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American Dental Partners Reports Fourth Quarter and Year-End 2008 Financial Results
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| Symbol | Price | Change |
|---|---|---|
| ADPI | 13.13 | +0.18 |
WAKEFIELD, MA--(MARKET WIRE)--Feb 25, 2009 -- American Dental Partners, Inc. (NasdaqGS:ADPI - News) today announced financial results for the quarter and year ended December 31, 2008.
The Company's financial results reflect income and expenses, including non-cash items, required by generally accepted accounting principles as a result of the previously announced settlement of litigation among PDG, P.A. ("PDG"), PDHC, Ltd., one of the Company's subsidiaries, and the Company effective February 29, 2008. In addition to its actual results, the Company has provided a pro forma financial presentation that excludes the operating results of 25 dental facilities transferred to PDG on February 29, 2008 and the accounting impact associated with the litigation settlement from both periods of comparison (see "PDG Litigation Settlement Accounting" and "Supplemental Operating Data" tables).
Comparing actual results and pro forma results for the fourth quarter of 2008 with the fourth quarter of 2007:
-- Net revenue was $65,110,000 as compared to $79,583,000. Pro forma net
revenue was $65,110,000 as compared to $67,421,000.
-- Earnings from operations were $5,270,000 as compared to $(27,016,000).
Pro forma earnings from operations were $5,429,000 as compared to
$5,046,000.
-- Net earnings were $1,310,000 as compared to $(18,824,000). Pro forma
net earnings were $1,407,000 as compared to $1,052,000.
-- Diluted net earnings per share were $0.10 as compared to $(1.47). Pro
forma diluted net earnings per share were $0.11 as compared to $0.08.
-- Diluted cash net earnings per share were $0.21 as compared to $(1.36).
Pro forma diluted cash net earnings per share were $0.21 as compared to
$0.20.Comparing actual results and pro forma results for the twelve months of 2008 with the same period in 2007:
-- Net revenue was $291,108,000 as compared to $278,755,000. Pro forma
net revenue was $273,411,000 as compared to $230,011,000.
-- Earnings from operations were $60,190,000 as compared to $(6,354,000).
Pro forma earnings from operations were $21,526,000 as compared to
$20,433,000.
-- Net earnings were $30,118,000 as compared to $(7,716,000). Pro forma
net earnings were $6,528,000 as compared to $8,992,000.
-- Diluted net earnings per share were $2.29 as compared to $(0.61). Pro
forma diluted net earnings per share were $0.50 as compared to $0.68.
-- Diluted cash net earnings per share were $2.71 as compared to $(0.27).
Pro forma diluted cash net earnings per share were $0.91 as compared to
$1.00.Operating Results
Patient revenue of the Company's affiliated dental group practices was $99,073,000 for the quarter, which includes $93,227,000 from dental group practices which are affiliated with the Company by means of service agreements and $5,846,000 from Arizona's Tooth Doctor for Kids. Same market patient revenue growth was 0.6% for the quarter and (0.3)% excluding in-market affiliations. Patient revenue of the Company's affiliated dental group practices was $415,958,000 for the year, which includes $391,520,000 for dental group practices which are affiliated with the Company by means of service agreements and $24,438,000 from Arizona's Tooth Doctor for Kids. Same market patient growth was 5.6% for the year and 1.1% excluding in-market affiliations.
Cash flow from operations was $9,904,000 for the quarter and $38,561,000 for the year. Capital expenditures were $2,652,000 for the quarter and $11,984,000 for the year. The Company relocated one dental facility during the quarter. During the year, the Company completed four denovo facilities and expanded and/or relocated seven dental facilities. Amounts paid for affiliations and acquisitions, including contingent amounts and affiliation costs, amounted to $2,101,000 during the quarter and $15,557,000 for the year. The Company completed five in-market affiliations during the quarter. During the year, the Company completed one platform affiliation and seven in-market affiliations which were combined with existing platform affiliations in Wisconsin, New York, Tennessee and North Carolina. Affiliations generated approximately $2,300,000 of patient revenue from date of affiliation and are expected to generate patient revenue of approximately $5,300,000 on an annualized basis.
The Company recognized $450,000 in stock-based compensation expense, $275,000 net of tax or $.02 per diluted share, during the quarter as compared to $464,000, $289,000 net of tax or $.02 per diluted share, for the prior year's same quarter. The Company recognized $1,961,000 in stock-based compensation expense, $1,196,000 net of tax or $.09 per diluted share, during the year as compared to $1,898,000, $1,158,000 net of tax or $.09 per diluted share, for the prior year.
