-----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, BZxr1xqeWkRhxKFWROvqb/HnVUlQA3DZpovjjqATq9gdGi4WkvgU/dHNUrx5EshG cRSYN5qN3jwyNGojSOBCWg== 0000899243-03-000913.txt : 20030417 0000899243-03-000913.hdr.sgml : 20030417 20030417163534 ACCESSION NUMBER: 0000899243-03-000913 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030414 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNACQ INTERNATIONAL INC CENTRAL INDEX KEY: 0000890908 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011] IRS NUMBER: 760375477 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21574 FILM NUMBER: 03654551 BUSINESS ADDRESS: STREET 1: 10304 INTERSTATE 10 EAST STREET 2: SUITE 369 CITY: HOUSTON STATE: TX ZIP: 77029 BUSINESS PHONE: 7136736639 MAIL ADDRESS: STREET 1: 10304 I-10 EAST STREET 2: SUITE 369 CITY: HOUSTON STATE: TX ZIP: 77029 8-K 1 d8k.txt CURRENT REPORT ON FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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): April 14, 2003 DYNACQ INTERNATIONAL, INC. -------------------------- (Exact name of registrant as specified in its charter) NEVADA ------ (State or other jurisdiction of incorporation) 000-20554 76-0375477 --------- ---------- (Commission File Number) (I.R.S. Employer Identification No.) 10304 Interstate 10 East, Suite 369, Houston, Texas 77029 (Address of principal executive offices, including zip code) (713) 673-6432 (Registrant's telephone number, including area code) Item 7. Financial Statements and Exhibits (a) Financial Statements of Business Acquired. Inapplicable. (b) Pro Forma Financial Information. Inapplicable. (c) Exhibits Exhibit Number Exhibit Description - -------------- ------------------- 99.1 Press Release dated April 14, 2003 Item 9. Regulation FD Disclosure and Item 12. Results of Operation and Financial Condition Dynacq International, Inc. has reported its financial results for its second fiscal quarter ended February 28, 2003. The company's press release dated April 14, 2003 announcing the results is attached as Exhibit 99.1. All information in the press release is furnished but not filed. This information is being provided under Item 12. 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. DYNACQ INTERNATIONAL, INC. By: /S/ Philip S. Chan ------------------------- Philip S. Chan, Chief Financial Officer DATE: April 17, 2003 EX-99.1 3 dex991.txt PRESS RELEASE Exhibit 99.1 DYNACQ INTERNATIONAL REPORTS CONTINUED STRONG GROWTH IN SECOND QUARTER Fiscal Year 2003 Results HOUSTON-- (BUSINESS WIRE)--April 14, 2003--Dynacq International Inc. (Nasdaq:DYII - News) today reported growth in overall financial performance in the second quarter ended February 28, 2003 for fiscal year 2003. Net revenues increased to $21,128,000 from $14,965,000, or 41%, from the corresponding prior year quarter. Basic earnings per share increased to $0.28 from $0.24, or 17%, and fully diluted earnings per share increased to $0.27 from $0.24, or 13%, from the corresponding prior year quarter. During the second quarter of Fiscal 2003, Dynacq has maintained steady financial growth comparable to the first quarter of 2003. Dynacq's flagship facility, the Vista Hospital in Pasadena, Texas continued its growth performance in the second quarter ending February 28, 2003 for fiscal year 2003. Net operating revenue at Vista Hospital increased to $19,809,000 from $14,392,000, or 38%, from the corresponding prior year quarter, and increased from $16,981,000, or 17%, from the first quarter for fiscal year 2003. Dynacq's new hospital in Baton Rouge, Louisiana, was operational for about five weeks of the quarter with operating revenue of $584,000 versus $2,219,000 in start-up and operating expenses for the quarter. As anticipated revenue flow begins to exceed the expenses, the Company expects this hospital to positively impact future earnings. Comparing six months ended February 28, 2003 to the same period in 2002, net revenues increased 36% to $39,061,000 from $28,713,000 for the corresponding prior year period. Basic earnings per share, before cumulative effect of a change in accounting principle, increased 19% to $0.56 from $0.47 and fully diluted earnings per share increased 15% to $0.54 from $0.47 for the corresponding prior year period. During the first quarter of Fiscal 2003, Dynacq recorded a one-time gain of $528,000, net of tax, related to a write-off of negative goodwill associated with the adoption of SFAS 142, Goodwill and Other Intangible Assets, as a cumulative effect of a change in accounting principle. The basic and diluted earnings per share after this