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US Oncology Reports Second Quarter Operating Results
Date:8/6/2009

call period on the senior notes, the write off of unamortized issuance costs related to the retired debt and certain transaction costs. We will incur approximately $20 million of additional annual interest cost for the next year with the new senior secured notes compared to the debt that was refinanced due primarily to the term facility portion of the refinanced amount. The $300 million 9% senior notes were effectively refinanced at approximately the same rate as at issuance five years ago.

In connection with this refinancing, we expect to replace the revolving portion of the senior secured credit facility that is scheduled to mature in August 2010 with a new revolving credit facility maturing in August 2012. The Company expects to incur a loss on early extinguishment of debt during the third quarter of 2009 which will include approximately $4.1 million related to the write-off of unamortized debt issuance costs and an additional amount for transaction costs associated with terminating the revolving portion of senior secured credit facility.

Net Income (Loss)

Net loss for the second quarter of 2009 was $7.6 million compared to net income of $3.2 million in the second quarter of 2008 and $1.0 million in the first quarter of 2009. When comparing the second quarter of 2009 to each of these periods, net income decreased due to the loss on early extinguishment of debt associated with the refinancing transaction discussed above.

Cash Flow

Cash from operations in the second quarter of 2009 was $42.5 million, compared to $8.6 million used in operations for the second quarter of 2008 and $31.0 million generated in the first quarter of 2009. The $51.1 million increase in operating cash flow from the second quarter of 2008 reflects increased collections due to revenue growth and lower receivable days outstanding, as well as payments made under a generic drug inventory managem
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SOURCE US Oncology, Inc.
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