CML HealthCare Income Fund Reports 2009 Year-End Financial Results
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
Toronto Stock Exchange Symbol: CLC.UN
MISSISSAUGA, ON, March 4 /CNW/ - CML HealthCare Income Fund (the "Fund" or "CML HealthCare"), (TSX: CLC.UN) today reported its financial results for the three and twelve-month periods ended December 31, 2009 (all amounts are in Canadian dollars, unless noted otherwise).
Highlights:
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Three- Three-
Twelve- Twelve- months months
months months ended ended
(C$ million ended ended December December
except December December 31, 2009 31, 2008 % Change
percent 31, 2009 31, 2008 % Change ("Q4 ("Q4 in Q4
amounts) ("F2009") ("F2008") in F2009 2009") 2008") 2009
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Revenue 518.5 462.5 12.1% 128.0 133.4 (4.1%)
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Operating,
general, &
administration
expenses 378.4 324.3 16.7% 93.8 95.7 (2.0%)
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EBITDA(1) 140.1 138.2 1.4% 34.2 37.8 (9.4%)
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EBITDA(1)
Margin 27.0% 29.9% (9.7%) 26.7% 28.3% (5.7%)
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Goodwill
impairment 50.0 - na 50.0 - na
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Net Earnings/
(Loss) 55.5 101.5 (45.3%) (17.6) 26.9 (165.2%)
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Adjusted Net
Earnings(2) 105.5 101.5 3.9% 32.4 26.9 20.4%
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Cash provided
by operating
activities 131.7 116.4 13.1% 32.6 29.7 9.8%
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Distributable
cash(3) 106.4 109.8 (3.2%) 25.4 24.8 2.3%
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Distributions
declared 96.0 94.4 1.7% 24.0 24.0 0.0%
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Payout ratio 90.2% 85.9% 5.0% 94.4% 96.6% (2.3%)
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"We achieved revenue and EBITDA(1) growth of 12.1% and 1.4% respectively in fiscal 2009 compared to the prior year, while maintaining a payout ratio of approximately 90%. Fourth quarter 2009 results included revenue and EBITDA(1) declines of 4.1% and 9.4% respectively. The decline experienced in Q4 2009 was due primarily to foreign exchange and lower volumes on high-tech modalities at our U.S. medical imaging clinics" said Paul Bristow, President and CEO of CML HealthCare Income Fund. "To strengthen the focus in our U.S. operations, on February 24, 2010 we announced the appointment of Kent Wentzell as Senior Vice President of U.S. imaging operations" continued Mr. Bristow. "Over the coming months, I will be taking a leadership role and a more hands-on approach in the U.S. including working closely with Kent to identify additional opportunities in our U.S operations."
"We are committed to our U.S. medical imaging business as a platform for future growth. Our Canadian operations continue to perform well, and we have made good progress on the clinic refurbishment project with approximately 40 clinics now completed or under construction, a number of which are combined clinics offering both laboratory and medical imaging services. The implementation of the RIS/PACS digitization of our Canadian medical imaging services is underway, and we expect to realize both efficiencies and revenue growth once completed," continued Mr. Bristow. "We will continue to explore accretive acquisition opportunities of medical diagnostic assets in both Canada and in the U.S. With our strong balance sheet, cash and cash equivalent of $21.8 million as at December 31, 2009, $69.4 million available under our revolving credit facility, and solid cash flow from operations; we have the liquidity and capital resources to maintain operations, fulfill our capital commitments, and invest in growth opportunities."
"In the fourth quarter of each year, in accordance with GAAP, the Fund must re-evaluate the assumptions used to value its goodwill and intangible assets annually or earlier if there are indicators of impairment of assets," noted Tom Weber, Chief Financial Officer of the Fund. "In light of the evolving U.S. healthcare environment and the forecast for lower volume growth and Medicare reimbursement reductions, the Fund has determined the fair value for goodwill at ARS was lower than its carrying amount. As a result, as at December 31, 2009, the Fund reported a goodwill impairment charge of $50.0 million."
