Birner Dental Management Services Inc. (BDMS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Birner Dental Management Services Inc. has a market cap of $34.3 million; its shares were traded at around $18.5 with a P/E ratio of 21 and P/S ratio of 0.6. The dividend yield of Birner Dental Management Services Inc. stocks is 4.3%. Birner Dental Management Services Inc. had an annual average earning growth of 15% over the past 10 years. GuruFocus rated Birner Dental Management Services Inc. the business predictability rank of 2.5-star.
For the quarter ended September 30, 2010, net income increased 32.8% to $486,000, or $0.26 per share, compared to $366,000, or $0.19 per share, for the quarter ended September 30, 2009. Net income for the quarter ended September 30, 2009 includes an operating loss on discontinued operations of $106,000, net of income tax benefit.
For the nine months ended September 30, 2010, revenue increased $3.3 million, or 7.3%, to $48.2 million compared to $45.0 million for the nine months ended September 30, 2009. This increase is primarily attributable to revenue from three Offices that were acquired during the fourth quarter of 2009 and one de novo Office that was opened during February 2010. These four new Offices accounted for an additional $3.4 million in revenue during the nine months ended September 30, 2010. For the nine months ended September 30, 2010, same store revenue (based on 59 Offices open during each full nine-month period) decreased $119,000, or 0.3%.
For the nine months ended September 30, 2010, net income decreased 20.8% to $1.2 million, or $0.65 per share, compared to $1.6 million, or $0.82 per share, for the nine months ended September 30, 2009. Net income for the nine months ended September 30, 2010 includes a loss on discontinued operations of $296,000, net of income tax benefit, primarily as a result of a loss on disposition of two Offices of $269,000. Net income for the nine months ended September 30, 2009 includes an operating loss on discontinued operations of $262,000, net of income tax benefit. The Company s results for the nine months ending September 30, 2010, relative to its results for the nine months ending September 30, 2009, were negatively affected by $346,000 of incremental television advertising and marketing expenses in the Denver market and $256,000 of training costs related to improving productivity of dentists and hygienists.
During the first nine months of 2010, the Company generated $4.7 million of cash from operations. During this period, the Company repurchased outstanding Common Stock for $587,000, invested $2.1 million in capital expenditures, and paid approximately $1.1 million in dividends while decreasing total bank debt by approximately $862,000.
The Company s earnings before discontinued operations, interest, taxes, depreciation, amortization and non-cash expense associated with stock-based compensation (“Adjusted EBITDA”) decreased $299,000, or 5.3%, to $5.4 million for the nine months ended September 30, 2010 compared to $5.7 million for the nine months ended September 30, 2009. Although Adjusted EBITDA is not a GAAP measure of performance or liquidity, the Company believes that it may be useful to an investor in evaluating the Company s ability to meet future debt service, capital expenditures and working capital requirements. However, investors should not consider these measures in isolation or as a substitute for operating income, cash flows from operating activities or any other measure for determining the Company s operating performance or liquidity that is calculated in accordance with GAAP. In addition, because Adjusted EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of Adjusted EBITDA to net income is made by adding discontinued operations before income tax expense, depreciation and amortization expense - Offices, depreciation and amortization expense – corporate, stock-based compensation expense, interest expense, net and income tax expense to net income as in the following table:
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Birner Dental Management Services Inc. has a market cap of $34.3 million; its shares were traded at around $18.5 with a P/E ratio of 21 and P/S ratio of 0.6. The dividend yield of Birner Dental Management Services Inc. stocks is 4.3%. Birner Dental Management Services Inc. had an annual average earning growth of 15% over the past 10 years. GuruFocus rated Birner Dental Management Services Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
For the quarter ended September 30, 2010, revenue increased $1.5 million, or 10.0%, to $16.0 million compared to $14.6 million for the quarter ended September 30, 2009. This increase is primarily attributable to revenue from three Offices that were acquired during the fourth quarter of 2009 and one de novo Office that was opened during February 2010. These four new Offices accounted for an additional $1.2 million in revenue during the quarter ended September 30, 2010. For the quarter ended September 30, 2010, same store revenue (based on 59 Offices open during each full quarter) increased $289,000, or 2.0%.For the quarter ended September 30, 2010, net income increased 32.8% to $486,000, or $0.26 per share, compared to $366,000, or $0.19 per share, for the quarter ended September 30, 2009. Net income for the quarter ended September 30, 2009 includes an operating loss on discontinued operations of $106,000, net of income tax benefit.
For the nine months ended September 30, 2010, revenue increased $3.3 million, or 7.3%, to $48.2 million compared to $45.0 million for the nine months ended September 30, 2009. This increase is primarily attributable to revenue from three Offices that were acquired during the fourth quarter of 2009 and one de novo Office that was opened during February 2010. These four new Offices accounted for an additional $3.4 million in revenue during the nine months ended September 30, 2010. For the nine months ended September 30, 2010, same store revenue (based on 59 Offices open during each full nine-month period) decreased $119,000, or 0.3%.
For the nine months ended September 30, 2010, net income decreased 20.8% to $1.2 million, or $0.65 per share, compared to $1.6 million, or $0.82 per share, for the nine months ended September 30, 2009. Net income for the nine months ended September 30, 2010 includes a loss on discontinued operations of $296,000, net of income tax benefit, primarily as a result of a loss on disposition of two Offices of $269,000. Net income for the nine months ended September 30, 2009 includes an operating loss on discontinued operations of $262,000, net of income tax benefit. The Company s results for the nine months ending September 30, 2010, relative to its results for the nine months ending September 30, 2009, were negatively affected by $346,000 of incremental television advertising and marketing expenses in the Denver market and $256,000 of training costs related to improving productivity of dentists and hygienists.
During the first nine months of 2010, the Company generated $4.7 million of cash from operations. During this period, the Company repurchased outstanding Common Stock for $587,000, invested $2.1 million in capital expenditures, and paid approximately $1.1 million in dividends while decreasing total bank debt by approximately $862,000.
The Company s earnings before discontinued operations, interest, taxes, depreciation, amortization and non-cash expense associated with stock-based compensation (“Adjusted EBITDA”) decreased $299,000, or 5.3%, to $5.4 million for the nine months ended September 30, 2010 compared to $5.7 million for the nine months ended September 30, 2009. Although Adjusted EBITDA is not a GAAP measure of performance or liquidity, the Company believes that it may be useful to an investor in evaluating the Company s ability to meet future debt service, capital expenditures and working capital requirements. However, investors should not consider these measures in isolation or as a substitute for operating income, cash flows from operating activities or any other measure for determining the Company s operating performance or liquidity that is calculated in accordance with GAAP. In addition, because Adjusted EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of Adjusted EBITDA to net income is made by adding discontinued operations before income tax expense, depreciation and amortization expense - Offices, depreciation and amortization expense – corporate, stock-based compensation expense, interest expense, net and income tax expense to net income as in the following table:
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