mwfox
17 years ago
News out
American Dental Partners Announces Status of Mediation Related to the PDG Litigation
American Dental Partners, Inc., (NASDAQ: ADPI) announced that the Company and PDG have entered into a Settlement Agreement with respect to the litigation among PDG, P.A., PDHC, Ltd., one of the Company's Minnesota subsidiaries, and the Company filed in the District Court of Minnesota, Fourth Judicial District (the "PDG Litigation"). The Settlement Agreement requires that the parties exercise all reasonable efforts to enter into definitive agreements on or prior to January 11, 2008.
Under the terms of the Settlement Agreement and in settlement and release of the PDG Litigation, the Company will transfer to PDG the leases and associated tangible assets with respect to 25 of 31 Park Dental facilities and various tradenames, including "Park Dental." The Company will retain six of the dental facilities and the resource group office, an administrative team of approximately 35 individuals that supports the Park Dental facilities. The parties have agreed that PDHC will provide interim management services to PDG for a period of up to nine months. PDG will pay PDHC a management fee of $19 million regardless of whether PDG utilizes the management services of PDHC during the nine month period. The Company has also agreed to forgive outstanding accounts receivable due from PDG at December 31, 2007, which at September 30, 2007 were approximately $3 million. Transfer of the facilities and associated assets is expected to occur by February 29, 2008.
Park Dental is expected to generate approximately $88 million in patient revenue and approximately $14.5 million of earnings before interest, taxes, depreciation and amortization in 2007.
The settlement is subject to the approval of the lenders under the Company's secured revolving credit agreement and term loan agreement and the Company and its lenders entering into new or modified agreements on mutually satisfactory terms. There can be no assurance that the Company and its lenders will reach agreement on mutually satisfactory terms of new or modified credit agreements. The parties also have entered into a Standstill Agreement that provides for the dentists employed by PDG and those employed by the Company's new Minnesota affiliate to be practicing in the Park Dental facilities through January 2008 while the Company seeks that approval and modified agreements with its lenders.
"We disagree with the verdict and have considered our legal alternatives, including filing post-trial motions with the Court and potential appeals. However, given the size of the verdict and its direct impact on our financing capabilities, as well as the significant amount of time, effort and money involved in continuing to pursue our legal alternatives and other factors, we believe it is in the best interests of the Company, our other affiliated dental groups, our shareholders, our employees and the patients of the Park Dental facilities to settle these matters expeditiously," stated Gregory A. Serrao, Chairman, Chief Executive Officer and President of the Company.
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 261 dental facilities with approximately 2,301 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.
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
thepennyking
24 years ago
I thought you guys might find this story interesting.
------------------------- Article -------------------------
Wednesday, April 11, 2001 08:48 AM
<!--TEXT-->
( BW)(AZ-E-DENTIST.COM)(EDT) e-dentist Projects Better-Than-Expected
Earnings
for Fourth Quarter Ended March 31, 2001; Company Continues to
Strengthen
Management Team to Meet Future Growth Potential
Business Editors/Health & Medical Writers
PHOENIX--(BW HealthWire)--April 11, 2001--e-dentist.com, Inc.
(AMEX:EDT)
announced today that it expects to report earnings for the fourth
quarter ended
March 31, 2001, of $0.03 per basic and diluted share, compared with a
net loss
of $0.04 per basic and diluted share for the prior year fourth quarter.
The
Company expects to report fourth quarter and year-end results in June
upon
completion of the Company's year-end audit.
James M. Powers, Jr., D.D.S., president and chief executive officer of
e-dentist, said, "There is a sense of excitement at e-dentist as we
experience
the success of our e-learning products. In addition to earnings
improvements,
other operational growth indicators make us enthusiastic about our
future. We
are working on a robust pipeline of sales leads in the dental industry
with a
sales target for calendar 2001 of $600,000 per sales representative.
Our
e-learning production staff is working on developing e-learning
products
representing a backlog in revenues for April of approximately $100,000.