PDG Litigation Settlement Accounting
As previously reported, the Company completed the settlement of the litigation with PDG effective February 29, 2008 which included transferring the operating assets of 25 dental facilities to PDG and entering into a transition services agreement with PDG in which the Company was obligated to provide interim management services to PDG through September 30, 2008. The Company has concluded the transition services agreement and received the related $19 million fee, and the parties are completing the final steps in the separation of the companies.
Cash net earnings and cash earnings from operations are non-GAAP financial measures. In accordance with the requirement of SEC Regulation G, please see the attached financial tables for a presentation of the most comparable GAAP measures and the reconciliation to the nearest GAAP measure and all additional reconciliations required by Regulation G.
For further discussion of these events and a comprehensive review of the fourth quarter and year ended December 31, 2008, the Company will host its previously announced conference call on Thursday, February 26, 2009 at 10:00 a.m. EST, which will be broadcast live over the Internet at www.amdpi.com. The call will be hosted by Gregory A. Serrao, Chairman, President and Chief Executive Officer. To access the webcast, participants should visit the Investor Relations section of the website at least fifteen minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available at www.amdpi.com approximately two hours after the call through 6:00 p.m. EST, Thursday, March 5, 2009.
American Dental Partners is one of the nation's leading business partners to dental group practices. The Company is affiliated with 25 dental group practices which have 241 dental facilities with approximately 2,107 operatories located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the possibility that we may not realize the benefits expected from our acquisition and affiliation strategy, economic, regulatory and/or other factors outside the control of the Company, settlements or judgments of pending litigation, which are detailed from time to time in the "Risk Factors" section of the Company's SEC reports, including the annual report on Form 10-K for the year ended December 31, 2007.
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- --------------------
2008 2007 2008 2007
---------- --------- --------- ---------
Net revenue $ 65,110 $ 79,583 $ 291,108 $ 278,755
Operating expenses:
Salaries and benefits 28,448 35,516 125,795 119,411
Lab fees and dental
supplies 9,745 11,979 42,836 43,209
Office occupancy expenses 8,094 9,163 33,878 31,457
Other operating expenses 5,811 6,533 26,017 23,400
General corporate expenses 2,216 3,560 12,366 14,427
Depreciation expense 2,938 2,887 11,054 9,422
Amortization of intangible
assets 2,429 2,401 9,634 7,049
Litigation expense 159 34,560 (30,662) 36,734
---------- --------- --------- ---------
Total operating
expenses 59,840 106,599 230,918 285,109
---------- --------- --------- ---------
Earnings from operations 5,270 (27,016) 60,190 (6,354)
Interest expense, net 2,929 3,227 10,193 5,253
Minority interest 203 41 634 390
---------- --------- --------- ---------
Earnings before income taxes 2,138 (30,284) 49,363 (11,997)
Income taxes 828 (11,460) 19,245 (4,281)
---------- --------- --------- ---------
Net earnings $ 1,310 $ (18,824) $ 30,118 $ (7,716)
========== ========= ========= =========
Net earnings per common share:
Basic $ 0.10 $ (1.47) $ 2.34 $ (0.61)
========== ========= ========= =========
Diluted $ 0.10 $ (1.47) $ 2.29 $ (0.61)
========== ========= ========= =========
Weighted average common shares
outstanding:
Basic 12,902 12,812 12,876 12,681
========== ========= ========= =========
Diluted 13,057 12,812 13,150 12,681
========== ========= ========= =========
AMERICAN DENTAL PARTNERS, INC.
FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
December 31, December 31,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,626 $ 6,376
Accounts receivable, net 25,875 23,621
Other current assets 11,385 25,261
------------ ------------
Total current assets 43,886 55,258
------------ ------------
Property and equipment, net 54,542 60,445
------------ ------------
Other non-current assets:
Goodwill 76,122 70,602
Intangible assets, net 175,527 179,969
Other assets 3,149 2,232
------------ ------------
Total non-current assets 254,798 252,803
------------ ------------
Total assets $ 353,226 $ 368,506
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 30,818 $ 40,524
Accrued litigation expense - 30,968
Other current liabilities 20 3,475
Current maturities of debt 196 188
------------ ------------
Total current liabilities 31,034 75,155
------------ ------------
Non-current liabilities:
Long-term debt 131,441 140,986
Other liabilities 43,669 36,568
------------ ------------
Total non-current liabilities 175,110 177,554
------------ ------------
Total liabilities 206,144 252,709
------------ ------------
Minority Interest 584 894
Commitments and contingencies
Stockholders' equity 146,498 114,903
------------ ------------
Total liabilities and stockholders'
equity $ 353,226 $ 368,506
============ ============
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Pro forma consolidated statement of income
for the three months ended December 31, 2008
Pro Forma Adjustments
-------------------------
Settlement Management
Actual Assets Services Pro Forma
--------- --------- ---------- ---------
Net revenue $ 65,110 $ - $ - $ 65,110
Operating expenses
Salaries and benefits 28,448 - - 28,448
Lab fees and dental
supplies 9,745 - - 9,745
Office occupancy expenses 8,094 - - 8,094
Other operating expenses 5,811 - - 5,811
General corporate
expenses 2,216 - - 2,216
Litigation expenses 159 159 (a) - -
--------- --------- ---------- ---------
EBITDA 10,637 (159) - 10,796
Depreciation 2,938 - - 2,938
Amortization 2,429 - - 2,429
--------- --------- ---------- ---------
Earnings from operations 5,270 (159) - 5,429
Interest expense, net 2,929 - - 2,929
Minority interest 203 - - 203
--------- --------- ---------- ---------
Earnings before income taxes 2,138 (159) - 2,297
Income taxes 828 890
--------- ---------
Net earnings 1,310 1,407
Amortization of service
agreements, net of tax 1,382 1,382
--------- ---------
Cash net earnings (b) $ 2,692 $ 2,789
========= =========
Diluted net earnings per
common share $ 0.10 $ 0.11
========= =========
Diluted cash net earnings per
common share (b) $ 0.21 $ 0.21
========= =========
(a) Includes professional fees associated with the PDG litigation
settlement.
(b) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies,
both in the same industry and other industries, no longer amortize
a significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Pro forma consolidated statement of income
for the three months ended December 31, 2007
Pro Forma Adjustments
-------------------------
Settlement Management
Actual Assets(c) Services(d) Pro Forma
---------- --------- ---------- ----------
Net revenue $ 79,583 $ 9,083 $ 3,079 $ 67,421
Operating expenses
Salaries and benefits 35,516 5,131 506 29,879
Lab fees and dental
supplies 11,979 1,684 - 10,295
Office occupancy
expenses 9,163 1,167 67 7,929
Other operating
expenses 6,533 761 (2) 5,774
General corporate
expenses 3,560 - - 3,560
Litigation expenses 34,560 34,560 (e) - -
---------- --------- ---------- ----------
EBITDA (21,728) (34,220) 2,508 9,984
Depreciation 2,887 340 10 2,537
Amortization 2,401 - - 2,401
---------- --------- ---------- ----------
Earnings from operations (27,016) (34,560) 2,498 5,046
Interest expense, net 3,227 - - 3,227
Minority interest 41 - - 41
---------- --------- ---------- ----------
Earnings before income
taxes (30,284) (34,560) 2,498 1,778
Income taxes (11,460) 726
---------- ----------
Net earnings (18,824) 1,052
Amortization of service
agreements, net of tax 1,570 1,570
---------- ----------
Cash net earnings (f) $ (17,254) $ 2,622
========== ==========
Diluted net earnings per
common share $ (1.47) $ 0.08
========== ==========
Diluted cash net earnings
per common share (f) $ (1.36) $ 0.20
========== ==========
(c) Includes expense reimbursement associated with 25 dental facilities
transferred to PDG as part of litigation settlement.
(d) The Company provided management services pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
portion of service fee revenue and associated expenses for 25 of the
31 dental facilities transferred to PDG.
(e) Includes fair value of the assets transferred to PDG, interim
management fee in excess of fair value, forgiveness of outstanding
accounts receivable and professional fees associated with PDG
litigation.
(f) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both
in the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Pro forma consolidated statement of income
for the twelve months ended December 31, 2008
Pro Forma Adjustments
-------------------------
Settlement Management
Actual Assets(g) Services(h) Pro Forma
--------- --------- ---------- ----------
Net revenue $ 291,108 $ 7,697 $ 10,000 $ 273,411
Operating expenses
Salaries and benefits 125,795 4,717 1,453 119,625
Lab fees and dental
supplies 42,836 1,436 - 41,400
Office occupancy
expenses 33,878 1,092 180 32,606
Other operating
expenses 26,017 135 323 25,559
General corporate
expenses 12,366 - - 12,366
Litigation expenses (30,662) (30,662) (i) - -
--------- --------- ---------- ----------
EBITDA 80,878 30,979 8,044 41,855
Depreciation 11,054 317 42 10,695
Amortization 9,634 - - 9,634
--------- --------- ---------- ----------
Earnings from operations 60,190 30,662 8,002 21,526
Interest expense, net 10,193 - - 10,193
Minority interest 634 - - 634
--------- --------- ---------- ----------
Earnings before income
taxes 49,363 30,662 8,002 10,699
Income taxes 19,245 4,171
--------- ----------
Net earnings 30,118 6,528
Amortization of service
agreements, net of tax 5,456 5,455
--------- ----------
Cash net earnings (j) $ 35,574 $ 11,983
========= ==========
Diluted net earnings per
common share $ 2.29 $ 0.50
========= ==========
Diluted cash net earnings
per common share (j) $ 2.71 $ 0.91
========= ==========
(g) Includes expense reimbursement associated with (i) 25 dental facilities
transferred on February 29, 2008 to PDG as part of litigation
settlement and (ii) the PDG doctors who practiced temporarily in
the six dental facilities retained by the Company.
