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Cogdell Spencer Inc. Announces Increased Earnings in 2008, Cautious Outlook for 2009
Date:2/25/2009

CHARLOTTE, N.C., Feb. 25 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA), a real estate investment trust (REIT) that invests in specialty office buildings, including medical offices and ambulatory surgery and diagnostic centers, and provides strategic planning and design and construction services for the medical profession, announces financial results for the quarter and year ended December 31, 2008.

"We are very pleased with our results for 2008, improving our revenue, earnings, and cash flow compared to 2007," said Cogdell Spencer President and CEO Frank Spencer. "We are expecting greater challenges in 2009 and have taken a number of cost saving steps to prepare our company for a difficult market."

Fourth Quarter 2008 Results

Cogdell Spencer Inc. reports Funds from Operations Modified (FFOM) of $8.1 million for the quarter ended December 31, 2008, compared to $5.1 million in the prior year fourth quarter, representing an increase of 59%. FFOM per share and operating partnership unit, basic and diluted, for the current year fourth quarter was $0.30 compared to $0.31 in the prior year fourth quarter. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting. During the current fourth quarter, the Company announced a reduction in force that resulted in after-tax restructuring and severance charges of $0.9 million, or $0.03 per share and operating partnership unit.

FFO for the three months ended December 31, 2008, was $5.7 million, or $0.21 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 26,765,620 and 26,890,347; respectively, for the three months ended December 31, 2008.

Net income (loss) was ($1.0 million) for the three months ended December 31, 2008, or ($0.06) per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 17,557,417 for the three months ended December 31, 2008.

As of December 31, 2008, the Company's portfolio consisted of 62 consolidated wholly-owned and joint venture properties, comprising a total of approximately 3.3 million net rentable square feet. The overall percentage of leased space at the Company's 61 in-service, consolidated properties as of December 31, 2008, was 92.4%. In addition, the Company has three unconsolidated joint venture properties and manages 51 properties for third party clients totaling approximately 2.5 million net rentable square feet.

Results for the Year Ended December 31, 2008

FFOM for the year ended December 31, 2008 was $29.4 million, or $1.22 per share and operating partnership unit, basic and diluted, an increase of 4.3% compared to the prior year ended December 31, 2007. FFO for the year ended December 31, 2008 was $21.4 million, or $0.89 per share and operating partnership unit, basic and diluted. The weighted average number of basic and diluted shares and operating partnership units outstanding totaled 23,996,466 and 24,098,321, respectively, for the year ended December 31, 2008. During 2008, the Company incurred after-tax restructuring and severance charges of $1.3 million, or $0.06 per share and operating partnership unit. Excluding these one-time charges, operating results per share increased 9.4% compared to the prior year ended December 31, 2007.

Net income (loss) was ($5.8 million) for the year ended December 31, 2008, or ($0.37) per share basic and diluted. The weighted average number of basic and diluted shares outstanding totaled 15,770,212 for the year ended December 31, 2008.

Business Strategy

On December 29, 2008, the Company announced that its Board of Directors approved a business plan for 2009 that focuses on cost reductions and the preservation of capital for productive deployment while allowing the Company to pursue its integrated delivery strategy despite client-related project delays resulting from the current financial crisis. As part of this plan, the Company has implemented a cost saving plan which, when combined with a reduction in force, will generate approximately $17 million in annual savings. As a part of this effort, the Company's Erdman subsidiary implemented a reduction in force in order to right-size the organization for contracted 2009 revenues, and eliminated approximately 115 jobs.

The Company also announced a reduction of its dividend from an annual equivalent of $1.40 per share and operating partnership unit ($0.35 per share and operating partnership unit per quarter) to an annual equivalent of $0.90 per share and operating partnership unit ($0.225 per share and operating partnership unit per quarter beginning with the fourth quarter of 2008).

Financing

In December 2008, the Company placed a mortgage on the previously unencumbered East Jefferson Medical Plaza, LLC facility in Metairie, LA. The $11.6 million note payable matures on January 31, 2012, and requires interest-only payments at an interest rate that has been swapped to a fixed rate of 5.55%.

In December 2008, the Company refinanced the mortgage note payable for the River Hills Medical Associates, LLC facility in Little River, SC. Terms of the note payable require monthly payments of principal and interest through December 2011, at which time the remaining principal is due. The note payable has an interest rate that has been swapped to a fixed rate of 5.53%. In connection with the refinancing, the principal balance was increased by $1.1 million to $4.0 million.

In October 2008, the Company repaid the remaining principal balance of $7.4 million on the mortgage note payable for the Birkdale Medical Village facility in Huntersville, NC.

