Orion Healthcorp (AMEX:ONH)
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Orion HealthCorp, Inc. (AMEX: ONH) today announced its financial results
for the third quarter and nine months ended September 30, 2006.
For the three months ended September 30, 2006, net operating revenues
were $7.5 million compared with $7.3 million for the same period in the
prior year. Net loss was $488,000, or $0.04 per basic share, for the
third quarter of 2006 compared with a net loss of $6.1 million, or $0.53
per basic share, for the prior year period. The net loss for the three
month period ended September 30, 2005, includes a loss from operations
of discontinued businesses of $4.2 million. Earnings before interest,
taxes, depreciation and amortization (EBITDA) totaled $47,000 for the
third quarter of 2006 as compared to an EBITDA loss of $1.1 million for
the three months ended September 30, 2005. (A reconciliation of EBITDA
to net income is provided on the attached un-audited consolidated
condensed statements of operations.)
Terrence L. Bauer, chief executive officer of Orion HealthCorp, said, “We
believe that these results reflect the continued improvement in the
financial performance of our company. We remain focused on building our
core business, providing billing and collection services and practice
management solutions to physicians, both through organic growth and
strategic acquisition. Demand for revenue cycle management services
continues to grow as there is escalating pressure on physicians to
operate more efficiently and outsource the management of billing and
collections. Furthermore, the quantity and quality of acquisition
opportunities in our pipeline continue to improve as market
consolidation activity remains robust.”
For the nine months ended September 30, 2006, net operating revenues
were $21.6 million compared with $22.5 million for the same period in
the prior year. Loss from continuing operations was $773,000, or $0.06
per basic share, for the nine months ended September 30, 2006, compared
with a loss from continuing operations of $4.7 million, or $0.48 per
basic share, for the same period in 2005. Net loss, including income
from discontinued operations of $576,000, was $197,000, or $0.01 per
basic share, for the nine months ended September 30, 2006, compared with
a net loss, including a loss from discontinued operations of $11.4
million, (including a charge for impairment of intangible assets of $9.8
million) of $16.1 million, or $1.65 per basic share, for the same period
in 2005. EBITDA totaled $163,000 for the nine months ended September 30,
2006, compared with an EBITDA loss of $2.1 million for the prior year
period.
The results for the three months and nine months ended September 30,
2006 and 2005, respectively, include the consolidated results of Orion
HealthCorp, with two of its business units: Integrated Physician
Solutions, Inc., which provides business and management services to
pediatric physician groups, and Medical Billing Services, Inc., which
provides physician billing and collection services and practice
management solutions, primarily to hospital-based physicians. The
surgery center business operated under the name “SurgiCare”
is reported as discontinued operations for the three months and nine
months ended September 30, 2006 and 2005.
The live broadcast of Orion HealthCorp’s third
quarter conference call will begin at 11:00 a.m. Eastern Time on
November 13, 2006. An online replay of the call will be available for 30
days following the conclusion of the live broadcast. A link for these
events can be found on the Company’s website
at www.orionhealthcorp.com
or at www.earnings.com.
Orion HealthCorp, Inc. provides complementary business services to
physicians through two wholly owned subsidiaries: Integrated Physician
Solutions, Inc., providing business and management services to physician
practices; and Medical Billing Services, Inc., providing physician
billing and collection services and practice management solutions to
hospital-based physicians. The core competency of the Company is its
long-term experience and success in working with and creating value for
physicians. For more information on Orion HealthCorp, Inc., visit the
Company’s website at www.orionhealthcorp.com.
Certain statements in this press release constitute “forward-looking
statements” within the meaning of the
Securities Act of 1933, as amended, and the Securities Exchange Act of
1934, as amended (the “Acts”).
Any statements contained herein that are not statements of historical
fact are deemed to be forward-looking statements, including all
statements regarding improving financial metrics and future growth.
