CML HealthCare Income Fund Reports 2010 Second Quarter Financial Results
Toronto Stock Exchange Symbol: CLC.UN
MISSISSAUGA, ON, Aug. 12 /CNW/ - CML HealthCare Income Fund (the "Fund" or "CML HealthCare"), (TSX: CLC.UN) today reported its financial results for the three and six-month periods ended June 30, 2010 (all amounts are in Canadian dollars, unless noted otherwise).
Financial Highlights:
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Three-months Three-months
ended ended
June 30, June 30,
(C$ millions except percent 2010 2009
and per unit amounts) ("Q2 2010") ("Q2 2009") % Change
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Revenue $119.7 $133.9 (10.6%)
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Operating, general, &
administration expenses $87.0 $97.1 (10.4%)
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EBITDA(1) $32.7 $36.8 (11.2%)
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EBITDA(1) Margin 27.3% 27.5% (0.1%)
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Net Earnings $22.9 $25.9 (11.9%)
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Net Earnings per unit $0.25 $0.29 (13.8%)
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Cash provided by operating
activities $27.1 $32.5 (16.8%)
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Distributable cash(2) $23.1 $24.3 (5.0%)
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Distributions declared $24.0 $24.0 0.0%
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Payout ratio 103.9% 98.6% 5.4%
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Six-months Six-months
ended ended
June 30, June 30,
(C$ millions except percent 2010 2009
and per unit amounts) ("H1 2010") ("H1 2009") % Change
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Revenue $245.1 $262.2 (6.5%)
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Operating, general, &
administration expenses $181.7 $191.8 (5.3%)
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EBITDA(1) $63.4 $70.4 (10.0%)
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EBITDA(1) Margin 25.9% 26.9% (3.7%)
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Net Earnings $43.8 $49.0 (10.6%)
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Net Earnings per unit $0.49 $0.55 (10.9%)
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Cash provided by operating
activities $53.3 $70.3 (24.1%)
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Distributable cash(2) $51.3 $51.9 (1.0%)
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Distributions declared $48.0 $48.0 0.0%
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Payout ratio 93.5% 92.5% 1.1%
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Operating Highlights:
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- Implemented a new, management service agreement ("MSA") with American
Radiology Associates, P.A. ("ARA") representing the radiologists at
CML's U.S. medical imaging subsidiary, American Radiology Services
("ARS") in which fees vary with revenues. This resulted in an
accounting impact of decreasing both consolidated revenue and
expenses YTD and in Q2 2010 compared to similar periods in 2009.
However, it does not impact EBITDA or Net Earnings;
- Increased revenue in Canadian operations through organic growth in
medical imaging services and increased cap revenue in laboratory
services based on the Ontario Ministry of Health funding agreement;
- Implemented the new RIS/PACS in all centres in Maryland and Delaware;
- Improved quarter-over-quarter U.S. EBITDA(1) margins from 2.7% in
Q1 2010 to 11.1% in Q2 2010 (under the previous ARA MSA, although
EBITDA(1) in Q2 2010 would be no different, EBITDA(1) Margin would
have been 8.3%)
"During the second quarter, our U.S. subsidiary, ARS, entered into a new management services agreement with its radiologists which will better align physician costs with revenues," said Paul Bristow, President and CEO of CML HealthCare Income Fund. "While our Canadian operations demonstrated organic growth in Q2 2010, the U.S. continued to operate under challenging economic and industry conditions. During the quarter, slowdown in physician office visits and radiation exposure concerns from CT scans contributed to volume declines. We believe that our focused marketing strategies supported by involvement from our radiologists will help to increase volumes going forward. This, together with cost containment and efficiency measures such as the implementation of the new RIS/PACS is anticipated to contribute to improve revenue and EBITDA in the coming quarters."
"In a separate news release issued today, CML announced that with the conversion of the Fund into a corporation effective January 1, 2011, the initial post-conversion dividend is anticipated to be $0.0629 per share payable monthly, or $0.7548 per share annualized," said Mr. Bristow. "CML's strategy is to be a stable dividend-paying corporation post conversion, and to continue to create value for shareholders through organic growth as well as opportunistic, accretive acquisitions."
