-----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, MpWcVGDsL8+M4ynpCBMUr5s3dO7Rc+6d9h8Q/1+Bb1WPluWpC8OpR2DWa0eb+sOY Axaa9n2PJI4M5y0HH5pi9w== 0001028212-09-000030.txt : 20091104 0001028212-09-000030.hdr.sgml : 20091104 20091104171920 ACCESSION NUMBER: 0001028212-09-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091104 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091104 DATE AS OF CHANGE: 20091104 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: 091158656 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 pr8kq309.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) November 4, 2009 (November 4, 2009) ____________ 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 November 4, 2009, Dialysis Corporation of America issued a press release announcing its financial results for the third quarter ended September 30, 2009. A copy of the November 4, 2009 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, November 5, 2009 at 10:00 a.m. EST. The call is accessible either by dialing 1-866-814-8476 (and providing attendee code 1405582), or by simulcast on the internet at http://www.startconference.com using Conference ID number 2135668. Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America Third Quarter Earnings." A copy of this current report on Form 8-K and the attached press release announcing the financial results for the third quarter ended September 30, 2009 will be available through the company's website, www.dialysiscorporation.com, under the "Investor Relations - 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 November 4, 2009. 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: November 4, 2009 EXHIBIT INDEX Exhibit Number ------- (99)(i) Press Release dated November 4, 2009. EX-99.I 3 pr3q09.txt EXHIBIT 99 (I) Press Release Dialysis Corporation of America Reports Third Quarter 2009 Results Linthicum, Maryland, Wednesday, November 4, 2009 - Dialysis Corporation of America (NASDAQ-DCAI) announced its financial results for the third quarter of 2009. * Quarter end patient census was approximately 2,050. * Quarterly Results included: o Operating revenues were $25.1 million compared to $21.9 million for the same period last year, a 15% increase. o Operating income was $2.0 million compared to $1.5 million for the same period last year, a 30% increase. o Net income was $940,000 or $0.10 per basic and diluted share compared to $875,000 or $0.09 per basic and diluted share for the same period last year. * Results for the first nine months of 2009 included: o Operating revenues were $73.3 million compared to $63.2million for the same period last year, a 16% increase. o Operating income was $4.5 million compared to $4.0 million for the same period last year, a 13% increase. o Net income was $1.8 million or $0.19 per basic and diluted share compared to $2.0 million or $0.21 per basic and diluted share for the same period last year. Stephen Everett, President and Chief Executive Officer, commented, "Our third quarter results were as we had expected, with very solid performances on all financial fronts. Our two newest centers in Ohio remain on track for opening within the next few months, subject to state licensure timing. On the corporate support front, our clinical information system is slightly ahead of schedule with expectations of completing our rollout close to this year's end, nearly four months ahead of plan. Finally, our development activities are active, with certain of those opportunities with physician partners being well advanced." Financial results for the period included: * Pre-tax costs associated with opening new centers were $10,000 for the 3rd quarter of 2009 compared to $339,000 for the same period last year, and $204,000 for the first nine months of 2009 compared to $577,000 for the same period last year. * Non-cash stock compensation expense was $70,000 for the third quarter of 2009 compared to $82,000 for the same period last year, and $217,000 for the first nine months of 2009 compared to $239,000 for the same period last year. Dialysis Corporation of America will be hosting a conference call in conjunction with its earnings release for the third quarter of 2009. The conference call will be held on Thursday, November 5, 2009 at 10:00 a.m. EST. The call is accessible either by dialing 1-866-814-8476 (enter attendee code: 1405582), or through simulcast on the internet at http://www.startconference.com, using conference ID 2135668. Participants may be asked to provide the title of the conference call, which is "Dialysis Corporation of America Third 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 owns and operates freestanding kidney hemodialysis centers located in Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, and Virginia, and provides in-hospital dialysis services on a contract basis to certain hospitals located in the those states. The company provides patients with their choice of a full range of quality in-center, acute or at-home hemodialysis 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, increases in interest rates, the possible need for and availability of additional