SOURCE: American Dental Partners, Inc.

March 04, 2008 16:51 ET

American Dental Partners Announces 2007 Financial Results, Provides Detail on Accounting for Litigation and Announces Conference Call

WAKEFIELD, MA--(Marketwire - March 4, 2008) - American Dental Partners, Inc. (NASDAQ: ADPI) announced financial results today for the quarter and year ended December 31, 2007. The Company's financial results reflect non-cash charges required by generally accepted accounting principles as a result of the previously announced settlement of the litigation among PDG, P.A., PDHC, Ltd., one of the Company's subsidiaries, and the Company effective February 29, 2008.

Comparing the fourth quarter of 2007 with the fourth quarter of 2006:

--  Net revenue was $79,583,000 as compared to $54,931,000, an increase of
    45%.
--  Earnings (losses) from operations were $(27,016,000) as compared to
    $4,930,000.  Excluding expenses related to the PDG litigation (discussed
    below), earnings from operations were $7,544,000 as compared to $5,527,000,
    an increase of 36%.
--  Net earnings (losses) were $(18,824,000) as compared to $2,746,000.
    Excluding expenses related to the PDG litigation and deferred financing
    costs (discussed below), net earnings were $3,056,000 as compared to
    $3,117,000, a decrease of 2%.
--  Diluted net earnings (losses) per share were $(1.41) as compared to
    $0.21.  Excluding expenses related to the PDG litigation and deferred
    financing costs (discussed below), diluted net earnings per share were
    $0.23 as compared to $0.24, a decrease of 4%.
--  Diluted cash net earnings (losses) per share were $(1.31) as compared
    to $0.28.  Excluding expenses related to the PDG litigation and deferred
    financing costs (discussed below), diluted cash net earnings per share were
    $0.33 as compared to $0.30, an increase of 10%.
    

Comparing the twelve months of 2007 with the same period in 2006:

--  Net revenue was $278,755,000 as compared to $217,917,000, an increase
    of 28%.
--  Earnings (losses) from operations were $(6,354,000) as compared to
    $20,182,000.  Excluding expenses related to the PDG litigation (discussed
    below), earnings from operations were $30,380,000 as compared to
    $21,752,000, an increase of 40%.
--  Net earnings (losses) were $(7,716,000) as compared to $11,134,000.
    Excluding expenses related to the PDG litigation and deferred financing
    costs (discussed below), net earnings were $15,506,000 as compared to
    $12,089,000, an increase of 28%.
--  Diluted net earnings (losses) per share were $(0.58) as compared to
    $0.86.  Excluding expenses related to the PDG litigation and deferred
    financing costs (discussed below), diluted net earnings per share were
    $1.16 as compared to $0.94, an increase of 23%.
--  Diluted cash net earnings (losses) per share were $(0.26) as compared
    to $1.11.  Excluding expenses related to the PDG litigation and deferred
    financing costs (discussed below), diluted cash net earnings per share were
    $1.47 as compared to $1.19, an increase of 24%.
    

PDG Litigation Accounting - 2007 Impact

Pursuant to Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, the Company recognized non-cash litigation settlement expense of $30,968,000 in the quarter comprised of $39,968,000 as the estimated fair value of the assets transferred to PDG in the settlement offset by $9,000,000 of the $19,000,000 due to the Company under the transition services agreement which is deemed to be the amount in excess of the fair market value of the services to be provided under the transition services agreement. The Company also recognized professional fees associated with the litigation of $1,557,000 and $3,731,000 for the quarter and year ended December 31, 2007, respectively, as compared to $597,000 and $1,570,000 for the quarter and year ended December 31, 2006, respectively.

Pursuant to Emerging Issues Task Force Issue No. 98-14, Debtor's Accounting for Changes in Line-of-Credit or Revolving-Debt Arrangements, as a result of the previously announced forbearance agreements with its lenders, the Company was required to expense $851,000 of previously capitalized deferred financing costs.

Pro forma disclosures of these expenses are included in the Supplemental Operating Data of this press release.

