-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IzUdaeW+zAo6f5ZXLYXGuf1hnBA2TnlrRA28R9p7G8WKdodRQDoGY9OAKiOJyWWW rAFT+dieV6puA1JQR7qD6g== 0001028212-08-000008.txt : 20080507 0001028212-08-000008.hdr.sgml : 20080507 20080507163825 ACCESSION NUMBER: 0001028212-08-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080507 DATE AS OF CHANGE: 20080507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIALYSIS CORP OF AMERICA CENTRAL INDEX KEY: 0000201653 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060] IRS NUMBER: 591757642 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08527 FILM NUMBER: 08810458 BUSINESS ADDRESS: STREET 1: 27 MILLER AVENUE CITY: LEMOYNE STATE: PA ZIP: 17043 BUSINESS PHONE: 7177306164 MAIL ADDRESS: STREET 1: 27 MILLER AVENUE CITY: LEMOYNE STATE: PA ZIP: 17043 8-K 1 dca1stq.txt DIALYSIS CORPORATION OF AMERICA FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 7, 2008 (May 7, 2008) ____________ DIALYSIS CORPORATION OF AMERICA (Exact name of registrant as specified in its charter) Florida 0-8527 59-1757642 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1302 Concourse Drive, Suite 204, Linthicum, MD 21090 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 694-0500 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On May 7, 2008, Dialysis Corporation of America issued a press release announcing its financial results for the quarter ended March 31, 2008. A copy of the May 7, 2008 press release is attached as an exhibit to this Current Report and is incorporated herein by reference. The information furnished pursuant to Item 2.02, including the Exhibit (99)(i), shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933. Dialysis Corporation of America will be hosting a conference call in conjunction with the press release of its financial results attached as the exhibit to this current report. The conference call will be held on Thursday, May 8, 2008 at 10:00 a.m. EDT. The call is accessible either by dialing (800) 260-6066 (enter pass-code 7002477), or by simulcast on the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=128467. Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America 1st Quarter Earnings." A copy of this current report on Form 8-K and the attached press release announcing the financial results for the first quarter ended March 31, 2008 will be available through the company's website, www.dialysiscorporation.com, under the "Investor Relations - DCA SEC Filings" tabs. A replay of the conference call will be available on the company's website for a period of thirty days following the conference call. Item 9.01 Financial Statements and Exhibits (c) Exhibits (99) Additional exhibits (i) Press Release dated May 7, 2008. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DIALYSIS CORPORATION OF AMERICA /s/ Stephen W. Everett By______________________________ STEPHEN W. EVERETT President and Chief Executive Officer Dated: May 7, 2008 EXHIBIT INDEX Exhibit Number ------- (99)(i) Press Release dated May 7, 2008. EX-99 3 firstqpr.txt PRESS RELEASE Press Release Dialysis Corporation of America Reports First Quarter 2008 Results Linthicum, Maryland, Wednesday, May 7, 2008 - Dialysis Corporation of America (NASDAQ-DCAI) announced financial results for the first quarter of 2008. Revenues for the first quarter were $20,485,000 compared to $16,891,000 for the same period last year. Net income for the quarter was $449,000 or $.05 per share ($.05 diluted per share) compared to $383,000 or $.04 per share ($.04 diluted per share) for the same period last year. Stephen Everett, President and Chief Executive Officer, commented, "We are pleased with the continued growth and financial performance of our company. We began the development of two new centers during the quarter, as well as opening two centers that were under development in 2007, and acquired one center in Georgia that we had previously been managing. We are also in negotiations pertaining to additional development opportunities in strategic locations, as well as potential acquisitions, all of which are in line with our expansion plans." Financial results for the first quarter of 2008 include: (i) pre-tax costs associated with the opening of new centers of $176,000 for the first quarter of 2008 compared to $206,000 for the same period last year; (ii) non-cash stock compensation expense of $75,000 for the first quarter of 2008 compared to $114,000 for the same period last year. Dialysis Corporation of America will be hosting a conference call in conjunction with its earnings release for the first quarter of 2008. The conference call will be held on Thursday, May 8, 2008 at 10:00 a.m. EDT. The call is accessible either by dialing 1-800-260-6066 (enter pass-code 7002477), or by simulcast on the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=128467. Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America 1st Quarter Earnings." A replay of the conference call will be available on the company's website, www.dialysiscorporation.com, for a period of thirty days following the conference call. Dialysis Corporation of America currently owns 35 free-standing operating kidney hemodialysis centers in Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina and Virginia providing patients with a full range of quality in-center and at-home dialysis services, as well as providing in-hospital services. This release contains forward-looking statements that are subject to risks and uncertainties that could affect the business and prospects of the company and cause actual results and plans to differ materially from those anticipated. Those factors include, but are not limited to, maintaining continued growth and profitability, delays beyond the company's control with respect to future business events, the highly competitive environment in the establishment and operation of dialysis centers, the ability to develop or acquire additional dialysis facilities, whether patient bases of the company's dialysis facilities can mature to provide profitability, the extensive regulation of dialysis operations, government rate determination for Medicare reimbursement, pricing pressure from private payors, and other risks detailed in the company's filings with the SEC, particularly as described in the company's annual report on Form 10-K for the fiscal year ended December 31, 2007. The historical results contained in this press release are not necessarily indicative of future performance of the company. The company's press releases, corporate profile, corporate governance materials, quarterly and current reports, and other filings with the SEC are available on Dialysis Corporation of America's internet home page: http://www.dialysiscorporation.com. CONTACT: For additional information, you may contact Stephen Everett, President and CEO of Dialysis Corporation of America, 1302 Concourse Drive, Suite 204, Linthicum, MD 21090; Telephone No. (410) 694-0500. DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended March 31 -------------------------- 2008 2007 ----------- ----------- Operating revenues: Sales: Medical services revenue $20,195,002 $16,596,907 Product sales 290,086 231,060 Total sales revenues 20,485,088 16,827,967 Other income --- 62,560 ----------- ----------- 20,485,088 16,890,527 Operating costs and expenses: Cost of sales revenues: Cost of medical services 12,357,785 10,298,293 Cost of product sales 160,735 247,632 ----------- ----------- Total cost of sales revenues 12,518,520 10,545,925 Selling, general and administrative expenses: Corporate 2,388,544 1,648,523 Facility 3,082,159 2,730,323 ----------- ----------- Total 5,470,703 4,378,846 Stock compensation expense 74,601 113,970 Depreciation and amortization 662,572 635,736 Provision for doubtful accounts 430,030 356,097 ----------- ----------- 19,156,426 16,030,574 ----------- ----------- Operating income 1,328,662 859,953 Other expense, net (42,067) (9,227) ----------- ----------- Income before income taxes and minority interest 1,286,595 850,726 Income tax provision 379,738 345,772 ----------- ----------- Income before minority interest 906,857 504,954 Minority interest in income of consolidated subsidiaries (457,945) (121,734) ----------- ----------- Net income $ 448,912 $ 383,220 =========== =========== Earnings per share: Basic $.05 $.04 ==== ==== Diluted $.05 $.04 ==== ==== Weighted average shares outstanding: Basic 9,580,096 9,569,429 ========= ========= Diluted 9,614,591 9,612,101 ========= ========== - more - DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2008 2007 ----------- ----------- Assets Current assets: Cash and cash equivalents $ 3,334,134 $ 2,447,820 Accounts receivable, net 20,272,678 20,159,926 Inventories, net 2,304,772 2,006,661 Deferred income tax asset 998,000 998,000 Other current assets 2,569,683 3,313,406 ----------- ----------- Total current assets 29,479,267 28,925,813 ----------- ----------- Property and equipment 29,649,256 28,766,423 Less accumulated depreciation and amortization 12,839,276 12,264,029 ----------- ----------- 16,809,980 16,502,394 ----------- ----------- Goodwill 10,549,502 8,576,893 Other assets 847,452 841,092 ----------- ----------- Total other assets 11,396,954 9,417,985 ----------- ----------- $57,686,201 $54,846,192 =========== =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 9,499,759 $10,224,199 Income taxes payable --- 33,297 Current portion of long-term debt 66,000 56,000 Acquisition liabilities 1,296,814 --- ----------- ----------- Total current liabilities 10,862,573 10,313,496 Deferred income taxes 574,000 574,000 Long-term debt, less current portion 7,837,541 7,009,419 ----------- ----------- Total liabilities 19,274,114 17,896,915 ----------- ----------- Minority interest in subsidiaries 5,810,080 4,942,797 Commitments and Contingencies Stockholders' equity: Common stock 95,801 95,736 Additional paid-in capital 15,734,332 15,587,782 Retained earnings 16,771,874 16,322,962 ----------- ----------- Total stockholders' equity 32,602,007 32,006,480 ----------- ----------- $57,686,201 $54,846,192 - more - DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES SUPPLEMENTAL OPERATING DATA (Unaudited) Three Months Ended March 31, Quarter- ---------------------------- to-Quarter 2008 2007 Change % ---- ---- ---------- Operating data: Treatments: Consolidated 65,321 56,847 14.9% Managed --- 2,690 (100.0)% ------ ------ Total treatments 65,321 59,537 9.7% Patient revenue per treatment $309.17 $291.96 5.9% Same center growth data: Same center treatment growth 5% 9% Same center revenue per treatment change 9% 1% Same center patient revenue growth 15% 10% 1st Quarter 4th Quarter 2008 2007 ---- ---- Key clinical metrics: Treatment adequacy (% of pts with Kt/V greater than 1.2) 96.3% 95.4% Anemia management (% of pts with Hgb greater than 11) 80.2% 78.7% Venous access (% of pts with AVF) 55.4% 53.0% - end - -----END PRIVACY-ENHANCED MESSAGE-----