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Centric Health reports strong second quarter 2010 financial results

^{Published on 2010-08-12 04:17:02 - Market Wire}
 

 Q2 2010 Financial Highlights - Net income grew by 154% to $1.3 million, as compared to $0.5 million in Q2 2009 - EBITDA(1) increased by 174% ($1.5 million) to $2.4 million, as compared to $0.9 million in Q2 2009 - Basic earnings per share doubled from $0.011 in Q2 2009 to $0.022 per share - Maintained a strong balance sheet with $1.6 million of cash on hand at June 30, 2010, an increase of $0.5 million over the end of Q1 2010 Q2 2010 and Operating Highlights - Successful integration of Active Health including initiatives to enhance patient care and outcomes - Operational efficiencies yielding a decline in G&A expenses as a percentage of revenue from 25% to 14% - Development of expansion opportunities using existing infrastructure into Seniors' Health and Wellness Centres, Clinic Network and Sleep Clinic Financial Highlights (in thousands) Three months ended Six months ended June 30, June 30, 2010 2009 % Change 2010 2009 % Change ------------------------------------------------------ Revenue $15,927 $7,027 127% $29,667 $11,296 163% ------------------------------------------------------ Expenses: Direct costs 11,420 4,704 21,515 6,969 General and administrative expenses 2,191 1,463 4,024 2,880 Amortization 130 61 224 108 ------------------------------------------------------ 13,741 6,228 25,763 9,957 ------------------------------------------------------ Income before interest expense 2,186 799 3,904 1,339 Interest expense 202 60 415 60 ------------------------------------------------------ Income before income taxes 1,984 739 3,489 1,279 Income taxes 666 221 1,169 422 ------------------------------------------------------ Net income for the period $1,318 $518 154% $2,320 $857 171% ------------------------------------------------------ EBITDA $2,449 $894 174% $4,370 $1,506 190% Earnings per share - basic $0.022 $0.011 100% $0.038 $0.021 81% - diluted $0.019 $0.011 73% $0.033 $0.021 57% * The acquisition of Active Health occurred on May 29, 2009; therefore, the results for 2009 include only one month of operations for this business.