2007'08.10.Fri
Chindex International, Inc. Announces Results for the Quarter Ended June 30, 2007
August 09, 2007
BETHESDA, Md., Aug. 9 /Xinhua-PRNewswire/ -- Chindex
International, Inc. (Nasdaq: CHDX), an independent American
provider of Western healthcare services and products in the
People's Republic of China, today announced profitable
results for the quarter ended June 30, 2007, including a
58% increase in net income
(Logo:
http://www.xprn.com.cn/xprn/sa/200611131726-min.jpg )
Revenue for the quarter ended June 30, 2007 was $26.8
million, a 10% increase over revenue of $24.4 million in
the quarter ended June 30, 2006. Net income from
continuing operations for the quarter ended June 30, 2007
was $.8 million, or earnings per basic share on continuing
operations of $0.11. This compares to a net income from
continuing operations of $.5 million, or earnings per basic
share on continuing operations of $0.08 for the quarter
ended June 30, 2006.
The Company's balance sheet as of June 30, 2007 shows
cash, cash equivalents and restricted cash of $17.9
million, total assets of $67.1 million, a current ratio of
1.7:1 and stockholders' equity of $30.2 million.
Roberta Lipson, Chindex CEO, commented on the results
for the quarter: "Our continuing bottom line
profitability on a consolidated basis this quarter was led
by an increase in the profitability of our Healthcare
Services division. This was fueled by continued growth in
inpatient and outpatient results in both the Beijing and
Shanghai markets. Our development program for new United
Family Healthcare facilities in Guangzhou and Beijing is
gaining momentum. We are currently finalizing details of
our market entry program in Guangzhou with a clinic
operation which will precede our main hospital facility
development program. In May we also announced that we had
entered into a management agreement for the operation of
the Wuxi United Family International Healthcare Center. We
are finalizing plans for its opening this fall. This
expands our geographic reach in Eastern China and will also
serve as a feeder clinic for our Shanghai hospital.
"The Medical Products division reported a loss for
the quarter due primarily to unusual delays in the timing of
revenues -- the major components of which were delays in
finalizing sales contracts under the recently re-authorized
US-Export-Import Bank financing program and high-value
surgical system sales in Hong Kong and mainland China.
Since the quarter close we have had three significant
developments in the products division. We announced that
once again we have been awarded the exclusive supply for
high end color clinical application ultrasound to the PLA
hospital system. Last week we announced the finalization of
the first of the U.S. Ex-Im financed sales contracts.
Finally, yesterday we announced the official award of the
tender for the supply of another Intuitive Surgical Robotic
System in Hong Kong. Our outlook for the Medical Products
division continues to be optimistic. The conditions are
aligned for substantially improved performance in this
division in the future."
About Chindex International, Inc.
Chindex is an American healthcare company that provides
healthcare services and supplies medical capital equipment,
instrumentation and products to the Chinese marketplace,
including Hong Kong. It provides healthcare services
through the operations of its United Family Hospitals and
Clinics, a network of private primary care hospitals and
affiliated ambulatory clinics in China. The Company's
hospital network currently operates in the Beijing and
Shanghai metropolitan areas. The Company sells medical
products manufactured by various major multinational
companies, including Siemens AG, which is the Company's
exclusive distribution partner for the sale and servicing
of color doppler ultrasound systems. It also arranges
financing packages for the supply of medical products to
hospitals in China utilizing the export loan and loan
guarantee programs of both the U.S. Export-Import Bank and
the German KfW Development Bank. With twenty-six years of
experience, 1,000 employees, and operations in China, Hong
Kong, the United States and Germany, the Company's strategy
is to expand its cross-cultural reach by providing leading
edge healthcare technologies, quality products and services
to Greater China's professional communities. Further company
information may be found at the Company's websites,
http://www.chindex.com and
http://www.unitedfamilyhospitals.com.
Statements made in this press release relating to
plans, strategies, objectives, economic performance and
trends and other statements that are not descriptions of
historical facts may be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933,
as amended (the "Securities Act"), and Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking information is
inherently subject to risks and uncertainties, and actual
results could differ materially from those currently
anticipated due to a number of factors, which include, but
are not limited to, the factors set forth under the heading
"Risk Factors" in our annual report on Form 10-K
for the year ended March 31, 2007. Forward-looking
statements may be identified by terms such as
"may", "will", "should",
"could", "expects", "plans",
"intends", "anticipates",
"believes", "estimates",
"predicts", "forecasts",
"potential", or "continue" or similar
terms or the negative of these terms. Although we believe
that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements.
