SOURCE: American Dental Partners, Inc.

American Dental Partners, Inc.

October 26, 2009 17:02 ET

American Dental Partners Reports Third Quarter and Nine Months 2009 Financial Results

WAKEFIELD, MA--(Marketwire - October 26, 2009) - American Dental Partners, Inc. (NASDAQ: ADPI) announced financial results today for the quarter and nine months ended September 30, 2009.

Comparing actual and adjusted results for the third quarter of 2009 with actual and pro forma results for the third quarter of 2008 (see "Debt Retirement Accounting" and "Litigation Settlement Accounting" for an explanation and "Supplemental Operating Data" tables for a presentation of the adjusted and pro forma results):

--  Net revenue was $67,986,000 for the third quarter 2009 as compared to
    $71,548,000 and pro forma $68,215,000 for the third quarter 2008.
--  Earnings from operations were $5,673,000 for the third quarter 2009 as
    compared to $7,958,000 and pro forma $5,046,000 for the third quarter 2008.
--  Net earnings were $1,399,000 as compared to $3,310,000. Adjusted net
    earnings were $2,030,000 as compared to pro forma $1,534,000.
--  Diluted net earnings per share were $0.10 as compared to $0.25.
    Adjusted diluted net earnings per share were $0.14 as compared to pro forma
    $0.12.
--  Diluted cash net earnings per share were $0.19 as compared to $0.35.
    Adjusted diluted cash net earnings per share were $0.23 as compared to pro
    forma $0.22.
    

Comparing actual and adjusted results for the nine months of 2009 with actual and pro forma results for the nine months of 2008 (see "Debt Retirement Accounting" and "Litigation Settlement Accounting" for an explanation and "Supplemental Operating Data" tables for a presentation of the adjusted and pro forma results):

--  Net revenue was $207,749,000 for the nine months 2009 as compared to
    $225,998,000 and pro forma $208,301,000 for the nine months 2008.
--  Earnings from operations were $19,075,000 for the nine months 2009 as
    compared to $54,920,000 and pro forma $16,097,000 for the nine months 2008.
--  Net earnings were $5,831,000 as compared to $28,808,000. Adjusted net
    earnings were $6,460,000 as compared to pro forma $5,125,000.
--  Diluted net earnings per share were $0.43 as compared to $2.19.
    Adjusted diluted net earnings per share were $0.47 as compared to pro forma
    $0.39.
--  Diluted cash net earnings per share were $0.73 as compared to $2.50.
    Adjusted diluted cash net earnings per share were $0.77 as compared to pro
    forma $0.70.
    

Operating Results

Patient revenue of the Company's affiliated dental group practices was $103,224,000 for the quarter, which includes $96,459,000 from dental group practices which are affiliated with the Company by means of service agreements and $6,765,000 from Arizona's Tooth Doctor for Kids. Same market patient revenue growth was (.7%) for the quarter and (1.3%) excluding in-market affiliations.

Cash flow from operations was $11,452,000 for the quarter and capital expenditures were $1,252,000. The Company completed one de novo facility during the quarter.

The Company recognized $403,000 in stock-based compensation expense, $243,000 net of tax or $0.02 per diluted share, during the quarter as compared to $506,000, $309,000 net of tax or $0.02 per diluted share, for the prior year's same quarter.

Debt Retirement Accounting

As previously announced the Company completed a public offering of common stock and refinanced its indebtedness in August 2009. Net proceeds from the sale of common stock of approximately $29,227,000 were used to retire existing indebtedness, and the Company entered into a new $130,000,000 senior secured credit facility, which includes a $50,000,000 revolving credit facility and an $80,000,000 term loan facility. As a result, included in interest expense, net, for the quarter was $1,043,000 of expenses associated with the retirement of the Company's prior credit facilities, $629,000 net of tax or $0.04 per diluted share. In addition to its 2009 actual results, the Company has provided an adjusted financial presentation to exclude expense items related to the debt retirement.

Litigation Settlement Accounting

The Company's 2008 financial results reflect income and expenses, including non-cash items, required by generally accepted accounting principles associated with the February 29, 2008 settlement of litigation among PDG, P.A. ("PDG"), PDHC, Ltd., one of the Company's subsidiaries, and the Company. In addition to its 2008 actual results, the Company has provided a pro forma financial presentation to exclude the income and expense items related to the litigation settlement.

Cash net earnings, cash earnings from operations, adjusted 2009 financial results and the pro forma 2008 financial results 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 third quarter ended September 30, 2009, the Company will host its previously announced conference call on Tuesday, October 27, 2009 at 9:00 a.m. EDT, 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. EDT, Tuesday, November 3, 2009.

American Dental Partners is one of the nation's leading business partners to dental group practices. The Company is affiliated with 26 dental group practices which have 241 dental facilities with approximately 2,123 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 affect the matters herein described, including but not limited to the Company's risks associated with overall or regional economic conditions, dependence upon affiliated dental practices, contracts its affiliated practices have with third-party payors, government regulation of the dental industry, impact of health care reform, dependence upon service agreements and the impact of any terminations or potential terminations of such contracts, business interruptions, the outcome of pending litigation and the Company's acquisition and affiliation strategy, which are detailed from time to time in the "Risk Factors" section of the Company's filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2008 and quarterly reports on Form 10-Q.

                      AMERICAN DENTAL PARTNERS, INC.

                           FINANCIAL HIGHLIGHTS
                 (in thousands, except per share amounts)
                               (unaudited)

                                 Three Months Ended     Nine Months Ended
                                    September 30,         September 30,
                                --------------------  --------------------
                                   2009      2008        2009      2008
                                ---------- ---------  ---------- ---------

Net revenue                     $   67,986 $  71,548  $  207,749 $ 225,998
Operating expenses:
     Salaries and benefits          28,745    30,491      87,494    97,347
     Lab fees and dental
      supplies                       9,527     9,967      30,141    33,091
     Office occupancy expenses       8,647     8,291      25,688    25,784
     Other operating expenses        6,871     6,726      19,872    20,206
     General corporate expenses      3,546     3,055      10,238    10,150
     Depreciation expense            2,688     2,658       8,103     8,116
     Amortization of intangible
      assets                         2,289     2,409       7,138     7,205
     Litigation settlement
      (gain) expense                     -        (7)          -   (30,821)
                                ---------- ---------  ---------- ---------
          Total operating
           expenses                 62,313    63,590     188,674   171,078
                                ---------- ---------  ---------- ---------
Earnings from operations             5,673     7,958      19,075    54,920
     Interest expense, net           2,981     2,390       8,538     7,264
                                ---------- ---------  ---------- ---------
Earnings before income taxes         2,692     5,568      10,537    47,656
     Income taxes                    1,070     2,118       4,182    18,417
                                ---------- ---------  ---------- ---------
Consolidated net earnings            1,622     3,450       6,355    29,239
     Noncontrolling interest           223       140         524       431
                                ---------- ---------  ---------- ---------
Net earnings                    $    1,399 $   3,310  $    5,831 $  28,808
                                ========== =========  ========== =========

Net earnings per common share:
     Basic                      $     0.10 $    0.26  $     0.44 $    2.24
                                ========== =========  ========== =========
     Diluted                    $     0.10 $    0.25  $     0.43 $    2.19
                                ========== =========  ========== =========
Weighted average common shares
 outstanding:
     Basic                          14,186    12,900      13,361    12,867
                                ========== =========  ========== =========
     Diluted                        14,521    13,230      13,666    13,167
                                ========== =========  ========== =========




                      AMERICAN DENTAL PARTNERS, INC.

                           FINANCIAL HIGHLIGHTS
                              (in thousands)
                                (unaudited)

                                                September 30, December 31,
                                                    2009          2008
                                                ------------- -------------
ASSETS
Current assets:
     Cash and cash equivalents                  $       7,080 $       6,626
     Accounts receivable, net                          20,399        25,875
     Other current assets                              10,012        12,183
                                                ------------- -------------
          Total current assets                         37,491        44,684
                                                ------------- -------------

Property and equipment, net                            50,866        54,542
                                                ------------- -------------
Other non-current assets:
     Goodwill                                          76,122        76,122
     Intangible assets, net                           168,745       175,527
     Other assets                                       8,049         2,378
                                                ------------- -------------
          Total non-current assets                    252,916       254,027
                                                ------------- -------------
          Total assets                          $     341,273 $     353,253
                                                ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Accounts payable and accrued expenses      $      19,030 $      21,383
     Other current liabilities                         11,727         9,517
     Current maturities of debt                         8,183           196
                                                ------------- -------------
          Total current liabilities                    38,940        31,096
                                                ------------- -------------
Non-current liabilities:
     Long-term debt                                    72,194       131,441
     Other liabilities                                 45,474        43,634
                                                ------------- -------------
          Total non-current liabilities               117,668       175,075
                                                ------------- -------------
          Total liabilities                           156,608       206,171
                                                ------------- -------------

