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NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 29, 2003--Renal Care Group, Inc. (NYSE:RCI - News) today announced that its Board of Directors had approved a retirement package for Sam Brooks, its chairman, chief executive officer and president. As announced January 8, 2003, Mr. Brooks plans to retire from his duties as chief executive officer and president no later than December 31, 2003. Under the retirement package Mr. Brooks will receive ten annual payments of $650,000, beginning in 2004.
Dr. Harry R. Jacobson, chairman of Renal Care Group's Nominating and Governance Committee and Vice Chancellor for Health Affairs at Vanderbilt University, said, "The Compensation Committee and the Board of Directors reviewed Sam's contributions to the formation, growth and success of Renal Care Group and felt it was entirely appropriate to provide Sam with a retirement package similar to ones provided to top executives at peer companies."
As a result of the board's approval of this retirement package, Renal Care Group will record a one-time, non-recurring, after-tax charge of approximately $3.4 million, or $0.07 per share, against its earnings in the first quarter of 2003. Mr. Dirk Allison, executive vice president and chief financial officer of the company, commented, "Giving effect to this one-time charge, Renal Care Group has revised its goal for earnings per share for the year 2003 to between $1.98 to $2.01. Before giving effect to this one-time charge, our goal for earnings per share remains between $2.05 and $2.08."
Renal Care Group, Inc. is a specialized dialysis services company that provides care to patients with kidney disease. The Company currently treats over 20,000 patients at more than 260 owned outpatient dialysis facilities, in addition to providing acute dialysis services at 120 hospitals. Over 6,500 associates provide services across the Company's 27-state network.
Certain statements in this press release, particularly those of Dr. Jacobson and Mr. Allison 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: 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.
Contact:
Renal Care Group, Inc., Nashville
R. Dirk Allison, 615-345-5500
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