HANOVER, Md., March 29, 2004 (PRIMEZONE) -- Dialysis Corporation of America (Nasdaq:DCAI) announced financial results for the year ended December 31, 2003. Revenues increased 18% to $30,278,000 compared with revenues of $25,607,000 for 2002. Net income for the year was $1,150,000 or $.15 per share ($.13 diluted) compared to $1,242,000 or $.16 per share ($.14 diluted) last year. Earnings per share have been adjusted to reflect a two-for-one stock split effected January 28, 2004.
Stephen Everett, Chief Executive Officer and President, stated, "Our controlled expansion resulted in another successful year of steady growth for our company. We opened two new facilities, one in Maryland and one in Ohio, and acquired a center in Georgia during 2003. As expected, initial operating costs at our new centers impacted our earnings, but these centers are expected to have a favorable impact on our operating results as their patient bases mature. We have opened three new centers in early 2004, one each in Pennsylvania, South Carolina and Virginia, and are planning to open a new center in Maryland in the second quarter of 2004. As a result of our ongoing negotiations for additional outpatient centers in strategic locations and contracts for acute dialysis services with hospitals, we believe that we are well-positioned for continued growth during 2004."
Dialysis Corporation of America currently owns or manages 19 free standing kidney hemodialysis centers in Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina and Virginia providing patients with a full range of quality in-center, and at-home hemodialysis services, as well as providing in-hospital services in many of our markets.
Other Dialysis Corporation of America press releases, corporate profile and the most recent annual report on Form 10-K for the year ended December 31, 2003, and our quarterly reports for fiscal 2003 are available on Dialysis Corporation of America's internet home page: http://www.dialysiscorporation.com.
DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2003 2002 2001
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Revenues:
Medical service revenue $29,676,388 $25,162,380 $18,919,752
Interest income on
officer/director note 3,972 4,575 3,956
Interest and other income 597,746 439,722 517,462
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30,278,106 25,606,677 19,441,170
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Cost and expenses:
Cost of medical services 18,220,891 15,066,551 12,021,907
Selling, general and
administrative expenses 9,357,552 7,500,029 5,583,062
Provision for doubtful
accounts 289,582 720,500 659,007
Interest expense 202,949 220,441 210,805
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28,070,974 23,507,521 18,474,781
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Income before income taxes,
minority interest and equity
in affiliate earnings (loss) 2,207,132 2,099,156 966,389
Income tax provision 878,211 771,180 80,078
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Income before minority
interest and equity in
affiliate earnings (loss) 1,328,921 1,327,976 886,311
Minority interest in income
of consolidated subsidiaries 223,291 155,412 85,983
Equity in affiliate earnings
(loss) 44,354 69,533 (16,345)
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Net income $ 1,149,984 $ 1,242,097 $ 783,983
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Earning per share:
Basic $ .15 $ .16 $ .10
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Diluted $ .13 $ .14 $ .10
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This release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results and plans to differ materially from those anticipated. Those factors include, but are not limited to, certain delays beyond the company's control with respect to future business events, the highly competitive environment in the operation, development and acquisition of dialysis centers, the ability to develop additional dialysis facilities, whether patient basis of our facilities can expand to provide profitability, regulation of dialysis operations, government rate determination for Medicare reimbursement, and other risks detailed in the company's filings with the Securities and Exchange Commission, particularly as described in the company's annual report on Form 10-K for the fiscal year ended December 31, 2003. The historical results contained in this press release are not necessarily indicative of future performance of the company.