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VISIONAMERICA ANNOUNCES SECOND
QUARTER 2000 RESULTS OF OPERATIONS AND
OTHER MATTERS BUSINESS EDITORS &
HEALTH/MEDICAL WRITERS MEMPHIS,
TENN.--(BUSINESS WIRE)--SEPT. 8,
2000--VISIONAMERICA
MEMPHIS, Tenn.--(BUSINESS WIRE)--Sept. 8, 2000--VisionAmerica
Incorporated (OTCBB:VSNAE.O) today reported a net loss of $5,200,000, or
($.52) per share (diluted), for the three months ended June 30, 2000,
compared to net earnings of $692,000, or $0.08 per share (diluted) for
the second quarter of 1999. The net loss from continuing operations
for the second quarter of 2000 was $3,094,000, or ($.31) per share
(diluted), on revenues of $14,014,000, compared to net earnings from
continuing operations of $597,000, or $0.07 per share (diluted), on
revenues of $14,553,000 for the second quarter of 1999.
The results for the three months ended June 30, 2000, included a
loss from discontinued operations of $2,106,000 or ($.21) per share
(diluted), which consisted principally of an estimated loss on
disposal of the Company`s discontinued ophthalmic buying group,
Primary Eyecare Network, which assets were sold effective August 31,
2000. The results of the Company`s continuing operations for the
second quarter of 2000 continue to be negatively impacted by the
operations the Company has previously identified and disclosed as
"impaired," and for which it recorded a $19.2 million impairment
charge in the fourth quarter of 1999. The Company incurred an
additional impairment charge of $1,562,000 in the second quarter of
2000 related to management`s continued pursuit and assessment of the
disposition possibilities for the impaired practice assets, and a
decline in volume and operating margins at the impaired centers was a
principal cause for the remaining deterioration in the second
quarter`s results in comparison to the prior year.
For the six month period ended June 30, 2000, the Company incurred
a net loss of $7,525,000, or ($.78) per share (diluted), compared to
achieving net earnings of $1,286,000, or $0.14 per share (diluted),
for the first six months of 1999. The net loss from continuing
operations for the first six months of 2000 was $5,601,000, or ($.58)
per share(diluted), on revenues of $30,249,000, compared to net
earnings from continuing operations of $1,110,000, or $0.12 per share
(diluted), on revenues of $29,330,000 for the same period in 1999.
The Company also reported that Mr. Ghassan Barazi resigned his
position as Chief Operating Officer of the Company on August 23, 2000.
Mr. Barazi is also a board member and Chief Operating Officer of ICON
Laser Eye Centers (ICON) and his resignation allows him to better
focus his efforts in those roles. The Company and ICON operate joint
laser vision correction centers in a number of the Company`s markets.
Mr. Barazi remains a member of the board of directors of the Company.
This press release contains forward-looking statements which
involve risks and uncertainties. VisionAmerica`s actual results may
vary significantly from the results anticipated in these
forward-looking statements as a result of various risks, assumptions
and certain factors. Factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to, those discussed in detail
in the Company`s filings with the Securities and Exchange Commission.