Dividend

On December 29, 2008, the Company announced that its Board of Directors had declared a quarterly dividend of $0.225 per share and operating partnership unit that was paid in cash on January 30, 2009 to holders of record on January 14, 2009. The dividend covered the Company's fourth quarter of 2008.

Outlook

"As we look to 2009, we have implemented a $17 million savings plan as a way of right-sizing the company to our projected decline in design-build revenue," said CEO and President Frank Spencer. "It is a difficult capital environment for us and for our clients. The sooner liquidity and credit are restored, the quicker we will see a positive turn in results."

The Company's management team expects that FFOM per share and operating partnership unit for the year ending December 31, 2009 will be between $1.10 and $1.22 and expects that FFO per share and operating partnership unit will be between $0.87 and $0.99. A reconciliation of the range of projected net income (loss) to projected FFO and FFOM for the year ending December 31, 2009 is below:

                                                      Guidance Range for
                                                        the Year Ending
                                                       December 31, 2009
                                                      ------------------
                                                       Low         High
                                                       ---         ----
    (In thousands, except per share and operating
     partnership unit data)
      Net loss before minority interests in
       Operating Partnership                         $(3,500) --   $(200)

        Plus real estate related depreciation and
         amortization                                 27,500  --  27,500

                                                      ------      ------
      Funds from Operations (FFO)                     24,000  --  27,300

        Plus amortization of intangibles related
         to purchase accounting, net of income
         tax benefit                                   6,150  --   6,150

                                                     -------     -------
      Funds from Operations Modified (FFOM)          $30,150  -- $33,450
                                                     =======     =======

      FFO per share and unit - diluted                 $0.87  --   $0.99
      FFOM per share and unit - diluted                $1.10  --   $1.22

      Weighted average shares and units outstanding
       - diluted                                      27,500  --  27,500 

Supplemental operating and financial data are available in the Investor Relations section of the Company's Web site at www.cogdellspencer.com.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the three months and year ended December 31, 2008. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

FFO is a supplemental non-GAAP financial measure used by the real estate industry to measure the operating performance of real estate companies. FFOM adds back to traditionally defined FFO non-cash amortization of non-real estate related intangible assets associated with purchase accounting. The Company presents FFO and FFOM because it considers them important supplemental measures of operational performance. The Company believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing a perspective not immediately apparent from net income. The Company computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and FFOM do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO and FFOM should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of the Company's performance, nor are they indicative of funds available to fund its cash needs, including its ability to pay dividends or make distributions. A reconciliation from GAAP net loss to FFO and FFOM is included as an attachment to this press release.

Conference Call

Cogdell Spencer Inc. invites you to attend the Company's Fourth Quarter 2008 Conference Call on Thursday, February 26, 2009 at 4:00 p.m. (Eastern Standard Time). The number to call for this teleconference is (800) 860-2442 (domestic) or (412) 858-4600 (international), and no passcode is required. In addition, the conference call can be accessed via the Internet at www.cogdellspencer.com through the "Q4 2008 Earnings Conference Call" link on the Investor Relations page.

A playback will be available until March 13, 2009. To access the playback, please dial (877) 344-7529 (domestic) or (412) 317-0088 (international) and enter the passcode: 423956. The replay can also be accessed via the Internet at www.cogdellspencer.com through the "Q4 2008 Earnings Conference Call" link on the Investor Relations page.

About Cogdell Spencer Inc.

Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated, self-administered, and self-managed real estate investment trust that invests in specialty office buildings for the medical profession, including medical offices and ambulatory surgery and diagnostic centers. The Company focuses on the ownership, development, redevelopment, acquisition, and management of strategically located medical office buildings and other healthcare related facilities in the United States of America. Erdman, A Cogdell Spencer Company, provides service offerings including strategic planning development, design, and construction. The Company is built around understanding and addressing the full range of specialized real estate needs of the healthcare industry. Learn more about Cogdell Spencer Inc. and its subsidiaries at www.cogdellspencer.com and www.erdman.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect the Company's views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially. Factors that may contribute to these differences include, but are not limited to the following: our business strategy; our ability to integrate Erdman; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; our ability to renew our ground leases; changes in the reimbursement available to our tenants by government or private payors; our tenants' ability to make rent payments; defaults by tenants; market trends; and projected capital expenditures.

