NASHVILLE, Tenn., April 7, 2008 /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 reported its financial results for the year ended December
2007 Financial Summary
-- Revenues for the full year 2007 were $62.5 million, compared to
$17.4 million reported for the full year ended December 2006. The
nearly four-fold increase was primarily attributable to the
acquisition of 14 veterinary hospitals in late 2006 and the first
quarter of 2007.
-- Net loss for the year was $16.4 million, compared to a net loss of
$1.9 million reported for the full year 2006. Included in the net
loss for 2007 are $3.9 million in legal and audit fees related to the
merger between Echo Healthcare Acquisition Corp. ("Echo") and XLNT
Veterinary Care, Inc. ("XLNT") and a $3.7 million charge for the
impairment of intangible assets. Additional non-recurring fees
included in the 2007 net loss figure were increased interest expense
associated with various financing transactions and increased expenses
associated with the transition to a new corporate staff.
The majority of the costs associated with the Echo/XLNT merger were
captured in the 2007 financial results even though the merger closed
on January 4, 2008.
Commenting on the prior year, Robert Wallace, chief executive officer said, "2007 was a transition year for us. We primarily concentrated our efforts on attaining approval for the merger of XLNT and Echo, as well as beginning to build a business infrastructure to prepare us for life as a public company."
Mr. Wallace added, "Now the Pet DRx management team is focused on
day-to-day operations and driving the growth of our business. We believe we
|SOURCE Pet DRx Corporation|
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