SOURCE:
American Dental Partners, Inc.
2008-07-28 18:31:00
American Dental Partners Reports Second Quarter and First Half 2008 Financial Results
WAKEFIELD, MA–(EMWNews – July 28, 2008) – American Dental Partners, Inc. (
announced financial results today for the quarter and six months ended June
30, 2008.
The Company’s financial results reflect income and expenses, including
non-cash items, required by generally accepted accounting principles as a
result of the previously announced settlement of litigation among PDG, P.A.
(“PDG”), PDHC, Ltd., one of the Company’s subsidiaries, and the Company
effective February 29, 2008. In addition to its actual results, the
Company has provided a pro forma financial presentation that excludes the
operating results of 25 dental facilities transferred to PDG on February
29, 2008 and the accounting impact associated with the litigation
settlement from both periods of comparison (see “PDG Litigation Settlement
Accounting” and “Supplemental Operating Data” tables).
Comparing actual results and pro forma results for the second quarter of
2008 with the second quarter of 2007:
-- Net revenue was $74,639,000 as compared to $66,552,000. Pro forma net
revenue was $70,032,000 as compared to $53,989,000.
-- Earnings from operations were $9,082,000 as compared to $8,187,000.
Pro forma earnings from operations were $5,598,000 as compared to
$6,251,000.
-- Net earnings were $3,973,000 as compared to $4,528,000. Pro forma net
earnings were $1,847,000 as compared to $3,361,000.
-- Diluted net earnings per share were $0.30 as compared to $0.34. Pro
forma diluted net earnings per share were $0.14 as compared to $0.25.
-- Diluted cash net earnings per share were $0.41 as compared to $0.40.
Pro forma diluted cash net earnings per share were $0.24 as compared to
$0.32.
Comparing actual results and pro forma results for the first six months of
2008 with the first six months of 2007:
-- Net revenue was $154,450,000 as compared to $132,010,000. Pro forma
net revenue was $140,086,000 as compared to $106,841,000.
-- Earnings from operations were $46,962,000 as compared to $15,410,000.
Pro forma earnings from operations were $11,051,000 as compared to
$11,296,000.
-- Net earnings were $25,498,000 as compared to $8,407,000. Pro forma net
earnings were $3,590,000 as compared to $5,929,000.
-- Diluted net earnings per share were $1.95 as compared to $0.64. Pro
forma diluted net earnings per share were $0.27 as compared to $0.45.
-- Diluted cash net earnings per share were $2.15 as compared to $0.76.
Pro forma diluted cash net earnings per share were $0.48 as compared to
$0.58.
Operating Results
Patient revenue of the Company’s affiliated dental group practices was
$105,952,000 for the quarter, which includes $99,909,000 from dental group
practices which are affiliated with the Company by means of service
agreements and $6,043,000 from Arizona’s Tooth Doctor for Kids. Same
market patient revenue growth was 6.5% for the quarter and (0.2%) excluding
in-market affiliations.
Cash flow from operations was $13,660,000 for the quarter. Capital
expenditures were $2,857,000 for the quarter. The Company expanded and/or
relocated three dental facilities during the quarter. Amounts paid for
affiliations and acquisitions, including contingent amounts and affiliation
costs, amounted to $9,132,000 during the quarter, which included a
contingent amount related to the Company’s acquisition of Metropolitan
Dental Holdings, Inc. of $9,685,000 of which $9,084,000 was paid in the
quarter.
PDG Litigation Settlement Accounting
As previously reported, the Company completed the settlement of the
litigation with PDG effective February 29, 2008 which included transferring
the operating assets of 25 dental facilities to PDG and entering into a
transition services agreement with PDG in which the Company is obligated to
provide interim management services to PDG through September 30, 2008.
During the quarter, PDG reimbursed the Company $1,274,000 for expenses
associated with certain PDG doctors remaining on a temporary basis in six
dental facilities retained by the Company as part of the settlement
agreement. The Company also recognized $687,000 of income associated with
the litigation as a result of $1,002,000 of insurance proceeds received for
professional fees that were partially reimbursable pursuant to insurance
coverage offset by professional fees and other expenses associated with the
litigation of $315,000. During the quarter, the Company recognized
$3,333,000 of income under the transition services agreement with PDG and
incurred approximately $537,000 of associated expenses.
Cash net earnings and cash earnings from operations are non-GAAP financial
measures. In accordance with the requirement of SEC Regulation G, please
see the attached financial tables for a presentation of the most comparable
GAAP measures and the reconciliation to the nearest GAAP measure and all
additional reconciliations required by Regulation G.