Financial Results
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Twelve Months Ended December 31
For the twelve months ended December 31, 2009 ("F2009"), revenue for the Fund increased 12.1% to $518.5 million from $462.5 million for the same period in 2008. Increased revenue in F2009 is largely attributable to:
- $26.0 million from full-year contribution from ARS compared to ten
months in F2008 as ARS was acquired on February 29, 2008;
- $1.3 million in revenue from the acquisition of six medical imaging
clinics (in Rhode Island and Maryland) as well as the opening of a
new joint venture clinic in Maryland in F2009;
- Increased reimbursements in the U.S. resulting from the conversion to
digital mammography;
- $5.1 million from changes in foreign exchange rates impacting revenue
from ARS;
- $8.6 million in revenue from full-year contribution from medical
imaging clinics acquired in Canada throughout 2008;
- $4.7 million increase in total cap revenue based on the Ministry of
Health ("MOH") funding agreement for laboratory services;
- $3.2 million in one-time technical and professional fee payments from
the MOH and retroactive payments for imaging test fee increases in
British Columbia related to F2006, F2007, and F2008; and
- Organic growth in non-cap revenue
Operating, general and administrative ("OG&A") expenses totaled $378.4 million in F2009 compared to $324.3 million in F2008. Higher OG&A expenses in F2009 compared to the prior year reflect:
- $23.5 million increase in expenses related to full-year operations of
ARS compared to ten months in F2008;
- $4.7 million in additional expenses from ARS due to changes in
foreign exchange rates;
- $6.5 million from full-year operations of medical imaging
acquisitions in Canada completed in F2008;
- $2.5 million relating to systems implementations to support the
Fund's growth plans; and
- Investments made in corporate infrastructure and additional
laboratory service costs to support utilization increases in excess
of MOH cap funding
F2009 EBITDA(1) totaled $140.1 million compared to $138.2 million in F2008. EBITDA(1) margin in F2009 of 27.0% was lower than F2008 of 29.9% in F2008 largely as a result of a higher proportion of consolidated revenue being derived from medical imaging services acquired in Canada and the U.S. over the past two years.
The Fund's net earnings for F2009 of $55.5 million or $0.62 per Fund unit were 45.3% lower than $101.5 million in F2008. The reason for the decline is a goodwill impairment loss of $50.0 million in Q4 2009 as previously noted. Excluding the goodwill impairment loss, F2009 Adjusted Net Earnings(2) were $105.5 million.
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Twelve- Twelve- Three- Three-
Financial Summary months months months months
(C$ millions, except ended ended ended ended
percent amounts) December December December December
(unaudited) 31, 2009 31, 2008 31, 2009 31, 2008
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Net earnings (loss) for
the period 55.5 101.5 (17.6) 26.9
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Less: recovery of income
taxes (13.6) (2.7) (10.1) (1.5)
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Add: interest expense 13.6 14.7 3.2 4.1
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Less: Loss (gain) on sale
of property & equipment 0.3 (0.6) 0.1 1.4
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Add: Transaction cost on
debt financing - 3.5 - -
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Add: Other expenses 0.9 1.3 0.5 0.2
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Less: Foreign exchange gain (0.2) (2.0) - (2.0)
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Add: Goodwill impairment 50.0 - 50.0 -
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Add: Amortization 33.7 22.5 8.1 8.6
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EBITDA(1) 140.1 138.2 34.2 37.8
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Revenue 518.5 462.5 128.0 133.4
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EBITDA(1) margin as a
percent of revenue 27.0% 29.9% 26.7% 28.3%
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Three Months Ended December 31
For the three months ended December 31, 2009 ("Q4 2009"), revenue for the Fund totaled $128.0 million, and EBITDA(1) totaled $34.2 million, or 26.7% of revenue; compared to revenue of $133.4 million and EBITDA(1) of $37.8 million, or 28.3% of revenue for the three months ended December 31, 2008 ("Q4 2008"). The decrease in revenue was primarily attributable to foreign exchange on U.S. revenues as well as lower medical imaging volumes at CML's U.S. subsidiary in Q4 2009 compared to the same quarter in 2008. With the goodwill impairment loss of $50.0 million in Q4 2009, the Fund reported net loss of $17.6 million or $0.20 per Fund unit compared to net earnings of $26.9 million or $0.30 per Fund unit in Q4 2008. Excluding the goodwill impairment loss, Q4 2009 net earnings would have totaled $32.4 million.
