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Chindex International, Inc. Announces Fiscal 2007 Year End a

发布时间:2018-10-09 12:48 作者:AG88 来源:AG 点击: 字号:


BETHESDA, Md., June 13 /Xinhua-PRNewswire/ -- Chindex International, Inc. (Nasdaq: CHDX), an independent American provider of international healthcare services and Western healthcare products in the People's Republic of China, today announced results for its fiscal year end and fourth quarter ended March 31, 2007. For the fiscal year, the Company reported total revenue of $105.9 million, an increase of 17% over the prior year, and net income from continuing operations of $3.0 million compared net income from continuing operations of $167,000 in the prior year.

(Logo: /uploads/allimg/180930/20180930153520rhsyeeyf0v041446.jpg )

Revenue for the quarter ended March 31, 2007 was $24.7 million, a 6% increase over revenue of $23.3 million in the quarter ended March 31, 2006.

Net income for the quarter ended March 31, 2007 was $665,000 or earnings per share of $0.09. This compares to a net loss of $394,000, or a loss per share of $0.06, for the quarter ended March 31, 2006. Net income for the year ended March 31, 2007 was $2.7 million, or earnings per share of $0.40. This compares to a net loss of $2.9 million, or a loss per share of $0.45, for the year ended March 31, 2006.

The Company's balance sheet as of March 31, 2007 shows cash, cash equivalents and restricted cash of $10.7 million, total assets of $62.9 million, a current ratio of 1.65:1 and stockholders' equity of $27.9 million.

Roberta Lipson, President and CEO of Chindex, commented on the results: "We continue to see great opportunity in healthcare in China. Our profitable results for fiscal year 2007 are a window on the great potential we see as we set the stage for the next chapters of growth in both our divisions."

Revenue from the Healthcare Services division for the year was $47.9 million, an increase of 31% over the prior year with income from continuing operations of $5.0 million, compared with income from continuing operations of $1.6 million in the previous year. This improvement of over 200% reflects increasing profitability in both the Beijing and Shanghai markets. The Healthcare Services division operates the Company's United Family Healthcare (UFH) network of private hospitals and clinics in China. Chindex operates the only foreign-invested, multi-facility hospital network in China.

Lipson commented, "The continued rapid growth on both top and bottom lines on a same-store basis in our United Family Healthcare network speaks to the growing potential of the market as well as our increased service offerings in both markets. We are just about to celebrate the 10th anniversary of our hospital operations in Beijing and expect the growth to continue even as we are planning the next phases of geographic and facility expansion."

"Our near term expansion plans for the United Family Healthcare network include a new clinic site in Shanghai as well as strategic geographic expansion into new markets in Wuxi and Guangzhou. We have recently announced the first healthcare management services contract for a United Family clinic in Wuxi. We also expect to finalize plans for our expansion into the Guangzhou market, beginning with a clinic operation to be followed by a new United Family Hospital facility, in the near future."

The Medical Products division markets, distributes and sells select medical capital equipment, instrumentation and other medical products for use in hospitals in China and Hong Kong.

Revenue for the division during the year was $58.0 million, a 7% increase from the prior year. The increase was attributable to the impact of new product introductions over the past year as well as delivery of goods in the fiscal 2007 period under a government-backed financing program and the delivery of goods under a multi-unit government contract. These positive factors were offset by the impact of ongoing and unfinished reforms by the Chinese Government of the procurement process in the Chinese healthcare system, which included increased requirements for public tendering in capital equipment markets, a general slowdown in the growth rate of the market for imported medical devices and delays in the product registrations in certain product categories. The Company reported a loss for this division for the year.

"The market issues impacting our 2007 period in the products division began to see resolution by year end. While we did not meet our performance targets in the division, during the year we did see significant progress in market penetration for mid-tier product categories, the successful installations of the first daVinci surgical robot systems in Asia and the resumption of our loan financing programs based on U.S. Ex-Im Bank guarantees. We expect improved performance and a return to profitability in the division in 2008,"said Lipson.

Lipson concluded, "Our two divisions operate in very synergistic market segments, Healthcare Services and Medical Products. We have great faith in the opportunity in China in the Healthcare space and feel we are uniquely positioned with ‘first to market advantage' in these areas."

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 Healthcare network of private primary care hospitals and affiliated ambulatory clinics in China. The Company's healthcare 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, more than 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, updates and additions to those "Risk Factors" in our interim reports on Form 10-Q and in other documents filed by us with the Securities and Exchange Commission from time to time. 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.

Financial Summary Attached

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(thousands except share and per share data)

Three months ended March 31, Year ended March 31,

2007 2006 2007 2006

(unaudited) (unaudited)

Product sales $11,861 $13,074 $57,977 $54,336

Healthcare services

revenue 12,821 10,211 47,944 36,500

Total revenue 24,682 23,285 105,921 90,836

Cost and expenses

Product sales costs 8,942 9,695 43,891 40,913

Healthcare services

costs 10,514 8,896 40,534 33,455

Selling and

marketing expenses 2,725 2,801 9,930 10,195

General and

administrative 1,562 1,559 6,921 5,723

Income from continuing

operations 939 334 4,645 550

Other (expenses) and

income

Interest expense (195) (192) (766) (589)

Interest income 51 56 238 173

Miscellaneous income

(expense) - net 72 (40) 70 (18)