"Recent adjustments to the overall stock market and the lack of capital
for
private companies offer consolidation opportunities to companies such
as
e-dentist that are already profitable and public. In that regard, we
have
identified several e-learning companies as possible acquisition targets
that
would serve to accelerate our growth in additional verticals beyond
healthcare."
The Company also announced that Ted A. Hernandez had joined the Company
as
director of e-learning operations. Mr. Hernandez has over 15 years of
operational and training experience and has pioneered award-winning
delivery
techniques and processes in the e-learning space. Prior to joining
e-dentist, he
was director of operations for KnowledgeNet, Inc., a private company
providing
Internet-based systems to companies and individuals through innovative
and
comprehensive online training. While with KnowledgeNet, he supervised a
training
staff of over 50, and in the past year he was responsible for the
deployment of
over 100,000 hours of online instructor-led training. Mr. Hernandez
received a
bachelor of science in business and public administration from the
University of
Arizona.
In closing, Dr. Powers added, "We are very fortunate to have an
individual with
Ted's background join our staff. His many years of experience in
training and
managing e-learning training programs will be invaluable as we continue
to
expand our services to all areas of business where our e-learning
solutions can
add value."
About e-dentist
Headquartered in Phoenix, Arizona, e-dentist delivers a dual strategy
that
provides online learning services as well as access to business
services and
products by dentists and their staff. The Company offers a
comprehensive array
of e-learning content development, hosting and delivery services to
dental
vendors and pharmaceuticals companies in the dental industry.
e-dentist's
learning management systems provide its customers and end users access
to
state-of-the-art synchronous and asynchronous content delivery
solutions.
Additionally, the 150,000 dentists across the United States and their
staff have
access to e-Learning, Dental Careers, Practice Tools and a Shopping
engine found
at www.e-dentist.com. Since 1998, e-dentist has provided training to
its
affiliated dental offices in 29 states with approximately 140 dentists
in
approximately 100 dental practices. Additionally, its 6,000 Web site
members
have access to a comprehensive array of products and services through
its dental
portal site, which can be found at www.e-dentist.com. You can view a
sample
course or production demonstration by visiting e-dentist's e-learning
page at
www.e-dentist.com/e-learning or their product demonstration page at
www.e-dentist.com/demos.
This press release contains forward-looking statements regarding future
events
and the future performance of e-dentist that involve risks and
uncertainties
that could cause results of operations to differ materially. These
risks
include, but are not limited to, risks associated with affiliations,
fluctuation
in operating results because of affiliations, changes in government
regulations,
competition, growth of existing and new affiliated dental practices and
the
potential need for additional funding. These risks are described in
further
detail in the Company's reports filed with the Securities and Exchange
Commission.
--30--as/na*
CONTACT: e-dentist.com Inc., Phoenix
James M. Powers Jr., D.D.S. or Charles G. Sanders
602/952-1200
KEYWORD: ARIZONA
INDUSTRY KEYWORD: E-COMMERCE INTERNET MEDICAL NETWORKING PHARMACEUTICAL
MANAGEMENT CHANGES Today's News On The Net - Business Wire's full file
on the
Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
2001 Dow Jones & Company, Inc. All Rights Reserved.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
Insider & restricted shareholder transactions reported over the last year
Date Who Shares
Stock Transaction
7-Mar-01 LEVENSON, RONALD M
Senior Vice President, Chief Financial Officer, Treasurer 37,799
ADPI Proposed Sale (Form 144).
Estimated proceeds of $311,842.
