- Improving Hospital Margins and the Re-Activation of the Company's Acquisition Pipeline Gives Management Reason to Remain Optimistic About
Outlook for 2008 -
SAN JOSE, Calif., March 13 /PRNewswire-FirstCall/ -- Pet DRx Corporation ("Pet DRx" or the "Company") (OTC Bulletin Board: PDXC), a provider of veterinary primary care and specialized services to companion animals, today affirmed its 2008 guidance, noting that improving hospital margins and the re-activation of its acquisition pipeline gives management reason to remain optimistic about its outlook for the year.
In December 2007, Pet DRx advised that for the full year 2008 it
-- Same store revenue growth of >10% for the 26 hospitals in its current
-- Aggregate same store hospital operating margins increasing throughout
2008 and averaging 15% to 19% for the full year;
-- Revenues for the full year (before acquisitions) in the range of
$75 - $80 million; and
-- Additional pro forma revenue for the full year in the range of
$40 - $60 million derived from acquisitions.
"When we met with investors in late 2007, we told them that we expected to see improved revenues and hospital margins in the first quarter of 2008, and our preliminary results for January and February indicate this is the case," said Gregory J. Eisenhauer, chief financial officer of Pet DRx.
Robert Wallace, chief executive officer, added, "Now that our management is able to focus on day-to-day operations, we have re-engaged talks with potential acquisition targets to broaden and/or complement our existing markets. Based on discussions with several acquisition targets in recent weeks, we anticipate announcing signed contracts sometime in the second quarter.
"Our unique 'hub-and-spoke' regional system is appealing to the
veterinary community because it not only enables tradit
|SOURCE Pet DRx Corporation|
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