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Exhibit 99.1
American Dental Partners, Inc.
401 Edgewater Place, Suite 430
Wakefield, MA 01880
Phone: 781/224-0880 Fax: 781/224-4216
For Immediate Release
Contacts: | Gregory A. Serrao | Breht T. Feigh | ||
Chairman, President and | Executive Vice President, | |||
Chief Executive Officer | Chief Financial Officer and Treasurer | |||
781-224-0880 | 781-224-0880 |
AMERICAN DENTAL PARTNERS REPORTS
FOURTH QUARTER AND FULL YEAR 2010 FINANCIAL RESULTS
WAKEFIELD, MASSACHUSETTS March 2, 2011 American Dental Partners, Inc. (NASDAQ: ADPI) announced financial results today for the quarter and twelve months ended December 31, 2010.
Comparing results for the fourth quarter of 2010 with results for the fourth quarter of 2009:
| Net revenue was $70,306,000 for the fourth quarter of 2010 as compared to $66,593,000 for the fourth quarter of 2009. |
| Earnings from operations were $5,560,000 for the fourth quarter of 2010 as compared to $5,773,000 for the fourth quarter of 2009. |
| Net earnings were $2,167,000 for the fourth quarter of 2010 as compared to $1,865,000 for the fourth quarter of 2009. |
| Diluted net earnings per share were $0.14 for the fourth quarter of 2010 as compared to $0.12 for the fourth quarter of 2009. |
| Non-GAAP diluted adjusted net earnings, excluding service agreement amortization, per share were $0.23 for the fourth quarter of 2010 as compared to $0.22 for the fourth quarter of 2009. |
Comparing results for the twelve months ended December 31, 2010 with results for the twelve months ended December 31, 2009:
| Net revenue was $285,642,000 for the twelve months ended December 31, 2010 as compared to $274,342,000 for the twelve months ended December 31, 2009. |
| Earnings from operations were $26,206,000 for the twelve months ended December 31, 2010 as compared to $24,848,000 for the twelve months ended December 31, 2009. |
| Net earnings were $10,339,000 for the twelve months ended December 31, 2010 as compared to $7,729,000 for the twelve months ended December 31, 2009. |
| Diluted net earnings per share were $0.65 for the twelve months ended December 31, 2010 as compared to $0.55 for the twelve months ended December 31, 2009. |
| Non-GAAP diluted adjusted net earnings, excluding service agreement amortization, per share were $1.06 for the twelve months ended December 31, 2010 as compared to $1.00 for the twelve months ended December 31, 2009. |
For the quarter, patient revenue of the Companys affiliated dental group practices and Arizonas Tooth Doctor for Kids was $109,878,000 and same market patient revenue increased 1.0%. For the twelve months ended December 31, 2010, patient revenue of the Companys affiliated dental group practices and Arizonas Tooth Doctor for Kids was $443,888,000 and same market patient revenue declined 1.7%.
Cash flow from operations was $8,952,000 for the quarter and $36,270,000 for the twelve months ended December 31, 2010. Amounts paid for acquisitions amounted to $535,000 during the quarter and $21,108,000 for the twelve months ended December 31, 2010. The Company completed one in-market acquisition during the quarter and one platform acquisition and three in-market acquisitions during the
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