For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2007, and Form 10-Q for the quarter ended June 30, 2008. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


                              Cogdell Spencer Inc.
                      Condensed Consolidated Balance Sheets
                                 (In thousands)
                                   (unaudited)

                                                 December 31,   December 31,
                                                     2008           2007
                       Assets
    Real estate properties:
      Operating real estate properties               $531,932      $486,279
      Less: Accumulated depreciation                  (69,285)      (44,596)
                                                      -------       -------
        Total operating real estate
         properties, net                              462,647       441,683
      Construction in progress                         15,314        13,380
                                                       ------        ------
          Total real estate properties, net           477,961       455,063
    Cash and cash equivalents                          34,668         3,555
    Restricted cash                                    12,964         1,803
    Tenant and accounts receivable, net                43,523         2,248
    Goodwill and intangible assets, net               301,767        31,589
    Other assets                                       29,207        11,979
                                                       ------        ------
      Total assets                                   $900,090      $506,237
                                                     --------      --------

        Liabilities and stockholders' equity
    Mortgage notes payable                           $240,736      $237,504
    Revolving credit facility                         124,500        79,200
    Term loan                                         100,000             -
    Accounts payable                                   22,090         5,817
    Billings in excess of costs and estimated
     earnings on uncompleted contracts                 17,025             -
    Deferred income taxes                              34,176           217
    Payable to prior MEA Holdings, Inc
     shareholders                                      18,002             -
    Other liabilities                                  60,567        21,243
                                                       ------        ------
      Total liabilities                               617,096       343,981
    Minority interests                                 94,045        47,221
    Stockholders' equity                              188,949       115,035
                                                      -------       -------
      Total liabilities and stockholders' equity     $900,090      $506,237
                                                     --------      -------- 

                               Cogdell Spencer Inc.
                 Condensed Consolidated Statements of Operations
                     (In thousands, except per share amounts)
                                   (unaudited)

                                        For the Three
                                         Months Ended     For the Year Ended
                                        -------------     ------------------
                                     Dec. 31,   Dec. 31,  Dec. 31,  Dec. 31,
                                        2008       2007      2008      2007
                                     --------  ---------  --------  --------
    Revenues:
      Rental revenue                  $20,177    $17,594   $77,799   $62,908
      Design-Build contract revenue
       and other sales                 78,726          -   253,596         -
      Property management and other
       fees                               935        858     3,460     3,502
      Development management and
       other income                       134         14       885       290
                                     --------  ---------  --------  --------
        Total revenues                 99,972     18,466   335,740    66,700

    Expenses:
      Property operating and
       management                       7,972      6,937    31,376    25,704
      Costs related to design-build
       revenue and other sales         67,112          -   214,019         -
      Selling, general, and
       administrative                   9,819      2,069    30,215     7,365
      Depreciation and amortization    11,741      7,094    45,016    27,758
                                     --------  ---------  --------  --------
        Total expenses                 96,644     16,100   320,626    60,827

                                     --------  ---------  --------  --------
    Income from operations before
     other income (expense)             3,328      2,366    15,114     5,873

    Other income (expense):
      Interest and other income, net      239        400       922     1,194
      Interest expense                 (6,463)    (4,640)  (25,159)  (15,964)
      Equity in earnings of
       unconsolidated partnerships          4         23        22        20
                                     --------  ---------  --------  --------
        Total other income (expense)   (6,220)    (4,217)  (24,215)  (14,750)

                                     --------  ---------  --------  --------
    Loss from operations before
     income tax (expense) benefit      (2,892)    (1,851)   (9,101)   (8,877)

    Income tax (expense) benefit        1,387         34     1,244      (117)

                                     --------  ---------  --------  --------
    Loss from operations               (1,505)    (1,817)   (7,857)   (8,994)

    Minority interests in real
     estate partnerships                 (105)       (30)     (964)      (85)
    Minority interests in operating
     partnership                          568        512     3,048     2,738
                                                                           -
                                     --------  ---------  --------  --------
    Net loss                          $(1,042)   $(1,335)  $(5,773)  $(6,341)
                                     ========  =========  ========  ========

    Net loss per share - basic and
     diluted                           $(0.06)    $(0.11)   $(0.37)   $(0.57)
                                     ========  =========  ========  ========

    Weighted average common shares -
      basic and diluted (1)            17,557     11,935    15,770    11,056
                                     ========  =========  ========  ========

    (1)  7 and 13 shares of unvested restricted common stock are
    anti-dilutive due to the net loss for the three months ended December 31,
    2008 and 2007, respectively. 9 and 17 shares of unvested restricted common
    stock are anti-dilutive due to the net loss for the year ended December
    31, 2008 and 2007, respectively.