New Management Service Agreement (MSA) with American Radiology
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Associates (ARA)
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Effective April 1, 2010, the Fund's U.S. medical imaging subsidiary, ARS, entered into an amended and restated MSA with its radiologists represented by ARA. Under the new agreement, ARS will provide both front office and back office support to the radiologists in exchange for a fee based on percentage of global revenue collections from imaging services. With this new agreement, ARA revenues and expenses are no longer recognized. Instead, ARS will earn a management fee received from ARA. As a result, Q2 2010 and YTD 2010 consolidated revenue and expenses will be lower than the same periods in 2009, but EBITDA and Net Earnings will not be affected.
Financial Results
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Three Months Ended June 30, 2010
For the three months ended June 30, 2010 ("Q2 2010"), revenue for the Fund of $119.7 million was 10.6% lower than $133.9 million for the same period in 2009. Decreased revenue in Q2 2010 was largely attributable to:
- $5.1 million from changes in foreign exchange rates;
- $9.3 million as a result of accounting for the new MSA with ARA;
- $1.8 million in one-time imaging and laboratory services
reimbursements in Canada recorded in Q2 2009 not applicable in Q2
2010;
- Decreased reimbursements from Medicare on high-end modalities
resulting from U.S. healthcare reform; and
- Lower volumes resulting from difficult market conditions in the U.S.
including declines in office visits at our referring physicians.
The above declines in revenue were partially offset by:
- $4.0 million in revenue generated from the seven centres in the U.S.
acquired in the second half of 2009;
- $1.1 million increase from organic growth in imaging services in
Canada; and
- $1.0 million increase in cap revenue based on the Ministry of Health
(MOH) Funding agreement for laboratory services
Operating, general and administrative ("OG&A") expenses of $87.0 million reflect a 10.4% decrease from the same period last year. The decrease in OG&A was due primarily to:
- $4.3 million from changes in foreign exchange rates;
- $9.3 million as a result of accounting for the new MSA with ARA; and
- Additional decreases in operating expenses due to effective cost
containment
The above declines in OG&A were partially offset by:
- $3.3 million in additional costs related to the seven centres in the
U.S acquired. in the second half of 2009; and
- $0.9 million in additional costs to support organic growth including
costs related to the HRIS and RIS/PACS projects.
Q2 2010 EBITDA(1) totaled $32.7 million compared to $36.8 million in Q2 2009. EBITDA(1) margin of 27.3% in Q2 2010 was similar to Q2 2009 of 27.5%
The Fund's net earnings in Q2 2010 of $22.9 million or $0.25 per Fund unit were 11.9% lower than $25.9 million or $0.29 per unit in Q2 2009.
Financial Summary
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(C$ millions, Three-months Three-months Six-months Six-months
except percent ended ended ended ended
amounts) June 30, June 30, June 30, June 30,
(unaudited) 2010 2009 2010 2009
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Net earnings for
the period 22.9 25.9 43.8 49.0
Less: recovery of
income taxes (1.6) (0.9) (4.7) (2.6)
Add: interest
expense 3.1 3.2 6.1 7.3
Add: other expense - 0.4 1.5 0.4
Less: Foreign exchange
gain (0.1) (0.2) (0.2) (0.7)
Add: Amortization 8.5 8.4 17.0 17.1
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EBITDA(1) 32.7 36.8 63.4 70.4
Revenue 119.7 133.9 245.1 262.2
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EBITDA(1) margin as
a percent of revenue 27.3 27.5 25.9 26.9
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Six Months Ended June 30, 2010
For the first six months of 2010, revenue for the Fund totaled $245.1 million, OG&A expenses totaled $181.7 million, EBITDA(1) totaled $63.4 million or 25.9% of revenue, and net earnings totaled $43.8 million or $0.49 per Fund unit, compared to revenue of $262.2 million, OG&A expenses of $ 191.8 million, EBITDA(1) of $70.4 million or 26.9% of revenue, and net earnings of $49.0 million or $0.55 per Fund unit in the first six months of 2009.
Distributable Cash(2)
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For the three month period ended June 30, 2010, the Fund generated distributable cash(2) of $23.1 million and declared distributions totaling $24.0 million, representing a payout ratio of 103.9%. For the same period in 2009, the Fund generated distributable cash(2) of $24.3 million and declared distributions totaling $24.0 million, representing a payout ratio of 98.6%. The increased payout ratio is primarily due to working capital changes which are timing in nature and in part, associated with transitional arrangements relating to the new ARA MSA. Please refer to Standardized Distributable Cash(2) and Distributable Cash(2) table below.