PDG Litigation Accounting - Expected 2008 Impact

Pursuant to Statement of Financial Accounting Standards No. 144 ("SFAS 144"), Accounting for the Impairment or Disposal of Long-Lived Assets, the Company will recognize the transfer of the assets to PDG in the first quarter of 2008. The fair value of the assets transferred to PDG as part of the litigation settlement is in excess of the book value of the assets. At December 31, 2007, the book value of the assets transferred to PDG was approximately $7,300,000. As a result, the Company will recognize a gain of approximately $32,000,000 which will be adjusted for the book value of the assets transferred on February 29, 2008. The Company will recognize net revenue of $10,000,000 for the transition management services to be provided to PDG over the period from January 1, 2008 to September 30, 2008. Pursuant to SFAS 144, the Company has tested and determined, based on the six dental facilities and service agreement it has entered into with the doctor group in these locations, that the intangible asset related to service agreements of $3,466,000 as of December 31, 2007 is recoverable and therefore no impairment expense is necessary.

Operating Information - Quarter and Year 2007

Patient revenue of the Company's affiliated dental group practices increased 38% to $118,025,000 for the quarter, which includes $112,845,000 from dental group practices which are affiliated with the Company by means of service agreements and $5,180,000 from Arizona's Tooth Doctor for Kids. Same market patient revenue growth was 11% for the quarter. Patient revenue of the Company's affiliated dental group practices increased 24% to $418,471,000 for the year, which includes $396,045,000 from dental group practices which are affiliated with the Company by means of service agreements and $22,426,000 from Arizona's Tooth Doctor for Kids. Same market patient revenue growth was 10% for the year.

Cash flow from operations was $5,982,000 for the quarter and $25,574,000 for the year. Capital expenditures were $3,987,000 for the quarter and $11,276,000 for the year. The Company completed two de novo facilities and expanded and/or relocated four dental facilities during the quarter. During the year, the Company completed five de novo facilities and expanded and/or relocated 16 dental facilities.

Amounts paid for acquisitions and affiliations, including affiliation costs and deferred and contingent payments, were $1,094,000 for the quarter and $121,576,000 for the year. During the quarter, the Company completed two in-market affiliations, which were combined with an existing platform affiliated practice in Texas. During the year, the Company completed four platform affiliations and ten in-market affiliations which were combined with existing platform affiliated practices in Maryland, Missouri, New York, Texas and Wisconsin. Affiliations and acquisitions completed during 2007 generated approximately $36,000,000 of patient revenue from date of affiliation and generate patient revenue of approximately $109,000,000 on an annualized basis.

For the year ended December 31, 2007, the former Park Dental business, comprising 31 dental facilities, generated approximately $89,000,000 in patient revenue and generated approximately $64,000,000 of net revenue, $15,000,000 of earnings before interest, taxes, depreciation and amortization and $13,000,000 of earnings from operations to the Company. As part of the settlement of the PDG litigation, the Company transferred 25 of 31 dental facilities to PDG and retained six of the dental facilities as well as its Minneapolis-based management team.

Operating Information - 2008 Expectations

As part of the settlement of litigation with PDG, the Company has entered into a transition services agreement with PDG in which PDG will pay the Company $19,000,000 for continuing interim management services through September 30, 2008. Of this amount, $10,000,000 will be recognized as net revenue in 2008 from January to September 2008. The remainder was recognized in the fourth quarter of 2007 as an offset to the non-cash settlement charge. PDG is obligated to pay this transition management services fee in 12 equal monthly installments in 2008 irrespective of whether it utilizes such services.

The Company's amended revolving credit facility and term loan became effective concurrent with settlement of the PDG litigation, and as a result, the Company has a $75,000,000 revolving credit facility with $46,374,000 drawn, including outstanding letters of credit, at March 4, 2008 and a $100,000,000 term loan, both of which will mature in June 2009. The amended facilities permit the Company to borrow up to $15,000,000 annually for capital expenditures, $15,000,000 annually for acquisitions and up to $13,000,000 for earnout and contingent payments on previously completed acquisitions, subject to various covenant limitations.

The Company anticipates that cash flow from operations and borrowing availability under its revolving credit facility will provide sufficient capital to continue reinvestment in its affiliated dental groups in 2008. The Company expects capital expenditures of approximately $10,000,000 for the year which will include eight de novo and relocated dental facilities. While the Company does not expect affiliation activities to be at the level experienced in 2007, its pipeline of potential affiliations remains active. Implementation of the Company's proprietary practice management system, Improvis, will continue in 2008. At year end 2007, 93 of its dental facilities were operational on Improvis, and the Company expects to implement Improvis at up to an additional 100 dental facilities in 2008.

A conference call will be held on Wednesday, March 5, 2008 at 1:00 p.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. The webcast will be available on the website for seven days.

Cash net earnings and pro forma adjustments for litigation contingencies and debtor accounting 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. Management believes these non-GAAP financial measures are useful to an investor in assessing the Company's on-going operations.

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 2,101 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, 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, 2006.

                      AMERICAN DENTAL PARTNERS, INC.

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

                                 Three Months Ended   Twelve Months Ended
                                    December 31,          December 31,
                                --------------------  --------------------
                                  2007       2006       2007       2006
                                ---------  ---------- ---------  ----------

Net revenue                     $  79,583  $   54,931 $ 278,755  $  217,917
Operating expenses:
     Salaries and benefits         35,516      23,460   119,411      91,282
     Lab fees and dental
      supplies                     11,979       8,455    43,209      35,066
     Office occupancy expenses      9,163       6,663    31,457      26,404
     Other operating expenses       6,533       4,703    23,400      19,084
     General corporate expenses(1)  3,560       2,724    14,427      11,126
     Depreciation expense           2,887       2,030     9,422       7,845
     Amortization of intangible
      assets                        2,401       1,369     7,049       5,358
     Litigation expense(1)         34,560         597    36,734       1,570
                                ---------  ---------- ---------  ----------
          Total operating
           expenses               106,599      50,001   285,109     197,735
                                ---------  ---------- ---------  ----------
Earnings from operations          (27,016)      4,930    (6,354)     20,182
     Interest expense, net          3,227         445     5,253       1,848
     Minority interest                 41          54       390          54
                                ---------  ---------- ---------  ----------
Earnings before income taxes      (30,284)      4,431   (11,997)     18,280
     Income taxes                 (11,460)      1,685    (4,281)      7,146
                                ---------  ---------- ---------  ----------
Net earnings                    $ (18,824) $    2,746 $  (7,716) $   11,134
                                =========  ========== =========  ==========

Net earnings per common share:
     Basic                      $   (1.47) $     0.22 $   (0.61) $     0.91
                                =========  ========== =========  ==========
     Diluted                    $   (1.41) $     0.21 $   (0.58) $     0.86
                                =========  ========== =========  ==========
Weighted average common shares
 outstanding:
     Basic                         12,812      12,345    12,681      12,301
                                =========  ========== =========  ==========
     Diluted                       13,337      13,022    13,312      12,916
                                =========  ========== =========  ==========



                      AMERICAN DENTAL PARTNERS, INC.

                           FINANCIAL HIGHLIGHTS
                              (in thousands)
                                (unaudited)

                                                  December 31, December 31,
                                                      2007         2006
                                                  ------------ ------------
ASSETS
Current assets:
     Cash and cash equivalents                    $      6,376 $      1,386
     Accounts receivable, net (2)                       23,621       16,939
     Other current assets                               22,284        6,860
                                                  ------------ ------------
          Total current assets                          52,281       25,185
                                                  ------------ ------------

Property and equipment, net                             60,445       46,460
                                                  ------------ ------------
Other non-current assets:
     Goodwill                                           70,602       23,091
     Intangible assets, net                            179,969      101,113
     Other assets                                        3,845          537
                                                  ------------ ------------
          Total non-current assets                     254,416      124,741
                                                  ------------ ------------
          Total assets                            $    367,142 $    196,386
                                                  ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Accounts payable and accrued expenses (2)    $     40,524 $     29,917
     Accrued litigation expense                         30,968            -
     Other current liabilities                              63            -
     Current maturities of debt                            188           81
                                                  ------------ ------------
          Total current liabilities                     71,743       29,998
                                                  ------------ ------------
Non-current liabilities:
     Long-term debt                                    140,986       33,807
     Other liabilities                                  38,616       16,216
                                                  ------------ ------------
          Total non-current liabilities                179,602       50,023
                                                  ------------ ------------
          Total liabilities                            251,345       80,021
                                                  ------------ ------------

Minority Interest                                          894           54

Commitments and contingencies
Stockholders' equity                                   114,903      116,311
                                                  ------------ ------------
          Total liabilities and stockholders'
           equity                                 $    367,142 $    196,386
                                                  ============ ============





                      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 and 2006

                                      Three Months Ended December 31,
                                ------------------------------------------
                                           Pro forma   Pro forma
                                  2007   adjustments*     2007       2006
                                ---------  ---------  ---------- ----------

Net revenue                     $  79,583  $       -  $   79,583 $   54,931
Operating expenses:
     Salaries and benefits         35,516          -      35,516     23,460
     Lab fees and dental supplies  11,979          -      11,979      8,455
     Office occupancy expenses      9,163          -       9,163      6,663
     Other operating expenses       6,533          -       6,533      4,703
     General corporate expenses     3,560          -       3,560      2,724
     Depreciation expense           2,887          -       2,887      2,030
     Amortization of intangible
      assets                        2,401          -       2,401      1,369
     Litigation expense            34,560     34,560           -        597
                                ---------  ---------  ---------- ----------
          Total operating
           expenses               106,599     34,560      72,039     50,001
                                ---------  ---------  ---------- ----------
Earnings from operations          (27,016)   (34,560)      7,544      4,930
     Interest expense, net          3,227        851       2,376        445
     Minority interest                 41          -          41         54
                                ---------  ---------  ---------- ----------
Earnings before income taxes      (30,284)   (35,411)      5,127      4,431
     Income taxes                 (11,460)                 2,071      1,685
                                ---------             ---------- ----------
Net earnings                      (18,824)                 3,056      2,746
Amortization of service
 agreements, net of tax             1,370                  1,312        846
                                ---------             ---------- ----------
Cash net earnings               $ (17,454)            $    4,368 $    3,592
                                =========             ========== ==========


Diluted net earnings per common
 share:                         $   (1.41)            $     0.23 $     0.21
                                =========             ========== ==========
Diluted cash net earnings per
 common share:                  $   (1.31)            $     0.33 $     0.28
                                =========             ========== ==========

* Pro forma adjustments include
 the following:
   PDG litigation expenses:
       Estimated fair value of
        assets to be
         transferred                       $  39,968
       Interim management fee
        in excess of fair value               (9,000)
       Forgiveness of outstanding
        accounts receivable                    2,035
       Professional fees
        associated with litigation             1,557
                                           ---------
       Total litigation expense            $  34,560
                                           =========

   Expense of capitalized
    deferred financing costs:              $     851
                                           =========


                                Three Months Ended December 31,
                                ---------------------
                                                      Change in
                                Pro forma   Pro forma pro forma
                              adjustments*    2006     results
                                ---------  ---------- ---------

Net revenue                     $       -  $   54,931        45%
Operating expenses:
     Salaries and benefits              -      23,460        51%
     Lab fees and dental
      supplies                          -       8,455        42%
     Office occupancy expenses          -       6,663        38%
     Other operating expenses           -       4,703        39%
     General corporate expenses         -       2,724        31%
     Depreciation expense               -       2,030        42%
     Amortization of intangible
      assets                            -       1,369        75%
     Litigation expense               597           -         -
                                ---------  ----------
          Total operating
           expenses                   597      49,404        46%
                                ---------  ----------
Earnings from operations             (597)      5,527        36%
     Interest expense, net              -         445       434%
     Minority interest                  -          54       -24%
                                ---------  ----------
Earnings before income taxes         (597)      5,028         2%
     Income taxes                               1,911         8%
                                           ----------
Net earnings                                    3,117        -2%
Amortization of service
 agreements, net of tax                           846        55%
                                           ----------
Cash net earnings                          $    3,963        10%
                                           ==========