Distributable Cash(3)
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For the year ended December 31, 2009, the Fund generated distributable cash(3) of $106.4 million and declared distributions totaling $96.0 million, representing a payout ratio(3) of 90.2%. For the year ended December 31, 2008, the Fund generated distributable cash(3) of $109.8 million and declared distributions totaling $94.4 million, representing a payout ratio of 85.9%. Please refer to Standardized Distributable Cash(3) and Distributable Cash(3) table below.
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Twelve- Twelve- Three- Three
months months months months
Standardized Distributable ended ended ended ended
Cash(4) & Distributable December December December December
Cash(2) Table (C$000s) 31, 2009 31, 2008 31, 2009 31, 2008
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Cash flow from operating
activities 131,727 116,433 32,562 29,675
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Less:
Total capital
expenditures as per
consolidated statement
of cash flows (25,677) (23,103) (3,427) (6,567)
Acquisition of licences
and intangible assets (5,176) - (2,279) -
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Standardized distributable
cash(4) 100,874 93,330 26,856 23,108
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Normalizing adjustments
to non-cash working
capital items(5) (5,323) 6,590 (1,486) 3,679
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Capital Expenditures:
Add back:
One time capital
expenditures 11,220 5,690 1,805 434
Non-recurring capital
expenditure - 1,767 - -
Changes in capital
expenditure notional
reserve 825 1,184 (192) 1,963
Capital lease payments (224) (1,162) (167) (237)
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Sub-total 107,372 107,399 26,816 28,947
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Discretionary/non-recurring
(recovery)expenses(6) 533 4,746 185 751
One-time acquisition of
licences & intangible
assets 1,319 - - -
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Cash available for
distribution 109,224 112,145 27,001 29,698
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Non-recurring revenue(7) (2,864) (2,300) (1,588) (4,853)
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Distributable cash(3) 106,360 109,845 25,413 24,845
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Distributions to
unitholders 95,974 94,387 23,996 24,004
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Total payouts as a
percentage of
distributable cash(3) 90.2% 85.9% 94.4% 96.6%
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Total payouts as a
percentage of
standardized
distributable cash(3) 95.1% 101.1% 89.3% 103.9%
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Weighted average number
of Fund units outstanding
in the period 89,842,404 89,099,235 89,842,404 89,842,404
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(4) 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
December 31, 2009 Management's Discussion and Analysis ("MD&A") for
complete disclosure relating to Standardized Distributable Cash.
(5) Comprised of adjustments related to known and measurable timing
differences in respect of MOH cap revenue receivables; insurance
adjustments; bonus adjustments; ARS tax refunds related to pre-
acquisition periods; and non-recurring settlement of a pre-
acquisition liability relating to ARS.
(6) Discretionary/Non-recurring expenses represents pre-implementation
costs related to certain business re-engineering projects; a one-time
tax adjustment; a one-time write off of a deposit; and non-recurring
commodity tax recoveries.
(7) Non-recurring revenue represents retroactive payments for
professional and lab fees from MOH, retroactive payments in British
Columbia and retroactive MOH cap adjustment in the first quarter and
recovery of an impaired investment.