Noncontrolling Interest                                 1,288           584

Commitments and contingencies
Stockholders' equity                                  183,377       146,498
                                                ------------- -------------
          Total liabilities and stockholders'
           equity                               $     341,273 $     353,253
                                                ============= =============




                      AMERICAN DENTAL PARTNERS, INC.
                        SUPPLEMENTAL OPERATING DATA
  (in thousands, except per share amounts and selected statistical data)
                               (unaudited)

                Adjusted consolidated statement of income
              for the three months ended September 30, 2009

                                                       Non-GAAP
                                               GAAP      Debt      Adjusted
                                               2009  Adjustments(a)  2009
                                             -------- -----------  --------
Net revenue                                  $ 67,986           -  $ 67,986
Operating Expenses:
   Salaries and benefits                       28,745           -    28,745
   Lab fees and dental supplies                 9,527           -     9,527
   Office occupancy expenses                    8,647           -     8,647
   Other operating expenses                     6,871           -     6,871
   General corporate expenses                   3,546           -     3,546
   Depreciation                                 2,688           -     2,688
   Amortization                                 2,289           -     2,289
   Litigation settlement (income)                   -           -         -
                                             -------- -----------  --------
          Total operating expenses             62,313           -    62,313
                                             -------- -----------  --------
Earnings from operations                        5,673           -     5,673
   Interest expense, net                        2,981       1,043     1,938
                                             -------- -----------  --------
Earnings before income taxes                    2,692      (1,043)    3,735
   Income taxes                                 1,070                 1,483
                                             --------              --------
Consolidated net earnings                       1,622                 2,252
   Noncontrolling interest                        223                   223
                                             --------              --------
Net earnings                                    1,399                 2,029
Amortization of service agreements, net of
 tax                                            1,373                 1,373
                                             --------              --------
Cash net earnings (b)                        $  2,772              $  3,402
                                             ========              ========

Diluted net earnings per common share        $   0.10              $   0.14
                                             ========              ========
Diluted cash net earnings per common share
 (b)                                         $   0.19              $   0.23
                                             ========              ========

(a)  Includes expenses associated with the retirement of the Company's
     $75,000,000 revolving credit facility and $100,000,000 term loan.

(b)  Cash net earnings and diluted cast 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 September 30, 2008

                                        Pro Forma Adjustments
                                     ----------------------------
                                     Settlement       Management  Pro Forma
                            Actual     Assets         Services(c)    2008
                           --------  -----------      ----------- ---------

Net revenue                $ 71,548            -      $     3,333 $  68,215
Operating expenses
   Salaries and benefits     30,491            -              246    30,245
   Lab fees and dental
    supplies                  9,967            -                -     9,967
   Office occupancy
    expenses                  8,291            -               60     8,231
   Other operating
    expenses                  6,726            -              108     6,618
   General corporate
    expenses                  3,055            -                -     3,055
   Litigation expenses           (7)          (7)(d)            -         -
                           --------  -----------      ----------- ---------
EBITDA                       13,025            7            2,919    10,099
   Depreciation               2,658            -               14     2,644
   Amortization               2,409            -                -     2,409
                           --------  -----------      ----------- ---------
Earnings from operations      7,958            7            2,905     5,046
   Interest expense, net      2,390            -                -     2,390
                           --------  -----------      ----------- ---------
Earnings before income
 taxes                        5,568            7            2,905     2,656
   Income taxes               2,118                                     982
                           --------                               ---------
Consolidated earnings         3,450                                   1,674
   Noncontrolling interest      140                                     140
                           --------                               ---------
Net earnings                  3,310                                   1,534
Amortization of service
 agreements, net of tax       1,364                                   1,364
                           --------                               ---------
Cash net earnings (e)      $  4,674                               $   2,898
                           ========                               =========

Diluted net earnings per
 common share              $   0.25                               $    0.12
                           ========                               =========
Diluted cash net earnings
 per common share (e)      $   0.35                               $    0.22
                           ========                               =========

(c) 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.
(d) Includes miscellaneous income and expenses, including professional
    fees associated with the PDG litigation settlement.
(e) 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)

