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Graymark Healthcare Reports Q3 Financial Results
Date:11/16/2010

a special charge related to employee termination and contract obligation costs of $1.5 million related to the ApothecaryRx transaction.

For the third quarter 2010, consolidated net revenues from continuing operations for Graymark were $5.5 million, an increase of 7 percent over 2009 third-quarter revenue of $5.1 million.  Sales for the third quarter of 2009 included an adjustment to contractual allowances of $0.6 million.  Adjusting for this, third-quarter sales grew 20 percent compared to the third quarter of 2009.

Third-quarter 2010 EBITDA from continuing operations was a loss of $0.8 million compared to the third quarter of 2009 EBITDA loss of $0.6 million. Net loss from continuing operations was $2.3 million compared to a net loss from continuing operations of $1.1 million in the second quarter of 2009. Net loss from discontinued operations in the third quarter was $1.5 million compared to net income of $0.3 million in the third quarter of 2009. The net loss from discontinued operations in 2010 includes a special charge related to employee separation and lease obligation costs related to the ApothecaryRx transaction of $1.4 million.

The after-tax net loss attributable to Graymark was approximately $3.8 million for the third quarter of 2010, or a loss of $0.13 per diluted share, compared to a net loss of $0.8 million, or $0.03 per diluted share, in the third quarter of 2009.

Regarding the increase in revenue over the third quarter of 2009, $0.6 million was related to Graymark's diagnostic business, with new acquisitions from the third quarter of 2009 contributing $1.3 million of new revenue. Third-quarter revenue from existing business was down $0.7 million compared to the third quarter of 2009 because of a combination of lower revenue per sleep study and lower volume compared to the third quarter of 2009.  Graymark's therapy business decreased $0.3 million compared to the third quarter of 2009, primarily because of the
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SOURCE Graymark Healthcare Inc.
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