|
Nashville, Tennessee (November 18, 2002) — Renal Care Group, Inc. (NYSE:RCI) today announced that William P. (Will) Johnston has been elected as a member of the Company's Board of Directors. Mr. Johnston will serve as a class III director and his term will expire in 2005. Mr. Johnston has been managing director of SunTrust Robinson Humphrey, an investment banking division of SunTrust Capital Markets, Inc., since August 2001.
Previously, Mr. Johnston was vice chairman of SunTrust Equitable Securities Corporation, an investment banking affiliate of SunTrust Banks, Inc. (NYSE:STI) from 1998 through 2001. From 1994 through 1998, he held the positions of chief executive officer, managing director and member of the board of directors of Equitable Securities Corporation. Before joining Equitable Securities Corp., Mr. Johnston was director of the Nashville office of Enskilda Securities, a London-based investment banking firm and subsidiary of Skandinaviska Enskilda Banken of Stockholm, Sweden. He began his professional career at Waller Lansden Dortch & Davis and was a partner specializing in corporate finance and securities law. He graduated from Vanderbilt University with a Bachelor of Arts degree in 1966 and obtained his Juris Doctor from Vanderbilt University School of Law in 1969.
Mr. Sam Brooks, chairman and chief executive officer of Renal Care Group, commented, "Will Johnston is an excellent addition to Renal Care Group's Board of Directors. His business acumen, knowledge of capital markets and legal experience will complement the medical and corporate talents of our existing Board members."
The election of Mr. Johnston fills one of the vacancies on the Company’s Board created when W. Tom Meredith, M.D., and John D. Bower, M.D. did not stand for reelection earlier this year.
Renal Care Group also announced the formation of a Nominating and Governance Committee of its Board of Directors and a reconstitution of its other Board committees. With the creation of the Nominating and Governance Committee and the reconstitution of its Audit and Compliance Committee and Compensation Committee, Renal Care Group meets the New York Stock Exchange's proposed new listing requirements that the Company have these committees and that they be comprised solely of independent directors. In addition, Renal Care Group's Board determined that Board member, Mr. William V. Lapham, qualifies as a "financial expert" for purposes of the Sarbanes-Oxley Act.
In other action, the Board of Directors approved an increase in the Company's previously announced share repurchase plan. The increase will allow Renal Care Group to purchase up to a total of $200 million of the Company's common stock, an increase from $100 million previously approved. Additional share repurchases under this program will be made from time to time in accordance with applicable securities regulations in open market or privately negotiated transactions. The actual number of shares to be purchased, the timing of purchases and the prices paid will depend on future market conditions. Repurchased shares are held in Renal Care Group's treasury and will be available for resale and for general corporate purposes. As of November 8, 2002, the Company had approximately 48 million common shares outstanding, net of 2,454,000 shares held in treasury. Through November 8, Renal Care Group had repurchased $77.1 million of its common stock under the share repurchase plan.
Renal Care Group, Inc. is a specialized dialysis services company that provides care to patients with kidney disease. The Company currently treats nearly 20,000 patients in more than 260 owned outpatient dialysis facilities, in addition to providing acute dialysis services at approximately 120 hospitals. Over 6,000 associates provide services across the Company's 26-state network.
Certain statements in this press release 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 the drug Epogen? (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, and Renal Care Group’s quarterly reports on Form 10-Q for the quarters ended March 31, 2002, June 30, 2002 and September 30, 2002. Copies of Renal Care Group's SEC filings are available from Renal Care Group upon request.
Contact:
R. Dirk Allison
Chief Financial Officer
Telephone (615) 345-5588
|
Press Releases