Alliance HealthCare Services, Inc. (NYSE:AIQ) (the “Company” or “Alliance”), a leading national provider of outpatient diagnostic imaging and radiation therapy services, announced results for the second quarter ended June 30, 2011.
Second Quarter 2011 Financial Results
Revenue for the second quarter of 2011 was $127.8 million compared to $121.4 million in the second quarter of 2010, an increase of 5.2%. On a sequential quarter basis, revenue increased 7.9% to $127.8 million in the second quarter of 2011 compared to $118.4 million in the first quarter of 2011.
Alliance’s Adjusted EBITDA (as defined below) was $38.8 million in the second quarter of 2011 compared to $42.5 million in the second quarter 2010, a decrease of 8.7%. On a sequential quarter basis, Adjusted EBITDA increased 6.1% to $38.8 million in the second quarter of 2011 compared to $36.6 million in the first quarter of 2011.Alliance’s net (loss) income, computed in accordance with generally accepted accounting principles (“GAAP”), totaled ($4.0) million in the second quarter of 2011 and $0.1 million in the second quarter of 2010. Net (loss) income per share on a diluted basis, computed in accordance with GAAP, was ($0.08) per share in the second quarter of 2011 and $0.00 per share in the second quarter of 2010. In the second quarter of 2011, net loss per share on a diluted basis was impacted by ($0.03) in the aggregate due to fair value adjustments related to interest rate swaps, severance and related costs, mergers and acquisitions transaction costs, refinancing transaction costs and a lower GAAP income tax rate than our historical income tax rate. Alliance’s historical income tax rate has been approximately 42%, rather than the GAAP income tax benefit rate of 35.8% in the second quarter of 2011. Cash flows provided by operating activities were $27.2 million in the second quarter of 2011 compared to $21.9 million in the second quarter of 2010. Capital expenditures in the second quarter of 2011 were $11.2 million compared to $8.0 million in the second quarter of 2010. Alliance opened three new fixed-site imaging centers in the second quarter of 2011.
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