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Standardized
Distributable
Cash(3) & Three-months Three-months Six-months Six-months
Distributable ended ended ended ended
Cash(2) Table June 30, June 30, June 30, June 30,
(C$000s) 2010 2009 2010 2009
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Cash flow from
operating activities 27,060 32,505 53,337 70,283
Less:
Total capital
expenditures as
per consolidated
statement of cash
flows (4,432) (4,555) (12,424) (15,292)
Expenditure relating
to the acquisition
of licenses and
intangible assets (2,502) (1,256) (3,270) (1,256)
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Standardized
distributable cash(3) 20,126 26,694 37,643 53,735
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Normalizing
adjustments to
non-cash working
capital items(4) 737 (4,304) 6,952 (9,610)
Capital Expenditures:
Add back:
Intangible asset
acquired 1,654 1,256 1,654 -
One time capital
expenditures 3,206 2,280 10,368 5,226
Changes in capital
expenditure
notional reserve (2,102) (2,184) (4,794) 990
Capital lease
payments (358) (19) (634) (38)
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Sub-total 23,263 23,723 51,189 51,559
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Discretionary/
non-recurring
expenses(5) 1,192 1,130 1,317 956
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Cash available for
distribution 24,455 24,853 52,506 52,515
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Non-recurring revenue/
expense recoveries/
supplier incentive(6) (1,340) (535) (1,161) (646)
Distributable
cash(2) 23,115 24,318 51,345 51,869
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Distributions to
unitholders 24,009 23,984 48,026 47,995
Total payouts as a
percentage of
distributable cash(2) 103.9% 98.6% 93.5% 92.5%
Total payouts as a
percentage of
standardized
distributable cash(2) 119.3% 89.8% 127.6% 89.3%
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Weighted average
number of Fund units
outstanding in the
period 89,842,404 89,842,404 89,842,404 89,842,404
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Segmented Highlights
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Canadian Operations
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(C$ millions, Three-months Three-months Six-months Six-months
except ended ended ended ended
percentages) June 30, June 30, June 30, June 30,
(unaudited) 2010 2009 2010 2009
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Revenue 93.0 92.8 183.3 180.0
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OG&A 63.3 62.3 123.9 120.3
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EBITDA(1) 29.7 30.5 59.5 59.8
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EBITDA(1) margin 32.0% 32.9% 32.4% 33.2%
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Net earnings for
the period 23.0 24.3 46.4 47.6
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Revenue in Q2 2010 of $93.0 compares with $92.8 million in the corresponding period in 2009. Additional revenue from organic growth in imaging services of $1.1 million and an increase in laboratory services cap revenue in Q2 2010 of $1.0 million was partially offset by $1.8 million in one-time imaging and laboratory services reimbursements recorded in Q2 2009, not applicable in Q2 2010. The higher OG&A expense in Q2 2010 reflects primarily additional cost to support organic growth as well as costs related to the HRIS and RIS/PACS projects. The decline in EBITDA(1) margins in Q2 2010 compared to the same period in 2009 reflects project costs associated with HRIS and RIS/PACS.
U.S. Operations
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US$ millions, Three-months Three-months Six-months Six-months
except ended ended ended ended
percentages June 30, June 30, June 30, June 30,
(unaudited) 2010 2009 2010 2009
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Revenue 25.9 35.2 59.7 68.2
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OG&A 23.0 29.8 56.0 59.3
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EBITDA(1) 2.9 5.4 3.8 8.9
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EBITDA(1) margin 11.1% 15.3% 6.3% 13.0%
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Net earnings/(loss)
for the period (0.1) 1.4 (2.6) 1.2
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Both revenue and OG&A expense in Q2 2010 declined by US$9.0 million compared to the same period in 2009 as a result of the accounting for the new MSA with ARA. Revenue growth of US$3.9 million in Q2 2010 from acquisitions completed in the second half of 2009 were offset by volume declines resulting from slowdown in physician office visits and continued radiation exposure concerns from CT scans, as well as lower reimbursement rates from Medicare on MRI and CT procedures. The Q2 2010 EBITDA(1) margin of 11.1% was lower than 15.3% in Q2 2009 as a result of the previously noted factors.