                Adjusted consolidated statement of income
               for the nine months ended September 30, 2009

                                                      Non-GAAP
                                             GAAP       Debt       Adjusted
                                             2009   Adjustments(f)   2009
                                           --------- -----------  ---------
Net revenue                                $ 207,749           -  $ 207,749
Operating expenses:
   Salaries and benefits                      87,494           -     87,494
   Lab fees and dental supplies               30,141           -     30,141
   Office occupancy expenses                  25,688           -     25,688
   Other operating expenses                   19,872           -     19,872
   General corporate expenses                 10,238           -     10,238
   Depreciation                                8,103           -      8,103
   Amortization                                7,138           -      7,138
                                           --------- -----------  ---------
          Total operating expenses           188,674           -    188,674
                                           --------- -----------  ---------
Earnings from operations                      19,075           -     19,075
   Interest expense, net                       8,538       1,043      7,495
                                           --------- -----------  ---------
Earnings before income taxes                  10,537      (1,043)    11,580
   Income taxes                                4,182                  4,595
                                           ---------              ---------
Consolidated net earnings                      6,355                  6,985
   Noncontrolling interest                       524                    524
                                           ---------              ---------
Net earnings                                   5,831                  6,461
Amortization of service agreements, net of
 tax                                           4,116                  4,116
                                           ---------              ---------
Cash net earnings (g)                      $   9,947              $  10,577
                                           =========              =========

Diluted net earnings per common share      $    0.43              $    0.47
                                           =========              =========
Diluted cash net earnings per common share
 (g)                                       $    0.73              $    0.77
                                           =========              =========

(f)  Includes expenses associated with the retirement of the Company's
     $75,000,000 revolving credit facility and $100,000,000 term loan.
(g)  Cash net earnings and diluted cast 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 nine months ended September 30, 2008

                                         Pro Forma Adjustments
                                       -------------------------
                                       Settlement     Management  Pro Forma
                              Actual   Assets (h)     Services(i)   2008
                            ---------  ---------      ---------- ----------

Net revenue                 $ 225,998  $   7,697      $   10,000 $  208,301
Operating expenses
   Salaries and benefits       97,347      4,717           1,453     91,177
   Lab fees and dental
    supplies                   33,091      1,436               -     31,655
   Office occupancy
    expenses                   25,784      1,092             180     24,512
   Other operating expenses    20,206        135             323     19,748
   General corporate
    expenses                   10,150          -               -     10,150
   Litigation expenses        (30,821)   (30,821)(j)           -          -
                            ---------  ---------      ---------- ----------
EBITDA                         70,241     31,138           8,044     31,059
   Depreciation                 8,116        317              42      7,757
   Amortization                 7,205          -               -      7,205
                            ---------  ---------      ---------- ----------
Earnings from operations       54,920     30,821           8,002     16,097
   Interest expense, net        7,264          -               -      7,264
                            ---------  ---------      ---------- ----------
Earnings before income
 taxes                         47,656     30,821           8,002      8,833
   Income taxes                18,417                                 3,277
                            ---------                            ----------
Consolidated earnings          29,239                                 5,556
   Noncontrolling interest        431                                   431
                            ---------                            ----------
Net earnings                   28,808                                 5,125
Amortization of service
 agreements, net of tax         4,079                                 4,079
                            ---------                            ----------
Cash net earnings (k)       $  32,887                            $    9,204
                            =========                            ==========

Diluted net earnings per
 common share               $    2.19                            $     0.39
                            =========                            ==========
Diluted cash net earnings
 per common share (k)       $    2.50                            $     0.70
                            =========                            ==========

(h) 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.

(i) The Company agreed to provide interim management services to PDG
    through September 30, 2008.  Includes interim management fee revenue,
    expenses associated with providing such services, and salaries and
    benefits expense of management staff, including severance, who were
    terminated as a result of realigning the Company's Minnesota-based
    management team.

(j) 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 expenses associated
    with the litigation of $951,000.