The forward-looking statements in this press release are based on
current beliefs, estimates and assumptions concerning the operations,
future results, and prospects of Orion HealthCorp, Inc. and the other
companies described herein. As actual operations and results may
materially differ from those assumed in forward-looking statements,
there is no assurance that forward-looking statements will prove to be
accurate. Forward-looking statements are subject to the safe harbors
created in the Acts. Any number of factors could affect future
operations and results, including without limitation, changes in federal
or state healthcare laws and regulations and third party payer
requirements, changes in costs of supplies, the loss of major customers,
increases in labor and employee benefit costs, the failure to obtain
continued forbearance on the Company's revolving lines of credit as a
result of the Company's default of its financial covenants, increases in
interest rates on the Company's indebtedness as well as general market
conditions, competition and pricing, and the Company's ability to
successfully implement its business strategies, including the impact and
expense of any potential acquisitions and the ability to obtain
necessary approvals and financing. Orion HealthCorp, Inc. undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information or future events.
ORION HEALTHCORP, INC.
Unaudited Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
Nine Months
Ended
September 30,
September 30,
2006
2005
2006
2005
Net operating revenues
$7,474
$7,256
$21,560
$22,537
Operating expenses
7,835
9,007
22,624
26,962
Total other income (expenses), net
(127)
(103)
291
(274)
Loss from continuing operations
(488)
(1,854)
(773)
(4,699)
Income (loss) from operations of discontinued components, including
gain (loss) on disposal
-
(4,228)
576
(11,412)
Net income (loss)
$(488)
$(6,082)
$(197)
$(16,111)
Weighted average common shares outstanding:
Basic
12,777
11,344
12,601
9,766
Diluted
12,777
11,344
12,601
9,766
Net income (loss) per share, basic and diluted:
Net loss per share from continuing operations
$(0.04)
$(0.16)
$(0.06)
$(0.48)
Income (loss) per share from discontinued operations
-
(0.37)
0.05
(1.17)
Net loss per share
$(0.04)
$(0.53)
$(0.01)
$(1.65)
Reconciliation of EBITDA to net loss:
EBITDA
$47
$(1,143)
$163
$(2,089)
Less: Depreciation and amortization
(408)
(608)
(1,227)
(2,336)
Less: Total other income (expenses), net
(127)
(103)
291
(272)
Less: Minority interest loss in partnership
-
-
-
(2)
Less: Income (loss) from operations of discontinued components,
including net gain (loss) on disposal
-
(4,228)
576
(11,412)
Net loss
$(488)
$(6,082)
$(197)
$(16,111)
ORION HEALTHCORP, INC.
Consolidated Condensed Balance Sheets
(in thousands, except share amounts)
Sept. 30,
Dec. 31,
2006
2005
(Unaudited)
Current assets:
Cash and cash equivalents
$101
$299
Accounts receivable, net
2,745
2,798
Inventory
282
206
Prepaid expenses and other current assets
733
716
Assets held for sale
--
976
Total current assets
3,861
4,995
Property and equipment, net
620
742
Other long-term assets:
Intangible assets, including goodwill, net
15,233
16,289
Other assets, net
63
92
Total other long-term assets
15,296
16,381
Total assets
$19,777
$22,118
Current liabilities:
Accounts payable and accrued expenses
$5,843
$6,738
Other current liabilities
--
25
Current portion of capital lease obligations
92
92
Current portion of long-term debt
3,492
4,232
Liabilities held for sale
--
452
Total current liabilities
9,427
11,539
Long-term liabilities:
Capital lease obligations, net of current portion
145
214
Long-term debt, net of current portion
3,795
3,871
Minority interest in partnership
--
35
Total long-term liabilities
3,940
4,120
Stockholders' equity:
Preferred stock, par value $0.001; 20,000,000 shares authorized; no
shares issued and outstanding
--
--
Common stock, Class A, par value $0.001; 70,000,000 shares
authorized, 12,788,776 and 12,428,042 shares issued at September 30,
2006 and December 31, 2005, respectively
13
12
Common stock, Class B, par value $0.001; 25,000,000 shares
authorized, 10,448,470 shares issued and outstanding at September
30, 2006 and December 31, 2005, respectively
11
11
Common stock, Class C, par value $0.001; 2,000,000 shares
authorized, 1,437,572 shares issued and outstanding at September 30,
2006 and December 31, 2005, respectively
2
2
Additional paid-in capital
57,075
56,928
Accumulated deficit
(50,653)
(50,456)
Treasury stock - at cost; 9,140 shares
(38)
(38)
Total stockholders' equity
6,410
6,459
Total liabilities and stockholders' equity
$19,777
$22,118
Orion HealthCorp, Inc. (AMEX: ONH) today announced its financial
results for the third quarter and nine months ended September 30,
2006.