We have no obligation to update these forward-looking
statements.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(thousands except share and per share data)
(Unaudited)
Three months ended
June 30,
2007
2006
Product sales
$11,213 $12,801
Healthcare services revenue
15,558 11,614
Total revenue
26,771 24,415
Cost and expenses
Product sales costs
8,370 9,201
Healthcare services costs
11,864 9,468
Selling and marketing expenses
2,684 2,253
General and administrative expenses
2,489 1,843
Income from continuing operations
1,364 1,650
Other (expenses) and income
Interest expense
(187) (187)
Interest income
67 64
Miscellaneous expense - net
(26) (15)
Income from continuing operations before
Income taxes
1,218 1,512
Provision for income taxes
(409) (987)
Net income from continuing operations
809 525
Loss from discontinued operations
0 (13)
Net income
$809 $512
Net income per common share - basic
Continuing operations
$.11 $.08
Discontinued operations
(.00) (.00)
Net income
$.11 $.08
Weighted average shares outstanding -
basic
7,223,363 6,728,354
Net income per common share - diluted
Continuing operations
$.11 $.07
Discontinued operations
(.00) (.00)
Net income
$.11 $.07
Weighted average shares outstanding -
diluted
7,694,666 7,105,981
CONSOLIDATED CONDENSED BALANCE SHEETS
(thousands except share data)
June
30, March 31,
2007
2007
ASSETS
Current assets:
Cash and cash equivalents
$16,201 $9,106
Restricted cash
1,721 1,590
Trade accounts receivable, less
allowance for doubtful accounts of
$3,557 and $2,827, respectively
Product sales receivables
9,100 13,133
Patient service receivables
5,825 6,104
Inventories
8,290 7,835
Deferred income taxes
2,519 2,463
Other current assets
3,181 3,153
Total current assets
46,837 43,384
Property and equipment, net
19,298 18,482
Long-term deferred income taxes
609 607
Other assets
452 434
Total assets
$67,196 $62,907
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses
$24,553 $22,877
Short-term portion of
capitalized leases
33 36
Short-term debt and vendor
financing
3,121 2,710
Income taxes payable
545 629
Total current liabilities
28,252 26,252
Long-term portion of capitalized
leases
50 58
Long-term debt and vendor financing
8,654 8,679
Total liabilities
36,956 34,989
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par
value, 500,000 shares
authorized, none
issued
0 0
Common stock, $.01 par value,
13,600,000 shares authorized,
including 1,600,000 designated
Class B:
Common stock - 6,650,830 and
6,332,345 shares issued and
outstanding at June 30, 2007 and
March 31, 2007, respectively
66 63
Class B stock - 775,000 shares
issued and outstanding at June 30,
2007 and March 31, 2007,
respectively
8 8
Additional paid in capital
40,446 38,947
Accumulated other comprehensive
income
117 106
Accumulated deficit
(10,397) (11,206)
Total stockholders' equity
30,240 27,918
Total liabilities and
stockholders' equity
$67,196 $62,907
SEGMENT INFORMATION
The Company operates in two businesses: Healthcare
Services and Medical Products. The Company evaluates
performance and allocates resources based on profit or loss
from operations before income taxes, not including foreign
exchange gains or losses. The following segment
information has been provided per Statement of Financial
Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information:"
Healthcare
Medical Total
Services
Products
As of June 30, 2007:
Assets $40,211,000
$26,985,000 $67,196,000
For the three months ended
June 30, 2007:
Sales and service revenue $15,558,000
$11,213,000 $26,771,000
Gross Profit n/a *
2,843,000 n/a
Gross Profit % n/a *
25% n/a
Income (loss) from
continuing operations
before foreign
exchange $2,798,000
$(1,505,000) $1,293,000
Foreign exchange gain
71,000
Income from continuing
operations
$1,364,000
Other expense, net
(146,000)
Income from continuing
operations before income
taxes
$1,218,000
Healthcare
Medical Total
Services
Products
As of March 31, 2007:
Assets $34,129,000
$28,778,000 $62,907,000
For the three months ended
June 30, 2006:
Sales and service revenue $11,614,000
$12,801,000 $24,415,000
Gross Profit n/a *
3,600,000 n/a
Gross Profit % n/a *
28% n/a
Income from continuing
operations before foreign
exchange $1,587,000
$95,000 $1,682,000
Foreign exchange loss
(32,000)
Income from continuing
operations
$1,650,000
Other expense, net
(138,000)
Income from continuing
operations before income
taxes
$1,512,000
* Gross profit margins are not routinely calculated in
the healthcare
industry.
For more information, please contact:
Chindex International, Inc.
Lawrence Pemble
Tel: +1-301-215-7777
Judy Zakreski
Tel: +1-301-215-7777
PR
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