American Dental Partners, Inc. (NASDAQ: ADPI) announced financial
results today for the quarter and nine months ended September 30,
2008.
The Company's financial results reflect income and expenses,
including non-cash items, required by generally accepted accounting
principles as a result of the previously announced settlement of
litigation among PDG, P.A. ("PDG"), PDHC, Ltd., one of the
Company's subsidiaries, and the Company effective February 29,
2008. In addition to its actual results, the Company has provided a
pro forma financial presentation that excludes the operating
results of 25 dental facilities transferred to PDG on February 29,
2008 and the accounting impact associated with the litigation
settlement from both periods of comparison (see "PDG Litigation
Settlement Accounting" and "Supplemental Operating Data"
tables).
Comparing actual results and pro forma results for the third
quarter of 2008 with the third quarter of 2007:
-- Net revenue was $71,548,000 as compared to $67,162,000. Pro forma net
revenue was $68,215,000 as compared to $55,749,000.
-- Earnings from operations were $7,958,000 as compared to $5,252,000.
Pro forma earnings from operations were $5,046,000 as compared to
$4,091,000.
-- Net earnings were $3,310,000 as compared to $2,701,000. Pro forma net
earnings were $1,534,000 as compared to $1,977,000.
-- Diluted net earnings per share were $0.25 as compared to $0.20. Pro
forma diluted net earnings per share were $0.12 as compared to $0.15.
-- Diluted cash net earnings per share were $0.35 as compared to $0.28.
Pro forma diluted cash net earnings per share were $0.22 during both
periods of comparison.
Comparing actual results and pro forma results for the first
nine months of 2008 with the first nine months of 2007:
-- Net revenue was $225,998,000 as compared to $199,172,000. Pro forma
net revenue was $208,301,000 as compared to $162,590,000.
-- Earnings from operations were $54,920,000 as compared to $20,662,000.
Pro forma earnings from operations were $16,097,000 as compared to
$15,387,000.
-- Net earnings were $28,808,000 as compared to $11,108,000. Pro forma
net earnings were $5,125,000 as compared to $7,904,000.
-- Diluted net earnings per share were $2.19 as compared to $0.84. Pro
forma diluted net earnings per share were $0.39 as compared to $0.60.
-- Diluted cash net earnings per share were $2.50 as compared to $1.04.
Pro forma diluted cash net earnings per share were $0.70 as compared to
$0.80.
Operating Results
Patient revenue of the Company's affiliated dental group
practices was $103,560,000 for the quarter, which includes
$97,133,000 from dental group practices which are affiliated with
the Company by means of service agreements and $6,427,000 from
Arizona's Tooth Doctor for Kids. Same market patient revenue growth
was 4.8% for the quarter and 1.5% excluding in-market
affiliations.
Cash flow from operations was $13,112,000 for the quarter.
Capital expenditures were $2,547,000 for the quarter. The Company
relocated one dental facility during the quarter. Amounts paid for
affiliations and acquisitions, including contingent amounts and
affiliation costs, amounted to $1,605,000 during the quarter. The
Company completed one in-market affiliation during the quarter.
The Company entered into agreements to amend its $75,000,000
revolving credit facility and its $100,000,000 term loan with its
existing lenders. The maturity of both facilities was extended to
January 20, 2010 and the Company will borrow on both facilities at
the Eurodollar rate plus 450 basis points. All other covenants and
material terms remain unchanged.
The Company recognized $506,000 in stock-based compensation
expense, $309,000 net of tax or $.02 per diluted share, during the
quarter as compared to $490,000, $306,000 net of tax or $.02 per
diluted share, for the prior year's same quarter.
PDG Litigation Settlement Accounting
As previously reported, the Company completed the settlement of
the litigation with PDG effective February 29, 2008 which included
transferring the operating assets of 25 dental facilities to PDG
and entering into a transition services agreement with PDG in which
the Company was obligated to provide interim management services to
PDG through September 30, 2008. The Company largely completed the
obligations required under the transition service agreement as of
September 30, 2008. PDG has paid the Company nine of the required
monthly installments under the transition service agreement with
the remainder to be paid during the fourth quarter. During the
quarter, the Company recognized $3,333,333 of income under the
transition services agreement with PDG and incurred approximately
$428,000 of associated expenses.
Cash net earnings and cash earnings from operations are non-GAAP
financial measures. In accordance with the requirement of SEC
Regulation G, please see the attached financial tables for a
presentation of the most comparable GAAP measures and the
reconciliation to the nearest GAAP measure and all additional
reconciliations required by Regulation G.