For the three months ended September 30, 2006, net operating
revenues were $7.5 million compared with $7.3 million for the same
period in the prior year. Net loss was $488,000, or $0.04 per basic
share, for the third quarter of 2006 compared with a net loss of $6.1
million, or $0.53 per basic share, for the prior year period. The net
loss for the three month period ended September 30, 2005, includes a
loss from operations of discontinued businesses of $4.2 million.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) totaled $47,000 for the third quarter of 2006 as compared to
an EBITDA loss of $1.1 million for the three months ended September
30, 2005. (A reconciliation of EBITDA to net income is provided on the
attached un-audited consolidated condensed statements of operations.)
Terrence L. Bauer, chief executive officer of Orion HealthCorp,
said, "We believe that these results reflect the continued improvement
in the financial performance of our company. We remain focused on
building our core business, providing billing and collection services
and practice management solutions to physicians, both through organic
growth and strategic acquisition. Demand for revenue cycle management
services continues to grow as there is escalating pressure on
physicians to operate more efficiently and outsource the management of
billing and collections. Furthermore, the quantity and quality of
acquisition opportunities in our pipeline continue to improve as
market consolidation activity remains robust."
For the nine months ended September 30, 2006, net operating
revenues were $21.6 million compared with $22.5 million for the same
period in the prior year. Loss from continuing operations was
$773,000, or $0.06 per basic share, for the nine months ended
September 30, 2006, compared with a loss from continuing operations of
$4.7 million, or $0.48 per basic share, for the same period in 2005.
Net loss, including income from discontinued operations of $576,000,
was $197,000, or $0.01 per basic share, for the nine months ended
September 30, 2006, compared with a net loss, including a loss from
discontinued operations of $11.4 million, (including a charge for
impairment of intangible assets of $9.8 million) of $16.1 million, or
$1.65 per basic share, for the same period in 2005. EBITDA totaled
$163,000 for the nine months ended September 30, 2006, compared with
an EBITDA loss of $2.1 million for the prior year period.
The results for the three months and nine months ended September
30, 2006 and 2005, respectively, include the consolidated results of
Orion HealthCorp, with two of its business units: Integrated Physician
Solutions, Inc., which provides business and management services to
pediatric physician groups, and Medical Billing Services, Inc., which
provides physician billing and collection services and practice
management solutions, primarily to hospital-based physicians. The
surgery center business operated under the name "SurgiCare" is
reported as discontinued operations for the three months and nine
months ended September 30, 2006 and 2005.
The live broadcast of Orion HealthCorp's third quarter conference
call will begin at 11:00 a.m. Eastern Time on November 13, 2006. An
online replay of the call will be available for 30 days following the
conclusion of the live broadcast. A link for these events can be found
on the Company's website at www.orionhealthcorp.com or at
www.earnings.com.
Orion HealthCorp, Inc. provides complementary business services to
physicians through two wholly owned subsidiaries: Integrated Physician
Solutions, Inc., providing business and management services to
physician practices; and Medical Billing Services, Inc., providing
physician billing and collection services and practice management
solutions to hospital-based physicians. The core competency of the
Company is its long-term experience and success in working with and
creating value for physicians. For more information on Orion
HealthCorp, Inc., visit the Company's website at
www.orionhealthcorp.com.
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Securities Act
of 1933, as amended, and the Securities Exchange Act of 1934, as
amended (the "Acts"). Any statements contained herein that are not
statements of historical fact are deemed to be forward-looking
statements, including all statements regarding improving financial
metrics and future growth.
The forward-looking statements in this press release are based on
current beliefs, estimates and assumptions concerning the operations,
future results, and prospects of Orion HealthCorp, Inc. and the other
companies described herein. As actual operations and results may
materially differ from those assumed in forward-looking statements,
there is no assurance that forward-looking statements will prove to be
accurate. Forward-looking statements are subject to the safe harbors
created in the Acts. Any number of factors could affect future
operations and results, including without limitation, changes in
federal or state healthcare laws and regulations and third party payer
requirements, changes in costs of supplies, the loss of major
customers, increases in labor and employee benefit costs, the failure
to obtain continued forbearance on the Company's revolving lines of
credit as a result of the Company's default of its financial
covenants, increases in interest rates on the Company's indebtedness
as well as general market conditions, competition and pricing, and the
Company's ability to successfully implement its business strategies,
including the impact and expense of any potential acquisitions and the
ability to obtain necessary approvals and financing. Orion HealthCorp,
Inc. undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information or future events.
