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NASHVILLE, Tenn.--(BW HealthWire)--April 30, 2002--Renal Care Group, Inc.
(NYSE:RCI - news) today announced results for the first quarter ended
March 31, 2002.
Mr. Sam Brooks, president and chief executive officer of Renal Care Group,
said, "Based on the first quarter's results, I am confident of our
team's ability to realize our objective of at least 15% growth in earnings
per share for 2002. Same-store revenue growth, combined with acquisition
activity, has resulted in a strong first quarter."
For the first quarter ended March 31, 2002, Renal Care Group's revenues
increased 18.3% to $206.7 million compared with revenues of $174.8 million
for the same period in 2001. Net income for the first quarter of 2002
rose 21.3% to $21.5 million from $17.7 million in the same period last
year. Earnings per share for the first quarter of 2002 increased 16.7%
to $0.42 compared with earnings per share of $0.36 in the same quarter
of last year. For the quarter ended March 31, 2002, same-store treatment
growth was 5.8% and same-store revenue growth was 13.9%.
During the first quarter, the Company acquired three dialysis programs,
representing a total of six centers located in Ohio, Missouri and Indiana.
These centers serve approximately 355 patients. In addition, in April,
the Company acquired Philadelphia, Pennsylvania-based Delaware Valley
Dialysis, a physician-owned company that provides dialysis services to
approximately 275 patients, as well as dialysis services to inpatients
at three Philadelphia hospitals.
Renal Care Group will hold a conference call to discuss this press release
on Wednesday, May 1, 2002, at 10:00 a.m. Central Time. A listen-only simulcast,
as well as a 30-day replay, of the conference call to discuss this press
release will be available online at the Company's website at www.renalcaregroup.com
or www.companyboardroom.com.
Renal Care Group, Inc. is a dialysis services company that provides care
to patients with kidney disease. The Company currently treats approximately
19,200 patients through more than 240 owned outpatient dialysis facilities,
in addition to providing acute dialysis services to more than 120 hospitals.
Over 6,000 associates provide services across the Company's 26-state network.
Certain statements in this press release, particularly
the statements of Mr. Brooks, constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect management's expectations
and are based upon currently available information. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements of Renal Care
Group to differ materially from those expressed in or implied by the forward-looking
statements, including risks related to: changes in the Medicare and Medicaid
programs; risks related to EPO; payment reductions by private insurers,
hospitals or managed care organizations; compliance with health care and
other applicable laws; the integration of acquired companies; and changes
in the health care delivery, financing or reimbursement systems. These
and other factors affecting the company are discussed in more detail in
Renal Care Group's reports filed with the Securities and Exchange Commission,
including Renal Care Group's annual report on Form 10-K for the year ended
December 31, 2001. Copies of Renal Care Group's SEC filings are available
from Renal Care Group upon request.
RENAL CARE GROUP, INC.
Consolidated Income Statements
(in thousands, except per share data and operating data)
Three Months Ended
March 31,
2002 2001
-------- --------
Net revenue $206,678 $174,778
Operating costs and expenses:
Patient care costs 134,712 113,328
General and administrative expense 17,560 15,003
Provision for doubtful accounts 5,484 4,800
Depreciation and amortization 9,362 8,852
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Total cost and expenses 167,118 141,893
Income from operations 39,560 32,795
Interest expense 173 999
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Income before minority interest
and income taxes 39,387 31,796
Minority interest 4,710 3,130
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Income before income taxes 34,677 28,666
Income taxes 13,184 10,952
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Net income $21,493 $17,714
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Diluted earnings per share $0.42 $0.36
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Weighted average shares outstanding 51,222 49,611
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Operating Data:
Patients 19,226 17,004
Treatments 707,483 644,146
Same-Store Treatment Growth 5.8% 6.1%
Same-Store Revenue Growth 13.9% 12.0%
Patient Revenue Per Treatment $290 $267
RENAL CARE GROUP, INC.
Consolidated Balance Sheets
(in thousands)
March 31, Dec. 31,
2002 2001
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ASSETS:
Current assets:
Cash and cash equivalents $55,520 $27,423
Accounts receivable, net 133,913 127,056
Other current assets 45,191 58,828
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Total current assets 234,624 213,307
Property, plant and equipment, net 180,507 175,925
Intangibles and other assets, net 265,806 263,025
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TOTAL ASSETS $680,937 $652,257
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LIABILITIES AND STOCKHOLDERS' EQUITY:
Total current liabilities $114,763 $110,468
Long-term debt 3,658 3,776
Other liabilities 32,550 27,762
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Total liabilities 150,971 142,006
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Stockholders' equity:
Common stock, $.01 par value,
90,000 shares authorized, 49,847 and
49,597 shares issued, respectively 499 496
Treasury stock, 380 and 100
shares, respectively (11,368) (3,059)
Additional paid-in capital 283,828 277,300
Retained earnings 257,007 235,514
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Total stockholders' equity 529,966 510,251
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $680,937 $652,257
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Contact:
Renal Care Group Inc., Nashville
R. Dirk Allison, 615/345-5500
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