2007'02.14.Wed
Chindex International, Inc. Announces Results for the Quarter And Nine Months Ended December 31, 2006
February 12, 2007
BETHESDA, Md., Feb. 12 /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
profitable results for the quarter and nine months ended
December 31, 2006.
(Logo: http://www.xprn.com.cn/xprn/sa/200611131726.jpg
)
Revenue for the quarter ended December 31, 2006 was USD
30.3 million, a 34% increase over revenue of USD 22.6
million in the quarter ended December 31, 2005. Net income
from continuing operations for the quarter ended December
31, 2006 was USD 0.7 million, or earnings per basic share
on continuing operations of USD 0.10. This compares to a
net income from continuing operations of USD 0.4 million,
or earnings per basic share on continuing operations of USD
0.07 for the quarter ended December 31, 2005.
Revenue for the nine months ended December 31, 2006 was
USD 81.2 million, a 20% increase over revenue of USD 67.6
million in the nine months ended December 31, 2005. Net
income from continuing operations for the nine months ended
December 31, 2006 was USD 2.3 million, or earnings per basic
share on continuing operations of USD 0.34. This compares to
net income from continuing operations of USD 47,000, or net
income per basic share on continuing operations of USD 0.01
for the nine months ended December 31, 2005.
The Company's balance sheet as of December 31, 2006
shows cash, cash equivalents and restricted cash of USD
10.2 million, total assets of USD 61.5 million, a current
ratio of 1.7:1 and stockholders' equity of USD 26.7
million.
Roberta Lipson, Chindex CEO commented on the results
for the quarter: "Our continuing bottom line
profitability on a consolidated basis this quarter was
highlighted by the increases in the profitability of our
Healthcare Services division. This was fueled by continued
growth in both the Beijing and Shanghai markets. Our
development program for new United Family Healthcare
facilities in Guangzhou and Beijing is gaining momentum. We
will soon kickoff our market entry program in Guangzhou with
a clinic operation which will precede our main hospital
facility. Our Medical Products division reported a slight
loss on the quarter due to lower than normal gross margins
on some large multi-unit sales and discrete charges for
inventory write-down and doubtful account reserves. The
division remains profitable year-to-date however and we are
on track to meet our objectives for this year in spite of
continued challenges in the marketplace."
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.
Financial Summary Attached
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS
(thousands except share and per share
data)
(Unaudited)
Three months ended
Nine months ended
December 31,
December 31,
2006 2005
2006 2005
Product sales $17,628 $12,701
$46,115 $41,262
Healthcare services revenue 12,716 9,920
35,124 26,289
Total revenue 30,344 22,621
81,239 67,551
Cost and expenses
Product sales costs 13,700 9,353
34,949 31,218
Healthcare services costs 11,023 9,151
30,020 24,559
Selling and marketing
expenses 2,619 2,367
7,205 7,395
General and administrative
expenses 1,828 1,316
5,359 4,165
Income from continuing
operations 1,174 434
3,706 214
Other (expenses) and income
Interest expense (185) (203)
(571) (397)
Interest income 64 50
188 117
Miscellaneous (expense) - net (7) (59)
(2) 23
Income (loss) from continuing
operations before income
taxes 1,046 222
3,321 (43)
(Provision for) benefit from
income taxes (367) 217
(987) 90
Net income from continuing
operations 679 439
2,334 47
Loss from discontinued
operations 0 (902)
(264) (2,591)
Net income (loss) $679 $(463)
$2,070 $(2,544)
Net income (loss) per common
share - basic
Continuing operations $0.10 $0.07
$0.34 $0.01
Discontinued operations 0 (0.14)
(0.04) (0.40)
Net income (loss) $0.10 ($0.07)
$0.30 ($0.39)
Weighted average shares
outstanding - basic 6,880,642 6,536,122
6,787,848 6,518,042
Net income (loss) per common
share - diluted
Continuing operations $0.09 $0.06
$0.31 $0.01
Discontinued operations 0 (0.13)
(0.04) (0.40)
Net income (loss) $0.09 $(0.07)
$0.27 $(0.39)
Weighted average shares
outstanding - diluted 7,609,578 6,935,847
