|
|
December
31, |
| (in
thousands, except share data) |
|
2000 |
|
1999 |
 |
| Assets |
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
| Cash
and cash equivalents |
|
$ |
4,690 |
|
|
$ |
5,822 |
|
| Investments |
|
|
999 |
|
|
|
983 |
|
| Service
fees receivable, net of allowance for uncollectible |
|
|
|
|
|
|
|
|
| amounts
of $2,598 in 2000 and $9,644 in 1999 |
|
|
35,350 |
|
|
|
87,563 |
|
| Advances
to orthodontic entities |
|
|
7,644 |
|
|
|
7,944 |
|
| Deferred
income taxes |
|
|
1,978 |
|
|
|
4,455 |
|
| Supplies
inventory |
|
|
7,306 |
|
|
|
8,195 |
|
| Prepaid
expenses and other assets |
|
|
3,782 |
|
|
|
1,920 |
|
|
| Total
current assets |
|
|
61,749 |
|
|
|
116,882 |
|
| Property,
equipment and improvements, net |
|
|
76,686 |
|
|
|
64,566 |
|
| Advances
to orthodontic entities, less current portion |
|
|
9,057 |
|
|
|
12,586 |
|
| Deferred
income taxes |
|
|
24,030 |
|
|
|
— |
|
| Intangible
assets |
|
|
194,544 |
|
|
|
167,348 |
|
| Other
assets |
|
|
1,881 |
|
|
|
1,434 |
|
|
| Total
other assets |
|
|
306,198 |
|
|
|
245,934 |
|
|
| Total
assets |
|
$ |
367,947 |
|
|
$ |
362,816 |
|
|
| |
|
|
|
|
|
|
|
|
| Liabilities
and Shareholders’ Equity |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
| Accounts
payable |
|
$ |
7,855 |
|
|
$ |
2,104 |
|
| Accrued
salaries and other accrued liabilities |
|
|
4,054 |
|
|
|
3,647 |
|
| Deferred
revenue |
|
|
2,516 |
|
|
|
— |
|
| Income
taxes payable |
|
|
2,913 |
|
|
|
935 |
|
| Amounts
payable to orthodontic entities |
|
|
2,412 |
|
|
|
1,900 |
|
| Current
portion of notes payable to affiliated orthodontists |
|
|
2,426 |
|
|
|
6,020 |
|
| Total
current liabilities |
|
|
22,176 |
|
|
|
14,606 |
|
| Notes
payable to affiliated orthodontists, less current portion |
|
|
— |
|
|
|
2,141 |
|
| Long-term
debt, less current portion |
|
|
58,575 |
|
|
|
50,632 |
|
| Deferred
income taxes |
|
|
— |
|
|
|
16,910 |
|
| Shareholders’
equity: |
|
|
|
|
|
|
|
|
| Preferred
stock, $.01 par value; 10,000,000 shares |
|
|
|
|
|
|
|
|
| authorized,
no shares outstanding |
|
|
— |
|
|
|
— |
|
| Common
stock, $.01 par value; 100,000,000 shares authorized |
|
|
|
|
|
|
|
|
| at
December 31, 2000 and 1999; 48,600,000 and 48,066,000 shares |
|
|
|
|
|
|
|
|
| issued
and outstanding at December 31, 2000 and 1999, respectively |
|
|
487 |
|
|
|
481 |
|
| Additional
paid-in capital |
|
|
168,661 |
|
|
|
161,465 |
|
| Retained
earnings |
|
|
121,581 |
|
|
|
124,435 |
|
| Accumulated
other comprehensive income |
|
|
(127 |
) |
|
|
— |
|
| Due
from key employees for stock purchase program |
|
|
(1,604 |
) |
|
|
(5,236 |
) |
| Capital
contributions receivable from shareholders |
|
|
(1,802 |
) |
|
|
(2,618 |
) |
|
| Total
shareholders’ equity |
|
|
287,196 |
|
|
|
278,527 |
|
|
| Total
liabilities and shareholders’ equity |
|
$ |
367,947 |
|
|
$ |
362,816 |
|
|
| |
|
|
|
|
|
|
|
|
| See
accompanying notes. |
|
|
|
|
|
|
|
|
|