For further discussion of these events and a comprehensive review of the
second quarter ended June 30, 2008, the Company will host its previously
announced conference call on Tuesday, July 29, 2008 at 10:00 a.m. EDT,
which will be broadcast live over the Internet at www.amdpi.com. The call
will be hosted by Gregory A. Serrao, Chairman, President and Chief
Executive Officer. To access the webcast, participants should visit the
Investor Relations section of the website at least fifteen minutes prior to
the start of the conference call to download and install any necessary
audio software. A replay of the webcast will be available at www.amdpi.com
approximately two hours after the call through 6:00 p.m. EDT Tuesday,
August 5, 2008.
American Dental Partners is one of the nation’s leading business partners
to dental group practices. The Company is affiliated with 27 dental group
practices which have 242 dental facilities with approximately 2,097
operatories located in 18 states.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act
of 1995: With the exception of the historical information contained in this
news release, the matters described herein contain “forward-looking”
statements that involve risk and uncertainties that may individually or
collectively impact the matters herein described, including but not limited
to the possibility that we may not realize the benefits expected from our
acquisition and affiliation strategy, economic, regulatory and/or other
factors outside the control of the Company, settlements or judgements of
pending litigation, which are detailed from time to time in the “Risk
Factors” section of the Company’s SEC reports, including the annual report
on Form 10-K for the year ended December 31, 2007.
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
--------- ---------- --------- ----------
Net revenue $ 74,639 $ 66,552 $ 154,450 $ 132,010
Operating expenses:
Salaries and benefits 31,355 27,194 66,856 55,165
Lab fees and dental supplies 11,143 10,506 23,124 20,680
Office occupancy expenses 8,480 7,273 17,493 14,409
Other operating expenses 6,708 5,559 13,480 11,060
General corporate expenses 3,465 3,322 7,095 6,703
Depreciation expense 2,684 2,206 5,458 4,310
Amortization of intangible
assets 2,409 1,483 4,796 2,925
Litigation settlement (gain)
expense (687) 822 (30,814) 1,348
--------- ---------- --------- ----------
Total operating
expenses 65,557 58,365 107,488 116,600
--------- ---------- --------- ----------
Earnings from operations 9,082 8,187 46,962 15,410
Interest expense, net 2,419 578 4,874 1,203
Minority interest 151 90 291 247
--------- ---------- --------- ----------
Earnings before income taxes 6,512 7,519 41,797 13,960
Income taxes 2,539 2,991 16,299 5,553
--------- ---------- --------- ----------
Net earnings $ 3,973 $ 4,528 $ 25,498 $ 8,407
========= ========== ========= ==========
Net earnings per common share:
Basic $ 0.31 $ 0.36 $ 1.98 $ 0.67
========= ========== ========= ==========
Diluted $ 0.30 $ 0.34 $ 1.95 $ 0.64
========= ========== ========= ==========
Weighted average common shares
outstanding:
Basic 12,862 12,669 12,850 12,563
========= ========== ========= ==========
Diluted 13,117 13,302 13,106 13,203
========= ========== ========= ==========
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
June 30, December 31,
2008 2007
---------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,917 $ 6,376
Accounts receivable, net 34,216 23,621
Other current assets 9,481 25,261
---------- -------------
Total current assets 50,614 55,258
---------- -------------
Property and equipment, net 52,149 60,445
---------- -------------
Other non-current assets:
Goodwill 76,072 70,602
Intangible assets, net 177,364 179,969
Other assets 2,804 2,232
---------- -------------
Total non-current assets 256,240 252,803
---------- -------------
Total assets $ 359,003 $ 368,506
========== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 34,048 $ 40,524
Accrued litigation expense - 30,968
Other current liabilities - 3,475
Current maturities of debt 192 188
---------- -------------
Total current liabilities 34,240 75,155
---------- -------------
Non-current liabilities:
Long-term debt 145,233 140,986
Other liabilities 36,977 36,568
---------- -------------
