Exhibit 99.1

 

 

NEWS RELEASE

 

Contact:

Alliance HealthCare Services

Howard Aihara

Executive Vice President

Chief Financial Officer

(949) 242-5300

 

ALLIANCE HEALTHCARE SERVICES REPORTS RESULTS

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2008

AND REAFFIRMS FULL YEAR 2009 GUIDANCE

 

NEWPORT BEACH, CA—March 5, 2009

—Alliance HealthCare Services, Inc. (NYSE:AIQ) (the “Company” or “Alliance”), a leading national provider of outpatient diagnostic imaging and radiation therapy services, announced results for the fourth quarter and year ended December 31, 2008.

 

Fourth Quarter and Full Year 2008 Financial Results

 

Revenue for the fourth quarter of 2008 increased 10.8% to $125.8 million from $113.6 million in the fourth quarter of 2007. For full year 2008, revenue was $495.8 million, which was at the high end of the Company’s guidance range of $486 million to $496 million.  Full year 2008 revenue increased 11.4% to $495.8 million from $444.9 million in 2007.

 

Alliance’s Adjusted EBITDA (as defined below) increased 12.1% to $44.5 million in the fourth quarter of 2008 compared to $39.7 million in the fourth quarter 2007. For full year 2008, Adjusted EBITDA totaled $182.6 million, which was within the Company’s guidance range of $174 million to $184 million.  Full year 2008 Adjusted EBITDA increased 10.2% to $182.6 million compared to $165.6 million for full year 2007.

 

Full year 2007 Adjusted EBITDA included $2.5 million of gains as a result of a sale/leaseback transaction and a gain on sale of real estate. These gains represented 1.5% of the full year 2007 Adjusted EBITDA. These amounts are included in the line item, “Earnings from unconsolidated investees” in Alliance’s condensed consolidated statements of operations and comprehensive income for full year 2007.

 

Alliance’s net income totaled $1.7 million in the fourth quarter of 2008 compared to $1.8 million in the fourth quarter 2007. For full year 2008, net income increased 1.8% to $16.5 million compared to $16.2 million for full year 2007.

 

Earnings per share on a diluted basis, computed in accordance with generally accepted accounting principles, was $0.03 per share in the fourth quarter of 2008 and $0.04 per share in the fourth quarter of 2007. Interest expense and other, net, in the fourth quarter of 2008 was negatively impacted by a fair value adjustment of an interest rate swap totaling $3.1 million, or $0.04 per diluted share.

 

1


The following information was filed by Alliance Healthcare Services, Inc (AIQ) on Thursday, March 5, 2009 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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