|
|
December
31, |
| (in
thousands, except share amounts) |
|
2001 |
|
2000 |
 |
| Assets |
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
| Cash
and cash equivalents |
|
$ |
14,172 |
|
|
$ |
4,690 |
|
| Investments |
|
|
— |
|
|
|
999 |
|
| Service
fees receivable, net of allowance for uncollectible |
|
|
|
|
|
|
|
|
| amounts
of $3,852 in 2001 and $2,598 in 2000 |
|
|
58,610 |
|
|
|
35,350 |
|
| Advances
to affiliated practices, net |
|
|
19,379 |
|
|
|
7,644 |
|
| Deferred
income taxes |
|
|
4,374 |
|
|
|
1,978 |
|
| Supplies
inventory |
|
|
8,843 |
|
|
|
7,306 |
|
| Prepaid
expenses and other assets |
|
|
6,963 |
|
|
|
3,782 |
|
 |
| Total
current assets |
|
|
112,341 |
|
|
|
61,749 |
|
| Property,
equipment and improvements, net |
|
|
91,843 |
|
|
|
76,686 |
|
| Advances
to affiliated practices, less current portion, net |
|
|
12,357 |
|
|
|
9,057 |
|
| Deferred
income taxes |
|
|
56,694 |
|
|
|
24,030 |
|
| Intangible
assets, net |
|
|
229,276 |
|
|
|
194,544 |
|
| Goodwill |
|
|
71,782 |
|
|
|
— |
|
| Other
assets |
|
|
6,173 |
|
|
|
1,881 |
|
 |
| Total
other assets |
|
|
468,125 |
|
|
|
306,198 |
|
 |
| Total
Assets |
|
$ |
580,466 |
|
|
$ |
367,947 |
|
 |
| |
|
|
|
|
|
|
|
|
| Liabilities
and Shareholders’ Equity |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
| Accounts
payable |
|
$ |
11,321 |
|
|
$ |
7,855 |
|
| Accrued
salaries and other accrued liabilities |
|
|
18,142 |
|
|
|
4,054 |
|
| Deferred
revenue |
|
|
1,929 |
|
|
|
2,516 |
|
| Income
taxes payable |
|
|
1,363 |
|
|
|
2,913 |
|
| Service
fee prepayments |
|
|
13,976 |
|
|
|
— |
|
| Amounts
payable to affiliated practices |
|
|
9,627 |
|
|
|
2,412 |
|
| Current
portion of notes payable to affiliated practices |
|
|
4,036 |
|
|
|
2,426 |
|
 |
| Total
current liabilities |
|
|
60,394 |
|
|
|
22,176 |
|
| Notes
payable to affiliated practices, less current portion |
|
|
11,564 |
|
|
|
1,112 |
|
| Long-term
debt |
|
|
119,000 |
|
|
|
57,463 |
|
| Non-controlling
interest in subsidiary |
|
|
56 |
|
|
|
— |
|
| 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; |
|
|
|
|
|
|
|
|
| approximately
50,914,000 shares issued and outstanding |
|
|
|
|
|
|
|
|
| at
December 31, 2001 and 48,600,000 shares issued and |
|
|
|
|
|
|
|
|
| outstanding
at December 31, 2000 |
|
|
509 |
|
|
|
487 |
|
| Additional
paid-in capital |
|
|
208,949 |
|
|
|
168,661 |
|
| Retained
earnings |
|
|
182,715 |
|
|
|
121,581 |
|
| Accumulated
other comprehensive loss |
|
|
(1,989 |
) |
|
|
(127 |
) |
| Due
from key employees for stock purchase program |
|
|
(488 |
) |
|
|
(1,604 |
) |
| Capital
contributions receivable from shareholders |
|
|
(244 |
) |
|
|
(1,802 |
) |
 |
| Total
shareholders’ equity |
|
|
389,452 |
|
|
|
287,196 |
|
 |
| Total
Liabilities and Shareholders’ Equity |
|
$ |
580,466 |
|
|
$ |
367,947 |
|
 |
| |
|
|
|
|
|
|
|
|
| See
notes to consolidated financial statements. |
|
|
|
|
|
|
|
|
|