Total non-current liabilities 182,210 177,554
---------- -------------
Total liabilities 216,450 252,709
---------- -------------
Minority Interest 693 894
Commitments and contingencies
Stockholders' equity 141,860 114,903
---------- -------------
Total liabilities and stockholders' equity $ 359,003 $ 368,506
========== =============
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the three months ended June 30, 2008
Pro Forma Adjustments
---------------------
Management
Settlement Services
Actual Assets (a) (b) Pro Forma
------- ---------- ---------- ---------
Net revenue $74,639 $ 1,274 $ 3,333 $ 70,032
Operating expenses
Salaries and benefits 31,355 962 355 30,038
Lab fees and dental
supplies 11,143 135 - 11,008
Office occupancy expenses 8,480 229 60 8,191
Other operating expenses 6,708 (117) 108 6,718
General corporate expenses 3,465 - - 3,465
Litigation expenses (687) (687) (c) - -
------- ---------- ---------- ---------
EBITDA 14,175 752 2,811 10,612
Depreciation 2,684 65 14 2,605
Amortization 2,409 - - 2,409
------- ---------- ---------- ---------
Earnings from operations 9,082 687 2,797 5,598
Interest expense, net 2,419 - - 2,419
Minority interest 151 - - 151
------- ---------- ---------- ---------
Earnings before income taxes 6,512 687 2,797 3,028
Income taxes 2,539 1,181
------- ---------
Net earnings 3,973 1,847
Amortization of service
agreements, net of tax 1,364 1,364
------- ---------
Cash net earnings (d) $ 5,337 $ 3,211
======= =========
Diluted net earnings per
common share $ 0.30 $ 0.14
======= =========
Diluted cash net earnings per
common share (d) $ 0.41 $ 0.24
======= =========
(a) Includes expense reimbursement associated with the PDG doctors who
practiced temporarily in the six dental facilities retained by the
Company.
(b) The Company has agreed to provide interim management services to PDG
through September 30, 2008. Includes interim management fee revenue
and expenses associated with providing such services.
(c) Includes insurance proceeds of $1,002,000 received for professional
fees that were partially reimbursable pursuant to insurance coverage
offset by professional fees and other expenses associated with the
litigation of $315,000.
(d) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both in
the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement of
Financial Accounting Standards No. 142 - Goodwill and Other Intangible
Assets. The Company believes that cash net earnings and diluted cash
net earnings per share are important financial measures for
understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the three months ended June 30, 2007
Pro Forma Adjustments
---------------------
Management
Settlement Services
Actual Assets (e) (f) Pro Forma
-------- ---------- ----------- ---------
Net revenue $ 66,552 $ 9,118 $ 3,445 $ 53,989
Operating expenses
Salaries and benefits 27,194 5,060 503 21,631
Lab fees and dental
supplies 10,506 1,768 - 8,738
Office occupancy expenses 7,273 1,143 50 6,080
Other operating expenses 5,559 801 122 4,635
General corporate
expenses 3,322 - - 3,322
Litigation expenses 822 822 (g) - -
-------- ---------- ----------- ---------
EBITDA 11,876 (476) 2,770 9,582
Depreciation 2,206 346 14 1,848
Amortization 1,483 - - 1,483
-------- ---------- ----------- ---------
Earnings from operations 8,187 (822) 2,756 6,251
Interest expense, net 578 - - 578
Minority interest 90 - - 90
-------- ---------- ----------- ---------
Earnings before income taxes 7,519 (822) 2,756 5,583
Income taxes 2,991 2,222
-------- ---------
Net earnings 4,528 3,361
Amortization of service
agreements, net of tax 856 856
-------- ---------
Cash net earnings (h) $ 5,384 $ 4,217
======== =========
Diluted net earnings per
common share $ 0.34 $ 0.25
======== =========
Diluted cash net earnings
per common share (h) $ 0.40 $ 0.32
======== =========
(e) Includes expense reimbursement associated with 25 dental facilities
transferred to PDG as part of litigation settlement.
(f) The Company provided management services pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
proportion of service fee revenue and associated expenses for 25 of
the 31 dental facilities transferred to PDG.
(g) Includes professional fees associated with PDG litigation of
$822,000.