U.S. Operations - Adjusting for the new MSA
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US$ millions, Three-months Three-months Six-months Six-months
except ended ended ended ended
percentages June 30, June 30, June 30, June 30,
(unaudited) 2010 2009 2010 2009
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Revenue 25.9 35.2 59.7 68.2
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Add back: Impact of
new MSA on Revenue 9.0 - 9.0 -
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Adjusted Revenue 34.9 35.2 68.7 68.2
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OG&A 23.0 29.8 56.0 59.3
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Add back: Impact of
new MSA on OG&A 9.0 - 9.0 -
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Adjusted OG&A 32.0 29.8 65.0 59.3
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EBITDA(1) 2.9 5.4 3.8 8.9
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Adjusted EBITDA(1)
margin 8.3% 15.3% 5.5% 13.0%
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Net earnings/(loss)
for the period (0.1) 1.4 (2.6) 1.2
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Adjusting for the impact from the new MSA, Revenue and OG&A would have totaled US$34.9 million and US$32.0 million respectively resulting in Adjusted EBITDA(1) of US$2.9 million and an Adjusted EBITDA(1) margin of 8.3% in Q2 2010.
Balance Sheet
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As at June 30, 2010, the Fund had working capital of $14.8 million, including cash and cash equivalents of $14.0 million, compared to working capital of $25.2 million, including cash and cash equivalents of $21.8 million as at December 31, 2009. Long-term debt of the Fund, including the current portion, was $326.7 million as at June 30, 2010, compared to $320.5 million as at December 31, 2009. The increase in debt reflect primarily additional borrowings on the revolving credit facility of $7.0 million, an increase of $1.2 million as a result of foreign exchange fluctuations on the Fund's U.S. denominated debt, partially offset by payments of obligations under capital leases. As at June 30, 2010, the Fund had approximately $62.4 million available under the revolving credit facility and 89,842,404 Fund units issued and outstanding.
Notice of Conference Call
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Management of CML HealthCare Income Fund will host a conference call today, Thursday, August 12, 2010 at 10:00 am (EST) to discuss the Fund's 2010 second quarter financial results. A live audio webcast of the call will be available at www.cmlhealthcare.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. An archived replay of the webcast will be available for 90 days. A taped replay of the conference call will also be available until Thursday, August 19th, 2010 by calling 1-800-642-1687 or 416-849-0833, reference number 88323533 followed by the number sign.
(1) The Fund defines EBITDA as earnings before interest, taxes,
amortization, other expenses, goodwill impairment, gain/loss on
disposals of property and equipment, and foreign exchange gain.
EBITDA margins are calculated by dividing EBITDA by revenue. EBITDA
is not a recognized measure under Canadian generally accepted
accounting principles ("GAAP"). Management believes that, in addition
to net earnings, EBITDA is a useful supplemental measure, as it
provides investors with an indication of the Fund's performance.
EBITDA is used by the Fund to analyze performance and compare
profitability between periods. Investors should be cautioned,
however, that EBITDA should not be construed as an alternative to net
earnings determined in accordance with GAAP. The Fund's method of
calculating EBITDA may differ from other companies or income trusts
and, accordingly, EBITDA may not be comparable to measures used by
other companies or income trusts.
(2) Distributable Cash of the Fund is not a Canadian GAAP measure, and
though it is generally used by Canadian open-ended trusts as an
indicator of financial performance, it should not be seen as a
measure of liquidity or a substitute for comparable metrics prepared
in accordance with GAAP. One characteristic of certain non-GAAP
measures such as Distributable Cash is the inclusion of management's
adjustments for entity-specific issues not contemplated in a standard
measurement, such as Standardized Distributable Cash that focuses on
comparability across entities and consistency over time. Therefore,
the Fund's Distributable Cash may differ from similar calculations as
reported by other similar entities and, accordingly, may not be
comparable to Distributable Cash as reported by such entities. The
Fund's objective for disclosing the Distributable Cash calculation is
to outline the net cash flow generated by the Fund that was available
for distribution during the period and anticipated to be sustainable
into the next period. The Fund uses Distributable Cash to evaluate,
on a consistent basis, sustainable cash generated from its
operations, and to evaluate cash available for distributions.
(3) On July 18, 2007, the Canadian Institute of Chartered Accountants
issued its interpretive release "Standardized Distributable Cash in
Income Trusts and Other Flow Through Entities: Guidance on
Preparation and Disclosures". The Fund has reviewed the interpretive
release and has adopted the guidance as applicable to the Fund. The
above table represents a summarized presentation. Please refer to our
June 30, 2010 Management's Discussion and Analysis ("MD&A") for
complete disclosure relating to Standardized Distributable Cash.