-0-
*T
ORION HEALTHCORP, INC.
Unaudited Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Nine Months
Ended Ended
September 30, September 30,
----------------- ------------------
2006 2005 2006 2005
-------- -------- -------- ---------
Net operating revenues $7,474 $7,256 $21,560 $22,537
Operating expenses 7,835 9,007 22,624 26,962
Total other income (expenses), net (127) (103) 291 (274)
-------- -------- -------- ---------
Loss from continuing operations (488) (1,854) (773) (4,699)
Income (loss) from operations of
discontinued components,
including gain (loss) on disposal - (4,228) 576 (11,412)
-------- -------- -------- ---------
Net income (loss) $(488) $(6,082) $(197) $(16,111)
======== ======== ======== =========
Weighted average common shares
outstanding:
Basic 12,777 11,344 12,601 9,766
Diluted 12,777 11,344 12,601 9,766
Net income (loss) per share, basic
and diluted:
Net loss per share from
continuing operations $(0.04) $(0.16) $(0.06) $(0.48)
Income (loss) per share from
discontinued operations - (0.37) 0.05 (1.17)
-------- -------- -------- ---------
Net loss per share $(0.04) $(0.53) $(0.01) $(1.65)
======== ======== ======== =========
Reconciliation of EBITDA to net
loss:
EBITDA $47 $(1,143) $163 $(2,089)
Less: Depreciation and
amortization (408) (608) (1,227) (2,336)
Less: Total other income
(expenses), net (127) (103) 291 (272)
Less: Minority interest loss in
partnership - - - (2)
Less: Income (loss) from
operations of discontinued
components, including net gain
(loss) on disposal - (4,228) 576 (11,412)
-------- -------- -------- ---------
Net loss $(488) $(6,082) $(197) $(16,111)
======== ======== ======== =========
*T
-0-
*T
ORION HEALTHCORP, INC.
Consolidated Condensed Balance Sheets
(in thousands, except share amounts)
Sept. 30, Dec. 31,
2006 2005
------------ -----------
(Unaudited)
Current assets:
Cash and cash equivalents $101 $299
Accounts receivable, net 2,745 2,798
Inventory 282 206
Prepaid expenses and other current assets 733 716
Assets held for sale -- 976
------------ -----------
Total current assets 3,861 4,995
Property and equipment, net 620 742
Other long-term assets:
Intangible assets, including goodwill, net 15,233 16,289
Other assets, net 63 92
------------ -----------
Total other long-term assets 15,296 16,381
------------ -----------
Total assets $19,777 $22,118
============ ===========
Current liabilities:
Accounts payable and accrued expenses $5,843 $6,738
Other current liabilities -- 25
Current portion of capital lease obligations 92 92
Current portion of long-term debt 3,492 4,232
Liabilities held for sale -- 452
------------ -----------
Total current liabilities 9,427 11,539
------------ -----------
Long-term liabilities:
Capital lease obligations, net of current
portion 145 214
Long-term debt, net of current portion 3,795 3,871
Minority interest in partnership -- 35
------------ -----------
Total long-term liabilities 3,940 4,120
------------ -----------
Stockholders' equity:
Preferred stock, par value $0.001;
20,000,000 shares authorized; no shares
issued and outstanding -- --
Common stock, Class A, par value $0.001;
70,000,000 shares authorized, 12,788,776
and 12,428,042 shares issued at September
30, 2006 and December 31, 2005,
respectively 13 12
Common stock, Class B, par value $0.001;
25,000,000 shares authorized, 10,448,470
shares issued and outstanding at September
30, 2006 and December 31, 2005,
respectively 11 11
Common stock, Class C, par value $0.001;
2,000,000 shares authorized, 1,437,572
shares issued and outstanding at September
30, 2006 and December 31, 2005,
respectively 2 2
Additional paid-in capital 57,075 56,928
Accumulated deficit (50,653) (50,456)
Treasury stock - at cost; 9,140 shares (38) (38)
------------ -----------
Total stockholders' equity 6,410 6,459
------------ -----------
Total liabilities and stockholders'
equity $19,777 $22,118
============ ===========
*T