Segmented Highlights
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Canadian Operations
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Twelve- Twelve- Three- Three
(C$ millions, except months months months months
percentages and business ended ended ended ended
days) December December December December
(unaudited) 31, 2009 31, 2008 31, 2009 31, 2008
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Revenue 362.1 339.1 92.0 91.3
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OG&A 241.1 216.8 61.0 58.9
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EBITDA(1) 121.0 122.3 30.9 32.3
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EBITDA(1) margin 33.4% 36.1% 33.7% 35.4%
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Net earnings for the period 103.0 99.9 32.2 27.0
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The F2009 and Q4 2009 increase in revenue in Canada compared to the corresponding periods in 2008 reflect primarily: i) full-year contributions from acquisitions of medical imaging clinics completed in 2008; ii) increase in cap revenue based on the MOH agreement; iii) one-time retroactive technical and professional fee payments from the MOH and British Columbia medical services plan; and iv) organic growth in non-cap revenue. F2009 and Q4 2009 OG&A increased relative to the same periods in 2008 reflect full-year operations of medical imaging clinics acquired in 2008. F2009 and Q4 2009 EBITDA(1) margins were lower than the same period in 2008 primarily due to: i) a higher proportion of revenue derived from medical imaging services resulting from acquisitions completed in 2008; ii) investments made in corporate infrastructure and systems implementations to support the Fund's growth plans; and iii) additional laboratory service costs to support increased utilization.
U.S. Operations
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Twelve- Twelve- Three- Three
(US$ millions, except months months months months
percentages and business ended ended ended ended
days) December December December December
(unaudited) 31, 2009 31, 2008* 31, 2009 31, 2008
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Number of business days 255 213 64 64
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Revenue 136.9 114.5 34.1 34.8
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OG&A 120.2 99.8 31.0 30.3
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EBITDA(1) 16.8 14.7 3.1 4.5
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EBITDA(1) margin 12.2% 12.8% 9.1% 12.9%
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Goodwill impairment $50.0 - $50.0 -
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Net earnings for the period (45.6) 1.4 (47.5) (0.1)
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* Represents ARS operations from March 1, 2008 onwards
F2009 revenue exceeded F2008 by 19.6% since ARS was acquired on February 29, 2008. The decline in revenue in Q4 2009 compared to the same period in 2008 reflects decreased volumes in high-tech modalities in the quarter, partially offset by higher reimbursement resulting from conversion to digital mammography. F2009 and Q4 2009 OG&A expenses were greater than the corresponding periods in 2008 primarily as a result of: i) full-year operations at ARS acquired in February 2008 (applies to F2009 only); ii) acquisition of Quarry Lake and TII, and the opening of UCH in F2009; and iii) increased physician salary costs as a result of market rate adjustments. The lower EBITDA(1) margins for F2009 and Q4 2009 compared to the same periods in 2008 reflect the items previously discussed.
Balance Sheet
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As at December 31, 2009, the Fund had working capital of $25.2 million, including cash and cash equivalents of $21.8 million, compared to working capital of $37.5 million, including cash and cash equivalents of $21.5 million as at December 31, 2008. Long-term debt of the Fund, including the current portion, was $320.5 million as at December 31, 2009, compared to $320.2 million as at December 31, 2008. As at December 31, 2009, the Fund had approximately $69.4 million available under the revolving credit facility. As at December 31, 2009, there were 89,842,404 Fund units issued and outstanding.
Tax Fairness Plan
-----------------
In June of 2007, the Government of Canada enacted legislation previously proposed on October 31, 2006 that will apply a tax at the income trust level on unitholder distributions commencing January 1, 2011. At this time, the Fund does not anticipate making changes to its structure prior to 2011. The Fund is now in the process of planning for this corporate conversion and will communicate a definitive plan and timeline in due course.
