2007'02.11.Sun
Chindex International, Inc. Announces Results for the Quarter and Six Months Ended September 30, 2006
PR
November 14, 2006
BETHESDA, Md., Nov. 14 /Xinhua-PRNewswire/ -- Chindex
International, Inc. (Nasdaq: CHDX), an independent American
provider of Western healthcare products and medical services
in the People's Republic of China, today announced results
for the quarter and six months ended September 30, 2006.
Both operating divisions of the Company reported profitable
results.
(Logo:
http://211.154.41.99:9080/xprn/sa/200611131726.jpg )
Revenue for the quarter ended September 30, 2006 was
$26.5 million, a 16% increase over revenue of $22.7 million
in the quarter ended September 30, 2005. Net income from
continuing operations for the quarter ended September 30,
2006 was $1.1 million, or earnings per basic share on
continuing operations of $0.17. This compares to a net
income from continuing operations of $0.2 million, or
earnings per basic share on continuing operations of $0.03
for the quarter ended September 30, 2005.
Revenue for the six months ended September 30, 2006 was
$50.9 million, a 13% increase over revenue of $44.9 million
in the six months ended September 30, 2005. Net income
from continuing operations for the six months ended
September 30, 2006 was $1.7 million, or earnings per basic
share on continuing operations of $0.25. This compares to
a net loss from continuing operations of $0.4 million, or a
loss per basic share on continuing operations of $0.06 for
the six months ended September 30, 2005.
The Company's balance sheet as of September 30, 2006
shows cash, cash equivalents and restricted cash of $8.3
million, total assets of $60.9 million, a current ratio of
1.6:1 and stockholders' equity of $24.8 million.
Roberta Lipson, Chindex CEO commented on the results
for the quarter: "During the quarter we reported
profitable results in both divisions. In the Healthcare
Services division, we also announced the first global
comprehensive Preferred Provider Organization (PPO)
insurance product ever issued in China, for which our
network is the primary provider. This was a long
anticipated new chapter in our development program for the
United Family Healthcare network which will help us to
further expand our market access to the local Chinese
patient base in both the Beijing and Shanghai markets. In
the Medical Products division we shipped the first da Vinci
surgical robotic system in mainland China during the
quarter. This is the latest in a long history of Chindex
technology `firsts' in the Chinese healthcare
markets."
About Chindex International, Inc.
Chindex is an American healthcare company that provides
healthcare services and supplies medical capital equipment,
instrumentation and products to the Chinese marketplace,
including Hong Kong. It provides healthcare services
through the operations of its United Family Hospitals and
Clinics, a network of private primary care hospitals and
affiliated ambulatory clinics in China. The Company's
hospital network currently operates in the Beijing and
Shanghai metropolitan areas. The Company sells medical
products manufactured by various major multinational
companies, including Siemens AG, which is the Company's
exclusive distribution partner for the sale and servicing
of color doppler ultrasound systems. It also arranges
financing packages for the supply of medical products to
hospitals in China utilizing the export loan and loan
guarantee programs of both the U.S. Export-Import Bank and
the German KfW Development Bank. With twenty-five years of
experience, 950 employees, and operations in China, Hong
Kong, the United States and Germany, the Company's strategy
is to expand its cross-cultural reach by providing leading
edge healthcare technologies, quality products and services
to Greater China's professional communities. Further
company information may be found at the Company's websites,
http://www.chindex.com and
http://www.unitedfamilyhospitals.com .
Statements made in this press release relating to
plans, strategies, objectives, economic performance and
trends and other statements that are not descriptions of
historical facts may be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933,
as amended (the "Securities Act"), and Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking information is
inherently subject to risks and uncertainties, and actual
results could differ materially from those currently
anticipated due to a number of factors, which include, but
are not limited to, the factors set forth under the heading
"Risk Factors" in our annual report on Form 10-K
for the year ended March 31, 2006, updates and additions to
those "Risk Factors" in our interim reports on
Form 10-Q and in other documents filed by us with the
Securities and Exchange Commission from time to time.
