HOUSTON, March 12, 2002 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) company, announced record revenues today for its year-ended December 31, 2001. The company reported preliminary unaudited revenues of $12.2 million, an increase of 102% versus revenues of $6.0 million for the comparable period in 2000. The company also announced that its average revenues per procedure had increased by 45% to $2,438 from the year-earlier period. The company will report its fourth-quarter and year-end results later this month upon the completion of its audit.
"We are pleased to again report substantial revenue growth this year," said Charles S. Cohen, SurgiCare's Co-Chief Executive Officer. "This demonstrates that we have not only been able to grow revenues at existing surgery centers as the substantial increase in revenues per procedure illustrates, but also to expand our model beyond existing locations. We look forward to commencing our national expansion activities next month."
"We continue to invest in the infrastructure to support our growth," said Dr. David Blumfield, SurgiCare's Chairman and Co-Chief Executive Officer. "Despite these activities and the investments we have made to launch an aggressive national campaign, we expect to report our fourth consecutive profitable year when we announce our earnings later this month. We believe that these results will demonstrate the scalability of our model and the potential that we have for further growth through expansion."
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 Web site 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.