For further discussion of these events and a comprehensive
review of the third quarter ended September 30, 2008, the Company
will host its previously announced conference call on Tuesday,
October 28, 2008 at 10:00 a.m. EDT, which will be broadcast live
over the Internet at www.amdpi.com. The call will be hosted by
Gregory A. Serrao, Chairman, President and Chief Executive Officer.
To access the webcast, participants should visit the Investor
Relations section of the website at least fifteen minutes prior to
the start of the conference call to download and install any
necessary audio software. A replay of the webcast will be available
at www.amdpi.com approximately two hours after the call through
6:00 p.m. EST Tuesday, November 4, 2008.
American Dental Partners is one of the nation's leading business
partners to dental group practices. The Company is affiliated with
26 dental group practices which have 244 dental facilities with
approximately 2,115 operatories located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described, including but not limited to the
possibility that we may not realize the benefits expected from our
acquisition and affiliation strategy, economic, regulatory and/or
other factors outside the control of the Company, settlements or
judgments of pending litigation, which are detailed from time to
time in the "Risk Factors" section of the Company's SEC reports,
including the annual report on Form 10-K for the year ended
December 31, 2007.
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2008 2007 2008 2007
--------- ---------- --------- ----------
Net revenue $ 71,548 $ 67,162 $ 225,998 $ 199,172
Operating expenses:
Salaries and benefits 30,491 28,730 97,347 83,895
Lab fees and dental
supplies 9,967 10,550 33,091 31,230
Office occupancy expenses 8,291 7,885 25,784 22,294
Other operating expenses 6,726 5,807 20,206 16,867
General corporate expenses 3,055 4,164 10,150 10,867
Depreciation expense 2,658 2,225 8,116 6,535
Amortization of intangible
assets 2,409 1,723 7,205 4,648
Litigation settlement
(gain) expense (7) 826 (30,821) 2,174
--------- ---------- --------- ----------
Total operating
expenses 63,590 61,910 171,078 178,510
--------- ---------- --------- ----------
Earnings from operations 7,958 5,252 54,920 20,662
Interest expense, net 2,390 823 7,264 2,026
Minority interest 140 102 431 349
--------- ---------- --------- ----------
Earnings before income taxes 5,428 4,327 47,225 18,287
Income taxes 2,118 1,626 18,417 7,179
--------- ---------- --------- ----------
Net earnings $ 3,310 $ 2,701 $ 28,808 $ 11,108
========= ========== ========= ==========
Net earnings per common share:
Basic $ 0.26 $ 0.21 $ 2.24 $ 0.88
========= ========== ========= ==========
Diluted $ 0.25 $ 0.20 $ 2.19 $ 0.84
========= ========== ========= ==========
Weighted average common shares
outstanding:
Basic 12,900 12,779 12,867 12,636
========= ========== ========= ==========
Diluted 13,230 13,395 13,167 13,267
========= ========== ========= ==========
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
September 30, December 31,
2008 2007
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,482 $ 6,376
Accounts receivable, net 31,245 23,621
Other current assets 7,104 25,261
------------- -------------
Total current assets 44,831 55,258
------------- -------------
Property and equipment, net 52,606 60,445
------------- -------------
Other non-current assets:
Goodwill 76,187 70,602
Intangible assets, net 175,837 179,969
Other assets 2,648 2,232
------------- -------------
Total non-current assets 254,672 252,803
------------- -------------
Total assets $ 352,109 $ 368,506
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 33,377 $ 40,524
Accrued litigation expense - 30,968
Other current liabilities 6 3,475
Current maturities of debt 194 188
------------- -------------
Total current liabilities 33,577 75,155
------------- -------------
Non-current liabilities:
Long-term debt 135,527 140,986
Other liabilities 36,285 36,568
------------- -------------
Total non-current liabilities 171,812 177,554
------------- -------------
Total liabilities 205,389 252,709
------------- -------------
Minority Interest 833 894
Commitments and contingencies
Stockholders' equity 145,887 114,903
------------- -------------
Total liabilities and stockholders'
equity $ 352,109 $ 368,506
============= =============
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the three months ended September 30, 2008
Pro Forma Adjustments
---------------------
Settlement Management Pro
Actual Assets Services (a) Forma
-------- ---------- ------------ --------
Net revenue $ 71,548 $ - $ 3,333 $ 68,215
Operating expenses
Salaries and benefits 30,491 - 246 30,245
Lab fees and dental
supplies 9,967 - - 9,967
Office occupancy
expenses 8,291 - 60 8,231
Other operating
expenses 6,726 - 108 6,618
General corporate
expenses 3,055 - - 3,055
Litigation expenses (7) (7)(b) - -
-------- ---------- ------------ --------
EBITDA 13,025 7 2,919 10,099
Depreciation 2,658 - 14 2,644
Amortization 2,409 - - 2,409
-------- ---------- ------------ --------
Earnings from operations 7,958 7 2,905 5,046
Interest expense, net 2,390 - - 2,390
Minority interest 140 - - 140
-------- ---------- ------------ --------
Earnings before income
taxes 5,428 7 2,905 2,516
Income taxes 2,118 982
-------- --------
Net earnings 3,310 1,534
Amortization of service
agreements, net of tax 1,364 1,364
-------- --------
Cash net earnings (c) $ 4,674 $ 2,898
======== ========
Diluted net earnings per
common share $ 0.25 $ 0.12
======== ========
Diluted cash net earnings
per common share (c) $ 0.35 $ 0.22
======== ========
(a) The Company agreed to provide interim management services to PDG
through September 30, 2008. Includes interim management fee revenue
and expenses associated with providing such services.
