DaVita HealthCare Partners Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Revised Earnings Guidance for the Year 2013
May 7 13
DaVita HealthCare Partners Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total net revenues of $2,829,582,000 against $1,849,533,000 a year ago. Operating income was $166,861,000 against $320,882,000 a year ago. Income from continuing operations before income taxes was $61,642,000 against $260,540,000 a year ago. Income from continuing operations was $46,498,000 or $0.16 per diluted share against $164,984,000 or $1.46 per diluted share a year ago. Net income attributable to the company was $30,164,000 or $0.28 per diluted share against $140,120,000 or $1.46 per diluted share a year ago. Net cash provided by operating activities was $379,207,000 compared to $331,874,000 a year ago. Additions of property and equipment, net were $116,724,000 compared to $112,459,000 a year ago. Net debt, net of cash was $7,826,000 compared to $4,050,000 a year ago. Adjusted income from continuing operations attributable to company was $196,915,000 or $1.84 per diluted share against $143,821,000 or $1.50 per diluted share a year ago. Adjusted operating income was $466,861,000 against $326,935,000 a year ago. Free cash flow was $298,855,000 against $249,860,000 a year ago.
The company is updating earnings guidance for the year 2013. For the year, consolidated operating income to be in the range of $1,800 million to $1,900 million. The company's previous consolidated operating income guidance was expected to be in the range of $1,750 million to $1,900 million. The company also updating operating income guidance for dialysis services and related ancillary businesses for 2013 to now be in the range of $1,400 million to $1,450 million. The previous dialysis services and related ancillary businesses guidance was expected to be in the range of $1,350 million to $1,450 million. Operating income guidance for HCP for 2013 is still expected to be in the range of $400 million to $450 million. Consolidated operating cash flows for 2013 are still expected to be in the range of $1,350 million to $1,500 million. This guidance excludes the impact of any legal settlement the company may reach. The company continues to expect an effective tax rate of 40% to 41% for 2013, excluding the impact of a loss contingency reserve.
U.S. District Court Dismisses Case against DaVita HealthCare Partners Inc
May 2 13
DaVita HealthCare Partners Inc. announced that a U.S. District Court has dismissed a civil complaint filed in 2011 against DaVita(R) in the U.S. District Court for the Eastern District of Michigan. The company previously reported in its 2013 annual report Form 10-K that it was served with the civil complaint in January of 2013 by a former patient, Laura Turner-Hooks. At the time the company was served with the complaint, it learned that the U.S. Department of Justice had investigated the matter and declined to intervene or pursue the allegations in the case. On March 29, 2013, DaVita filed a motion to dismiss the case, arguing that the allegations were completely meritless. After reviewing DaVita's motion, the U.S. District Court dismissed the case with prejudice. There was no finding of wrong doing and DaVita paid no fines.
DaVita HealthCare Partners Inc., Annual General Meeting, Jun 17, 2013
Apr 29 13
DaVita HealthCare Partners Inc., Annual General Meeting, Jun 17, 2013., at 09:30 US Mountain Standard Time. Location: 2000 16th Street. Agenda: To vote upon the election of the ten directors identified in the attached Proxy Statement to the Board of Directors to serve for a term of one year or until their successors are duly elected and qualified; to ratify the appointment of KPMG LLP as independent registered public accounting firm for fiscal year 2013; to hold an advisory vote on executive compensation; to adopt and approve an amendment to 2011 Incentive Award Plan to increase the aggregate number of shares authorized for issuance under the plan by 8,500,000 shares; to consider and vote upon two stockholder proposals, if properly presented at the annual meeting; and to transact such other business as may properly come before the annual meeting or any adjournment thereof.