Notice of Conference Call
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Management of CML HealthCare Income Fund will host a conference call today, Thursday, March 4, 2010 at 10:00 am (EST) to discuss the Fund's 2009 year-end 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, March 11th, 2010 by calling 1-800-642-1687 or 416-849-0833, reference number 55896378 followed by the number sign.
(1) The Fund defines EBITDA as earnings before interest, taxes,
amortization, other expenses, goodwill impairment, non-controlling
interest, gain/loss on disposals of property and equipment, foreign
exchange gain and transaction costs on debt financing. Adjusted
EBITDA is defined as EBITDA less certain adjustments for revenue and
operating expenses. EBITDA margins are calculated by dividing EBITDA
by revenue. EBITDA is not a recognized measure under Canadian 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) The Fund defines Adjusted Net Earnings as Net Earnings excluding the
impact of Goodwill Impairment. Adjusted Net Earnings is not a
recognized measure under Canadian GAAP. Management believes that, in
addition to net earnings, Adjusted Net Earnings is a useful
supplemental measure, as it provides investors with an indication of
the Fund's performance. Adjusted Net Earnings is used by the Fund to
analyze performance and compare profitability between periods.
Investors should be cautioned, however, that Adjusted Net Earnings
should not be construed as an alternative to net earnings determined
in accordance with GAAP. The Fund's method of calculating Adjusted
Net Earnings may differ from other companies or income trusts and,
accordingly, Adjusted Net Earnings may not be comparable to measures
used by other companies or income trusts.
(3) Distributable Cash of the Fund is not a Canadian generally accepted
accounting principle ("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.
To view the Fund's F2009 Financial Statements and Notes, please click here: http://files.newswire.ca/736/cml0304.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, general economic conditions; dependence on government-based revenues; the ability to renew the Ministry of Health and Long-Term Care contracts on favourable terms; pending and proposed legislative or regulatory developments including the impact of changes in laws (including income tax), regulations and the enforcement thereof; intensifying competition, resulting from established competitors and new entrants in the businesses in which we operate; technological change; interest rate fluctuations and general economic conditions; insurance coverage of sufficient scope to satisfy any liability claims; fluctuations in operating results; dependence on our operating subsidiary to pay its interest obligations to us; fluctuations in cash distributions and capital investment; management of credit, market, liquidity and funding and operational risks; judicial judgements and legal proceedings; privacy laws; our ability to complete strategic acquisitions and to integrate our acquisitions successfully; changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; operational and infrastructure risks including possible equipment failure and performance of information technology systems; fluctuations in total patient referrals; loss of services of key senior management personnel; other factors that may affect future growth and results including timely development and introduction of new products and services, changes in our estimates relating to reserves and allowances, future sales of units, changes in tax laws, technological changes and obsolescence, natural disasters, the possible impact on our businesses from public health emergencies, international conflicts and other developments including those relating to terrorism; the effect of any one or more of such events and risks on our stability ratings and any changes thereto; and our success in anticipating and managing the foregoing risks. Additional factors related to the business operations in the U.S. imaging market include, but are not limited to, our ability to successfully integrate the U.S. Northeast operations; additional liabilities or costs attributable to the acquisitions; unknown liabilities of acquisitions in the U.S.; the ability to retain senior management of ARS; the ability to complete accretive acquisitions in the U.S.; our ability to continue contracted radiology practice arrangements and patient referrals; changes in payor reimbursement rates; healthcare cost reductions in the U.S.; changes in technology; competition from other imaging service providers; changes in state and federal regulations relating to imaging business; the continuation and nature of the relationship with Johns Hopkins; and changes in U.S. federal and state healthcare laws and regulations, including Medicare and Medicaid reimbursements levels and including those that may arise from potential U.S. Healthcare reform initiatives.
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, 2008 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, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext 255, (416) 815-0080 fax, Email: [email protected]; Tom Weber, Chief Financial Officer, CML HealthCare Income Fund, (905) 565-0043, (905) 565-1776 fax, Internet: www.cmlhealthcare.com
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