(b) Includes miscellaneous income and expenses, including professional
fees, associated with the PDG litigation settlement.
(c) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both in
the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement of
Financial Accounting Standards No. 142 - Goodwill and Other Intangible
Assets. The Company believes that cash net earnings and diluted cash
net earnings per share are important financial measures for
understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the three months ended September 30, 2007
Pro Forma Adjustments
---------------------
Settlement Management Pro
Actual Assets (d) Services (e) Forma
-------- ---------- ------------ --------
Net revenue $ 67,162 $ 8,825 $ 2,588 $ 55,749
Operating expenses
Salaries and benefits 28,730 4,970 481 23,279
Lab fees and dental
supplies 10,550 1,626 - 8,924
Office occupancy
expenses 7,885 1,167 49 6,669
Other operating
expenses 5,807 715 58 5,034
General corporate
expenses 4,164 - - 4,164
Litigation expenses 826 826(f) - -
-------- ---------- ------------ --------
EBITDA 9,200 (479) 2,000 7,679
Depreciation 2,225 347 13 1,865
Amortization 1,723 - - 1,723
-------- ---------- ------------ --------
Earnings from operations 5,252 (826) 1,987 4,091
Interest expense, net 823 - - 823
Minority interest 102 - - 102
-------- ---------- ------------ --------
Earnings before income
taxes 4,327 (826) 1,987 3,166
Income taxes 1,626 1,189
-------- --------
Net earnings 2,701 1,977
Amortization of service
agreements, net of tax 1,024 1,024
-------- --------
Cash net earnings (g) $ 3,725 $ 3,001
======== ========
Diluted net earnings per
common share $ 0.20 $ 0.15
======== ========
Diluted cash net earnings
per common share (g) $ 0.28 $ 0.22
======== ========
(d) Includes expense reimbursement associated with 25 dental facilities
transferred to PDG as part of litigation settlement.
(e) The Company provided management services pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
proportion of service fee revenue and associated expenses for 25 of the
31 dental facilities transferred to PDG.
(f) Includes professional fees associated with PDG litigation.
(g) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both in
the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement of
Financial Accounting Standards No. 142 - Goodwill and Other Intangible
Assets. The Company believes that cash net earnings and diluted cash
net earnings per share are important financial measures for
understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the nine months ended September 30, 2008
Pro Forma Adjustments
---------------------
Settlement Management
Actual Assets (h) Services (i) Pro Forma
--------- ----------- ------------ ---------
Net revenue $ 225,998 $ 7,697 $ 10,000 $ 208,301
Operating expenses
Salaries and
benefits 97,347 4,717 1,453 91,177
Lab fees and dental
supplies 33,091 1,436 - 31,655
Office occupancy
expenses 25,784 1,092 180 24,512
Other operating
expenses 20,206 135 323 19,748
General corporate
expenses 10,150 - - 10,150
Litigation expenses (30,821) (30,821)(j) - -
--------- ----------- ------------ ---------
EBITDA 70,241 31,138 8,044 31,059
Depreciation 8,116 317 42 7,757
Amortization 7,205 - - 7,205
--------- ----------- ------------ ---------
Earnings from
operations 54,920 30,821 8,002 16,097
Interest expense,
net 7,264 - - 7,264
Minority interest 431 - - 431
--------- ----------- ------------ ---------
Earnings before income
taxes 47,225 30,821 8,002 8,402
Income taxes 18,417 3,277
--------- ---------
Net earnings 28,808 5,125
Amortization of service
agreements, net of tax 4,079 4,079
--------- ---------
Cash net earnings (k) $ 32,887 $ 9,204
========= =========
Diluted net earnings
per common share $ 2.19 $ 0.39
========= =========
Diluted cash net
earnings per common
share (k) $ 2.50 $ 0.70
========= =========
(h) Includes expense reimbursement associated with (i) 25 dental facilities
transferred on February 29, 2008 to PDG as part of litigation
settlement and (ii) the PDG doctors who practiced temporarily in the
six dental facilities retained by the Company.
