Interest expense
(income) 1,558,583 (999,291) 2,755,176 (2,465,696)
Income tax expense 1,504,757 1,452,181 8,615,352 10,047,713
Depreciation and
amortization 2,648,449 618,275 7,899,256 2,198,714
EBITDA 8,772,139 3,278,133 33,963,630 (18,737,920)
Stock compensation
expense 5,620,535 1,966,191 15,030,362 5,960,133
IBNR reserve (410,924) 2,000,000 1,038,000 2,000,000
One time legal cost 477,862 477,862
Change in fair
value of redeemable
preferred stock
conversion feature 44,183,770
Redeemable
preferred stock
accretion 117,534
Adjusted EBITDA $14,459,612 $7,244,324 $50,509,854 $33,523,517
NIGHTHAWK RADIOLOGY HOLDINGS, INC. AND SUBSIDIARIES
HISTORICAL VOLUMES
Growth Rates Acquisition Contribution -
Total Year First 12 months
Quarter Year Volumes Sequential over Year DayHawk ATN TDS Radlinx
Q1 2004 120,554 36% 210% - - - -
Q2 2004 152,640 27% 178% - - - -
Q3 2004 182,737 20% 133% - - - -
Q4 2004 193,883 6% 119% 8,316 - - -
FY 2004 649,814 149% 149%
Q1 2005 222,341 15% 84% 15,850 - - -
Q2 2005 266,023 20% 74% 17,355 - - -
Q3 2005 298,759 12% 63% 18,905 - - -
Q4 2005 328,815 10% 70% 8,48
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