Diluted net earnings per common
 share:                                    $     0.24        -4%
                                           ==========
Diluted cash net earnings per
 common share:                             $     0.30        10%
                                           ==========

* Pro forma adjustments include
 the following:
   PDG litigation expenses:
       Estimated fair value of
        assets to be
        transferred             $       -
       Interim management fee
        in excess of fair value         -
       Forgiveness of
        outstanding accounts
        receivable                      -
       Professional fees
        associated with
        litigation                    597
                                ---------
       Total litigation expense $     597
                                =========

   Expense of capitalized
    deferred financing costs:   $       -
                                =========



                      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 and 2006

                                     Twelve Months Ended December 31,
                                ------------------------------------------
                                           Pro forma   Pro forma
                                  2007   adjustments*     2007       2006
                                ---------  ---------  ---------- ----------

Net revenue                     $ 278,755  $       -  $  278,755 $  217,917
Operating expenses:
     Salaries and benefits        119,411          -     119,411     91,282
     Lab fees and dental
      supplies                     43,209          -      43,209     35,066
     Office occupancy expenses     31,457          -      31,457     26,404
     Other operating expenses      23,400          -      23,400     19,084
     General corporate expenses    14,427          -      14,427     11,126
     Depreciation expense           9,422          -       9,422      7,845
     Amortization of intangible
      assets                        7,049          -       7,049      5,358
     Litigation expense            36,734     36,734           -      1,570
                                ---------  ---------  ---------- ----------
          Total operating
           expenses               285,109     36,734     248,375    197,735
                                ---------  ---------  ---------- ----------
Earnings from operations           (6,354)   (36,734)     30,380     20,182
     Interest expense, net          5,253        851       4,402      1,848
     Minority interest                390          -         390         54
                                ---------  ---------  ---------- ----------
Earnings before income taxes      (11,997)   (37,585)     25,588     18,280
     Income taxes                  (4,281)                10,082      7,146
                                ---------             ---------- ----------
Net earnings                       (7,716)                15,506     11,134
Amortization of service
 agreements, net of tax             4,280                  4,034      3,255
                                ---------             ---------- ----------
Cash net earnings               $  (3,436)            $   19,540 $   14,389
                                =========             ========== ==========


Diluted net earnings per common
 share:                         $   (0.58)            $     1.16 $     0.86
                                =========             ========== ==========
Diluted cash net earnings per
 common share:                  $   (0.26)            $     1.47 $     1.11
                                =========             ========== ==========


* Pro forma adjustments include
 the following:
   PDG litigation expenses:
       Estimated fair value of
        assets to be
        transferred                        $  39,968
       Interim management fee
        in excess of fair value               (9,000)
       Forgiveness of outstanding
        accounts receivable                    2,035
       Professional fees
        associated with
        litigation                             3,731
                                           ---------
       Total litigation expense            $  36,734
                                           =========

   Expense of capitalized
    deferred financing costs:              $     851
                                           =========


                                Twelve Months Ended December 31,
                                ---------------------
                                                      Change in
                                Pro forma   Pro forma pro forma
                              adjustments*    2006     results
                                ---------  ---------- ---------

Net revenue                     $       -  $  217,917        28%
Operating expenses:
     Salaries and benefits              -      91,282        31%
     Lab fees and dental supplies       -      35,066        23%
     Office occupancy expenses          -      26,404        19%
     Other operating expenses           -      19,084        23%
     General corporate expenses         -      11,126        30%
     Depreciation expense               -       7,845        20%
     Amortization of intangible
      assets                            -       5,358        32%
     Litigation expense             1,570           -         -
                                ---------  ----------
          Total operating
           expenses                 1,570     196,165        27%
                                ---------  ----------
Earnings from operations           (1,570)     21,752        40%
     Interest expense, net              -       1,848       138%
     Minority interest                  -          54       622%
                                ---------  ----------
Earnings before income taxes       (1,570)     19,850        29%
     Income taxes                               7,761        30%
                                           ----------
Net earnings                                   12,089        28%
Amortization of service
 agreements, net of tax                         3,255        24%
                                           ----------
Cash net earnings                          $   15,344        27%
                                           ==========