                               Cogdell Spencer Inc.
                            Business Segment Reporting
                                  (In thousands)
                                   (unaudited)

                                        Design-Build
    Three months ended       Property        and       Unallocated
     December 31, 2008:     Operations   Development     and Other    Total
                            ----------  -------------  ------------  -------

    Revenues:
      Rental revenue           $20,177             $-            $-  $20,177
      Design-Build
       contract revenue and
       other sales                   -         78,726             -   78,726
      Property management
       and other fees              935              -             -      935
      Development
       management and other
       income                        -            134             -      134
                            ----------  -------------  ------------  -------
        Total revenues          21,112         78,860             -   99,972

    Operating expenses:
      Property operating
       and management            7,972              -             -    7,972
      Costs related to
       design-build revenue
       and other sales               -         67,112             -   67,112
      Selling, general,
       and administrative            -          7,593             -    7,593
                            ----------  -------------  ------------  -------
        Total operating
         expenses                7,972         74,705             -   82,677
                            ----------  -------------  ------------  -------
                                13,140          4,155             -   17,295

    Interest and other
     income, net                   142             12            85      239
    Corporate general and
     administrative
     expenses                        -              -        (2,226)  (2,226)
    Interest expense                 -              -        (6,463)  (6,463)
    Provision for income
     taxes applicable to
     funds from operations
     modified                        -              -          (140)    (140)
    Non-real estate
     related depreciation
     and amortization                -           (359)          (57)    (416)
    Earnings from
     unconsolidated real
     estate partnerships,
     before real estate
     related depreciation
     and amortization                7              -             -        7
    Minority interests in
     real estate
     partnerships, before
     real estate related
     depreciation and
     amortization                 (215)             -             -     (215)
                            ----------  -------------  ------------  -------
        Funds from
         operations
         modified (FFOM)        13,074          3,808        (8,801)   8,081

    Amortization of
     intangibles related to
     purchase accounting,
     net of income tax
     benefit                       (42)        (3,875)        1,527   (2,390)
                            ----------  -------------  ------------  -------
        Funds from
         operations (FFO)       13,032            (67)       (7,274)   5,691

    Real estate related
     depreciation and
     amortization               (7,301)             -             -   (7,301)
    Minority interests in
     operating partnership           -              -           568      568
                            ----------  -------------  ------------  -------
      Net income (loss)         $5,731           $(67)      $(6,706) $(1,042)
                            ==========  =============  ============  =======

                               Cogdell Spencer Inc.
                            Business Segment Reporting
                                  (In thousands)
                                   (unaudited)

                                        Design-Build
    Year ended December      Property        and       Unallocated
     31, 2008:              Operations   Development     and Other    Total
                            ----------  -------------  ------------  -------

    Revenues:
      Rental revenue           $77,799             $-            $-  $77,799
      Design-Build
       contract revenue and
       other sales                   -        253,596             -  253,596
      Property management
       and other fees            3,460              -             -    3,460
      Development
       management and other
       income                        -            885             -      885
                            ----------  -------------  ------------  -------
        Total revenues          81,259        254,481             -  335,740

    Operating expenses:
      Property operating
       and management           31,376              -             -   31,376
      Costs related to
       design-build revenue
       and other sales               -        214,019             -  214,019
      Selling, general,
       and administrative            -         20,141             -   20,141
                            ----------  -------------  ------------  -------
        Total operating
         expenses               31,376        234,160             -  265,536
                            ----------  -------------  ------------  -------
                                49,883         20,321             -   70,204

    Interest and other
     income, net                   597            149           176      922
    Corporate general and
     administrative
     expenses                        -              -       (10,074) (10,074)
    Interest expense                 -              -       (25,159) (25,159)
    Provision for income
     taxes applicable to
     funds from operations
     modified                        -              -        (3,860)  (3,860)
    Non-real estate
     related depreciation
     and amortization                -         (1,129)         (230)  (1,359)
    Earnings from
     unconsolidated real
     estate partnerships,
     before real estate
     related depreciation
     and amortization               35              -             -       35
    Minority interests in
     real estate
     partnerships, before
     real estate related
     depreciation and
     amortization               (1,346)             -             -   (1,346)
                            ----------  -------------  ------------  -------
        Funds from
         operations
         modified (FFOM)        49,169         19,341       (39,147)  29,363

    Amortization of
     intangibles related to
     purchase accounting,
     net of income tax
     benefit                      (169)       (12,918)        5,104   (7,983)
                            ----------  -------------  ------------  -------
        Funds from
         operations (FFO)       49,000          6,423       (34,043)  21,380

    Real estate related
     depreciation and
     amortization              (30,201)             -             -  (30,201)
    Minority interests in
     operating partnership           -              -         3,048    3,048
                            ----------  -------------  ------------  -------
      Net income (loss)        $18,799         $6,423      $(30,995) $(5,773)
                            ==========  =============  ============  =======

