Stock Repurchase: During the fourth quarter of 2007, the Board of
Directors directed the Company to initiate a $25 million stock repurchase
plan. The Company repurchased approximately 1,681,000 shares of its common
stock for approximately $4.5 million in the first quarter of 2008. The
Company has repurchased approximately 1,982,000 shares for approximately
$5.3 million in total under this program. Under a previously authorized
stock repurchase plan, during 2006, the Company repurchased 4.5 million
shares of its common stock for approximately $15.0 million, the total
amount authorized by the AMICAS Board of Directors under the prior plan.
Pro-forma EBITDA: Pro-forma EBIDTA, a non-GAAP financial measure, was
$33,000 in the first quarter of 2008 as compared to $549,000 in the first
quarter of 2007.
"Pro-forma EBITDA," refers to net income, adjusted for amortization,
depreciation, interest, taxes, and stock compensation expense. A
reconciliation of net (loss) income determined under GAAP to pro-forma
EBITDA is included below. Management believes that its pro-forma EBITDA
measurement, when viewed in addition to the Company's reported GAAP
results, provides an additional meaningful measure of operating
performance, enabling investors to more thoroughly evaluate current
performance in comparison to past performance. This information will
necessarily differ from comparable information that may be provided by
other companies and should not be considered in isolation or as an
alternative to the Company's operating and other financial information
determined under GAAP.
Dr. Stephen Kahane, president, chief executive officer, and chairman of
AMICAS, said, "We have continued to maintain positive cash flow from
operations while building our business through significant investments in
|SOURCE AMICAS, Inc.|
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