earned during the fourth quarter in the pharmaceutical services
segment, along with increased margin pressures and credit risk in our
-- Operating cash flow for the first quarter of 2008 was $50.9 million,
compared to $23.7 million for the first quarter of 2007 and $74.2
million for the fourth quarter of 2007. The increase in operating cash
flow from the first quarter of 2007 is primarily due to improved
receivable collections and the election to pay interest due March 15,
2008 on the Holdings notes, in kind. The decrease from the fourth
quarter of 2007 is due to payments made to physicians, earned in 2007
under programs that encourage their efficient use of capital and
services in our pharmaceutical services segment, as well as semi-annual
interest payments on the indebtedness of US Oncology made in the first
quarter of 2008.
-- During the first quarter of 2008, our network grew by a net of
48 physicians, which represents the seventh consecutive quarter of net
growth. During the quarter, 71 physicians began practicing as part of
the US Oncology network and 23 physicians separated from the network,
including 18 who retired or otherwise left practices that remain
affiliated with the Company.
-- As of March 31, 2008, 35 physicians had executed agreements to join the
US Oncology network under CSA and OPS agreements and are expected to
begin practicing under these agreements in 2008. Also, as of March 31,
three integrated cancer centers were under construction and are
expected to begin providing patient care in the second quarter of 2008.
An additional 30 physicians signed either CSA or OPS agreements during
April, 2008 to join the US Oncology network.
|SOURCE US Oncology Holdings, Inc.|
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