2005. The $0.67
income per diluted share from continuing operations includes $0.04
related to non-recurring gains recorded during the first and second
quarters and $0.01 related to an adjustment to depreciation expense
based on a change in depreciation estimates at certain of the
Company's newly acquired surgery centers during the second quarter.
EBITDA increased 13% to $39.3 million for the nine-month period in
2006, including $3.0 million related to the Company's non-cash
stock option compensation expense, compared with $34.7 million for
the same period in 2005. Same store net patient service revenue for
the year-to-date period in 2006 increased 7% compared with the same
period in 2005. Commenting on the third quarter results, Richard E.
Francis, Jr., chairman and chief executive officer of Symbion,
said, "Obviously, the third quarter was a challenging one. Revenue
was impacted by lower volumes in the quarter and lower than
expected net revenue per case. This variance was driven primarily
by certain managed care pressures, which combined with case mix
changes with lower net revenue per case and higher supply costs to
negatively affect our earnings. Given our third quarter results, we
are adjusting our previously announced income per diluted share
guidance for 2006 to a range of $0.83 to $0.86 from continuing
operations, excluding one-time, non-recurring items as discussed
above. We are also adjusting our revenue guidance for 2006 to a
range of $300.0 million to $305.0 million." Mr. Francis continued,
"We have analyzed the third quarter extensively in an effort to
address these issues, leading to what we believe will be both
immediate and long-term positive results." The Company also
announced the acquisition of a majority interest in the Animas
Surgical Hospital, LLC, a multispecialty surgical hospital in
Durango, Colorado, and the acquisition of a minority interest in a
de novo multispecialty surgery center under construction in Novi,
Michigan. Also, during the quarter, the Company initiated the
disposition of one marginally profitable center, which was
completed in October and has been classified as discontinued
operations throughout this release. Mr. Francis commented, "We are
very pleased to announce these successful development results for
Symbion. We regard the acquisition of Animas Surgical Hospital to
be consistent with our mission as a short stay surgical provider
and view it as an important step in our growth and strategic
direction. We expect this acquisition to not only provide
significant 2007 revenue expansion, but also position the Company
quite well for what we expect to be an attractive market for future
development opportunities. The Novi, Michigan, de novo represents a
unique opportunity for the Company. This multispecialty ASC,
scheduled for a mid-2007 opening, has 29 physician partners and is
expected to have four operating suites and three special procedure
rooms." The live broadcast of Symbion's third quarter 2006
conference call will begin at 10:00 a.m. Eastern Time on October
26, 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 61 short stay surgery facilities in 23 states. The Company's
facilities 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 management believes 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 pending or
future heightened regulation of specialty hospitals 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 to control costs as the volume of cases performed at the
Company's facilities changes; (xiv) efforts by certain states to
reduce payments from workers' compensation payors for services
provided to injured workers; (xv) risks associated with the
practice of some of the Company's centers in billing for services
"out-of-network", including the risk that out-of-network payments
by some third-party payors may be reduced or eliminated; and (xvi)
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 Nine Months
Ended September 30, September 30, ------------------
------------------- 2006 2005 2006 2005 --------- --------
--------- --------- Revenues $73,803 $65,782 $223,688 $191,051
Operating expenses: Salaries and benefits, includes non-cash stock
option compensation expense 19,947 17,486 59,554 48,800 Supplies
14,738 11,857 43,771 34,755 Professional and medical fees 4,454
3,458 12,110 10,078 Rent and lease expense 4,809 4,402 14,239
12,136 Other operating expenses 5,534 4,412 15,860 13,813 ---------
-------- --------- --------- Cost of revenues 49,482 41,615 145,534
119,582 General and administrative expense, includes non-cash stock
option compensation expense 5,018 5,069 18,062 16,377 Depreciation
and amortization 3,587 3,315 10,157 9,488 Provision for doubtful
accounts 1,438 1,350 2,891 3,134 Income on equity investments (511)
(233) (1,483) (842) Impairment and loss on disposal of long-lived
assets 137 664 705 1,520 Gain on sale of long-lived assets (81)
(758) (1,733) (1,785) Proceeds from insurance settlement - - (410)
- Proceeds from litigation settlement - - (588) - ---------
-------- --------- --------- Total operating expenses 59,070 51,022
173,135 147,474 --------- -------- --------- --------- Operating
income 14,733 14,760 50,553 43,577 Minority interests in income of
consolidated subsidiaries (6,211) (6,462) (21,437) (18,347)
Interest expense, net (1,790) (1,442) (5,110) (3,362) ---------
-------- --------- --------- Income from continuing operations
before income taxes 6,732 6,856 24,006 21,868 Provision for income
taxes 2,589 2,640 9,238 8,419 --------- -------- ---------
--------- Income from continuing operations 4,143 4,216 14,768
13,449 Loss from discontinued operations, net of tax (328) (34)
(474) (1) --------- -------- --------- --------- Net income $3,815
$4,182 $14,294 $13,448 ========= ======== ========= =========
Income per share - continuing operations: Basic $0.19 $0.20 $0.69
