Last $6.68 USD
Change Today +0.06 / 0.91%
Volume 356.5K
RDNT On Other Exchanges
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NASDAQ GM
As of 8:10 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

radnet inc (RDNT) Key Developments

RadNet, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Year 2014

RadNet, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company’s total net revenue was $179.082 million compared with $176.520 million a year ago. Income from operations was $15.646 million compared with $12.985 million a year ago. Income before income taxes was $6.489 million compared with $5.258 million a year ago. Net income attributable to the company common stockholders was $5.144 million or $0.12 per diluted share compared with $2.686 million or $0.07 per basic and diluted share a year ago. Adjusted EBITDA was $33.419 million compared with $30.035 million a year ago. Affecting net income in the second quarter of 2014 were certain non-cash expenses and non-recurring items including: $611,000 of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $383,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $46,000 loss on the sale of certain capital equipment; $1.4 million of combined non-cash amortization and write-off of Deferred Financing Expense and discount on issuance and refinance of debt related to financing fees paid as part of the existing credit facilities; and $471,000 loss on the extinguishment of debt related to redeeming in April 2014 the remaining portion of senior unsecured notes. Adjusted EPS was $0.12, up from $0.07 in second quarter of 2013 and beating analyst estimates of $0.05. For the six months, the company’s total net revenue was $347.958 million compared with $349.460 million a year ago. Income from operations was $23.194 million compared with $21.310 million a year ago. Loss before income taxes was $10.364 million compared with income before income taxes of $2.644 million a year ago. Net loss attributable to the company common stockholders was $7.280 million or $0.18 per basic and diluted share compared with net income attributable to the company common stockholders of $1.344 million or $0.03 per basic and diluted share a year ago. Net cash provided by operating activities was $19.678 million compared with $28.777 million a year ago. Purchase of property and equipment was $26.798 million compared with $28.349 million a year ago. Adjusted EBITDA was $61.070 million compared with $55.595 million a year ago. Affecting operating results in the six months ended June 30, 2014 were certain non-cash expenses and non-recurring items including: $1.6 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $864,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $292,000 loss on the sale of certain capital equipment; $3.2 million of combined non-cash amortization and write-off of Deferred Financing Expense and discount on issuance and refinance of debt related to financing fees paid as part of existing credit facilities; and $15.9 million loss on the extinguishment of debt related to the company's March 25, 2014 refinancing of its senior unsecured notes with a new second lien term loan. The company revised earnings guidance for the year 2014. The company now expects revenue in the range of $705 million - $735 million, adjusted EBITDA in the range of $115 million - $125 million, capital expenditures in the range of $43 million - $48 million, cash interest expense in the range of $34 million - $38 million, and free cash flow generation in the range of $34 million - $44 million compared to previous guidance of revenue in the range of $700 million - $730 million, adjusted EBITDA in the range of $112 million - $122 million, capital expenditures in the range of $40 million - $45 million, cash interest expense in the range of $34 million - $38 million, and free cash flow generation in the range of $34 million - $44 million.

RadNet Mulls Acquisitions

RadNet, Inc. (NasdaqGM:RDNT) intends to pursue acquisitions. "While we will continue to focus on free cash flow and debt reduction through improving organic operations and managing cost, targeted acquisitions will remain a part of our strategy. However, our acquisitions will be pursued with a disciplined approach. These acquisitions will primarily be small to midsize operators of multi-modality imaging facilities in our existing core markets at valuations under four times trailing EBITDA," Howard Berger, Chief Executive Officer and Chairman of RadNet said.

RadNet, Inc., Q2 2014 Earnings Call, Aug 08, 2014

RadNet, Inc., Q2 2014 Earnings Call, Aug 08, 2014

RadNet, Inc.(NasdaqGM:RDNT) added to Russell 2000 Index

RadNet, Inc. will be added to the Russell 2000 Index.

RadNet, Inc.(NasdaqGM:RDNT) added to Russell 3000 Index

RadNet, Inc. will be added to the Russell 3000 Index.

 

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