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Dialysis Corporation of America Reports Fourth Quarter and Year Ended December 31, 2008 Results
Date:3/5/2009

LINTHICUM, Md., March 5 /PRNewswire-FirstCall/ -- Dialysis Corporation of America (Nasdaq: DCAI) announced its financial results for the fourth quarter and year ended December 31, 2008.

  • Year end patient census approximated 2,000 including the patients at a Maryland dialysis center acquired December 31, 2008.
  • Operating revenues for the fourth quarter of 2008 were $23.7 million compared to $20.0 million for the same period last year, an 18% increase.
  • Operating income was $2.2 million for the fourth quarter of 2008 compared to $1.6 million for the same period last year.
  • Net income for the quarter was $858,000 or $0.09 per basic and diluted share compared to $1.0 million or $0.11 per basic and diluted share for the same period last year.
  • Operating revenues for 2008 were $86.8 million compared to $74.5 million for 2007, a 17% increase.
  • Operating income was $6.2 million for 2008 compared to $5.8 million for 2007.
  • Net income for 2008 was $2.8 million or $0.30 per basic and diluted share compared to $3.1 million or $0.32 per basic and diluted share for 2007.

Items impacting comparability between 2007 and 2008 include:

  • 2007 included tax benefits of $325,000 relating to the prior year's net operating losses that resulted in a lower effective tax rate for 2007 than for 2008.
  • Minority interest expense increased in 2008 by approximately $330,000 compared with 2007, primarily due to certain large minority owned facilities experiencing substantially better operating results in 2008.
  • Pre-tax costs associated with opening new centers were $641,000 for 2008 compared to $608,000 for 2007.
  • Non-cash stock compensation exp
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SOURCE Dialysis Corporation of America
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