(i) The Company agreed to provide interim management services to PDG
through September 30, 2008. Includes interim management fee revenue,
expenses associated with providing such services, and salaries and
benefits expense of management staff, including severance, who have
been terminated as a result of realigning the Company's Minnesota-based
management team.
(j) Includes gain on disposal of assets of $30,763,000 and insurance
proceeds of $1,002,000 for professional fees associated with the PDG
litigation which were partially reimbursable pursuant to insurance
coverage offset by professional fees and other net expenses associated
with the litigation of $944,000.
(k) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both in
the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement of
Financial Accounting Standards No. 142 - Goodwill and Other Intangible
Assets. The Company believes that cash net earnings and diluted cash
net earnings per share are important financial measures for
understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Pro forma consolidated statement of income
for the nine months ended September 30, 2007
Pro Forma Adjustments
---------------------
Settlement Management
Actual Assets (l) Services (m)Pro Forma
--------- ----------- ---------- ---------
Net revenue $ 199,172 $ 27,163 $ 9,419 $ 162,590
Operating expenses
Salaries and benefits 83,895 15,185 1,489 67,221
Lab fees and dental
supplies 31,230 5,199 - 26,031
Office occupancy
expenses 22,294 3,444 147 18,703
Other operating
expenses 16,867 2,298 290 14,279
General corporate
expenses 10,867 - - 10,867
Litigation expenses 2,174 2,174(n) - -
--------- ----------- ---------- ---------
EBITDA 31,845 (1,137) 7,493 25,489
Depreciation 6,535 1,037 44 5,454
Amortization 4,648 - - 4,648
--------- ----------- ---------- ---------
Earnings from operations 20,662 (2,174) 7,449 15,387
Interest expense, net 2,026 - - 2,026
Minority interest 349 - - 349
--------- ----------- ---------- ---------
Earnings before income
taxes 18,287 (2,174) 7,449 13,012
Income taxes 7,179 5,108
--------- ---------
Net earnings 11,108 7,904
Amortization of service
agreements, net of tax 2,712 2,712
--------- ---------
Cash net earnings (o) $ 13,820 $ 10,616
========= =========
Diluted net earnings per
common share $ 0.84 $ 0.60
========= =========
Diluted cash net earnings
per common share (o) $ 1.04 $ 0.80
========= =========
(l) Includes expense reimbursement associated with 25 dental facilities
transferred to PDG as part of litigation settlement.
(m) The Company provided management services pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
proportion of service fee revenue and associated expenses for 25 of
the 31 dental facilities transferred to PDG.
(n) Includes professional fees associated with PDG litigation of
$2,174,000.