$0.63 ========= ======== ========= ========= Diluted $0.19 $0.19
$0.67 $0.61 ========= ======== ========= ========= Net income per
share: Basic $0.18 $0.20 $0.66 $0.63 ========= ======== =========
========= Diluted $0.17 $0.19 $0.65 $0.61 ========= ========
========= ========= Weighted average number of common shares
outstanding and common equivalent shares: Basic 21,582 21,321
21,517 21,237 Diluted 21,969 22,075 21,944 21,929 *T -0- *T
SYMBION, INC. Condensed Consolidated Balance Sheets (dollars in
thousands) (unaudited) Sept. 30, Dec. 31, 2006 2005 ---------
--------- ASSETS Current assets: Cash and cash equivalents $30,058
$28,394 Accounts receivable, less allowance for doubtful accounts
34,072 32,391 Inventories 7,963 7,484 Prepaid expenses and other
current assets 11,752 7,959 Current assets of discontinued
operations - 267 --------- --------- Total current assets 83,845
76,495 Property and equipment, net of accumulated depreciation
76,085 72,798 Goodwill 293,897 268,312 Other intangible assets, net
- 650 Investments in and advances to affiliates 13,769 13,770 Other
assets 3,203 3,740 Long-term assets of discontinued operations -
613 --------- --------- Total assets $470,799 $436,378 =========
========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $4,545 $6,577 Accrued payroll and benefits 7,003
8,623 Other accrued expenses 12,061 10,846 Current maturities of
long-term debt 1,298 1,347 Current liabilities of discontinued
operations - 318 --------- --------- Total current liabilities
24,907 27,711 Long-term debt, less current maturities 115,188
101,969 Other liabilities 19,852 17,845 Long-term liabilities of
discontinued operations - (39) Minority interests 31,125 28,834
Total stockholders' equity 279,727 260,058 --------- ---------
Total liabilities and stockholders' equity $470,799 $436,378
========= ========= *T -0- *T SYMBION, INC. Supplemental Operating
Data (dollars in thousands, except per case and per share data)
Three Months Ended Nine Months Ended September 30, September 30,
------------------ ------------------- 2006 2005 2006 2005
--------- -------- --------- --------- Same store statistics (1):
Cases 57,909 53,930 172,664 163,543 Cases percentage growth 7.4%
N/A 5.6% N/A Net patient service revenue per case $1,191 $1,177
$1,193 $1,173 Net patient service revenue per case percentage
growth 1.2% N/A 1.7% N/A Number of same store surgery centers 46
N/A 43 N/A Consolidated statistics - continuing operations: Cases
57,985 51,945 173,959 152,959 Cases percentage growth 11.6% N/A
13.7% N/A Net patient service revenue per case $1,208 $1,206 $1,217
$1,188 Net patient service revenue per case percentage growth 0.2%
N/A 2.4% N/A Number of surgery centers operated as of end of period
(2) 61 58 61 58 Number of states in which the Company operates
surgery centers 23 22 23 22 Revenues - continuing operations: Net
patient service revenues $70,040 $62,623 $211,701 $181,726
Physician service revenues 1,117 1,091 3,377 3,235 Other service
revenues 2,646 2,068 8,610 6,090 --------- -------- ---------
--------- Total revenues $73,803 $65,782 $223,688 $191,051
========= ======== ========= ========= Cash flow information -
continuing operations: Net cash provided by operating activities
$4,846 $11,324 $20,898 $27,217 Net cash used in investing
activities (2,315) (49,115) (34,841) (61,805) Net cash provided by
(used in) financing activities (5,914) 39,555 15,222 38,204 Other
information: EBITDA, (3) includes non-cash stock option
compensation expense $12,109 $11,613 $39,273 $34,718 (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 each of the respective periods shown. The Company has
also included the results of a surgery center in which it owns an
interest that opened during the first quarter of 2006 within the
market served by another surgery center in which the Company owns
an interest. The Company has not included the surgery center that
is reported as a discontinued operation. The definition of same
store facilities includes non-consolidated centers and allows for
comparability to other companies in the industry. *T -0- *T
SYMBION, INC. Supplemental Operating Data (Continued) (2) This data
includes nine surgery centers that the Company managed but in which
it did not have an ownership interest. (3) The following table
reconciles EBITDA to net cash provided by operating activities -
continuing operations: Three Months Ended Nine Months Ended (in
thousands) September 30, September 30, ------------------
----------------- 2006 2005 2006 2005 --------- -------- --------
-------- EBITDA $12,109 $11,613 $39,273 $34,718 Depreciation and
amortization (3,587) (3,315) (10,157) (9,488) Interest expense, net
(1,790) (1,442) (5,110) (3,362) Income taxes (2,589) (2,640)
(9,238) (8,419) Loss on discontinued operations, net of taxes (328)
(34) (474) (1) --------- -------- -------- -------- Net income
3,815 4,182 14,294 13,448 Depreciation and amortization 3,587 3,315
10,157 9,488 Non-cash compensation expense 890 - 3,064 - Non-cash
gains and losses 56 (94) (1,028) (265) Minority interests in income
of consolidated subsidiaries 6,211 6,462 21,437 18,347 Income taxes
2,589 2,640 9,238 8,419 Distributions to minority partners (6,306)
(5,689) (19,096) (15,645) Income on equity investments (511) (233)
(1,483) (842) Provision for doubtful accounts 1,438 1,350 2,891
3,134 Changes in operating assets and liabilities, net of effects
of acquisitions and dispositions: Accounts receivable (311) 998
(2,994) (1,159) Other assets and liabilities (6,612) (1,607)
(15,582) (7,708) --------- -------- -------- -------- Net cash
provided by operating activities - continuing operations $4,846
$11,324 $20,898 $27,217 ========= ======== ======== ======== *T
Symbion (NASDAQ:SMBI)
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