(h) The Company agreed to provide interim management services to PDG
through September 30, 2008. Includes interim management fee revenue
and expenses associated with providing such services, and salaries
and benefits expense of management staff, including severance, who
have been terminated as a result of realigning the Company's Minnesota
based management team.
(i) Includes gain on disposal of assets of $30,763,000 and insurance
proceeds of $1,002,000 for professional fees associated with the PDG
litigation which were partially reimbursable pursuant to insurance
coverage offset by professional fees and other net expenses associated
with the litigation of $1,103,000.
(j) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization expense
related to its service agreements while many companies, both in the
same industry and other industries, no longer amortize a significant
portion of their intangible assets pursuant to Statement of Financial
Accounting Standards No. 142 - Goodwill and Other Intangible Assets.
The Company believes that cash net earnings and diluted cash net
earnings per share are important financial measures for understanding
its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Pro forma consolidated statement of income
for the twelve months ended December 31, 2007
Pro Forma Adjustments
-------------------------
Settlement Management
Actual Assets(k) Services(l) Pro Forma
--------- --------- ---------- ----------
Net revenue $ 278,755 $ 36,246 $ 12,498 $ 230,011
Operating expenses
Salaries and benefits 119,411 20,316 1,995 97,100
Lab fees and dental
supplies 43,209 6,883 - 36,326
Office occupancy
expenses 31,457 4,611 214 26,632
Other operating
expenses 23,400 3,059 288 20,053
General corporate
expenses 14,427 - - 14,427
Litigation expenses 36,734 36,734 (m) - -
--------- --------- ---------- ----------
EBITDA 10,117 (35,357) 10,001 35,473
Depreciation 9,422 1,377 54 7,991
Amortization 7,049 - - 7,049
--------- --------- ---------- ----------
Earnings from operations (6,354) (36,734) 9,947 20,433
Interest expense, net 5,253 - - 5,253
Minority interest 390 - - 390
--------- --------- ---------- ----------
Earnings before income
taxes (11,997) (36,734) 9,947 14,790
Income taxes (4,281) 5,798
--------- ----------
Net earnings (7,716) 8,992
Amortization of service
agreements, net of tax 4,282 4,282
--------- ----------
Cash net earnings (n) $ (3,434) $ 13,274
========= ==========
Diluted net earnings per
common share $ (0.61) $ 0.68
========= ==========
Diluted cash net earnings
per common share (n) $ (0.27) $ 1.00
========= ==========
(k) Includes expense reimbursement associated with 25 dental facilities
transferred to PDG as part of litigation settlement.
(l) The Company provided management services pursuant to a Service
Agreement with PDG through December 31, 2007. Includes estimated
portion of service fee revenue and associated expenses for 25 of the
31 dental facilities transferred to PDG.
(m) Includes the fair value of the assets transferred to PDG, interim
management fee in excess of fair value, foregiveness of outstanding
accounts receivable and professional fees associated with PDG
litigation.
(n) Cash net earnings and diluted cash net earnings per share are not
measures of financial performance under GAAP. Cash net earnings
excludes amortization expense related to service agreement intangible
assets, net of tax. The Company incurs significant amortization
expense related to its service agreements while many companies, both
in the same industry and other industries, no longer amortize a
significant portion of their intangible assets pursuant to Statement
of Financial Accounting Standards No. 142 - Goodwill and Other
Intangible Assets. The Company believes that cash net earnings and
diluted cash net earnings per share are important financial measures
for understanding its relative financial performance.
