DVA » Topics » Financial and operating highlights include:

This excerpt taken from the DVA 8-K filed Nov 3, 2009.

Financial and operating highlights include:

 

   

Cash Flow: For the rolling 12 months ended September 30, 2009 operating cash flow was $713 million and free cash flow was $533 million. For the three months ended September 30, 2009 operating cash flow was $167 million and free cash flow was $125 million.

 

   

Operating Income: Operating income for the three and nine months ended September 30, 2009 was $245 million and $702 million, respectively, as compared to $222 million and $646 million, respectively, for the same periods of 2008.

 

   

Volume: Total treatments for the third quarter of 2009 were 4,339,195, or 54,927 treatments per day, representing a per day increase of 6.1% over the third quarter of 2008. Non-acquired treatment growth in the quarter was 5.2% over the prior year’s third quarter.

 

   

Effective Tax Rate: Our effective tax rate was 37.0% and 37.2% for the three and nine months ended September 30, 2009, respectively. This effective tax rate is impacted by the amount of third party owners’ income attributable to non-tax paying entities. The effective tax rate attributable to DaVita Inc. was 40.0% for the three and nine months ended September 30, 2009 which was in the range of our previously stated guidance. Our effective tax rate for 2009 is projected to be in the range of 36.5% to 37.5% and our 2009 effective tax rate attributable to DaVita Inc. is still projected to be in a range of 39.5% to 40.5%.

 

   

Share Repurchases: During the third quarter of 2009, we repurchased a total of 1,108,784 shares of our common stock for $62.4 million, or an average price of $56.25 per share. For the first nine months of 2009 we repurchased a total of 1,853,184 shares of our common stock for $94.4 million, or an average price of $50.93 per share. In addition, we repurchased 1,049,435 shares of our common stock for $59.1 million, or an average price of $56.32 per share, from October 1, 2009 through October 7, 2009. All of these share repurchases were consummated pursuant to previously announced authorizations by our Board of Directors. On October 8, 2009, our Board of Directors authorized an additional $500 million for share repurchases. We have not repurchased any additional shares of our common stock under this authorization. Therefore, the total outstanding authorization for share repurchases is currently $500 million.

 

   

Center Activity: As of September 30, 2009, we operated or provided administrative services at 1,513 outpatient dialysis centers serving approximately 117,000 patients, of which 1,481 centers are consolidated in our financial statements. During the third quarter of 2009, we acquired four centers, opened 21 new centers, merged five centers, closed one center and provided administrative and management services to one additional third-party owned center.

 

1


This excerpt taken from the DVA 8-K filed Aug 4, 2009.

Financial and operating highlights include:

 

   

Cash Flow: For the rolling 12 months ended June 30, 2009 operating cash flow was $705 million and free cash flow was $527 million. For the three months ended June 30, 2009 operating cash flow was $212 million and free cash flow was $174 million.

 

   

Operating Income: Operating income for the three and six months ended June 30, 2009 was $236 million and $457 million, respectively, as compared to $218 million and $424 million, respectively, for the same periods of 2008.

 

   

Volume: Total treatments for the second quarter of 2009 were 4,228,179, or 54,207 treatments per day, representing a per day increase of 5.2% over the second quarter of 2008. Non-acquired treatment growth in the quarter was 4.5% over the prior year’s second quarter.

 

   

Effective Tax Rate: Our effective tax rate was 37.1% and 37.2% for the three and six months ended June 30, 2009, respectively. This effective tax rate is impacted by the amount of third party owners’ income attributable to non-tax paying entities. The effective tax rate attributable to DaVita Inc. was 40.0% and 40.1% for the three and six months ended June 30, 2009 which was in the range of our previously stated guidance. Our effective tax rate for 2009 is still projected to be in the range of 37.0% to 38.0% and our 2009 effective tax rate attributable to DaVita Inc. is still projected to be in a range of 39.5% to 40.5%.

 

   

Center Activity: As of June 30, 2009, we operated or provided administrative services at 1,493 outpatient dialysis centers serving approximately 116,000 patients, of which 1,464 centers are consolidated in our financial statements. During the second quarter of 2009, we acquired two centers, opened 23 new centers, merged five centers and sold two centers.

 

1


This excerpt taken from the DVA 8-K filed Apr 28, 2009.

Financial and operating highlights include:

 

   

Significant New Accounting Policies: On January 1, 2009 we adopted SFAS No. 160 Noncontrolling Interests in Consolidated Financial Statements and implemented SEC Topic No. D-98 Classification and Measurement of Redeemable Securities. These standards changed the presentation and measurement of noncontrolling interests in our financial statements for all periods presented, which primarily affected the presentation of operating income, operating cash flows and the effective income tax rate. See reconciliations for non-GAAP measures beginning on page 10 of this release for further details of the impact on our financial statements of adopting these standards.

 

   

Cash Flow: For the rolling 12 months ended March 31, 2009 operating cash flow was $640 million and free cash flow was $468 million. For the three months ended March 31, 2009 operating cash flow was $134 million and free cash flow was $90 million.

 

   

Operating Income: Operating income for the three months ended March 31, 2009 was $221 million, as compared to $206 million for the same period of 2008.

 

   

Volume: Total treatments for the first quarter of 2009 were 4,082,439, or 53,365 treatments per day, representing a per day increase of 5.0% over the first quarter of 2008. Non-acquired treatment growth in the quarter was 4.0% over the prior year’s first quarter.

 

   

Effective Tax Rate: Our effective tax rate was 37.4% for the three months ended March 31, 2009. This effective tax rate is impacted by the amount of third parties owners’ income attributable to non-tax paying entities. The effective tax rate attributable to DaVita Inc. was 40.2% for the three months ended March 31, 2009 which was in the range of our previous stated guidance. Our effective tax rate for 2009 is projected to be in the range of 37.0% to 38.0% and our 2009 effective tax rate attributable to DaVita Inc. is still projected to be in a range of 39.5% to 40.5%.

 

   

Share Repurchases: During the first quarter of 2009 we repurchased a total of 744,400 of our common stock for $32.0 million, or an average price of $43.01 per share, pursuant to previously announced Board authorizations. We have not repurchased any additional shares of our common stock subsequent to March 31, 2009.

 

   

Center Activity: As of March 31, 2009, we operated or provided administrative services at 1,475 outpatient dialysis centers serving approximately 114,000 patients, of which 1,446 centers are consolidated in our financial statements. During the first quarter of 2009, we acquired seven centers, opened 18 new centers, merged one center and closed one center.

 

1


This excerpt taken from the DVA 8-K filed Feb 11, 2009.

Financial and operating highlights include:

 

   

Cash Flow: For the year ended December 31, 2008 operating cash flow was $556 million and free cash flow was $451 million. For the three months ended December 31, 2008 operating cash flow was $184 million and free cash flow was $145 million.

 

   

Operating Income: Operating income for the three months ended December 31, 2008 was $212 million as compared to $195 million for 2007. Operating income for the year ended December 31, 2008 was $822 million, as compared to $800 million for the same period of 2007, excluding pre-tax gains from insurance settlements of $6.8 million and the pre-tax valuation gain on the Company’s product supply agreement with Gambro Renal Products of $55 million. Operating income for the year ended December 31, 2007 including these items was $862 million.

 

   

Volume: Total treatments for the fourth quarter of 2008 were 4,172,468, or 52,484 treatments per day, representing a per day increase of 4.9% over the fourth quarter of 2007. Non-acquired treatment growth in the quarter was 4.0% over the prior year’s fourth quarter.

 

   

Effective Tax Rate: The effective tax rate was 37.7% and 38.6% for the three and twelve months ended December 31, 2008, respectively. The 2008 effective tax rate included certain one time benefits. We are projecting our 2009 effective tax rate to be in a range of 39.5% to 40.5%.

 

   

Share Repurchases: During the fourth quarter of 2008, and for the year ended December 31, 2008, we repurchased a total of 1,327,528 and 4,788,881 shares, respectively, of our common stock for $63.0 million and $232.7 million, or an average price of $47.49 and $48.59 per share, respectively, pursuant to previously announced Board authorizations. We have not repurchased any additional shares of our common stock subsequent to December 31, 2008.

 

   

Center Activity: As of December 31, 2008, we operated or provided administrative services at 1,449 outpatient dialysis centers serving approximately 112,000 patients, of which 1,426 centers are consolidated in our financial statements. During the fourth quarter of 2008, we acquired 4 centers, opened 26 new centers, merged 3 centers, closed 3 centers, ceased operations at 1 joint venture in which we owned a minority interest, and provided management and administrative services to 1 additional center.

 

1


This excerpt taken from the DVA 8-K filed Nov 3, 2008.

Financial and operating highlights include:

 

   

Cash Flow: For the rolling 12 months ended September 30, 2008 operating cash flow was $595 million and free cash flow was $491 million. For the three months ended September 30, 2008 operating cash flow was $146 million and free cash flow was $119 million.

 

   

Operating Income: Operating income for the three and nine months ended September 30, 2008 was $208 million and $610 million, respectively. Operating income for the three months ended September 30, 2007 was $206 million, excluding pre-tax gains from insurance settlements of $6.8 million. Operating income for the nine months ended September 30, 2007 was $605 million, excluding pre-tax gains from insurance settlements and the pre-tax valuation gain on the Company’s product supply agreement with Gambro Renal Products of $55 million.

 

   

Volume: Total treatments for the third quarter of 2008 were 4,091,099, or 51,786 treatments per day, representing a per day increase of 5.1% over the third quarter of 2007. Non-acquired treatment growth in the quarter was 3.8% over the prior year’s third quarter.

 

   

Effective Tax Rate: The effective tax rate was 39.8% and 38.9% for the three and nine months ended September 30, 2008, respectively. We are still projecting our 2008 annual effective tax rate to be in the range of 38.5%-39.5%, and are still projecting our 2009 effective tax rate to return to around 40.0%.

 

   

Share Repurchases: During the first nine months of 2008, we repurchased a total of 3,461,353 shares of our common stock for $169.7 million, or an average price of $49.02 per share, pursuant to previously announced Board authorizations. We did not repurchase any shares of our common stock during the third quarter of 2008. However, during October 2008, we repurchased 1,027,502 shares of our common stock for $50 million, or an average price of $48.66 per share.

 

   

Center Activity: As of September 30, 2008, we operated or provided administrative services at 1,425 outpatient dialysis centers serving approximately 111,000 patients, of which 1,402 centers are consolidated in our financial statements. During the third quarter of 2008, we acquired 6 centers, opened 22 new centers, merged 2 centers, closed 1 center, and divested 1 center.


This excerpt taken from the DVA 8-K filed Aug 4, 2008.

Financial and operating highlights include:

 

   

Cash Flow: For the rolling 12 months ended June 30, 2008 operating cash flow was $545 million and free cash flow was $446 million. For the three months ended June 30, 2008 operating cash flow was $135 million and free cash flow was $114 million.

 

   

Operating Income: Operating income for the three and six months ended June 30, 2008 was $206 million and $402 million, respectively, as compared to $206 million and $399 million, respectively, for the same periods of 2007, which exclude a pre-tax valuation gain of $55 million on the product supply agreement.

 

   

Volume: Total treatments for the second quarter of 2008 were 4,018,763 or 51,523 treatments per day, representing a per day increase of 6.0% over the second quarter of 2007. Non-acquired treatment growth in the quarter was 4.5% over the prior year’s second quarter.

 

   

Effective Tax Rate: The effective tax rate was 38.0% and 38.5% for the three and six months ended June 30, 2008, respectively. As a result of realizing certain tax benefits during the second quarter of 2008 we are lowering the range of our projected 2008 annual effective tax rate to 38.5%-39.5%. We currently project our 2009 effective tax rate to return to around 40.0%.

 

   

Share Repurchases: During the second quarter of 2008 and for the six months ended June 30, 2008, we repurchased a total of 2,778,853 and 3,461,353 shares, respectively, of our common stock for $137.2 million and $169.7 million, or an average price of $49.35 and $49.02 per share, respectively, pursuant to previously announced Board authorizations. We have not repurchased any additional shares of our common stock subsequent to June 30, 2008.

 

   

Center Activity: As of June 30, 2008, we operated or provided administrative services at 1,401 outpatient dialysis centers serving approximately 109,000 patients, of which 1,378 centers are consolidated in our financial statements. During the second quarter of 2008, we acquired 6 centers, opened 12 new centers, merged 2 centers, closed 4 centers, and discontinued providing administrative services to 1 center.


This excerpt taken from the DVA 8-K filed Apr 29, 2008.

Financial and operating highlights include:

 

   

Cash Flow: For the rolling 12-months ended March 31, 2008 operating cash flow was $536 million and free cash flow was $433 million. For the three months ended March 31, 2008 operating cash flow was $91 million and free cash flow was $73 million.

 

   

Operating Income: Operating income for the three months ended March 31, 2008 was $197 million, as compared to $193 million for the same period of 2007.

 

   

Volume: Total treatments for the first quarter of 2008 were 3,934,777 or 50,837 treatments per day, as compared to 3,700,271 or 47,807 treatments per day for the first quarter of 2007. Non-acquired treatment growth in the quarter was 5.0% over the prior year’s first quarter.

 

   

Effective Tax Rate: The effective tax rate for the first quarter of 2008 was 39.0% and we currently project our annual effective tax rate for 2008 to be in the range of 39.0% to 40.0%.

 

   

Shares Repurchases: During the first quarter of 2008, we repurchased a total of 682,500 shares of our common stock for $32.5 million, or an average price of $47.66 per share, pursuant to previously announced Board authorizations. From the period April 1, 2008 to April 28, 2008, we repurchased an additional 2,120,977 shares of our common stock for a total of approximately $103.7 million, or an average price of $48.89 per share.

 

   

Center Activity: As of March 31, 2008, we operated or provided administrative services at 1,390 outpatient dialysis centers serving approximately 107,000 patients, of which 1,366 centers are consolidated in our financial statements. During the first quarter of 2008, we acquired 4 centers, opened 27 new centers, closed one center, and provided administrative services to one additional center.


This excerpt taken from the DVA 8-K filed Feb 13, 2008.

Financial and operating highlights include:

 

   

Cash Flow: For the year ended December 31, 2007 operating cash flow was $533 million and free cash flow was $421 million. For the three months ended December 31, 2007 operating cash flow was $223 million and free cash flow was $185 million.

 

   

Operating Income: Operating income for the three months ended December 31, 2007 was $195 million, as compared to $189 million for 2006. Operating income for the year ended December 31, 2007 was $862 million including pre-tax gains from insurance settlements of $6.8 million, and the pre-tax valuation gain on the Company’s product supply agreement with Gambro Renal Products of $55 million, and was $800 million excluding these items, as compared to $701 million for 2006.

 

   

Volume: Total treatments for the fourth quarter of 2007 were 3,983,542 or 50,045 treatments per day, as compared to 3,723,198 or 47,369 treatments per day for the fourth quarter of 2006. Non-acquired treatment growth in the quarter was 4.6% over the prior year’s fourth quarter.

 

   

Effective Tax Rate: The annual effective tax rate for the year ended December 31, 2007 was 39.2% and was 37.9 % for the three months ended December 31, 2007. We currently project our annual effective tax rate for 2008 to be in the range of 39.0% to 40.0%.

 

   

Center Activity: As of December 31, 2007, we operated or provided administrative services at 1,359 outpatient dialysis centers serving approximately 107,000 patients, of which 1,336 centers are consolidated in our financial statements. During the fourth quarter of 2007, we acquired 6 centers, opened 25 new centers, closed 3 centers and discontinued providing administrative services to 20 centers. We also acquired a 50% non-controlling ownership interest in 6 centers.


This excerpt taken from the DVA 8-K filed Nov 1, 2007.

Financial and operating highlights include:

 

 

Cash Flow: For the rolling 12-months ended September 30, 2007 operating cash flow was $500 million and free cash flow was $396 million. For the three months ended September 30, 2007, operating cash flow was $96 million and free cash flow was $74 million.

 

 

Operating Income: Operating income for the three months ended September 30, 2007 was $212 million including pre-tax gains from insurance settlements of $6.8 million, and was $206 million excluding these items. Operating income for the nine months ended September 30, 2007 was $667 million including pre-tax gains from insurance settlements of $6.8 million, and the pre-tax valuation gain on the Company’s product supply agreement with Gambro Renal Products of $55 million, and was $605 million excluding these items.

 

 

Volume: Total treatments for the third quarter of 2007 were 3,842,763 or 49,266 treatments per day, as compared to 3,668,999 or 46,443 treatments per day for the third quarter of 2006. Non-acquired treatment growth in the quarter was 5.2% over the prior year’s third quarter.

 

 

Center Activity: As of September 30, 2007, we operated or provided administrative services at 1,344 outpatient dialysis centers serving approximately 106,500 patients, of which 1,307 centers are consolidated in our financial statements. Of the remaining 37 centers, we own minority interests in 4 centers and provide administrative services to 33 centers, in which we have no ownership interest. These 37 centers serve approximately 3,400 patients. In the fourth quarter of 2007, we will discontinue providing administrative services to 20 of these centers with approximately 2,300 patients. During the third quarter of 2007, we acquired 6 centers, opened 18 new centers, closed one center, and provided administrative services to one additional center.

 

 

Effective Tax Rate: We still expect the annual effective tax rate for 2007 to be in the range of 39.0% - 40.0%.


This excerpt taken from the DVA 8-K filed Aug 2, 2007.

Financial and operating highlights include:

 

 

Cash Flow: For the rolling 12-months ended June 30, 2007 operating cash flow was $501 million and free cash flow was $389 million. For the three months ended June 30, 2007, operating cash flow was $126 million and free cash flow was $102 million.

 

 

Operating Income: Operating income for the three and six months ended June 30, 2007 excluding the pre-tax valuation gain on the Product Supply Agreement of $55 million, was $206 million and $399 million, respectively.

 

 

Volume: Total treatments for the second quarter of 2007 were 3,792,419 or 48,621 treatments per day, as compared to 3,602,567 or 46,187 treatments per day for the second quarter of 2006. Non-acquired treatment growth in the quarter was 4.6% over the prior year’s second quarter.

 

 

Center Activity: As of June 30, 2007, we operated or provided administrative services at 1,321 outpatient dialysis centers serving approximately 106,000 patients, which includes 32 third-party owned centers serving approximately 3,000 patients. During the second quarter of 2007, we acquired 4 centers, opened 10 new centers, and divested one center.

 

 

Effective Tax Rate: We still expect the annual effective tax rate for 2007 to be in the range of 39.0%—40.0%.


This excerpt taken from the DVA 8-K filed Apr 30, 2007.

Financial and operating highlights include:

 

 

Cash Flow: For the rolling 12-months ended March 31, 2007 operating cash flow was $631 million and free cash flow was $515 million. For the three months ended March 31, 2007, operating cash flow was $88 million and free cash flow was $61 million.

 

 

Operating Income: Operating income for the three months ended March 31, 2007 was $193 million.

 

 

Volume: Total treatments for the first quarter of 2007 were 3,700,271 or 47,807 treatments per day. Non-acquired treatment growth in the quarter was 4.0% over the prior year’s first quarter.

 

 

Center Activity: As of March 31, 2007, we operated or provided administrative services at 1,308 outpatient dialysis centers serving approximately 104,000 patients, which includes 32 third-party owned centers serving approximately 2,800 patients. During the first quarter of 2007 we opened 11 new centers, discontinued providing administrative services to two third-party owned centers and closed one center.

 

 

Effective Tax Rate: We currently expect the annual effective tax rate for 2007 to be in the range of 39.0% - 40.0%.

 

 

Debt Transactions: During the first quarter of 2007, we issued $400 million of 6 5/8% senior notes due 2013, and used the proceeds to pay down our term loan B. In addition, we amended and restated our existing senior secured credit facilities to, among other things, reduce the interest rate margin on our term loan B by 0.50%, and change certain financial covenants. The new term loan B bears interest at LIBOR plus 1.50%. In connection with these transactions, we wrote-off deferred financing costs and other costs totaling approximately $4.4 million, which is included in debt expense, representing an after-tax amount of $2.7 million, or $0.02 per share.


This excerpt taken from the DVA 8-K filed Feb 14, 2007.

Financial and operating highlights include:

 

 

Cash Flow: For the year ended December 31, 2006 operating cash flow was $605 million and free cash flow was $496 million, in each case excluding an $85 million income tax payment associated with the divestiture of centers in conjunction with the Gambro Healthcare acquisition. Including this item, operating cash flow for the year ended December 31, 2006 was $520 million and free cash flow was $410 million.

 

 

Operating Income: Operating income for the three months ended December 31, 2006 was $189 million. Operating income for the year ended December 31, 2006, excluding the pre-tax valuation gain on the Product Supply Agreement of approximately $38 million, was $701 million.

 

 

Volume: Total treatments for the fourth quarter of 2006 were 3,723,198 or 47,369 treatments per day. Non-acquired treatment growth in the quarter was 5.5% over the prior year’s fourth quarter.

 

 

Center Activity: As of December 31, 2006, we operated or provided administrative services at 1,300 outpatient dialysis centers serving approximately 103,000 patients, which includes 34 third-party owned centers serving approximately 2,850 patients. During the fourth quarter of 2006 we acquired 7 centers, including two centers in which we previously held a minority


 

interest, opened 26 new centers, provided administrative services to one additional center and closed one center.

 

 

Effective Tax Rate: The effective annual income tax rate for 2006 from continuing operations was 39.2%. We currently expect the annual effective tax rate for 2007 to be in the range of 39.5% - 40.0%.

This excerpt taken from the DVA 8-K filed Nov 1, 2006.

Financial and operating highlights include:

 

  Cash Flow: For the rolling 12-months ended September 30, 2006 operating cash flow was $598 million and free cash flow was $488 million, in each case excluding an $85 million income tax payment associated with the divestiture of centers in conjunction with the Gambro Healthcare acquisition. Including these items, operating cash flow for the rolling 12-months was $513 million and free cash flow was $403 million. Operating cash flow for the three months ended September 30, 2006 was $97 million and free cash flow was $67 million.

 

  Operating Income: Operating income for the three months and nine months ended September 30, 2006, excluding the pre-tax valuation gain on the Product Supply Agreement of $38 million, was $179 million and $513 million, respectively.

 

  Volume: Total treatments for the third quarter were 3,668,999 or 46,443 treatments per day, as compared to 3,602,567 or 46,187 treatments per day for the second quarter of 2006. Non-acquired treatment growth in the quarter was 4.2% over the prior year’s third quarter.

 

  Center Activity: As of September 30, 2006, we operated or provided administrative services at 1,269 outpatient centers serving approximately 101,000 patients. During the third quarter of 2006 we acquired 5 centers, opened 13 new centers and closed 4 centers.


  Effective Tax Rate: The effective annual income tax rate for 2006 is currently expected to be approximately 39.25%. We currently expect the annual effective tax rate for 2007 to be approximately 40%.
This excerpt taken from the DVA 8-K filed Aug 2, 2006.

Financial and operating highlights include:

 

    Cash Flow:  Operating cash flow for the three months ended June 30, 2006 was $256 million and free cash flow was $227 million. For the rolling 12-months ended June 30, 2006 operating cash flow was $572 million and free cash flow was $482 million, in each case excluding the tax benefit from stock option exercises and an $85 million income tax payment associated with the divestiture of centers in conjunction with the Gambro Healthcare acquisition. Including these items, operating cash flow for the rolling 12-months was $500 million and free cash flow was $411 million.

 

    Operating Income:  Operating income for the three months and six months ended June 30, 2006, was $172 million and $334 million, respectively.

 

    Volume:  Total treatments for the second quarter were 3,602,567 or 46,187 treatments per day, as compared to 3,501,032 or 45,468 treatments per day for the first quarter of 2006. Non-acquired treatment growth in the quarter was 4.1% over the prior year’s quarter.

 

    Center Activity:  As of June 30, 2006, we operated or provided administrative services at 1,255 outpatient centers serving approximately 100,000 patients. During the second quarter of 2006 we acquired 8 centers, including one center where we previously provided management services, opened 10 new centers and closed 3 centers.


This excerpt taken from the DVA 8-K filed May 3, 2006.

Financial and operating highlights include:

 

    Cash Flow: For the rolling 12-months ended March 31, 2006 operating cash flow was $412 million and free cash flow was $336 million, in each case excluding the tax benefit from stock option exercises and an $85 million income tax payment associated with the divestiture of centers in conjunction with the Gambro Healthcare acquisition. Operating cash flow for the three months ended March 31, 2006 was $61 million and free cash flow was $41 million, in each case excluding the tax benefit from stock option exercises and the $85 million income tax payment.