-0-
*T
VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2000 and 1999
(unaudited)
2000 1999
Total revenues $14,014,034 $14,553,124
Center operating expenses 11,574,768 11,054,200
Selling, general, and
administrative expenses 2,170,982 1,495,486
Cost of sales 209,923 271,302
Provision for doubtful
accounts 490,150 732,331
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (1,993,795) 999,805
Gain on sale of investment - 724,242
Interest expense (1,090,264) (743,837)
Minority interest in net
income of partnerships (232,490) (162,842)
Equity in earnings of joint
venture 296,651 -
Income tax expense (74,000) (220,353)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (3,093,898) 597,015
Discontinued operations,
net of tax (2,106,355) 95,366
----------- ------------
----------- ------------
Net earnings (loss) $(5,200,253) $692,381
=========== ============
=========== ============
Earnings (loss) from
continuing operations per
common share:
Basic $ (0.31) $0.07
=========== ============
Diluted $ (0.31) $0.07
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:
Basic $ (0.21) $0.01
=========== ============
Diluted $ (0.21) $0.01
=========== ============
=========== ============
Earnings (loss) per
common share:
Basic $ (0.52) $0.08
=========== ============
Diluted $ (0.52) $0.08
=========== ============
=========== ============
Weighted average number of
common shares:
Basic 9,933,066 8,992,347
=========== ============
Diluted 9,933,066 9,174,454
=========== ============
=========== ============
VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 and 1999
(unaudited)
2000 1999
Total revenues $30,248,706 $29,329,604
Center operating expenses 25,481,619 22,021,125
Selling, general, and
administrative expenses 4,290,321 2,671,421
Cost of sales 433,149 839,827
Provision for doubtful
accounts 1,466,931 1,339,769
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (2,985,320) 2,457,462
Gain on sale of investment - 724,242
Interest expense (2,307,509) (1,388,060)
Minority interest in net
income of partnerships (340,459) (295,749)
Equity in earnings of joint
venture 147,785 -
Income tax expense (115,000) (388,090)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (5,600,503) 1,109,805
Discontinued operations,
net of tax (1,924,727) 176,127
----------- ------------
----------- ------------
Net earnings (loss) $(7,525,230) $1,285,932
=========== ============
=========== ============
Earnings (loss) from
continuing operations per
common share:
Basic $ (0.58) $0.12
=========== ============
Diluted $ (0.58) $0.12
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:
Basic $ (0.20) $0.02
=========== ============
Diluted $ (0.20) $0.02
=========== ============
=========== ============
Earnings (loss) per
common share:
Basic $ (0.78) $0.14
=========== ============
=========== ============
Diluted $ (0.78) $0.14
=========== ============
=========== ============
Weighted average number of
common shares:
Basic 9,630,516 8,991,474
=========== ============
Diluted 9,630,516 9,101,253
=========== ============
=========== ============
*T
--30--AC/na*
CONTACT: VisionAmerica Incorporated
Barry Reifler, 901/683-7868
KEYWORD: TENNESSEE
INDUSTRY KEYWORD: MEDICAL EARNINGS
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
Copyright 2000, Business Wire
QUARTER 2000 RESULTS OF OPERATIONS AND
OTHER MATTERS BUSINESS EDITORS &
HEALTH/MEDICAL WRITERS MEMPHIS,
TENN.--(BUSINESS WIRE)--SEPT. 8,
2000--VISIONAMERICA
MEMPHIS, Tenn.--(BUSINESS WIRE)--Sept. 8, 2000--VisionAmerica
Incorporated (OTCBB:VSNAE.O) today reported a net loss of $5,200,000, or
($.52) per share (diluted), for the three months ended June 30, 2000,
compared to net earnings of $692,000, or $0.08 per share (diluted) for
the second quarter of 1999. The net loss from continuing operations
for the second quarter of 2000 was $3,094,000, or ($.31) per share
(diluted), on revenues of $14,014,000, compared to net earnings from
continuing operations of $597,000, or $0.07 per share (diluted), on
revenues of $14,553,000 for the second quarter of 1999.
The results for the three months ended June 30, 2000, included a
loss from discontinued operations of $2,106,000 or ($.21) per share
(diluted), which consisted principally of an estimated loss on
disposal of the Company`s discontinued ophthalmic buying group,
Primary Eyecare Network, which assets were sold effective August 31,
2000. The results of the Company`s continuing operations for the
second quarter of 2000 continue to be negatively impacted by the
operations the Company has previously identified and disclosed as
"impaired," and for which it recorded a $19.2 million impairment
charge in the fourth quarter of 1999. The Company incurred an
additional impairment charge of $1,562,000 in the second quarter of
2000 related to management`s continued pursuit and assessment of the
disposition possibilities for the impaired practice assets, and a
decline in volume and operating margins at the impaired centers was a
principal cause for the remaining deterioration in the second
quarter`s results in comparison to the prior year.
For the six month period ended June 30, 2000, the Company incurred
a net loss of $7,525,000, or ($.78) per share (diluted), compared to
achieving net earnings of $1,286,000, or $0.14 per share (diluted),
for the first six months of 1999. The net loss from continuing
operations for the first six months of 2000 was $5,601,000, or ($.58)
per share(diluted), on revenues of $30,249,000, compared to net
earnings from continuing operations of $1,110,000, or $0.12 per share
(diluted), on revenues of $29,330,000 for the same period in 1999.
