Alliance HealthCare Services Reports Third Quarter 2013 Results

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 third quarter ended September 30, 2013.

Third Quarter 2013 Highlights
  • Adjusted EBITDA increased by 3% over the prior year, representing the sixth consecutive quarter of organic Adjusted EBITDA growth (1)
  • Same store volume growth was 1.2% for MRI and 1.6% for PET/CT in the third quarter of 2013 compared to the third quarter of 2012
  • Alliance generated net income per share of $0.41, 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 ($0.19) per share.
  • Continued to generate strong cash flow, with $43.3 million reduction in net debt in the last twelve month period (2)
  • Raised incremental term loan proceeds of $70.0 million in October 2013 which allows the Company to redeem the remaining balance on the 8% senior notes. The transaction will save the Company an additional $5 million annually in cash interest expense beginning in December 2013.
  • Tom Tomlinson assumed role as Chief Executive Officer, President and Director on October 1, 2013.
     

(1)
Excludes $2 million impact of rent expense related to the equipment sale/leaseback entered into in November 2012 and $2.2 million in income related to third quarter 2012 MOS legal settlement.

(2)
After $11.2 million adjustment for fees paid in connection with debt refinancing and proceeds related to the sale/leaseback transaction
 

“I am pleased to be joining the company at a time when we are consistently reporting solid results. I want to thank our dedicated team that is helping to transform our business every day and executing against our long-term strategic initiatives. We expect to increasingly benefit from our performance driven culture, as we continue to focus on identifying both operational efficiencies and revenue expansion opportunities. In fact, we were able to achieve a sixth consecutive quarter of adjusted EBITDA growth, which is a testament to our dedication to managing the business efficiently in a rapidly evolving marketplace,” stated Tom Tomlinson, Chief Executive Officer and President.

If you liked this article you might like

Analysts' Actions -- AES, CBOE, Las Vegas Sands, PacWest Bancorp and More

Alliance Healthcare Services Is Now Oversold (AIQ)

Why Alliance HealthCare (AIQ) Stock Is Higher Today

Alliance HealthCare Services Inc Stock Upgraded (AIQ)

5 Stocks Under $10 Set to Trade Higher in November