(k) 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 consolidated statement of income
      for the three and nine months ended September 30, 2009 and 2008

                          Three Months Ended         Nine Months Ended
                             September 30,             September 30,
                        -----------------------  -------------------------
                        Adjusted Pro Forma        Adjusted Pro Forma
                          2009     2008   Change    2009     2008    Change
                        -------- -------- -----  --------- --------- -----

Net revenue             $ 67,986 $ 68,215     0% $ 207,749 $ 208,301     0%
Operating expenses
   Salaries and benefits  28,745   30,245    -5%    87,494    91,177    -4%
   Lab fees and dental
    supplies               9,527    9,967    -4%    30,141    31,655    -5%
   Office occupancy
    expenses               8,647    8,231     5%    25,688    24,512     5%
   Other operating
    expenses               6,871    6,618     4%    19,872    19,748     1%
   General corporate
    expenses               3,546    3,055    16%    10,238    10,150     1%
                        -------- -------- -----  --------- --------- -----
EBITDA                    10,650   10,099     5%    34,316    31,059    10%
   Depreciation            2,688    2,644     2%     8,103     7,757     4%
   Amortization            2,289    2,409    -5%     7,138     7,205    -1%
                        -------- -------- -----  --------- --------- -----
Earnings from operations   5,673    5,046    12%    19,075    16,097    19%
   Interest expense,
    net                    1,938    2,390   -19%     7,495     7,264     3%
                        -------- -------- -----  --------- --------- -----
Earnings before income
 taxes                     3,735    2,656    41%    11,580     8,833    31%
   Income taxes            1,483      982    51%     4,595     3,277    40%
                        -------- -------- -----  --------- --------- -----
Consolidated net
 earnings                  2,252    1,674    35%     6,985     5,556    26%
   Noncontrolling
    interest                 223      140    59%       524       431    22%
                        -------- -------- -----  --------- --------- -----
Net earnings               2,029    1,534    32%     6,461     5,125    26%
Amortization of service
 agreements, net of tax    1,373    1,364     1%     4,116     4,079     1%
                        -------- -------- -----  --------- --------- -----
Cash net earnings       $  3,402 $  2,898    17% $  10,577 $   9,204    15%
                        ======== ======== =====  ========= ========= =====

Diluted net earnings
 per common share       $   0.14 $   0.12    16% $    0.47 $    0.39    21%
                        ======== ======== =====  ========= ========= =====
Diluted cash net
 earnings per common
 share                  $   0.23 $   0.22     6% $    0.77 $    0.70    11%
                        ======== ======== =====  ========= ========= =====





                       AMERICAN DENTAL PARTNERS, INC.
                        SUPPLEMENTAL OPERATING DATA
  (in thousands, except per share amounts and selected statistical data)
                                (unaudited)


                         Selected statistical data


                                       September 30, September 30,
                                           2009          2008
                                       ------------- -------------

Number of dental facilities                      241           244
Number of operatories (l)                      2,123         2,115
Number of affiliated dentists (m)                542           551

(l) 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.
(m) 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 (n)


                         Three Months Ended        Nine Months Ended
                            September 30,            September 30,
                          -----------------   %    -----------------   %
                            2009     2008   Change   2009     2008   Change
                          -------- -------- -----  -------- -------- -----
Patient revenue of
 affiliated practices:
     Platform dental
      group practices
      affiliated with
      us in both periods
      of comparison       $102,865 $103,560  -0.7% $315,050 $315,904  -0.3%
     Platform dental
      group practices
      that affiliated
      with us during
      periods of comparison    359        - 100.0%    1,978      981 101.6%
                          -------- -------- -----  -------- -------- -----
Total patient revenue      103,224  103,560  -0.3%  317,028  316,885   0.0%
Patient revenue of
 Arizona's Tooth Doctor
 for Kids                    6,765    6,427   5.3%   19,163   18,592   3.1%
                          -------- -------- -----  -------- -------- -----
Patient revenue of platform
 dental group practices
 affiliated with us by
 means of service
 agreements                 96,459   97,133  -0.7%  297,865  298,293  -0.1%
Amounts due to us under
 service agreements         60,652   60,979  -0.5%  186,621  186,805  -0.1%
                          -------- -------- -----  -------- -------- -----
Amounts retained by platform
 dental group practices
 affiliated with us by
 means of service
 agreements               $ 35,807 $ 36,154  -1.0% $111,244 $111,488  -0.2%
                          ======== ======== =====  ======== ======== =====

(n) Includes patient revenue of affiliated dental group practices which
    are not consolidated with the Company's financial results and patient
    revenue of Arizona's Tooth Doctor for Kids which is consolidated with
    the Company's financial results.

Contact Information

  • 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