one-time gain for the six months ended February 28, 2003 were $0.60 and $0.57, respectively. Dynacq Chairman and CEO, Chiu M. Chan said, "The continued strong growth of our Houston facilities combined with the start-up of our new hospital in Baton Rouge, Louisiana reflects the ongoing success of our management and clinical teams in implementing our strategic growth plan." "I am also pleased to announce the plans for a new Surgical Hospital in Slidell, Louisiana. A Dynacq subsidiary purchased land in Slidell in February of 2003, and a partnership with physicians has been formed. Construction planning and compliance with Louisiana state regulations has begun," Chan added. Dynacq International Inc. (www.dynacq.com) provides surgical healthcare services and related ancillary services through surgical hospital facilities and outpatient surgical centers. Dynacq specializes in creating surgical facilities that are models of quality patient care, efficiency, technology, clinical skills and profitability. Summarized selected financial data:
Three months ended Six months ended February 28, February 28, ------------------ ---------------- 2003 2002 2003 2002 ---- ---- ---- ---- Operating Data: Net patient service revenue $ 21,127,507 $ 14,964,580 $ 39,061,433 $ 28,712,539 Operating expenses 13,134,832 9,144,671 23,575,906 17,259,067 ------------ ------------ ------------ ------------ Operating income 7,992,675 5,819,909 15,485,527 11,453,472 Other income, net 118,981 61,081 256,738 161,332 Minority interest (1,084,595) (506,634) (1,828,102) (1,037,266) Income tax provision (2,845,566) (1,832,329) (5,547,002) (3,657,896) Cumulative effect of a change in accounting principle, net of tax - - 528,153 - ------------ ------------ ------------ ------------ Net income $ 4,181,495 $ 3,542,027 $ 8,895,314 $ 6,919,642 ============ ============ ============ ============ Basic earnings per common share: Income before cumulative effect of a change in accounting principle $ 0.28 $ 0.24 $ 0.56 $ 0.47 Cumulative effect of a change in accounting principle - - 0.04 - ------------ ------------ ------------ ------------ $ 0.28 $ 0.24 $ 0.60 $ 0.47 ============ ============ ============ ============ Diluted earnings per common share: Income before cumulative effect of a change in accounting principle $ 0.27 $ 0.24 $ 0.54 $ 0.47 Cumulative effect of a change in accounting principle - - 0.03 - ------------ ------------ ------------ ------------ $ 0.27 $ 0.24 $ 0.57 $ 0.47 ============ ============ ============ ============ Weighted average common shares (basic) 14,871,621 14,781,959 14,853,439 14,781,959 Weighted average common shares (diluted) 15,634,609 14,811,651 15,598,822 14,811,651 Statement of Cash Flows Data: Cash provided by operating activities $ 11,867,186 $ 6,332,918 Cash used by investing activities (15,105,118) (2,492,868) Cash provided (used) by financing activities 585,891 (2,549,988) February 28, August 31, 2003 2002 ------------ ------------ Balance Sheet Data: Cash and cash equivalents $ 4,931,715 $ 7,583,756 Accounts receivable, net 26,248,934 24,340,971 Other current assets 3,250,449 1,679,555 Property and equipment, net 30,982,893 16,715,425 Other assets 796,673 758,914 ------------ ------------ Total assets $ 66,210,664 $ 51,078,621 ------------ ------------ Current liabilities $ 7,580,870 $ 3,111,015 Other liabilities 4,721,476 3,399,233 Total stockholders' equity 53,908,318 44,568,373 ------------ ------------ Total liabilities and stockholders' equity $ 66,210,664 $ 51,078,621 ============ ============
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, Dynacq's ability to continue growing, the Baton Rouge hospital to positively impact future earnings, continued strong growth of our Houston facilities, starting construction of its new hospital in Slidell, continued successful partnership with physicians, and Dynacq's ability to continue to provide high quality healthcare services and facilities. Although the Company believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More detailed information about factors that may cause actual results to materially differ is contained in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "believe," "expect," "likely" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that such statements were made. The Company undertakes no obligation to update any forward-looking statements contained in this press release. - ---------------- Contact: Dynacq International Inc., Houston Emily D. Rodgers, 713/378-3092 Fax: 713/378-3166 emily@dynacq.com -----END PRIVACY-ENHANCED MESSAGE-----