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

FIRST QUARTER 2011 FINANCIAL RESULTS

WAKEFIELD, MASSACHUSETTS – April 27, 2011 – American Dental Partners, Inc. (NASDAQ: ADPI) announced financial results today for the quarter ended March 31, 2011.

Comparing results for the first quarter of 2011 with results for the first quarter of 2010:

 

   

Net revenue was $74,822,000 for the first quarter of 2011 as compared to $71,854,000 for the first quarter of 2010.

   

Earnings from operations were $8,007,000 for the first quarter of 2011 as compared to $6,614,000 for the first quarter of 2010.

   

Net earnings were $3,798,000 for the first quarter of 2011 as compared to $2,345,000 for the first quarter of 2010.

   

Diluted net earnings per share were $0.24 for the first quarter of 2011 as compared to $0.15 for the first quarter of 2010.

   

Non-GAAP diluted adjusted net earnings, excluding service agreement amortization, per share were $0.34 for the first quarter of 2011 as compared to $0.24 for the first quarter of 2010.

For the quarter, patient revenue of the Company’s affiliated dental group practices and Arizona’s Tooth Doctor for Kids was $117,590,000 and same market patient revenue increased 1.7%.

Cash flow from operations was $13,532,000 for the quarter. Amounts paid for acquisitions amounted to $150,000 during the quarter. The Company completed two in-market acquisitions during the quarter. Capital expenditures were $2,371,000 for the quarter. The Company completed one de novo facility during the quarter.

The Company recognized $388,000, $232,000 net of tax or $0.01 per diluted share, of stock-based compensation expense during the quarter, as compared to $391,000, $238,000 net of tax or $0.01 per diluted share, for the same quarter last year.

In March 2011, Dental Associates, P.C., the affiliated practice at Redwood Dental Group, filed a lawsuit against the Company and its subsidiary, American Dental Partners of Michigan, LLC in the Wayne County Circuit Court in Michigan. The complaint alleges, among other things, breach of the service agreement between the subsidiary and Dental Associates, breach of fiduciary duty and tortious interference with relationships. The complaint seeks, among other things, monetary damages and termination of the service agreement. For the year ended December 31, 2010 and the quarter ended March 31, 2011, the service fees the Company received under the service agreement with Dental Associates represented approximately 2% of the Company’s net revenue for both periods and approximately 3% and 2%, respectively, of the Company’s earnings before interest, taxes, depreciation and amortization. The Company and its subsidiary intend to defend themselves vigorously with respect to this matter.


The following information was filed by American Dental Partners Inc (ADPI) on Wednesday, April 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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