(h) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both
in the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the six months ended June 30, 2008
Pro Forma Adjustments
---------------------
Settlement Management
Actual Assets (i) Services (j) Pro Forma
--------- ---------- ------------ ----------
Net revenue $ 154,450 $ 7,697 $ 6,667 $ 140,086
Operating expenses
Salaries and benefits 66,856 4,717 1,207 60,932
Lab fees and dental
supplies 23,124 1,436 - 21,688
Office occupancy
expenses 17,493 1,092 120 16,281
Other operating
expenses 13,480 135 215 13,130
General corporate
expenses 7,095 - - 7,095
Litigation expenses (30,814) (30,814) (k) - -
--------- ---------- ------------ ----------
EBITDA 57,216 31,131 5,125 20,960
Depreciation 5,458 317 28 5,113
Amortization 4,796 - - 4,796
--------- ---------- ------------ ----------
Earnings from operations 46,962 30,814 5,097 11,051
Interest expense, net 4,874 - - 4,874
Minority interest 291 - - 291
--------- ---------- ------------ ----------
Earnings before income
taxes 41,797 30,814 5,097 5,886
Income taxes 16,299 2,296
--------- ----------
Net earnings 25,498 3,590
Amortization of service
agreements, net of tax 2,714 2,714
--------- ----------
Cash net earnings (l) $ 28,212 $ 6,304
========= ==========
Diluted net earnings per
common share $ 1.95 $ 0.27
========= ==========
Diluted cash net
earnings per common
share (l) $ 2.15 $ 0.48
========= ==========
(i) Includes expense reimbursement associated with (i) 25 dental facilities
transferred on February 29, 2008 to PDG as part of litigation
settlement and (ii) the PDG doctors who practiced temporarily in the
six dental facilities retained by the Company.
(j) The Company has agreed to provide interim management services to PDG
through September 30, 2008. Includes interim management fee revenue,
expenses associated with providing such services, and salaries and
benefits expense of management staff, including severance, who have
been terminated as a result of realigning the Company's Minnesota-based
management team.
(k) Includes gain on disposal of assets of $30,763,000 and insurance
proceeds of $1,002,000 for professional fees associated with the PDG
litigation which were partially reimbursable pursuant to insurance
coverage offset by professional fees and other expenses associated
with the litigation of $951,000.
(l) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both
in the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the six months ended June 30, 2007
Pro Forma Adjustments
-----------------------
Settlement Management
Actual Assets (m) Services(n) Pro Forma
----------- ---------- ----------- -----------
Net revenue $ 132,010 $ 18,338 $ 6,831 $ 106,841
Operating expenses
Salaries and benefits 55,165 10,215 1,008 43,942
Lab fees and dental
supplies 20,680 3,573 - 17,107
Office occupancy
expenses 14,409 2,277 98 12,034
Other operating
expenses 11,060 1,583 232 9,245
General corporate
expenses 6,703 - - 6,703
Litigation expenses 1,348 1,348(o) - -
----------- ---------- ----------- -----------
EBITDA 22,645 (658) 5,493 17,810
Depreciation 4,310 690 31 3,589
Amortization 2,925 - - 2,925
----------- ---------- ----------- -----------
Earnings from operations 15,410 (1,348) 5,462 11,296
Interest expense, net 1,203 - - 1,203
Minority interest 247 - - 247
----------- ---------- ----------- -----------
Earnings before income
taxes 13,960 (1,348) 5,462 9,846
Income taxes 5,553 3,917
----------- -----------
Net earnings 8,407 5,929
Amortization of service
agreements, net of tax 1,687 1,687
----------- -----------
Cash net earnings (p) $ 10,094 $ 7,616
=========== ===========
Diluted net earnings per
common share $ 0.64 $ 0.45
=========== ===========
Diluted cash net earnings
per common share (p) $ 0.76 $ 0.58
=========== ===========
(m) Includes expense reimbursement associated with (i) 25 dental facilities
transferred on February 29, 2008 to PDG as part of litigation settlement
and (ii) the PDG doctors who practiced temporarily in the six dental
facilities retained by the Company.
(n) The Company provided management services to pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
proportion of service fee revenue and associated expenses for 25 of the 31
dental facilities transferred to PDG.
(o) Includes professional fees associated with PDG litigation of
$1,348,000.
