21St Century Oncology Holdings, Inc. (RTSX) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Exhibit 99.1

 

 

21ST CENTURY ONCOLOGY HOLDINGS, INC.

 

21st Century Oncology Contact:	Investor Contact:
LeAnne M. Stewart	The Ruth Group
Chief Financial Officer	Nick Laudico
239-931-7281	646-536-7030
leanne.stewart@21co.com	nlaudico@theruthgroup.com
	Brandon Vazquez
	646-536-7032
	bvazquez@theruthgroup.com

 

21ST CENTURY ONCOLOGY HOLDINGS INC. REPORTS FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS

 

COMPLETES FINANCIAL RESTATEMENT

 

FORT MYERS, FL, August XX, 2016 — 21

st Century Oncology Holdings, Inc. (“21C” or the “Company”), the leading global, physician-led provider of integrated cancer care services, announced today its financial results for the fourth quarter and full year ended December 31, 2015 and announced the completion of the restatement of financial results for the years ended December 31, 2012, 2013 and 2014, the unaudited condensed consolidated financial statements as of and for each of the interim periods within the years ended December 31, 2012, 2013 and 2014 and for the interim periods ended March 31, June 30, and September 30, 2015.

 

Fourth Quarter 2015 and Full Year 2015 Results

 

Total revenues for the fourth quarter of 2015 were $263.1 million, down 1.3% as compared to total revenues of $266.6 million in the same quarter of 2014. Revenue growth from acquired and new operations was offset by approximately $3.3 million relative to the effect of simulation code bundling. Net income for the fourth quarter was $7.0 million versus a net loss of $28.3 million for the same period in the prior year. The improvement in net income resulted from a fair market value adjustment for embedded derivatives.

 

Pro-forma adjusted EBITDA in the fourth quarter of 2015 was $38.8 million, or 14.7% of total pro-forma revenues, as compared to $30.7 million, or 11.5% of total pro-forma revenues, in the fourth quarter of 2014. The primary contributor to the pro-forma adjusted EBITDA improvement was a $6.2 million reduction in compensation expense and $5.1 million improvement in bad debt offset by the $3.5 million decrease in total revenues.

 

Total radiation oncology treatments per day during the fourth quarter increased 1.8% over the same period in the prior year and same market radiation oncology treatments per day for the quarter declined 2.0% compared to the same period in the prior year. As previously disclosed,