1-Jan-01 BROCK, IAN A
Vice President, Financial Planning 1,301
ADPI Initial Direct Holdings Statement
1-Jan-01 EICHNER, KEVIN M
Vice President, Controller 1,386
ADPI Initial Direct Holdings Statement
1-Jan-01 HORTON, ROGER
Vice President, Information Systems 1,917
ADPI Initial Direct Holdings Statement
1-Jan-01 GILL, PAUL
Divisional Officer, Senior Vice President, Regional Operations 1,078
ADPI Initial Direct Holdings Statement
1-Jan-01 VAUGHAN, MICHAEL J
Divisional Officer, Senior Vice President, Regional Operations 0
ADPI Initial Direct Holdings Statement
31-Dec-00 RUFF, JESLEY C
Vice President, Chief Professional Officer 42,362
ADPI Updated Direct Holdings Statement
31-Dec-00 FEIGH, BREHT T
Senior Vice President 12,051
ADPI Updated Direct Holdings Statement
31-Dec-00 SWENSON, PETER G
Vice President, Market Development * 20,425
ADPI Updated Indirect Holdings Statement
31-Dec-00 SWENSON, PETER G
Vice President, Market Development 6,186
ADPI Updated Direct Holdings Statement
31-Dec-00 FELDMAN, LEE S
Senior Vice President, General Counsel 0
ADPI Updated Direct Holdings Statement
31-Dec-00 ERRANTE, JOSEPH V
Vice President , Regional Operations & Business Development 20,924
ADPI Updated Direct Holdings Statement
31-Dec-00 KELLY, JAMES T
Director 0
ADPI Updated Direct Holdings Statement
31-Dec-00 RUSSELL, KATHRYN A
Former, Officer 862
ADPI Updated Direct Holdings Statement
31-Dec-00 FRISCH, MICHAEL F
Divisional Officer, Vice President, Regional Operations 5,551
ADPI Updated Direct Holdings Statement
31-Dec-00 FLINT, FORREST M
Former, Officer 331
ADPI Updated Direct Holdings Statement
31-Dec-00 SWENSON, GREGORY T
Director 207,286
ADPI Updated Direct Holdings Statement
31-Dec-00 SWENSON, GREGORY T
Director * 122,549
ADPI Updated Indirect Holdings Statement
31-Dec-00 LEVENSON, RONALD M
Former, Officer 45,628
ADPI Updated Direct Holdings Statement
31-Dec-00 REEVES, DERRIL W
Director 3,000
ADPI Updated Direct Holdings Statement
31-Dec-00 SERRAO, GREGORY A
Chairman of the Board, Director, President, Chief Executive Officer * 45,000
ADPI Updated Indirect Holdings Statement
31-Dec-00 SERRAO, GREGORY A
Chairman of the Board, Director, President, Chief Executive Officer 292,000
ADPI Updated Direct Holdings Statement
31-Dec-00 BOTTLINGER, WILLIAM H
Senior Vice President - Regional Operations, Chief Information Officer * 1,000
ADPI Updated Indirect Holdings Statement
31-Dec-00 BOTTLINGER, WILLIAM H
Senior Vice President - Regional Operations, Chief Information Officer 1,046
ADPI Updated Direct Holdings Statement
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
ADPI, MDDS, EDT, DENT. CASL pro forma consolidated gross projected revenues = $600,000,000.00 for 2001, $650,000,000 2002 $700,000,000 for 2003 $1,000,000,000 for 2004, $1,200,000,000 for 2005. Consolidated Projected Net Income Before Taxes 20% of gross.
Watch List
Ticker Price Day Chg
ADPI 8.22 +0.00
MDDS 0.22 -0.03
DENT 0.44 +0.06
EDT 0.41 -0.02
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
ADPI, MDDS, EDT, DENT pro forma consolidated gross projected revenues = $529,000,000.00 for 2001, $600,000,000 2002 $650,000,000 for 2003 $750,000,000 for 2004, $1,000,000,000 for 2005. Consolidated Projected Net Income Before Taxes 20% of gross.