(o) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both
in the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts)
(unaudited)
Change in pro forma consolidated statements of income
for the three and nine months ended September 30, 2008 and 2007
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ----------------------------
Change Change
in in
Pro Pro Pro Pro Pro Pro
Forma Forma Forma Forma Forma Forma
2008 2007 Results 2008 2007 Results
-------- -------- ------- --------- --------- -------
Net revenue $ 68,215 $ 55,749 22% $ 208,301 $ 162,590 28%
Operating expenses
Salaries and
benefits 30,245 23,279 30% 91,177 67,221 36%
Lab fees and
dental supplies 9,967 8,924 12% 31,655 26,031 22%
Office occupancy
expenses 8,231 6,669 23% 24,512 18,703 31%
Other operating
expenses 6,618 5,034 31% 19,748 14,279 38%
General corporate
expenses 3,055 4,164 (27%) 10,150 10,867 (7%)
Litigation
expenses - - 0% - - 0%
-------- -------- ------- --------- --------- -------
EBITDA 10,099 7,679 32% 31,059 25,489 22%
Depreciation 2,644 1,865 42% 7,757 5,454 42%
Amortization 2,409 1,723 40% 7,205 4,648 55%
-------- -------- ------- --------- --------- -------
Earnings from
operations 5,046 4,091 23% 16,097 15,387 5%
Interest
expense, net 2,390 823 190% 7,264 2,026 259%
Minority
interest 140 102 36% 431 349 24%
-------- -------- ------- --------- --------- -------
Earnings before
income taxes 2,516 3,166 (21%) 8,402 13,012 (35%)
Income taxes 982 1,189 (17%) 3,277 5,108 (36%)
-------- -------- ------- --------- --------- -------
Net earnings 1,534 1,977 (22%) 5,125 7,904 (35%)
Amortization of
service
agreements, net of
tax 1,364 1,024 33% 4,079 2,712 50%
-------- -------- ------- --------- --------- -------
Cash net earnings $ 2,898 $ 3,001 (3%) $ 9,204 $ 10,616 (13%)
======== ======== ======= ========= ========= =======
Diluted net
earnings per
common share $ 0.12 $ 0.15 (21%) $ 0.39 $ 0.60 (35%)
======== ======== ======= ========= ========= =======
Diluted cash net
earnings per
common share $ 0.22 $ 0.22 0% $ 0.70 $ 0.80 (13%)
======== ======== ======= ========= ========= =======
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except selected statistical data)
(unaudited)
Selected statistical data
September September
30, 30, %
2008 2007 Change
--------- --------- --------
Number of dental facilities 244 261 -6.5%
Number of operatories (p) 2,115 2,301 -8.1%
Number of affiliated dentists (q) 551 609 -9.5%
(p) An operatory is an area where dental care is performed and generally
contains a dental chair, a hand piece delivery system and other
essential equipment.
(q) Includes full-time equivalent general or specialty dentists employed by
or contracted with the affiliated practices, including Arizona's Tooth
Doctor for Kids.
Patient revenue and same market patient revenue growth (r)
Three Months Ended
September 30,
----------------------- %
2008 2007 Change
--------- --------- --------
Patient revenue of affiliated
practices:
Platform dental group practices
affiliated with us in both
periods of comparison $ 83,565 $ 79,738 4.8%
Platform dental group practices
that affiliated with us during
periods of comparison 19,995 (s) 22,043 (s) -9.3%
--------- --------- --------
Total patient revenue 103,560 101,781 1.7%
Patient revenue of Arizona's Tooth
Doctor for Kids 6,427 5,691 12.9%
--------- --------- --------
Patient revenue of platform dental
group practices affiliated with us
by means of service agreements 97,133 96,090 1.1%
Amounts due to us under service
agreements 60,979 60,195 1.3%
--------- --------- --------
Amounts retained by platform dental
group practices affiliated with us
by means of service agreements $ 36,154 $ 35,895 0.7%
========= ========= ========
Nine Months Ended
September 30,
----------------------- %
2008 2007 Change
--------- --------- --------
Patient revenue of affiliated
practices:
Platform dental group practices
affiliated with us in both
periods of comparison $ 245,221 $ 228,726 7.2%
Platform dental group practices
that affiliated with us
during periods of comparison 71,664 (t) 71,720 (t) -0.1%
--------- --------- --------
Total patient revenue 316,885 300,446 5.5%
Patient revenue of Arizona's Tooth
Doctor for Kids 18,592 17,246 7.8%
--------- --------- --------
Patient revenue of platform dental
group practices affiliated with us
by means of service agreements 298,293 283,200 5.3%
Amounts due to us under service
agreements 186,805 178,234 4.8%
--------- --------- --------
Amounts retained by platform dental
group practices affiliated with us
by means of service agreements $ 111,488 $ 104,966 6.2%
========= ========= ========
(r) Includes patient revenue of affiliated dental group practices which are
not consolidated with the Company's financial results and patient
revenue of Arizona's Tooth Doctor for Kids which is consolidated with
the Company's financial results.
(s) In addition to platform affiliations completed since July 1, 2007, also
includes patient revenue of the six dental facilities retained by the
Company for the three months ended September 30, 2008 and the 31 dental
facilities comprising Park Dental for the three months ended September
30, 2007.
(t) In addition to platform affiliations completed since January 1, 2007,
also includes patient revenue of the six dental facilities retained by
the Company for the nine months ended September 30, 2008 and the 31
dental facilities comprising Park Dental for the nine months ended
September 30, 2007.
Contacts: Gregory A. Serrao Chairman, President and Chief
Executive Officer 781-224-0880 Breht T. Feigh Executive Vice
President, Chief Financial Officer and Treasurer 781-224-0880
American Dental Partners, Inc. 401 Edgewater Place, Suite 430
Wakefield, MA 01880 Phone: 781/224-0880 Fax: 781/224-4216
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