HOUSTON, April 17, 2002 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) company, provided an update to its financial forecast for the year-ended December 31, 2002. The company anticipates that it will generate revenues between $18 and $20 million, which would represent a 40-55% increase versus 2001 revenues of $12,875,779. The company expects to earn $0.17 to $0.19 on a basic per share basis, which would be a 142-171% increase versus the $0.07 per share it earned in 2001.
"We continue to pursue highly accretive transactions such as the recently announced San Jacinto Surgery Center acquisition," said Charles S. Cohen, SurgiCare's Co-Chief Executive Officer. "We are confident that the infrastructure we have developed will enable us to scale revenues and earnings rapidly. Based upon our current growth prospects, we believe that these projections are quite attainable."
"The guidance we provided today demonstrates how undervalued we really are," said Dr. David Blumfield, SurgiCare's Chairman and Co-Chief Executive Officer. "We have been able to generate substantial revenue and earnings growth without the aid of external capital. We believe that as new avenues of financing become accessible to us that we will be able to further accelerate our expansion plans."
The guidance assumes that the company does not make additional acquisitions other than those previously announced. The company will update this guidance when it announces its first quarter results.
About SurgiCare, Inc.
SurgiCare, Inc. offers licensed, freestanding Ambulatory Surgery Centers for use by physicians and its physician partners and their patients. Freestanding refers to the fact that the facilities are physically and organizationally independent from a hospital. Ambulatory Surgery means surgical procedures that do not require hospitalization after the surgery. The ASCs are run under the guidance of a committee of physician partners. SurgiCare's goal is to grow through mergers, acquisitions and turnkey management contracts in conjunction with physician-involved supervision and potential equity participation within a public company model. SurgiCare has assembled a team of highly qualified industry professionals that are equipped to effectively manage multiple ASCs, essentially cutting operational costs and increasing profit margins. For more information on SurgiCare, please visit the company's Website at http://www.surgicareinc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains 'forward-looking' information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of SurgiCare, Inc. (the Company) to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's Annual Reports and other filings with the Securities and Exchange Commission. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.