Diluted net earnings per common
 share:                                    $     0.94        23%
                                           ==========
Diluted cash net earnings per
 common share:                             $     1.19        24%
                                           ==========


* Pro forma adjustments include
 the following:
   PDG litigation expenses:
       Estimated fair value of
        assets to be
        transferred             $       -
       Interim management fee
        in excess of fair value         -
       Forgiveness of
        outstanding accounts
        receivable                      -
       Professional fees
        associated with
        litigation                  1,570
                                ---------
       Total litigation expense $   1,570
                                =========

   Expense of capitalized
    deferred financing costs:   $       -
                                =========



                      AMERICAN DENTAL PARTNERS, INC.

                       SUPPLEMENTAL OPERATING DATA
  (in thousands, except per share amounts and selected statistical data)
                               (unaudited)

                        Selected statistical data

                                                       December 31,
                                                 --------------------------
                                                          Pro forma
                                                   2007   2007 (3)   2006
                                                 -------- -------- --------

Number of dental facilities                           266      241      209
Number of operatories (4)                           2,357    2,101    1,944
Number of affiliated dentists (5)                     611      534      470


       Patient revenue and same market patient revenue growth (6)

                         Three Months Ended       Twelve Months Ended
                            December  31,             December 31,
                          -----------------   %    -----------------   %
                            2007     2006   Change    2007     2006  Change
                          -------- -------- -----  -------- -------- -----
Patient revenue of
 affiliated practices:
 Platform dental group
  practices affiliated
  with us in both periods
  of comparison           $ 93,099 $ 83,909    11% $363,508 $331,434    10%
 Platform dental group
  practices that affiliated
  with us during periods
  of comparison             24,926    1,609  1449%   54,963    5,967   821%
                          -------- -------- -----  -------- -------- -----
Total patient revenue      118,025   85,518    38%  418,471  337,401    24%
Patient revenue of
 Arizona's Tooth Doctor
 for Kids                    5,180    1,539   237%   22,426    1,539  1357%
                          -------- -------- -----  -------- -------- -----
Patient revenue of platform
 dental group practices
 affiliated with us by
 means of service
 agreements                112,845   83,979    34%  396,045  335,862    18%
Amounts due to us under
 service agreements         73,008   52,365    39%  251,241  211,877    19%
                          -------- -------- -----  -------- -------- -----
Amounts retained by
 platform dental group
 practices affiliated
 with us by means of
 service agreements       $ 39,837 $ 31,614    26% $144,804 $123,985    17%
                          ======== ======== =====  ======== ======== =====

AMERICAN DENTAL PARTNERS, INC.

SUPPLEMENTAL OPERATING DATA

(1) Professional fees associated with the litigation among PDG, P.A., PDHC, Ltd., one of the Company's subsidiaries, and the Company of $597,000 for the three months ended December 31, 2006 and $1,570,000 for the twelve months ended December 31, 2006, has been reclassified from general corporate expense to litigation expense to conform to the 2007 presentation.

(2) Amounts due to the affiliated practices of $566,000 as of December 31, 2006 has been reclassified from accounts receivable, net to accounts payable to conform to the 2007 presentation.

(3) On February 29, 2008, the Company completed the previously announced settlement agreement with PDG, P.A., related to the litigation among PDG, P.A., PDHC, Ltd., one of the Company's subsidiaries, and the Company. These statistics reflect the assets transferred as part of the settlement.

(4) 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.

(5) Includes full-time equivalent general or specialty dentists employed by or contracted with the affiliated practices, including Arizona's Tooth Doctor for Kids.

(6) 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