(p) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings excludes
amortization expense related to service agreement intangible assets, net of
tax. The Company incurs significant amortization expense related to its
service agreements while many companies, both in the same industry and
other industries, no longer amortize a significant portion of their
intangible assets pursuant to Statement of Financial Accounting Standards
No. 142 - Goodwill and Other Intangible Assets. The Company believes that
cash net earnings and diluted cash net earnings per share are important
financial measures for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Change in pro forma consolidated statements of income
for the three and six months ended June 30, 2008 and 2007
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- ---------------------------
Change Change
Pro in Pro Pro in Pro
Pro Forma Forma Forma Pro Forma Forma Forma
2008 2007 Results 2008 2007 Results
--------- -------- ------- --------- --------- -------
Net revenue $ 70,032 $ 53,989 30% $ 140,086 $ 106,841 31%
Operating
expenses
Salaries and
benefits 30,038 21,631 39% 60,932 43,942 39%
Lab fees and
dental supplies 11,008 8,738 26% 21,688 17,107 27%
Office occupancy
expenses 8,191 6,080 35% 16,281 12,034 35%
Other operating
expenses 6,718 4,635 45% 13,130 9,245 42%
General corporate
expenses 3,465 3,322 (5%) 7,095 6,703 6%
Litigation
expenses - - 0% - - 0%
--------- -------- ------- --------- --------- -------
EBITDA 10,612 9,582 11% 20,960 17,810 18%
Depreciation 2,605 1,848 41% 5,113 3,589 42%
Amortization 2,409 1,483 62% 4,796 2,925 64%
--------- -------- ------- --------- --------- -------
Earnings from
operations 5,598 6,251 (10%) 11,051 11,296 (2%)
Interest
expense, net 2,419 578 319% 4,874 1,203 305%
Minority
interest 151 90 68% 291 247 18%
--------- -------- ------- --------- --------- -------
Earnings before
income taxes 3,028 5,583 (46%) 5,886 9,846 (40%)
Income taxes 1,181 2,222 (45%) 2,296 3,917 (41%)
--------- -------- ------- --------- --------- -------
Net earnings 1,847 3,361 (45%) 3,590 5,929 (39%)
Amortization of
service
agreements, net
of tax 1,364 856 59% 2,714 1,687 61%
--------- -------- ------- --------- --------- -------
Cash net
earnings $ 3,211 $ 4,217 (24%) $ 6,304 $ 7,616 (17%)
========= ======== ======= ========= ========= =======
Diluted net
earnings per
common share $ 0.14 $ 0.25 (42%) $ 0.27 $ 0.45 (39%)
========= ======== ======= ========= ========= =======
Diluted cash net
earnings per
common share $ 0.24 $ 0.32 (21%) $ 0.48 $ 0.58 (17%)
========= ======== ======= ========= ========= =======
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except selected statistical data)
(unaudited)
Selected statistical data
June 30, June 30, %
2008 2007 Change
----------- ----------- ----------
Number of dental facilities 242 220 10.0%
Number of operatories (q) 2,097 1,997 5.0%
Number of affiliated dentists (r) 544 524 3.8%
(q) An operatory is an area where dental care is performed and generally
contains a dental chair, a hand piece delivery system and other essential
equipment.
(r) Includes full-time equivalent general or specialty dentists employed by
or contracted with the affiliated practices, including Arizona's Tooth
Doctor for Kids.
Patient revenue and same market patient revenue growth (s)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
% %
2008 2007 Change 2008 2007 Change
--------- --------- ------ --------- -------- ------
Patient revenue
of affiliated
practices:
Platform
dental group
practices
affiliated
with us in
both periods
of
comparison $ 81,249 $ 76,278 6.5% $ 164,341 $ 151,920 8.2%
Platform
dental group
practices
that
affiliated
with us
during
periods of
comparison 24,703(t) 23,849(t) 3.6% 48,985(u) 46,745(u) 4.8%
--------- --------- ---- --------- -------- ----
Total patient
revenue 105,952 100,127 5.8% 213,326 198,665 7.4%
Patient revenue
of Arizona's
Tooth Doctor
for Kids 6,043 5,752 5.1% 12,165 11,555 5.3%
--------- --------- ---- --------- -------- ----
Patient revenue
of platform
dental group
practices
affiliated
with us by
means of
service
agreements 99,909 94,375 5.9% 201,161 187,110 7.5%
Amounts due to
us under
service
agreements 63,032 59,559 5.8% 125,827 118,039 6.6%
--------- --------- ---- --------- -------- ----
Amounts
retained by
platform
dental group
practices
affiliated
with us by
means of
service
agreements $ 36,877 $ 34,816 5.9% $ 75,334 $ 69,071 9.1%
========= ========= ==== ========= ======== ====
(s) Includes patient revenue of affiliated dental group practices which are
not consolidated with the Company's financial results and patient revenue
of Arizona's Tooth Doctor for Kids which is consolidated with the Company's
financial results.
(t) In addition to platform affiliations completed since April 1, 2007,
also includes patient revenue of the six dental facilities retained by the
Company for the three months ended June 30, 2008 and the 31 dental
facilities comprising Park Dental for the three months ended June 30, 2007.
(u) In addition to platform affiliations completed since January 1, 2007,
also includes patient revenue of the six dental facilities retained by the
Company for the six months ended June 30, 2008 and the 31 dental facilities
comprising Park Dental for the six months ended June 30, 2007.
| Contacts:
Gregory A. Serrao Breht T. Feigh American Dental Partners, Inc. |
|
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