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Dialysis Corporation of America Reports Third Quarter 2009 Results
Date:11/4/2009

LINTHICUM, Md., Nov. 4 /PRNewswire-FirstCall/ -- 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:
    • Operating revenues were $25.1 million compared to $21.9 million for the same period last year, a 15% increase.
    • Operating income was $2.0 million compared to $1.5 million for the same period last year, a 30% increase.
    • 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:
    • Operating revenues were $73.3 million compared to $63.2 million for the same period last year, a 16% increase.
    • Operating income was $4.5 million compared to $4.0 million for the same period last year, a 13% increase.
    • 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.

                     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
       Provision for
        doubtful
        accounts                   738           500     1,952         1,579
                                   ---           ---     -----         -----
                                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
                             =========     ========= =========     =========



                   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
                                                          =======      =======

                   DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES

                              SUPPLEMENTAL OPERATING DATA
                                     (Unaudited)



                                      Three Months Ended
                                         September 30,       Period-to-Period
                                     2009             2008         Change %
                                     ----             ----         --------
    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%


                                      Nine Months Ended
                                         September 30,       Period-to-Period
                                     2009             2008         Change %
                                     ----             ----         --------
    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             2009
                                      ----             ----
    Key clinical metrics:
         Treatment adequacy
          (% of pts with Kt/V          97%              98%
          greater than 1.2)
         Anemia management
          (% of pts with Hgb           79%              81%
          greater than 11)
         Venous access (% of pts
          with AVF)                   61%              60%



SOURCE Dialysis Corporation of America


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SOURCE Dialysis Corporation of America
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