This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Alliance HealthCare Services Reports Results For The Second Quarter Ended June 30, 2013

Alliance HealthCare Services, Inc. (NASDAQ: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, 2013.

Second Quarter 2013 Highlights

  • Excluding the impact of rent expense from our fourth quarter 2012 sale/leaseback transaction, second quarter 2013 Adjusted EBITDA increased by 3% over the prior year, representing the fifth consecutive quarter of organic increase in Adjusted EBITDA.
  • Also excluding the impact of rent expense from our fourth quarter 2012 sale/leaseback transaction, second quarter 2013 Adjusted EBITDA as a percentage of revenue increased by 3% to 35.5% from 32.7% in the prior year.
  • Achieved positive second quarter 2013 revenue gap of +$2.0 million and the revenue gap for the last twelve month period ended June 30, 2013 is now neutral, an indicator of revenue stability and a pathway to growth in the future.
  • Generated net income per share of $0.23, after excluding loss on extinguishment of debt, impairment charges, restructuring and transaction costs, and differences in the GAAP income tax rate compared to our historical income tax rate. Earnings per share in accordance with GAAP was ($1.22) per share.
  • Continued to generate strong cash flow, with $48.3 million reduction in net debt in the last twelve month period, after adjusting for fees paid in connection with debt refinancing and proceeds related to the sale/leaseback transaction.
  • Paid down $126 million of total debt over the last seven quarters, and decreased our total leverage by 0.5x to 3.70x for the last twelve months ended June 30, 2013 from 4.21x in the last twelve month period a year ago.
  • Completed a refinance of our term loan debt and a partial call of our senior notes, which will save the Company $12 million in cash interest expense annually and approximately $7 million in 2013.

“We are very pleased to report positive second quarter results that were in line with our expectations. Over the past several quarters, we have been very proactive and successful in generating cash flow, paying down our debt and managing our leverage. This success continued into the second quarter, as we maintained a high level of cash flows and completed the refinancing of our credit agreement and debt structure,” stated Larry C. Buckelew, Chairman of the Board and interim Chief Executive Officer. “As we move to the second half of 2013, we will continue to focus on driving long-term growth and profitability. As such, increased efforts to improve the quality of our customer portfolio will continue to impact our revenue over the course of the year. Despite this near-term pruning of select low margin revenue streams, we remain confident that our long-term strategy of aligning the Company and our services with our hospital partners will position Alliance for meaningful growth and value creation.”

1 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs