Ct Healthmarket via BizWire
08-12-2003, 06:31 AM
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Aug. 12, 2003--SafeGuard
Health Enterprises, Inc. (OTC Bulletin Board:SFGD) today announced
results for the second quarter and six months ended June 30, 2003.
In commenting on the second quarter results, James E. Buncher,
SafeGuard's president and chief executive officer, said, "We are
pleased with our results for the second quarter and with the positive
trends established in the first half of the year. EBITDA for the
second quarter increased to $1.1 million, compared with $38,000 for
the second quarter of last year. Strong fiscal discipline and the
performance of our two acquisitions are contributing to our improved
results."
Revenue for the three months ended June 30, 2003, was $23.1
million, compared with $20.2 million for the same period in 2002, an
increase of 15%. The Company reported net income of $550,000, or $0.02
per share, for the quarter ended June 30, 2003, compared with a net
loss of $200,000, or $0.01 per share, for the same period last year.
Revenue for the six months ended June 30, 2003, was $45.0 million,
compared with $40.9 million for the same period in 2002, an increase
of 10%. Net income for the six months ended June 30, 2002, was $1.0
million, or $0.03 per share, compared with net income of $208,000, or
$0.01 per share, for the same period last year.
In closing, Mr. Buncher added, "The Company is well positioned in
its markets. Recent transactions, including the Paramount and Ameritas
acquisitions, as well as the pending acquisition of HealthNet's dental
and vision subsidiaries, give the Company new products and additional
avenues to sell existing products. The integration of the two
completed acquisitions is essentially finished, giving the Company
increased enrollment and annual revenues. In addition, the Company is
benefiting from its recent strategic marketing agreements, including
agreements with HumanaDental for the distribution of SafeGuard's
dental HMO products to HumanaDental's employer groups in Texas and
Florida. In short, we are fulfilling our goal of becoming a stronger
competitor in the managed dental and vision businesses by focusing and
concentrating our resources on a manageable number of high potential
markets."
SafeGuard Health Enterprises, Inc. is committed to the dental and
vision business, with nearly 30 years experience. The Company provides
dental HMO, PPO, indemnity and ASO products as well as vision benefit
plans to approximately 825,000 members primarily in California,
Florida and Texas. For more information, visit SafeGuard's web site at
www.safeguard.net.
SafeGuard notes that statements contained in this news release
that are not based on historical facts are forward-looking statements,
and as such, are subject to uncertainties and risks that could cause
actual results to differ materially from those projected or implied by
such statements. These risks, contingencies and uncertainties, many of
which are beyond SafeGuard's control, include those risk factors that
are set forth in SafeGuard's Annual Report on Form 10-K for the year
ended December 31, 2002, the Company's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2003, and the Company's Current
Reports on Form 8-K, on file with the U.S. Securities and Exchange
Commission.
SAFEGUARD HEALTH ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2003 2002 2003 2002
-------- ------- ------- -------
Premium revenue, net $23,129 $20,174 $45,041 $40,862
Health care services expense 15,947 14,676 31,040 29,226
Selling, general and
administrative expense 6,565 5,777 12,919 11,616
-------- ------- ------- -------
Operating income (loss) 617 (279) 1,082 20
Investment and other income 79 103 158 219
Interest expense (86) (24) (186) (31)
-------- ------- ------- -------
Income (loss) before
income taxes 610 (200) 1,054 208
Income tax expense 60 -- 60 --
-------- ------- ------- -------
Net income (loss) $550 $(200) $994 $208
======== ======= ======= =======
Net income (loss) per share:
Basic $0.02 $(0.01) $0.03 $0.01
Diluted 0.02 (0.01) 0.03 0.01
Weighted average shares
outstanding:
Basic 35,711 34,857 35,702 34,835
Diluted 36,366 34,857 36,191 35,481
Reconciliation of Operating
Income to EBITDA:
Operating income (loss) $617 $(279) $1,082 $20
Depreciation and amortization
of property and equipment
and intangible assets 459 317 879 610
-------- ------- ------- -------
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) $1,076 $38 $1,961 $630
======== ======= ======= =======
SAFEGUARD HEALTH ENTERPRISES, INC. AND SUBSIDIARIES
SELECTED BALANCE SHEET DATA
(in thousands)
(unaudited)
June 30, Dec. 31,
2003 2002
------- -------
Cash and short-term investments $13,282 $12,704
Total current assets 15,616 16,111
Restricted investments in marketable securities 3,153 3,254
Total assets 34,150 34,114
Total current liabilities 12,834 14,093
Long-term debt and other long-term liabilities 4,248 4,010
Stockholders' equity 17,068 16,011
Health Enterprises, Inc. (OTC Bulletin Board:SFGD) today announced
results for the second quarter and six months ended June 30, 2003.
In commenting on the second quarter results, James E. Buncher,
SafeGuard's president and chief executive officer, said, "We are
pleased with our results for the second quarter and with the positive
trends established in the first half of the year. EBITDA for the
second quarter increased to $1.1 million, compared with $38,000 for
the second quarter of last year. Strong fiscal discipline and the
performance of our two acquisitions are contributing to our improved
results."
Revenue for the three months ended June 30, 2003, was $23.1
million, compared with $20.2 million for the same period in 2002, an
increase of 15%. The Company reported net income of $550,000, or $0.02
per share, for the quarter ended June 30, 2003, compared with a net
loss of $200,000, or $0.01 per share, for the same period last year.
Revenue for the six months ended June 30, 2003, was $45.0 million,
compared with $40.9 million for the same period in 2002, an increase
of 10%. Net income for the six months ended June 30, 2002, was $1.0
million, or $0.03 per share, compared with net income of $208,000, or
$0.01 per share, for the same period last year.
In closing, Mr. Buncher added, "The Company is well positioned in
its markets. Recent transactions, including the Paramount and Ameritas
acquisitions, as well as the pending acquisition of HealthNet's dental
and vision subsidiaries, give the Company new products and additional
avenues to sell existing products. The integration of the two
completed acquisitions is essentially finished, giving the Company
increased enrollment and annual revenues. In addition, the Company is
benefiting from its recent strategic marketing agreements, including
agreements with HumanaDental for the distribution of SafeGuard's
dental HMO products to HumanaDental's employer groups in Texas and
Florida. In short, we are fulfilling our goal of becoming a stronger
competitor in the managed dental and vision businesses by focusing and
concentrating our resources on a manageable number of high potential
markets."
SafeGuard Health Enterprises, Inc. is committed to the dental and
vision business, with nearly 30 years experience. The Company provides
dental HMO, PPO, indemnity and ASO products as well as vision benefit
plans to approximately 825,000 members primarily in California,
Florida and Texas. For more information, visit SafeGuard's web site at
www.safeguard.net.
SafeGuard notes that statements contained in this news release
that are not based on historical facts are forward-looking statements,
and as such, are subject to uncertainties and risks that could cause
actual results to differ materially from those projected or implied by
such statements. These risks, contingencies and uncertainties, many of
which are beyond SafeGuard's control, include those risk factors that
are set forth in SafeGuard's Annual Report on Form 10-K for the year
ended December 31, 2002, the Company's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2003, and the Company's Current
Reports on Form 8-K, on file with the U.S. Securities and Exchange
Commission.
SAFEGUARD HEALTH ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2003 2002 2003 2002
-------- ------- ------- -------
Premium revenue, net $23,129 $20,174 $45,041 $40,862
Health care services expense 15,947 14,676 31,040 29,226
Selling, general and
administrative expense 6,565 5,777 12,919 11,616
-------- ------- ------- -------
Operating income (loss) 617 (279) 1,082 20
Investment and other income 79 103 158 219
Interest expense (86) (24) (186) (31)
-------- ------- ------- -------
Income (loss) before
income taxes 610 (200) 1,054 208
Income tax expense 60 -- 60 --
-------- ------- ------- -------
Net income (loss) $550 $(200) $994 $208
======== ======= ======= =======
Net income (loss) per share:
Basic $0.02 $(0.01) $0.03 $0.01
Diluted 0.02 (0.01) 0.03 0.01
Weighted average shares
outstanding:
Basic 35,711 34,857 35,702 34,835
Diluted 36,366 34,857 36,191 35,481
Reconciliation of Operating
Income to EBITDA:
Operating income (loss) $617 $(279) $1,082 $20
Depreciation and amortization
of property and equipment
and intangible assets 459 317 879 610
-------- ------- ------- -------
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) $1,076 $38 $1,961 $630
======== ======= ======= =======
SAFEGUARD HEALTH ENTERPRISES, INC. AND SUBSIDIARIES
SELECTED BALANCE SHEET DATA
(in thousands)
(unaudited)
June 30, Dec. 31,
2003 2002
------- -------
Cash and short-term investments $13,282 $12,704
Total current assets 15,616 16,111
Restricted investments in marketable securities 3,153 3,254
Total assets 34,150 34,114
Total current liabilities 12,834 14,093
Long-term debt and other long-term liabilities 4,248 4,010
Stockholders' equity 17,068 16,011