7,611,422 6,921,028
CONSOLIDATED CONDENSED BALANCE
SHEETS
(thousands except share data)
December
31, March 31,
2006
2006
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $9,979
$9,034
Restricted cash 209
383
Trade accounts receivable,
less allowance for doubtful
accounts of $2,464 and
$2,250, respectively
Product sales
receivables 13,542
7,685
Patient service
receivables 4,813
5,468
Inventories, net 6,687
8,681
Deferred income taxes 2,028
177
Other current assets 3,881
2,322
Current assets of discontinued
operations 38
1,006
Total current
assets 41,177
34,756
Property and equipment, net 18,722
19,119
Long-term deferred income taxes 1,105
2,452
Other assets 474
719
Total assets $61,478
$57,046
LIABILITIES AND STOCKHOLDERS'EQUITY
Current liabilities:
Accounts payable and accrued
expenses $22,045
$21,727
Short-term portion of
capitalized leases 38
50
Short-term debt and vendor
financing 1,205
3,080
Income taxes payable 722
143
Current liabilities of
discontinued operations 19
748
Total current
liabilities 24,029
25,748
Long-term portion of capitalized
leases 68
91
Long-term debt and vendor financing 10,663
8,569
Total
liabilities 34,760
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 - 6,258,843
and 5,946,873 shares
issued and outstanding
at December 31, 2006 and
March 31, 2006,
respectively 63
60
Class B stock - 775,000
shares issued and
outstanding at December
31, 2006 and March 31, 2006 8
8
Additional paid in capital 38,450
36,436
Accumulated other
comprehensive income 68
75
Accumulated deficit (11,871)
(13,941)
Total stockholders' equity 26,718
22,638
Total liabilities and
stockholders' equity $61,478
$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 December 31, 2006:
Assets $32,056,000
$29,384,000 $61,440,000
For the three months ended
December 31, 2006:
Sales and service revenue $12,716,000
$17,628,000 $30,344,000
Gross Profit n/a *
3,928,000 n/a
Gross Profit % n/a *
22% n/a
Income (loss) from continuing
operations before foreign
exchange $1,122,000
$(74,000) $1,048,000
Foreign exchange gain
126,000
Income from continuing operations
$1,174,000
Other (expense), net
(128,000)
Income from continuing operations
before income taxes
$1,046,000
Total consolidated assets of $61,478,000 as of December
31, 2006 include $38,000 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
December 31, 2005:
Sales and service revenue $9,920,000
$12,701,000 $22,621,000
Gross Profit n/a *
3,348,000 n/a
Gross Profit % n/a *
26% n/a
Income (loss) from continuing
operations before foreign
exchange $439,000
$(53,000) $386,000
Foreign exchange gain
48,000
Income from continuing operations
$434,000
Other (expense), net
(212,000)
Income from continuing operations
before income taxes
222,000
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 December 31, 2006:
Assets $32,056,000
$29,384,000 $61,440,000
For the nine months ended
December 31, 2006:
Sales and service revenue $35,124,000
$46,115,000 $81,239,000
Gross Profit n/a *
11,166,000 n/a
Gross Profit % n/a *
24% n/a
Income from continuing operations
before foreign exchange $3,405,000
$104,000 $3,509,000
Foreign exchange gain
197,000
Income from continuing operations
$3,706,000
Other (expense), net
(385,000)
Income from continuing operations
before income taxes
$3,321,000
Total consolidated assets of $61,478,000 as of December
31, 2006 include $38,000 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 nine months ended
December 31, 2005:
Sales and service revenue $26,289,000
$41,262,000 $67,551,000
Gross Profit n/a *
10,044,000 n/a
Gross Profit % n/a *
24% n/a
Income (loss) from continuing
operations before foreign
exchange $586,000
$(751,000) $(165,000)
Foreign exchange gain
379,000
Income from continuing operations
$214,000
Other (expense), net
(257,000)
Loss from continuing operations
before income taxes
$(43,000)
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.
* Gross profit margins are not routinely calculated in
the healthcare
industry.
For more information, please contact:
Lawrence Pemble / Judy Zakreski
Chindex International, Inc.
Tel: +1-301-215-7777
SOURCE Chindex International, Inc.
PR
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