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Change in pro forma consolidated statement of income
for the three and twelve months ended December 31, 2008 and 2007
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------------- ---------------------------
Change Change
in Pro in Pro
Pro Forma Pro Forma Forma Pro Forma Pro Forma Forma
2008 2007 Results 2008 2007 Results
--------- --------- ------- --------- --------- -------
Net revenue $ 65,110 $ 67,421 -3% $ 273,411 $ 230,011 19%
Operating expenses
Salaries and
benefits 28,448 29,879 -5% 119,625 97,100 23%
Lab fees and
dental supplies 9,745 10,295 -5% 41,400 36,326 14%
Office occupancy
expenses 8,094 7,929 2% 32,606 26,632 22%
Other operating
expenses 5,811 5,774 1% 25,559 20,053 27%
General corporate
expenses 2,216 3,560 -38% 12,366 14,427 -14%
Litigation
expenses - - 0% - - 0%
--------- --------- ------ --------- --------- ------
EBITDA 10,796 9,984 8% 41,855 35,473 18%
Depreciation 2,938 2,537 16% 10,695 7,991 34%
Amortization 2,429 2,401 1% 9,634 7,049 37%
--------- --------- ------ --------- --------- ------
Earnings from
operations 5,429 5,046 8% 21,526 20,433 5%
Interest expense,
net 2,929 3,227 -9% 10,193 5,253 94%
Minority interest 203 41 395% 634 390 63%
--------- --------- ------ --------- --------- ------
Earnings before
income taxes 2,297 1,778 29% 10,699 14,790 -28%
Income taxes 890 726 23% 4,171 5,798 -28%
--------- --------- ------ --------- --------- ------
Net earnings 1,407 1,052 34% 6,528 8,992 -27%
Amortization of
service agreements,
net of tax 1,382 1,570 -12% 5,455 4,282 27%
--------- --------- ------ --------- --------- ------
Cash net earnings $ 2,789 $ 2,622 6% $ 11,983 $ 13,274 -10%
========= ========= ====== ========= ========= ======
Diluted net
earnings per
common share $ 0.11 $ 0.08 50% $ 0.50 $ 0.68 -26%
========= ========= ====== ========= ========= ======
Diluted cash net
earnings per
common share $ 0.21 $ 0.20 5% $ 0.91 $ 1.00 -9%
========= ========= ====== ========= ========= ======
AMERICAN DENTAL PARTNERS, INC.
SUPPLEMENTAL OPERATING DATA
(in thousands, except per share amounts and selected statistical data)
(unaudited)
Selected statistical data
December 31, December 31, %
2008 2007 Change
------------ ------------ ---------
Number of dental facilities 241 266 -9.4%
Number of operatories (p) 2,107 2,357 -10.6%
Number of affiliated dentists (q) 545 611 -10.8%
(p) An operatory is an area where dental care is performed and generally
contains a dental chair, a hand piece delivery system and other
essential equipment.
(q) Includes full-time equivalent general or specialty dentists employed by
or contracted with the affiliated practices, including Arizona's Tooth
Doctor for Kids.
Patient revenue and same market patient revenue growth (r)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- % ------------------- %
2008 2007 Change 2008 2007 Change
--------- --------- -------- --------- --------- --------
Patient revenue
of affiliated
practices:
Platform
dental
group
practices
affiliated
with us in
both periods
of
comparison $ 96,367 $ 95,793 1% $ 322,318 $ 305,249 6%
Platform
dental
group
practices
that
affiliated
with us
during
periods of
comparison 2,706 22,232 -88% 93,640 113,222 -17%
--------- --------- -------- --------- --------- --------
Total patient
revenue 99,073 118,025 -16% 415,958 418,471 -1%
Patient revenue
of Arizona's
Tooth Doctor
for Kids 5,846 5,180 13% 24,438 22,426 9%
--------- --------- -------- --------- --------- --------
Patient revenue
of platform
dental group
practices
affiliated
with us by
means of
service
agreements 93,227 112,845 -17% 391,520 396,045 -1%
Amounts due to
us under
service
agreements 58,518 73,008 -20% 245,471 251,241 -2%
--------- --------- -------- --------- --------- --------
Amounts
retained by
platform
dental group
practices
affiliated
with us by
means of
service
agreements $ 34,709 $ 39,837 -13% $ 146,049 $ 144,804 1%
========= ========= ======== ========= ========= ========
(r) Includes patient revenue of affiliated dental group practices which
are not consolidated with the Company’s financial results and patient
patient revenue of Arizona's Tooth Doctor for Kids which is
consolidated with the Company's financial results.
Contact:
Contacts:
Gregory A. Serrao
Chairman, President and Chief Executive Officer
781-224-0880
Breht T. Feigh
Executive Vice President, Chief Financial Officer and Treasurer
781-224-0880
American Dental Partners, Inc.
401 Edgewater Place, Suite 430
Wakefield, MA 01880
Phone: 781/224-0880
Fax: 781/224-4216
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