Forward-looking statements may be identified by terms such
as "may", "will", "should",
"could", "expects", "plans",
"intends", "anticipates",
"believes", "estimates",
"predicts", "forecasts",
"potential", or "continue" or similar
terms or the negative of these terms. Although we believe
that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements.
We have no obligation to update these forward-looking
statements.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(thousands except share and per share data)
(Unaudited)
Three months ended
Six months ended
September 30,
September 30,
2006 2005
2006 2005
Product sales $15,686 $14,260
$28,487 $28,561
Healthcare services revenue 10,794 8,473
22,407 16,369
Total revenue 26,480 22,733
50,894 44,930
Cost and expenses
Product sales costs 12,048 10,501
21,248 21,865
Healthcare services costs 9,529 7,666
18,997 15,408
Selling and marketing
expenses 2,334 2,671
4,587 5,027
General and administrative
expenses 1,688 1,352
3,530 2,849
Income (loss) from
continuing operations 881 543
2,532 (219)
Other (expenses) and income
Interest expense (199) (99)
(386) (193)
Interest income 60 31
124 68
Miscellaneous income - net 20 27
5 81
Income (loss) from
continuing operations
before income taxes 762 502
2,275 (263)
Benefit from (provision for)
income taxes 368 (313)
(619) (128)
Net income (loss) from
continuing operations 1,130 189
1,656 (391)
Loss from discontinued
operations (251) (906)
(264) (1,689)
Net income (loss) $879 $(717)
$1,392 $(2,080)
Net income (loss) per
common share - basic
Continuing operations $.17 $.03
$.25 $(.06)
Discontinued operations (.04) (.14)
(.04) (.26)
Net income (loss) $.13 $(.11)
$.21 $(.32)
Weighted average shares
outstanding - basic 6,753,902 6,514,244
6,741,197 6,508,903
Net income (loss) per
common share - diluted
Continuing operations $.15 $.03
$.22 $(.06)
Discontinued operations (.03) (.14)
(.04) (.26)
Net income (loss) $.12 $(.11)
$.18 $(.32)
Weighted average shares
outstanding - diluted 7,557,288 6,922,044
7,535,027 6,508,903
CONSOLIDATED CONDENSED BALANCE SHEETS
(thousands except share data)
(Unaudited)
September
30, March 31,
2006
2006
ASSETS
Current assets:
Cash and cash equivalents
$8,119 $9,034
Restricted cash
201 383
Trade accounts receivable, less
allowance for doubtful accounts of
$2,796 and $2,250, respectively
Product sales receivables
11,779 7,685
Patient service receivables
4,715 5,468
Inventories, net
8,793 8,681
Deferred income taxes
1,815 177
Other current assets
4,291 2,322
Current assets of discontinued
operations
99 1,006
Total current assets
39,812 34,756
Property and equipment, net
19,365 19,119
Long-term deferred income taxes
1,318 2,452
Other assets
454 719
Total assets
$60,949 $57,046
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses
$23,701 $21,727
Short-term portion of
capitalized leases
42 50
Short-term debt and vendor
financing
975 3,080
Income taxes payable
602 143
Current liabilities of
discontinued operations
304 748
Total current liabilities
25,624 25,748
Long-term portion of capitalized
leases
76 91
Long-term debt and vendor financing
10,450 8,569
Total liabilities
36,150 34,408
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par
value, 500,000 shares
authorized, none
issued
0 0
Common stock, $.01 par value,
13,600,000 shares authorized,
including 1,600,000 designated
Class B:
Common stock - 6,043,885 and
5,946,873 shares issued and
outstanding at September 30, 2006
and March 31, 2006, respectively
61 60
Class B stock - 775,000 shares
issued and outstanding at
September 30, 2006 and March
31, 2006
8 8
Additional paid in capital
37,203 36,436
Accumulated other comprehensive
income
76 75
Accumulated deficit
(12,549) (13,941)
Total stockholders' equity
24,799 22,638
Total liabilities and
stockholders' equity
$60,949 $57,046
SEGMENT INFORMATION
The Company has two reportable segments: Healthcare
Services and Medical Products. Prior to fiscal year 2006,
the Company had three reportable segments, Medical Capital
Equipment, Healthcare Products Distribution and Healthcare
Services. In fiscal 2006, the Company discontinued the
retail sales portion of the Healthcare Products
Distribution segment and the remaining portion of the
segment was grouped together with the Medical Capital
Equipment segment to become the Medical Products Division.
The following segment information has been restated to
reflect the new segment structure. We evaluate performance
and allocate resources based on income or loss from
continuing operations before income taxes, not including
gains or losses on our investment portfolio or foreign
exchange gains or losses.
Healthcare
Medical Total
Services
Products
As of September 30, 2006:
Assets $31,305,000
$29,545,000 $60,850,000
For the three months ended
September 30, 2006:
Sales and service revenue $10,794,000
$15,686,000 $26,480,000
Gross Profit n/a *
3,638,000 n/a
Gross Profit % n/a * 23
% n/a
Income from continuing
operations before foreign
exchange $695,000
$83,000 $778,000
Foreign exchange gain
103,000
Income from continuing
operations
$881,000
Other (expense), net
(119,000)
Income from continuing
operations before income taxes
$762,000
Total consolidated assets of $60,949,000 as of
September 30, 2006 include $99,000 of assets pertaining to
our healthcare products retail business, which was
discontinued in fiscal year 2006.
Healthcare
Medical Total
Services
Products
As of March 31, 2006:
Assets $29,801,000
$26,239,000 $56,040,000
For the three months ended
September 30, 2005:
Sales and service revenue $8,473,000
$14,260,000 $22,733,000
Gross Profit n/a *
3,759,000 n/a
Gross Profit % n/a * 26
% n/a
Income (Loss) from
continuing operations $373,000
$(192,000) $181,000
before foreign exchange
Foreign exchange gain
362,000
Income from continuing
operations
$543,000
Other (expense), net
(41,000)
Income from continuing
operations before income taxes
$502,000
Total consolidated assets of $57,046,000 as of March
31, 2006 include $1,006,000 of assets pertaining to our
healthcare products retail business, which was discontinued
in fiscal year 2006.
Healthcare Medical
Total
Services Products
As of September 30, 2006:
Assets $31,305,000
$29,545,000 $60,850,000
For the six months
ended September 30, 2006:
Sales and service
revenue $22,407,000
$28,487,000 $50,894,000
Gross Profit n/a *
7,239,000 n/a
Gross Profit % n/a * 25
% n/a
Income from continuing
operations before
foreign exchange $2,282,000
$179,000 $2,461,000
Foreign exchange gain
71,000
Income from continuing
operations
$2,532,000
Other (expense), net
(257,000)
Income from continuing
operations before income
taxes
$2,275,000
Total consolidated assets of $60,949,000 as of
September 30, 2006 include $99,000 of assets pertaining to
our healthcare products retail business, which was
discontinued in fiscal year 2006.
Healthcare
Medical Total
Services
Products
As of March 31, 2006:
Assets $29,801,000
$26,239,000 $56,040,000
For the six months
ended September 30, 2006:
Sales and service
revenue $16,369,000
$28,561,000 $44,930,000
Gross Profit n/a *
6,696,000 n/a
Gross Profit % n/a *
23 % n/a
Income (loss) from continuing
operations before
foreign exchange $148,000
$(698,000) (550,000)
Foreign exchange gain
331,000
Loss from continuing
operations
$(219,000)
Other (expense), net
(44,000)
Loss from continuing
operations before
income taxes
$(263,000)
Total consolidated assets of $57,046,000 as of March
31, 2006 include $1,006,000 of assets pertaining to our
healthcare products retail business, which was discontinued
in fiscal year 2006.
For more information, please contact:
Lawrence Pemble / Judy Zakreski
Chindex International, Inc.
Tel: +1-301-215-7777
SOURCE Chindex International, Inc.
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