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CORRECTING AND REPLACING -- RadNet Reports Full Year And Fourth Quarter 2012 Results And Releases 2013 Financial Guidance

Stocks in this article: RDNT

LOS ANGELES, March 12, 2013 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline by RadNet, Inc. (Nasdaq:RDNT), two of the guidance ranges provided in the tables were incorrect. In the first table, Actual 2012 Results vs. 2012 Guidance, the guidance range for Free Cash Flow Generation should be $30 million - $40 million, not $35 million - $45 million. In the second table, 2013 Fiscal Year Guidance, the guidance range for Free Cash Flow Generation should be $35 million - $45 million, not $30 million - $40 million. The corrected release follows:

  • For the year, RadNet reports annual Revenue (3) of $673.1 million and annual Adjusted EBITDA (1)of $113.6 million, an increase of 10.8% and decrease of 1.7%, respectively
  • For the year, RadNet reports diluted per share Net Income of $1.64 compared to prior year diluted per share Net Income of $0.19 in 2011; Excluding a one-time benefit to Income Tax Expense of $60.7 million in the fourth quarter, 2012 diluted per share Net Income would have been $0.10 per share during 2012
  • For the fourth quarter, RadNet reports Revenue of $165.8 million and Adjusted EBITDA (1)of $24.5 million, an increase of 2.7% and decrease of 24.2%, respectively, over the prior year's fourth quarter
  • In the fourth quarter of 2012, Adjusted EBITDA (1) was negatively impacted by an estimated $3.5 million from loss of business associated with Hurricane Sandy, $1.5 million from two additional work days affected by Christmas and New Year's holidays; approximately $1.5 million of negotiated future payments from private payors for underpayments on 2012 services that will be recognized throughout 2013; and $1 million of salary expense paid in lieu of future salary increases; normalized for these non-recurring events, Adjusted EBITDA (1) would have been $32.0 million
  • RadNet announces 2013 guidance, including expected increases in Revenue and Adjusted EBITDA (1)

RadNet, Inc. (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 246 owned and/or operated outpatient imaging centers (inclusive of 23 facilities held in Joint Ventures), today reported financial results for its fourth quarter and full year ended December 31, 2012.

Financial Results

Annual Report:

For full year 2012, the Company reported Revenue, Adjusted EBITDA (1) and Net Income of $673.1 million, $113.6 million and $64.5 million, respectively. Revenue increased $65.6 million (or 10.8%), Adjusted EBITDA (1) decreased $1.9 million (or 1.7%) and Net Income increased $57.3 million, respectively, from full year 2011 results. Net Income for 2012 was $1.64 per diluted share, compared to Net Income of $0.19 per diluted share in 2011 (based upon a weighted average number of diluted shares outstanding of 39.2 million and 38.8 million in 2012 and 2011, respectively).

During the year, we recorded an income tax benefit of $59.5 million primarily related to the reversal of a valuation allowance against our deferred tax assets recorded in the fourth quarter. We consider all evidence available when determining whether deferred tax assets (primarily created by our historical Net Operating Losses, or NOLs), are more likely-than-not to be realized. This evidence included forecasted future taxable income, the future reversal of temporary differences and tax planning strategies that would be employed to prevent our NOLs from expiring unutilized. As of December 31, 2012, after analyzing all relevant evidence, including our recent historical trend of producing pretax income, we determined that it is more-likely-than-not that we will utilize most of our NOLs in the future. As a result, the reversal of the valuation allowance resulted in our recognizing $60.7 million of income tax benefit and a corresponding net deferred tax asset of $60.4 million on our balance sheet during the fourth quarter of 2012. Excluding this benefit, our Net Income would have been $3.8 million, or $0.10 per diluted share.

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