Income from continuing

operations before

income taxes 867 158 4,187 116

(Provision for) benefit

from income taxes (219) (38) (1,205) 51

Net income from

continuing operations 648 120 2,982 167

Income (loss) from

discontinued operations 17 (514) (247) (3,105)

Net income (loss) $665 $(394) $2,735 $(2,938)

Net income (loss) per

common share - basic $0.09 $(0.06) $.40 $(0.45)

Weighted average shares

outstanding 7,072,002 6,605,118 6,857,913 6,539,572

CONSOLIDATED CONDENSED BALANCE SHEETS

(thousands except share data)

March 31, 2007 March 31, 2006

ASSETS

Current assets:

Cash and cash equivalents $9,106 $9,034

Restricted cash 1,590 383

Trade accounts receivable, less

allowance for doubtful accounts of

$2,827 and $2,250, respectively

Equipment sales receivables 13,133 7,685

Patient service receivables 6,104 5,468

Inventories 7,835 8,681

Deferred income tax 2,463 177

Other current assets 3,153 2,322

Current assets of discontinued

operations -- 1,006

Total current assets 43,384 34,756

Property and equipment, net 18,482 19,119

Long-term deferred income taxes 607 2,452

Other assets 434 719

Total assets $62,907 $57,046

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued

expenses 22,877 $21,727

Short-term portion of

capitalized leases 36 50

Short-term debt and vendor financing 2,710 3,080

Income taxes payable 629 143

Current liabilities of

discontinued operations 0 748

Total current liabilities 26,252 25,748

Long-term portion of capitalized

leases 58 91

Long-term debt and vendor financing 8,679 8,569

Total liabilities 34,989 34,408

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 at March 31, 2007

and 2006, respectively:

Common stock - 6,332,345 and

5,946,873 shares issued and

outstanding at March 31, 2007

and 2006 respectively 63 60

Class B stock - 775,000 shares

issued and outstanding at March

31, 2007 and 2006 8 8

Additional paid-in capital 38,947 36,436

Accumulated other comprehensive income 106 75

Accumulated deficit (11,206) (13,941)

Total stockholders' equity 27,918 22,638

Total liabilities and

stockholders' equity $62,907 $57,046

SEGMENT INFORMATION

The Company operates in two segments: Healthcare Services and Medical Products. The Company evaluates performance and allocates resources based on income or loss from continuing operations before income taxes, not including foreign exchange gains or losses.

Healthcare Medical

Services Products Total

As of March 31, 2007:

Assets $34,129,000 $28,778,000 $62,907,000

For the three months

ended March 31, 2007:

Sales and service revenue $12,821,000 $11,861,000 $24,682,000

Gross Profit n/a* 2,919,000 n/a*

Gross Profit % n/a* 25% n/a*

Income (loss) from

continuing operations

before foreign exchange $1,623,000 $(1,258,000) $365,000

Foreign exchange gain 574,000

Income from continuing

operations $939,000

Other (expense), net (72,000)

Income from continuing

operations before income taxes $867,000

Healthcare Medical

Services Products Total

As of March 31, 2006:

Assets $29,801,000 $26,239,000 $56,040,000

For the three months

ended March 31, 2006:

Sales and service revenue $10,211,000 $13,074,000 $23,285,000

Gross Profit n/a* 3,379,000 n/a*

Gross Profit % n/a* 26% n/a*

Income (loss) from

continuing operations

before foreign exchange $1,055,000 $(743,000) $312,000

Foreign exchange gain 22,000

Income from continuing

operations $334,000

Other (expense), net (176,000)

Income from continuing

operations before income taxes $158,000

Total consolidated assets of $57,046,000 as of March 31, 2006 include $1,006,000 of assets pertaining to our healthcare products retail business which was discontinued in fiscal year 2006.

Healthcare Medical

Services Products Total

As of March 31, 2007:

Assets $34,129,000 $28,778,000 $62,907,000

For the twelve months

ended March 31, 2007:

Sales and service revenue $47,944,000 $57,977,000 $105,921,000

Gross Profit n/a* 14,086,000 n/a*

Gross Profit % n/a* 24% n/a*

Income (loss) from $5,028,000 $(1,154,000) $3,874,000

continuing operations

before foreign exchange

Foreign exchange gain 771,000

Income from continuing

operations $4,645,000

Other (expense), net (458,000)

Income from continuing

operations before income taxes $4,187,000

Healthcare Medical

Services Products Total

As of March 31, 2006:

Assets $29,801,000 $26,239,000 $56,040,000

For the twelve months

ended March 31, 2006:

Sales and service revenue $36,500,000 $54,336,000 $90,836,000

Gross Profit n/a* 13,423,000 n/a*

Gross Profit % n/a* 25% n/a*

Income (loss) from

continuing operations

before foreign exchange $1,585,000 $(1,436,000) $149,000

Foreign exchange gain 401,000

Income from continuing

operations $550,000

Other (expense), net (434,000)

Income from continuing

operations before income taxes $116,000

Total consolidated assets of $57,046,000 as of March 31, 2006 include $1,006,000 of assets pertaining to our healthcare products retail business which was discontinued in fiscal year 2006.

* Gross profit is not routinely calculated in the healthcare industry.

For more information, please contact:

Lawrence Pemble or Judy Zakreski

Chindex International, Inc.

Tel: +1-301-215-7777

本文源自: 环亚娱乐

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