Watch List
Ticker Price Day Chg
ADPI 8.22 +0.00
MDDS 0.22 -0.03
DENT 0.44 +0.06
EDT 0.41 -0.02
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
American Dental Partners, Inc. is a leading provider of business services to multi-disciplinary dental groups in selected markets throughout the United States. The Company seeks to affiliate with leading dental groups that provide a comprehensive range of dental care services, have outstanding reputations for quality and have proven records of financial performance. From November 1996 (the date of the Company's first affiliation) through December 31, 1999, the Company completed 31 affiliation transactions, comprising 18 dental groups, and as of December 31, 1999, the Company operated 134 dental facilities with 1,193 operatories in 12 states. The Company's growth has resulted primarily from these affiliations, which consisted of three affiliations completed in 1996, six affiliations completed in 1997, ten affiliations completed in 1998 and 12 affiliations completed in 1999. The aggregate payor mix percentage of the Company's affiliated groups during 1999 was approximately 44% fee-for-service, 14% PPO plans and 42% capitated managed care plans.
The Company's affiliation model is designed to create a partnership in management between the Company and the affiliated dental group that allows each party to maximize its strengths and retain its autonomy. When affiliating with a dental group, the Company acquires substantially all of its non-clinical assets and enters into a long-term service agreement to manage the non-clinical aspects of the dental operations.
The Company supports the Company's affiliated dental groups with a broad range of services designed to enhance practice revenue, improve operating efficiencies and expand operating margins. The Company shares the best practices of the Company's network with each affiliate and provides assistance with information systems, planning and budgeting, facilities development and management, capacity and utilization management, scheduling, staffing, professional recruiting, benefits administration, economic analysis, financial reporting, purchasing, quality assurance, organization structure and development, analyzing and negotiating agreements with dental benefit providers and marketing.
The Company operates under a decentralized organizational structure. At the facility level, where permitted by applicable state law, the Company generally employs the dental hygienists, dental assistants and administrative staff. At each facility, a practice manager typically oversees the day-to-day business operations. The practice manager and administrative staff are responsible for, among other things, facility staffing, patient scheduling, on-site patient invoicing and ordering office and dental supplies.
In each market, the Company has a local management team that supervises theoperations of one or more affiliates. This team provides support in areas such as recruiting, hiring and training facility staff, developing and implementing quality assurance programs, developing and implementing operating policies and procedures, administering employee benefits, billing and collecting accounts receivable, processing payroll, information systems, accounting, marketing and facilities development and management. Each local management team reports to an operating vice presidents. An operating vice president is responsible for monitoring the operating performance of multiple affiliated dental groups in multiple markets. Each operating vice president participates as a member of the joint policy board of each of the affiliated dental groups for which he or she has management oversight responsibilities.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
February 27, 2001
American Dental Partners, Inc. reported fourth quarter earnings of $1.5 million, or 21 cents a share, down slightly from a year-ago profit of $1.6 million, or 21 cents a share. Wall Street analysts on average were expecting the Company to earn 24 cents a share. The Company attributed its earnings shortfall to severe weather, which impacted earnings by 3 cents in the fourth quarter. The Company also said that a number of affiliates have had their contracts with benefit provider Cigna Dental terminated. The affiliates are currently negotiating with Cigna Dental and Protective Life for new provider contracts but American Dental said the disruption caused by the terminations may reduce earnings by 5 to 10 cents a share in both the first and second quarters.
--------------------------------------------------------------------------------
January 3, 2001
American Dental Partners, Inc. announced the promotion of Breht T. Feigh as Vice President, Chief Financial Officer and Treasurer. Mr. Feigh replaces Ronald M. Levenson who has left the Company to pursue other opportunities.
--------------------------------------------------------------------------------
December 20, 2000
The University of Rochester and American Dental Partners, Inc. have entered into an exclusive agreement to collaborate on clinical research projects. This joint effort will combine the research capabilities of Dentistry at the University of Rochester with the clinical network of American Dental Partners' affiliated dental groups.
--------------------------------------------------------------------------------
September 1, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with American Family Dentistry of Memphis, P.C. located in Tennessee and Mississippi. The Company acquired certain non-clinical assets and entered into a 40-year service agreement with the dental group.
