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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 Chairman, President and Chief Executive Officer 781-224-0880 |
Breht T. Feigh Executive Vice President, Chief Financial Officer and Treasurer 781-224-0880 |
AMERICAN DENTAL PARTNERS
REPORTS FOURTH QUARTER AND
YEAR-END 2008 FINANCIAL RESULTS
WAKEFIELD, MASSACHUSETTS, February 25, 2009American Dental Partners, Inc. (NASDAQ:ADPI) today announced financial results for the quarter and year ended December 31, 2008.
The Companys financial results reflect income and expenses, including non-cash items, required by generally accepted accounting principles as a result of the previously announced settlement of litigation among PDG, P.A. (PDG), PDHC, Ltd., one of the Companys subsidiaries, and the Company effective February 29, 2008. In addition to its actual results, the Company has provided a pro forma financial presentation that excludes the operating results of 25 dental facilities transferred to PDG on February 29, 2008 and the accounting impact associated with the litigation settlement from both periods of comparison (see PDG Litigation Settlement Accounting and Supplemental Operating Data tables).
Comparing actual results and pro forma results for the fourth quarter of 2008 with the fourth quarter of 2007:
| Net revenue was $65,110,000 as compared to $79,583,000. Pro forma net revenue was $65,110,000 as compared to $67,421,000. |
| Earnings from operations were $5,270,000 as compared to $(27,016,000). Pro forma earnings from operations were $5,429,000 as compared to $5,046,000. |
| Net earnings were $1,310,000 as compared to $(18,824,000). Pro forma net earnings were $1,407,000 as compared to $1,052,000. |
| Diluted net earnings per share were $0.10 as compared to $(1.47). Pro forma diluted net earnings per share were $0.11 as compared to $0.08. |
| Diluted cash net earnings per share were $0.21 as compared to $(1.36). Pro forma diluted cash net earnings per share were $0.21 as compared to $0.20. |
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American Dental Partners Inc provided additional information to their SEC Filing as exhibits
Ticker: ADPI
CIK: 1028087
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-054544
Submitted to the SEC: Mon Mar 16 2009 8:23:25 AM EST
Accepted by the SEC: Mon Mar 16 2009
Period: Wednesday, December 31, 2008
Industry: Health And Allied