Concord Medical Services Holdings Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total net revenues of RMB 203.914 million compared to RMB 106.731 million a year ago. Operating income was RMB 29.613 million compared to RMB 37.341 million a year ago. Income before income taxes was RMB 29.852 million compared to RMB 33.761 million a year ago. Net income attributable to ordinary shareholders was RMB 19.683 million or RMB 0.44 per basic and diluted ADS compared to RMB 24.179 million or RMB 0.52 per basic and diluted ADS a year ago. Non-GAAP operating income was RMB 31.857 million compared to RMB 39.612 million a year ago. Non-GAAP net income was RMB 21.284 million or RMB 0.49 per basic and diluted ADS compared to RMB 27.259 million or RMB 0.57 per basic and diluted ADS a year ago. Adjusted EBITDA was RMB 89.011 million compared to RMB 73.576 million a year ago. Based on current market and operating conditions, estimated business expansion and forecasted Chang'an Hospital financial results, the company expects to generate total net revenues in an estimated range of RMB 930 million to RMB 975 million in 2013, which would represent a 40% to 47% increase from 2012. The revenues from network business and hospital business as percentages to total revenues are expected to be approximately 55% and 45% in 2013, respectively. The company is targeting to start construction of the specialty cancer oncology hospital in Guangzhou in 2013.

Concord Medical Services Holdings Limited announced that the company has signed a $50 million loan package agreement with IFC (International Financial Corporation). The loan package consists of a $30 million 8-year loan with a variable interest rate of Libor + 4.5%, and a $20 million 5-year convertible bond with a variable interest rate of Libor +3.75% and a conversion price of $6.90 per ADS. The convertible bonds can be converted at lender's discretion, in whole or in part during the term of the loan. Disbursement of the loan proceeds to Concord is subject to various conditions. Subject to satisfaction of these conditions and disbursement of the loan proceeds, the company will use IFC's $50 million loan for the development of 50 new radiotherapy centers over the next 3 years at county level and the development of a proton beam therapy hospital in Beijing and an oncology hospital in Guangzhou, Guangdong province.

Concord Medical Services Holdings Limited, Q1 2013 Earnings Call, May 22, 2013