(4) Comprised of adjustments related to known and measurable timing
differences in respect of MOH cap revenue receivables; insurance
adjustments; bonus adjustments; one-time payments made related to the
transition to the new MSA;, amounts payable on deposits and
acquisition costs relating to a potential future acquisition and a
one-time settlement of non-operating receivables relating to prior
years.
(5) Discretionary/Non-recurring expenses represent one-time legal costs
incurred in the quarter; additional cost under the new MSA relating
to RIS/PACS; and non-recurring sales tax payment
(6) Non-recurring revenue/expense recoveries/supplier incentive
represents one-time gain on sale of an investment; recoveries of
certain sales taxes paid; and supplier incentive received net of the
price reductions expected on future purchase of supplies.
To view the Fund's Q2 2010 Financial Statements and Notes, please click here: http://files.newswire.ca/736/CML-Q2-2010-FS-Notes.pdf
About CML HealthCare Income Fund
CML HealthCare Income Fund is an unincorporated open-ended trust that owns CML HealthCare Inc., one of North America's largest healthcare services businesses. Based in Mississauga, Ontario, CML HealthCare Inc. is a leading provider of laboratory testing services in Ontario, the largest provider of medical imaging services in Canada and is a leading provider of medical imaging services in the U.S. Northeast. CML HealthCare Income Fund is publicly traded on the Toronto Stock Exchange under the symbol "CLC.UN" and has approximately 89.8 million units outstanding. To reach CML HealthCare Income Fund via the worldwide web log on to www.cmlhealthcare.com.
Caution concerning forward-looking statements
This document includes forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and other provincial securities law in Canada. These forward-looking statements include, among others, statements with respect to our objectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. We caution readers not to place undue reliance on these statements, as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: failure to receive approval of the Conversion from unitholders or relevant regulatory authorities; a reduction of funds from operations; general economic conditions; dependence on government-based revenues in Canada; pending and proposed legislative or regulatory developments in Canada including the impact of changes in laws, regulations and the enforcement thereof; intensifying competition, resulting from established competitors and new entrants in the businesses in which we operate; our ability to complete strategic acquisitions and to integrate our acquisitions successfully; insurance coverage of sufficient scope to satisfy any liability claims; operational and infrastructure risks including possible equipment failure and performance of information technology systems; fluctuations in total patient referrals; technological change and obsolescence; loss of services of key senior management personnel; privacy laws; dependence on our operating subsidiary to pay its interest obligations to us; unpredictability and volatility of the unit price; nature of the units; fluctuations in cash distributions and capital investment; structural subordination of the units; leverage and restrictive covenants; timing and amount of capital expenditures; restrictions on potential growth; tax-related risks; redemption right; dilution; future sales of units; distribution of CML Shares and Notes on termination of the Fund; and limited unitholder liability. Additional factors related to the business operations in the U.S. imaging market include, but are not limited to: potential termination of the management services agreement between our subsidiary, American Radiology Services and American Radiology Associates, P.A., or other arrangements with contracted radiology practices; fluctuations in total patient referrals; changes in third-party reimbursement rates or methodology; increased pressure to control healthcare costs; increased competition; technological change; exposure to professional malpractice liability; potential termination of relationship with Johns Hopkins; currency fluctuations; ability to grow business in the United States; U.S. income tax matters; different regulatory environment characterized by extensive regulation; penalties arising from failure to comply with all regulations; federal and state fraud and abuse laws; reversal of Board of Physician's decisions or legislative change; loss of licensing, certification or accreditation; Certificate of Need regulations; privacy legislation; legislative change affecting prices that physicians or suppliers can charge; avoidance of fee-splitting; environmental health and safety laws; and the uncertainty of the U.S. regulatory environment.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section, under "Business Risks" and elsewhere in our Management's Discussion and Analysis of Operating Results and Financial Position for the year ended December 31, 2009 and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made.
%SEDAR: 00020333E
For further information: Alice Dunning, MBA, CFA, Director, Corporate Communications, CML HealthCare Income Fund, (905) 565-0043 Ext. 3472, (905) 565-1776 fax, Email: [email protected]; Tom Weber, CA, Chief Financial Officer, CML HealthCare Income Fund, (905) 565-0043 Ext. 3402, (905) 565-1776 fax; Internet: www.cmlhealthcare.com
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