 

    Operating Income: Operating income for the three months ended March 31, 2006, was $162 million, as compared to $159 million for the fourth quarter of 2005.

 

    Volume: Total treatments for the three months ended March 31, 2006 were 3,501,032 or 45,468 treatments per day, as compared to 3,498,231 or 44,281 treatments per day for the fourth quarter of 2005. Non-acquired treatment growth in the quarter was 4.6%.

 

    Center Activity: As of March 31, 2006, we operated or provided administrative services at 1,241 outpatient centers serving approximately 98,000 patients. During the first quarter of 2006 we acquired 6 centers, opened 6 new centers, and provided administrative services to 2 additional centers. We also completed the divestiture of 3 centers related to the Gambro Healthcare acquisition and closed 3 centers.


This excerpt taken from the DVA 8-K filed Feb 15, 2006.

Financial and operating highlights include:

 

    Cash Flow: Operating cash flow for the three months ended December 31, 2005 was $183 million and free cash flow was $152 million. For the year ended December 31, 2005 operating cash flow was $441 million and free cash flow was $378 million, excluding the tax benefit from stock option exercises and the after-tax benefit of Medicare lab recoveries related to prior years’ services. Including those items, the year ended operating cash flow was $486 million and free cash flow was $422 million.

 

    Operating Income: Operating income for the three months and year ended December 31, 2005, was $158.8 million and $465.4 million, respectively

 

    Volume: Total treatments for the fourth quarter were 3,498,231 or 44,281 treatments per day. The acquisition of Gambro Healthcare contributed 1,528,295 total treatments. Non-acquired treatment growth in the quarter was 2.8%, which was negatively impacted by the closure of 8 centers due to hurricane Katrina.

 

    Debt Expense: The increase in debt expense in the fourth quarter was due to the additional borrowings to fund the Gambro Healthcare acquisition, $2.8 million of non-cash deferred financing cost amortization and a $2.8 million interest payment to Gambro, Inc. as part of the purchase.

 

    Effective Tax Rate: The effective annual income tax rate for 2005 was 37.4%. We expect the annual effective tax rate for 2006 to be within a range of 39% - 40%.

 

   

Center Activity: As of December 31, 2005, we operated or provided administrative services at 1,233 outpatient centers serving approximately 96,000 patients. During the fourth quarter, the


 

acquisition of Gambro Healthcare resulted in a net increase of 492 centers after divestitures, and we opened 13 new centers and acquired 12 independent centers. Additionally, we closed or indefinitely shut down 8 centers related to hurricane Katrina.

 

This excerpt taken from the DVA 8-K filed Oct 31, 2005.

Financial and operating highlights include:

 

    Cash Flow: Operating cash flow for the quarter ended September 30, 2005 was $85 million and free cash flow was $75 million. For the rolling 12-month period ended September 30, 2005 operating cash flow was $334 million and free cash flow was $287 million, excluding the tax benefit from stock option exercises and the after-tax benefit of Medicare lab recoveries related to prior years’ services. Including those items, the rolling 12-month period operating cash flow was $390 million and free cash flow was $343 million.

 

    Operating Income: Operating income for the three months and nine months ended September 30, 2005, was $111.2 million and $324.9 million, respectively, excluding Medicare lab prior years’ recoveries of $1.1 million and $3.8 million, respectively.

 

    Operating Income Margins: Operating income margins declined from 17.6% for the third quarter of 2004 to 16.5% for 2005. The decrease was primarily attributable to increases in labor and benefit costs, and higher G&A costs, driven primarily by legal and compliance professional fees, as well as integration costs associated with the Gambro Healthcare acquisition.

 

    Volume: Total treatments for the third quarter were 2,037,584 or 25,792 treatments per day, an increase of 12.9% per day as compared to the third quarter of last year. Non-acquired treatment growth was 5.2% for the third quarter.

 

    Effective Tax Rate: The effective income tax rate for third quarter 2005 was 37.5%. We expect the annual effective tax rate to be 38.0% for 2005, and within a range of 39% - 40% for 2006, exclusive of valuation allowance adjustments.

 

    Center Activity: As of September 30, 2005, we operated or provided administrative services at 724 outpatient centers serving approximately 58,100 patients. During the third quarter we acquired 11 centers, opened 8 de novo centers and divested one wholly owned center.