                              Cogdell Spencer Inc.
    Reconciliation of Net Loss to Funds from Operations Modified (FFOM) (1)
               (In thousands, except per share and unit amounts)
                                  (unaudited)

                                    For the Three
                                     Months Ended      For the Year Ended
                                 ----------------      ------------------
                                Dec. 31,   Dec. 31,   Dec. 31,   Dec. 31,
                                   2008       2007       2008       2007
                                ---------  ---------  ---------  ---------

    Net loss                      $(1,042)   $(1,335)   $(5,773)   $(6,341)
      Plus minority interests
       in operating partnership
                                     (568)      (512)    (3,048)    (2,738)
      Plus real estate related
       depreciation and
       amortization (2)             7,301      6,959     30,201     27,338
                                ---------  ---------  ---------  ---------
    Funds from Operations
     (FFO) (1)                      5,691      5,112     21,380     18,259
      Plus amortization of
       intangibles related to
       purchase accounting,
       net of income tax
       benefit                      2,390         26      7,983        103
                                ---------  ---------  ---------  ---------
    Funds from Operations
     Modified (FFOM) (1)           $8,081     $5,138    $29,363    $18,362
                                ---------  ---------  ---------  ---------

    FFO per share and unit -
     basic and diluted              $0.21      $0.31      $0.89      $1.17
    FFOM per share and unit -
     basic and diluted              $0.30      $0.31      $1.22      $1.17

    Weighted average shares
     and units outstanding -
     basic                         26,766     16,506     23,996     15,620
    Weighted average shares
     and units outstanding -
     diluted                       26,890     16,519     24,098     15,637

    (1) FFO is a supplemental non-GAAP financial measure used by the real
    estate industry to measure the operating performance of real estate
    companies.  FFOM adds back to traditionally defined FFO non-cash
    amortization of non-real estate related intangible assets associated
    with purchase accounting.  The Company presents FFO and FFOM because it
    considers them important supplemental measures of operational
    performance.  The Company believes FFO is frequently used by securities
    analysts, investors and other interested parties in the evaluation of
    REITs, many of which present FFO when reporting their results.  FFO is
    intended to exclude GAAP historical cost depreciation and amortization
    of real estate and related assets, which assumes that the value of real
    estate assets diminishes ratably over time.  Historically, however, real
    estate values have risen or fallen with market conditions.  Because FFO
    excludes depreciation and amortization unique to real estate, gains and
    losses from property dispositions and extraordinary items, it provides a
    performance measure that, when compared year over year, reflects the
    impact to operations from trends in occupancy rates, rental rates,
    operating costs, development activities and interest costs, providing a
    perspective not immediately apparent from net income.  The Company
    computes FFO in accordance with standards established by the Board of
    Governors of NAREIT in its March 1995 White Paper (as amended in
    November 1999 and April 2002), which may differ from the methodology for
    calculating FFO utilized by other equity REITs and, accordingly, may not
    be comparable to such other REITs.  Further, FFO and FFOM do not
    represent amounts available for management's discretionary use because
    of needed capital replacement or expansion, debt service obligations, or
    other commitments and uncertainties.  FFO and FFOM should not be
    considered as an alternative to net income (loss) (computed in
    accordance with GAAP) as an indicator of the Company's performance, nor
    are they indicative of funds available to fund its cash needs, including
    its ability to pay dividends or make distributions.

    (2) Real estate depreciation and amortization consists of depreciation
     and amortization from wholly-owned real estate properties of $7,018 and
    $6,857 and the Company's share of joint venture real estate depreciation
    and amortization of $283 and $102 for the three months ended December
    31, 2008 and 2007, respectively. Real estate depreciation and
    amortization consists of depreciation and amortization from wholly-owned
    real estate properties of $28,965 and $27,165 and the Company's share of
    joint venture real estate depreciation and amortization of $1,236 and
    $173 for the year ended December 31, 2008 and 2007, respectively.


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(Date:6/23/2016)... 23, 2016 Any dentist who has made an ... current process. Many of them do not even offer this ... and high laboratory costs involved. And those who ARE able ... such a high cost that the majority of today,s patients ... Parsa Zadeh , founder of Dental Evolutions Inc. and ...
(Date:6/23/2016)... 23, 2016  In a startling report released today, National ... by lacking a comprehensive, proven plan to eliminate prescription opioid overdoses. ... of how states are tackling the worst drug crisis in recorded ... – Kentucky , New Mexico ... . Of the 28 failing states, three – Michigan ...
(Date:6/23/2016)... , June 23, 2016 Research and ... Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data derived ... Assessment of major trends with potential impact on the market ... of market segmentation which comprises of sub markets, regional and ...
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