The Company also reported that Mr. Ghassan Barazi resigned his
position as Chief Operating Officer of the Company on August 23, 2000.
Mr. Barazi is also a board member and Chief Operating Officer of ICON
Laser Eye Centers (ICON) and his resignation allows him to better
focus his efforts in those roles. The Company and ICON operate joint
laser vision correction centers in a number of the Company`s markets.
Mr. Barazi remains a member of the board of directors of the Company.
This press release contains forward-looking statements which
involve risks and uncertainties. VisionAmerica`s actual results may
vary significantly from the results anticipated in these
forward-looking statements as a result of various risks, assumptions
and certain factors. Factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to, those discussed in detail
in the Company`s filings with the Securities and Exchange Commission.
-0-
*T
VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2000 and 1999
(unaudited)
2000 1999
Total revenues $14,014,034 $14,553,124
Center operating expenses 11,574,768 11,054,200
Selling, general, and
administrative expenses 2,170,982 1,495,486
Cost of sales 209,923 271,302
Provision for doubtful
accounts 490,150 732,331
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (1,993,795) 999,805
Gain on sale of investment - 724,242
Interest expense (1,090,264) (743,837)
Minority interest in net
income of partnerships (232,490) (162,842)
Equity in earnings of joint
venture 296,651 -
Income tax expense (74,000) (220,353)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (3,093,898) 597,015
Discontinued operations,
net of tax (2,106,355) 95,366
----------- ------------
----------- ------------
Net earnings (loss) $(5,200,253) $692,381
=========== ============
=========== ============
Earnings (loss) from
continuing operations per
common share:
Basic $ (0.31) $0.07
=========== ============
Diluted $ (0.31) $0.07
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:
Basic $ (0.21) $0.01
=========== ============
Diluted $ (0.21) $0.01
=========== ============
=========== ============
Earnings (loss) per
common share:
Basic $ (0.52) $0.08
=========== ============
Diluted $ (0.52) $0.08
=========== ============
=========== ============
Weighted average number of
common shares:
Basic 9,933,066 8,992,347
=========== ============
Diluted 9,933,066 9,174,454
=========== ============
=========== ============
VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 and 1999
(unaudited)
2000 1999
Total revenues $30,248,706 $29,329,604
Center operating expenses 25,481,619 22,021,125
Selling, general, and
administrative expenses 4,290,321 2,671,421
Cost of sales 433,149 839,827
Provision for doubtful
accounts 1,466,931 1,339,769
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (2,985,320) 2,457,462
Gain on sale of investment - 724,242
Interest expense (2,307,509) (1,388,060)
Minority interest in net
income of partnerships (340,459) (295,749)
Equity in earnings of joint
venture 147,785 -
Income tax expense (115,000) (388,090)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (5,600,503) 1,109,805
Discontinued operations,
net of tax (1,924,727) 176,127
----------- ------------
----------- ------------
Net earnings (loss) $(7,525,230) $1,285,932
=========== ============
=========== ============
Earnings (loss) from
continuing operations per
common share:
Basic $ (0.58) $0.12
=========== ============
Diluted $ (0.58) $0.12
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:
Basic $ (0.20) $0.02
=========== ============
Diluted $ (0.20) $0.02
=========== ============
=========== ============
Earnings (loss) per
common share:
Basic $ (0.78) $0.14
=========== ============
=========== ============
Diluted $ (0.78) $0.14
=========== ============
=========== ============
Weighted average number of
common shares:
Basic 9,630,516 8,991,474
=========== ============
Diluted 9,630,516 9,101,253
=========== ============
=========== ============
*T
--30--AC/na*
CONTACT: VisionAmerica Incorporated
Barry Reifler, 901/683-7868
KEYWORD: TENNESSEE
INDUSTRY KEYWORD: MEDICAL EARNINGS
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
Copyright 2000, Business Wire
hallo
heute 387%! nicht schlecht, nicht schlecht!
gruß
Clyde
Bitte besuchen Sie meine Homepage
http://www.uebersetztonline.de
heute 387%! nicht schlecht, nicht schlecht!
gruß
Clyde
Bitte besuchen Sie meine Homepage
http://www.uebersetztonline.de
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