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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 Company’s affiliated dental group practices and Arizona’s 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 Company’s affiliated dental group practices and Arizona’s 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
The following information was filed by American Dental Partners Inc (ADPI) on Wednesday, March 2, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: ADPI
CIK: 1028087
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-068870
Submitted to the SEC: Wed Mar 16 2011 5:26:22 PM EST
Accepted by the SEC: Wed Mar 16 2011
Period: Friday, December 31, 2010
Industry: Health And Allied
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