--------------------------------------------------------------------------------
June 19, 2000
American Dental Partners, Inc. announced that it has completed an affiliation with Nathan Bell, DDS, PA, located in North Carolina. Nathan Bell & Associates is a group dental practice with 18 dentists and nine locations in Charlotte and Raleigh-Durham, North Carolina.
--------------------------------------------------------------------------------
April 19, 2000
American Dental Partners, Inc. announced that the Company completed affiliations with two dental practices in Alabama. Both practices will join the Company's existing Alabama affiliate, Dental Care of Alabama. These new affiliations are located in Gadsden and Birmingham, Alabama and generate patient revenue in excess of $2 million. The Dental Center, located in Gadsden, will continue operations in its existing location. The Birmingham practice was combined with an existing Dental Care of Alabama dental facility.
--------------------------------------------------------------------------------
February 3, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with Columbia Dental Associates, located in Columbia, Maryland. Columbia Dental Associates will join the Company's existing affiliate in central Maryland, Hill Dental Group.
--------------------------------------------------------------------------------
January 14, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with Western New York Dental Group (WNYDG) located in Buffalo, New York. The Company acquired certain non-clinical assets and entered into a 40-year service agreement with the dental group. WNYDG, a group practice with eight general dentists and four dental facilities, generated approximately $3 million in practice revenue in 1999.
--------------------------------------------------------------------------------
January 5, 2000
American Dental Partners, Inc. announced that its affiliated dental group in Minnesota, Orthodontic Care Specialists, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC) on December 22, 1999. Orthodontic Care Specialists is the first and only orthodontic group and one of only 8 dental practices in the United States to receive this recognition.
--------------------------------------------------------------------------------
December 17, 1999
American Dental Partners, Inc. announced that its Board of Directors has authorized a stock repurchase program under which the Company may purchase up to $5 million of its outstanding common stock in the open market at price levels and at times the Company deems appropriate.
--------------------------------------------------------------------------------
December 16, 1999
American Dental Partners, Inc. announced that its affiliated dental group in Arizona, Associated Dental Care Providers, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC).
--------------------------------------------------------------------------------
October 26, 1999
American Dental Partners, Inc. announced that one of its affiliated dental groups in Milwaukee, Wisconsin, Northpoint Dental Group, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC). Northpoint Dental is one of only 7 dental practices in the United States to receive this recognition and is the second American Dental Partners affiliate accredited by AAAHC.
--------------------------------------------------------------------------------
September 22, 1999
American Dental Partners, Inc. announced that the Company completed affiliations with four dental practices located in California. The Company acquired certain non-clinical assets and entered into 40-year service agreements with each of these dental groups. In the aggregate, these four group dental practices have 22 dentists and generated approximately $13 million of patient revenue in 1998.
--------------------------------------------------------------------------------
August 25, 1999
American Dental Partners, Inc. announced that the Company recently completed affiliations with two dental groups located in existing markets. Together these practices, which include seven dentists, generated $2.6 million of patient revenue in 1998
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
Gregory Serrao, 37
Chairman, Pres and CEO $298K
Breht Feigh, 33
CFO, VP, Treasurer --
William Bottlinger, 55
Sr. VP - Regional Operations, CIO 225K
Joseph Errante, 44
Sr. VP - Regional Operations and Bus. Devel. 186K
Michael Frisch, 42
Sr. VP - Regional Operations
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
thepennyking
24 years ago
American Dental Partners, Inc. is a leading provider of business services to multi-disciplinary dental groups in selected markets throughout the United States. The Company seeks to affiliate with leading dental groups that provide a comprehensive range of dental care services, have outstanding reputations for quality and have proven records of financial performance. From November 1996 (the date of the Company's first affiliation) through December 31, 1999, the Company completed 31 affiliation transactions, comprising 18 dental groups, and as of December 31, 1999, the Company operated 134 dental facilities with 1,193 operatories in 12 states.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
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