financing, the company satisfying the covenants and conditions of its credit facility, certain 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, 2008. The historical results contained in this press release are not necessarily indicative of future performance of the company. Other Dialysis Corporation of America press releases, corporate profile, corporate governance materials, quarterly and current reports, and other filings with the Securities and Exchange Commission are available on Dialysis Corporation of America's internet home page: http://www.dialysiscorporation.com. CONTACT: For additional information, you may contact Dialysis Corporation of America, 1302 Concourse Drive, Suite 204, Linthicum, MD 21090; Telephone Number (410) 694-0500; Attention: Investor Relations. - more - DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (unaudited) (dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 2009 2008 2009 2008 ---- ---- ---- ---- Operating revenues: Sales: Medical services revenue $ 24,798 $ 21,586 $ 72,427 $ 62,300 Product sales 323 274 864 881 -------- -------- -------- -------- Total sales revenues 25,121 21,860 73,291 63,181 -------- -------- -------- -------- Operating costs and expenses: Cost of sales revenues: Cost of medical services 15,315 12,805 44,839 37,825 Cost of product sales 175 158 490 493 Total cost of sales revenues 15,490 12,963 45,329 38,318 -------- -------- -------- -------- Selling, general and administrative expenses: Corporate 2,631 2,764 8,517 7,602 Facility 3,446 3,312 10,525 9,390 -------- -------- -------- -------- Total 6,077 6,076 19,042 16,992 Stock compensation expense 70 82 217 239 Depreciation and amortization 759 709 2,241 2,050 -------- -------- -------- -------- 23,134 20,330 68,781 59,178 -------- -------- -------- -------- Operating income 1,987 1,530 4,510 4,003 Other (expense) income, net 3 --- (22) (28) -------- -------- -------- -------- Income before income taxes 1,990 1,530 4,488 3,975 Income tax provision 631 511 1,531 1,196 -------- -------- -------- -------- Net income 1,359 1,019 2,957 2,779 Less: net income attributable to noncontrolling interests 419 144 1,129 792 -------- -------- -------- -------- Net income attributable to the company $ 940 $ 875 $ 1,828 $ 1,987 ======== ======== ======== ======== Earnings per share: Basic $.10 $.09 $.19 $.21 ==== ==== ==== ==== Diluted $.10 $.09 $.19 $.21 ==== ==== ==== ==== Weighted average shares outstanding: Basic 9,600,433 9,579,743 9,596,030 9,579,868 ========= ========= ========= ========= Diluted 9,626,308 9,614,084 9,618,833 9,614,162 ========= ========= ========= =========
- more - DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
September 30, December 31, 2009 2008 ------------ ----------- (unaudited) Assets Current assets: Cash and cash equivalents $ 3,035 $ 6,543 Accounts receivable, net 21,997 21,494 Inventories, net 2,947 2,919 Deferred income tax asset 1,185 1,185 Other current assets 2,333 2,978 -------- -------- Total current assets 31,497 35,119 -------- -------- Property and equipment 33,687 32,987 Less: accumulated depreciation and amortization 15,657 14,452 -------- -------- 18,030 18,535 -------- -------- Goodwill 16,492 16,492 Other assets 851 933 -------- -------- Total other assets 17,343 17,425 -------- -------- $ 66,870 $ 71,079 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 12,902 $ 14,717 Income taxes payable 313 61 Current portion of long-term debt 76 74 -------- -------- Total current liabilities 13,291 14,852 Deferred income taxes 1,275 1,275 Long-term debt, less current portion 9,718 14,276 -------- -------- Total liabilities 24,284 30,403 -------- -------- Commitments and Contingencies Equity: Common stock 96 96 Additional paid-in capital 16,238 16,001 Retained earnings 20,995 19,167 Treasury stock at cost (14) --- -------- -------- Total company stockholders' equity 37,315 35,264 -------- -------- Noncontrolling interests 5,271 5,412 -------- -------- Total equity 42,586 40,676 $ 66,870 $ 71,079 ======== ========
- more - DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES SUPPLEMENTAL OPERATING DATA (Unaudited) Three Months Period-to-Period Ended September 30, Change % ------------------- --------------- 2009 2008 ---- ---- Operating data: Treatments 75,985 68,925 10.2% Patient revenue per treatment $326.34 $313.18 4.2% Same center growth data: Same center treatment growth 3% 6% Same center revenue per treatment change 6% 5% Same center patient revenue growth 9% 11% Three Months Period-to-Period Ended September 30, Change % ------------------- --------------- 2009 2008 ---- ---- Operating data: Treatments 221,402 202,176 9.5% Patient revenue per treatment $327.13 $308.15 6.2% Same center growth data: Same center treatment growth 3% 6% Same center revenue per treatment change 10% 3% Same center patient revenue growth 13% 9% 3rd Quarter 2nd Quarter 2009 2008 ---- ---- Key clinical metrics: Treatment adequacy (% of pts with Kt/V greater than 1.2) 97% 98% Anemia management (% of pts with Hgb greater than 11) 79% 81% Venous access (% of pts with AVF) 61% 60% - end - -----END PRIVACY-ENHANCED MESSAGE-----