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NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 25, 2003--Renal Care Group, Inc. (NYSE:RCI - News) today announced results for the fourth quarter and year ended December 31, 2002.
Mr. Sam Brooks, chairman, president and chief executive officer of Renal Care Group, said, "During 2002, Renal Care Group met or exceeded each of the financial goals we had set for the year and our balance sheet and liquidity position remain strong. We have to give credit to our over 6,500 associates and to our affiliated physicians, all of whom steadfastly focus on providing optimal care for our patients every day."
For the fourth quarter ended December 31, 2002, Renal Care Group's revenues increased 19.3% to $243.0 million compared with revenues of $203.7 million for the same period in 2001. Net income rose 20.7% to $24.9 million from $20.6 million in the same period last year. Net income per share increased 25.0% to $0.50 compared with net income per share of $0.40 in the same quarter of last year. For the quarter ended December 31, 2002, same-market treatment growth was 5.6% and same-market revenue growth was 12.5%.
For the year ended December 31, 2002, revenues increased 19.6% to $903.4 million compared with revenues of $755.1 million for the same period in 2001. Net income rose 20.7% to $92.5 million from $76.6 million in the year 2001. Net income per share increased 19.7% to $1.82 compared with net income per share of $1.52 in the year 2001. For the year ended December 31, 2002, same-market treatment growth was 5.8% and same-market revenue growth was 12.7%.
Renal Care Group will hold a conference call to discuss this press release on Wednesday, February 26, 2003, 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 specialized dialysis services company that provides care to patients with kidney disease. The Company currently treats more than 20,500 patients at 268 owned outpatient dialysis facilities, in addition to providing acute dialysis services at approximately 120 hospitals. Over 6,500 associates provide services across the Company's 27-state network. More information about Renal Care Group, Inc. may be found at www.renalcaregroup.com.
Certain statements in this press release, particularly those of Mr. Brooks constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are usually preceded by words like expect, plan, intend, will and the like. 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: executive succession and dependence on executive officers; compliance with health care and other applicable laws; the integration of acquired companies; changes in the Medicare and Medicaid programs; risks related to the drug Epogen (EPO); payment reductions by private insurers, hospitals or managed care organizations; 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 without limitation Renal Care Group's annual report on Form 10-K for the year ended December 31, 2001 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2002, June 30, 2002 and September 30, 2002. Copies of these filings are available from Renal Care Group upon request.
RENAL CARE GROUP, INC.
Condensed Consolidated Income Statements
(In thousands, except per share data and operating data)
Three Months Ended Year Ended
December 31, December 31,
------------------ --------------------
2002 2001 2002 2001
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Net revenue $242,998 $203,700 $903,387 $755,082
Operating costs and
expenses:
Patient care costs 157,512 132,105 589,696 489,271
General and
administrative
expenses 22,046 17,308 78,079 64,530
Provision for doubtful
accounts 6,273 5,405 23,501 20,290
Depreciation and
amortization 10,735 10,824 40,432 38,945
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Total cost and
expenses 196,566 165,642 731,708 613,036
Income from operations 46,432 38,058 171,679 142,046
Interest expense, net 260 166 1,140 2,636
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Income before minority
interest and
income taxes 46,172 37,892 170,539 139,410
Minority interest 6,029 4,522 21,410 15,478
Income before income taxes 40,143 33,370 149,129 123,932
Provision for income taxes 15,248 12,740 56,669 47,331
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Net income $ 24,895 $ 20,630 $ 92,460 $ 76,601
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Diluted net income per
share $ 0.50 $ 0.40 $ 1.82 $ 1.52
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Weighted average shares
outstanding 49,960 51,170 50,767 50,433
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Patients 20,568 18,763 20,568 18,763
Treatments 792,445 709,586 3,019,675 2,686,181
Same-market treatment
growth 5.6% 5.4% 5.8% 5.4%
Same-market revenue growth 12.5% 14.6% 12.7% 13.7%
Patient revenue per
treatment $ 305 $ 285 $ 297 $ 278
RENAL CARE GROUP, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
December 31, December 31,
2002 2001
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ASSETS:
Current assets:
Cash and cash equivalents $ 38,359 $ 27,423
Accounts receivable, net 152,440 127,056
Other current assets 55,062 58,828
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Total current assets 245,861 213,307
Property, plant and equipment, net 202,972 175,925
Intangibles and other assets, net 291,290 261,817
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TOTAL ASSETS $740,123 $651,049
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LIABILITIES AND STOCKHOLDERS' EQUITY:
Total current liabilities $135,380 $109,260
Long-term debt 10,161 3,776
Other liabilities 50,694 27,762
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Total liabilities 196,235 140,798
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Stockholders' equity:
Common stock, $0.01 par value per share,
90,000 shares authorized,
51,176 and 49,597 shares issued,
respectively 512 496
Treasury stock, 2,983 and 100 shares,
respectively (93,953) (3,059)
Additional paid-in capital 309,355 277,300
Retained earnings 327,974 235,514
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Total stockholders' equity 543,888 510,251
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $740,123 $651,049
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Contact:
Renal Care Group, Inc.
R. Dirk Allison, 615/345-5500
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