This excerpt taken from the DVA 8-K filed Jul 28, 2005.

Financial and operating highlights include:

 

    Cash Flow: Operating cash flow for the quarter ended June 30, 2005 was $106 million and free cash flow was $92 million. For the rolling 12-month period ended June 30, 2005 operating cash flow was $369 million and free cash flow was $321 million, excluding the tax benefit from stock option exercises and the after-tax benefit of Medicare lab recoveries related to prior years’ services. Including those items, the rolling 12-month period operating cash flow was $421 million and free cash flow was $373 million.

 

    Operating Income: Operating income for the three months and six months ended June 30, 2005, was $107.7 million and $213.7 million, respectively, excluding $2.6 million of Medicare lab recoveries related to prior years’ services.

 

    Operating Income Margins: Operating income margins declined to 16.7%. The primary drivers were higher G&A in the quarter and increased minority interests associated with growth of existing partnerships as well as the number of new partnerships.

 

    Volume: Total treatments for the second quarter were 1,964,098 or 25,181 treatments per day, an increase of 15.2% per day as compared to the second quarter of last year. Non-acquired treatment growth was 5.5% for the second quarter.

 

    Center Activity: As of June 30, 2005, we operated or provided administrative services at 706 outpatient centers serving approximately 57,200 patients. During the second quarter we acquired 30 centers, including two centers that were previously minority owned and two centers where we previously provided administrative services. We opened 15 de novo centers. Additionally, we merged the operations of one center into one other existing center and entered into one new management services relationship.

 

This excerpt taken from the DVA 8-K filed Apr 28, 2005.

Financial and operating highlights include:

 

  Cash Flow: Operating cash flow for the quarter ended March 31, 2005 was $111 million and free cash flow was $104 million. For the rolling 12-month ended March 31, 2005 operating cash flow was $356 million and free cash flow was $307 million, excluding the tax benefit from stock option exercises and the after-tax benefit of prior years’ Medicare lab recoveries. Including those items, the rolling 12-month operating cash flow was $405 million and free cash flow was $357 million.

 

  Operating Income: Operating income for the first quarter was $106 million.

 

  Volume: Total treatments for the first quarter were 1,868,787 or 24,270 treatments per day, an increase of 13.5% per day compared to the first quarter of last year. Non-acquired treatment growth was 5.6% for the first quarter.

 

  Center Activity: As of March 31, 2005, we operated or provided administrative services at 665 outpatient centers serving approximately 54,900 patients. During the first quarter we acquired one center, opened 10 de novo centers, and closed one center. In addition, the operations of three centers were merged into three other existing centers.

 

This excerpt taken from the DVA 8-K filed Feb 9, 2005.

Financial and operating highlights include:

 

  Cash Flow: Cash flow for the 12 months ended December 31, 2004, was our strongest ever with operating cash flow and free cash flow of $361 million and $314 million, excluding the tax benefit from stock option exercises and the after-tax benefit of prior years’ Medicare lab recoveries. Including those items, 12-month operating cash flow was $420 million.

 

  Operating Income: Operating income for the three months was $105.2 million. Operating income for the year ended December 31, 2004 was $401.8 million, excluding Medicare lab recoveries of $8.3 million for prior years’ services.

 

  Volume: Total treatments for the fourth quarter were 1,895,952 or 23,999 treatments per day, an increase of 14.5% per day compared to the fourth quarter of last year. Total treatments for 2004 were 7,062,424 or 22,528 treatments per day, representing an increase of 10.6% per day as compared to 2003. Non-acquired treatment growth was 6.0% and 5.0% for the fourth quarter and full year 2004, respectively.

 

  Effective Tax Rate: The final effective annual income tax rate for 2004 was 38.6%. The fourth quarter benefited from a year-to-date reduction in the annualized effective tax rate that added $0.01 to fourth quarter earnings per share. At this time, the effective tax rate for 2005 is projected to be at a comparable level.

 

  Center Activity: As of December 31, 2004, we operated or provided administrative services at 658 outpatient centers serving approximately 54,000 patients. During the fourth quarter we acquired 6 centers, opened 19 de novo centers and provided administrative services to 2 additional centers. We also closed 4 centers and terminated one administrative services agreement.


Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki