- For the fourth quarter, RadNet reports record Revenue of $145.3 million and record Adjusted EBITDA (1) of $30.2 million; increases of 10.2% and 11.8%, respectively, over the prior year's quarter
- Fourth quarter 2010 Net Income was $3.3 million as compared with Net Income of $637,000 from last year's fourth quarter; fourth quarter 2010 per share Net Income was $0.09 compared to a per share Net Income of $0.02 for the prior year's quarter
- For the year, RadNet reports record annual Revenue of $548.5 million and record annual Adjusted EBITDA (1)of $106.2 million; increases of 4.6% and 0.3%, respectively, over the prior year's results
- For the year, RadNet reports a per share net loss of $(0.35) compared to a per share loss of $(0.06)in the prior year; 2010 per share loss would have been $(0.08), excluding the Loss on Extinguishment of Debt from RadNet's April 6, 2010 $585 million debt refinancing
- RadNet announces 2011 guidance, including expected increases in Revenue and Adjusted EBITDA (1)
LOS ANGELES, March 8, 2011 (GLOBE NEWSWIRE) -- (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 201 owned and/or operated outpatient imaging centers (inclusive of 19 facilities held in Joint Ventures), today reported financial results for its fourth quarter and full year ended December 31, 2010.
Fourth Quarter Report:For the fourth quarter of 2010, RadNet reported Revenue, Adjusted EBITDA (1) and Net Income of $145.3 million, $30.2 million and $3.3 million, respectively. Revenue increased $13.5 million (or 10.2%), Adjusted EBITDA (1) increased $3.2 million (or 11.8%) and Net Income increased $2.7 million (or 418.1%) over the fourth quarter of 2009. On a sequential year-over-year basis, compared with the first, second and third quarters of 2010, Revenue increased $21.1 million (or 17.0%), $6.4 million (or 4.6%) and $5.2 million (or 3.7%), respectively. On a sequential basis, compared with the first, second and third quarters of 2010, Adjusted EBITDA (1) increased $9.7 million (or 47.1%), $2.8 million (or 10.0%) and $2.1 million (or 7.6%), respectively. Net Income for the fourth quarter was $0.09 per share, compared with a Net Income of $0.02 per share in the fourth quarter of 2009 (based upon a weighted average number of fully diluted shares outstanding of 37.8 million and 37.4 million for these periods in 2010 and 2009, respectively). Excluding non-cash gains from the mark-to-market of our interest rate swaps of $1.8 million, a $306,000 non-cash charge to interest expense related to the amortization of accumulated unrealized losses on interest rate swaps, losses from the disposal of equipment of $530,000 and non-cash stock compensation of $898,000, RadNet would have reported Net Income of $3.2 million, or $0.08 per fully diluted share, for the fourth quarter of 2010 compared with a Net Income of $1.5 million, or $0.04 per share, for the fourth quarter of 2009 excluding those same non-cash losses and expenses.
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