Orion HealthCorp, Inc. (AMEX: ONH) today announced its financial
results for the first quarter ended March 31, 2007. For the three
months ended March 31, 2007, net operating revenues were $8.3
million, a 48% increase over the $5.6 million for the same period
in the prior year and a 22% increased over the $6.8 million
reported in the fourth quarter of 2006. Net loss for the first
quarter of 2007 was $786,000, or $0.01 per basic share, compared
with net income of $771,000, or $0.07 per basic share, for the
first quarter of 2006 and a net loss of $3.9 million for the fourth
quarter of 2006. Results for the quarter ended March�31, 2007
included revenues and expenses for Rand Medical Billing and the On
Line companies, which the Company acquired in December 2006.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) were $233,000 for the first quarter of 2007 as compared
with an EBITDA loss of $73,000 for the first quarter ended March
31, 2006. (A reconciliation of EBITDA to net income for the first
quarter is provided on the attached unaudited consolidated
condensed statements of operations.) Terrence L. Bauer, chief
executive officer of Orion HealthCorp, said, �The positive momentum
that began last year carried over into the first quarter. Revenue
increased substantially both year over year and sequentially as our
two recent acquisitions became fully integrated and positive
contributors. Excluding discontinued operations, EBITDA was up to
$233,000 compared with a loss of $73,000 in the first quarter of
last year. Our results are consistent with our expectations, and we
believe we can maintain this momentum throughout the remainder of
the year.� The results for the three months ended March 31, 2007
and 2006, respectively, include the consolidated results of Orion
HealthCorp, including its two reportable segments: Practice
Management, which provides business and management services to
pediatric physician groups, and Revenue Cycle Management, 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� and
certain assets of Integrated Physician Services (IPS) are reported
as discontinued operations for the three months ended March 31,
2007 and 2006. Certain reclassifications have been made in the 2006
financial statements to conform to the reporting format in 2007.
Such reclassifications had no effect on previously reported
earnings. In addition, the first quarter 2006 financial statements
were restated to reflect operations discontinued subsequent to the
first quarter of 2006. The Company also announced the results of
its 2007 annual meeting of shareholders, which was held on May 9,
2007. With 98% of Orion�s shareholders casting their votes, Orion
shareholders elected the following directors to serve until the
annual meeting in 2008: Terrence L. Bauer; Paul H. Cascio; Michael
J. Finn; David Crane; and Joseph M. Valley, Jr. In addition,
shareholders ratified the appointment of UHY, L.L.P. as the
Company�s independent public auditors for 2007. In closing, Mr.
Bauer added, �The healthcare environment is conducive to the growth
of revenue cycle management and practice management companies.
Increasing costs, complex regulations and decreased reimbursement
are forcing physicians to seek outsourcing alternatives. With our
head of business development, Jay McBurney, in place, we are
actively pursuing multiple organic growth opportunities. In our
view, we are ideally positioned to add value to physicians and
create value for our shareholders.� The live broadcast of Orion
HealthCorp�s first quarter conference call will begin at 11:00 a.m.
Eastern Time on Tuesday, May 15, 2007. 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�s
mission is to provide superior billing, collections, practice,
business and financial management services for physicians,
resulting in optimal profitability for its clients and increased
enterprise value for its stakeholders. 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, 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
and integrate acquisitions, including the expense and impact 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 March 31, 2007� 2006� (Unaudited) (Unaudited) Net operating
revenues $8,285� $5,609� Operating expenses 8,761� 6,087� � Loss
from continuing operations before other income (expense) (476)
(478) Other income (expense), net (340) 546� Income (loss) from
continuing operations (816) 68� Income from operations of
discontinued components 30� 703� � Net income (loss) $(786) $771� �
Weighted average common shares outstanding: Basic 105,493� 12,428�
Diluted 105,493� 84,127� � Income (loss) per share: Basic: Net
income (loss) per share from continuing operations $(0.01) $0.01�
Net income per share from discontinued operations 0.00� 0.06� Net
income (loss) per share $(0.01) $0.07� � Diluted: Net income (loss)
per share from continuing operations $(0.01) $0.00� Net income per
share from discontinued operations 0.00� 0.01� Net income (loss)
per share $(0.01) $0.01� � � Reconciliation of EBITDA to net loss:
EBITDA $233� $(73) Less: Depreciation and amortization (709) (405)
Less: Total other income (expenses), net (340) 546� Less: Income
from operations of discontinued components, including net gain on
disposal 30� 703� Net income (loss) $(786) $771� � � ORION
HEALTHCORP, INC. Consolidated Condensed Balance Sheets (in
thousands, except share amounts) � March 31, Dec. 31, 2007� 2006�
(Unaudited) Current assets: Cash and cash equivalents $249� $644�
Accounts receivable, net 3,395� 3,575� Inventory 366� 278� Prepaid
expenses and other current assets 635� 407� Assets held for sale
524� 502� Total current assets 5,169� 5,406� � Property and
equipment, net 676� 711� � Other long-term assets: Intangible
assets, including goodwill, net 21,628� 22,158� Other assets, net
1,807� 1,908� Total other long-term assets 23,435� 24,066� Total
assets $29,280� $30,183� � Current liabilities: Accounts payable
and accrued expenses $6,480� $6,938� Current portion of capital
lease obligations and long-term debt 2,282� 1,847� Current portion
of long-term debt held by related parties 550� 325� Liabilities
held for sale 163� 159� Total current liabilities 9,475� 9,269� �
Long-term liabilities: Capital lease obligations and long-term
debt, net of current portion 6,858� 6,989� Long-term debt, net of
current portion, held by related parties 4,256� 4,541� Total
long-term liabilities 11,114� 11,530� � 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; 300,000,000 shares authorized and 105,499,487 and
105,374,487 shares issued and outstanding at March 31, 2007 and
December 31, 2006, respectively 105� 105� Common stock, Class D,
par value $0.001; 50,000,000 shares authorized and 24,658,955
shares issued and outstanding at March 31, 2007 and December 31,
2006 25� 25� Additional paid-in capital 63,969� 63,876� Accumulated
deficit (55,370) (54,584) Treasury stock - at cost; 9,140 shares
(38) (38) Total stockholders' equity 8,691� 9,384� Total
liabilities and stockholders' equity $29,280� $30,183�
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