Birner Dental Management Services, Inc. Announces Earnings For 2Q 2012
One office is located in the Tucson, Arizona market and the other office is located in the Denver/Boulder, Colorado market. The Company also operates one Vantage Dental Implant Center in Denver, Colorado. A reconciliation of Adjusted EBITDA to net income can be made by adding depreciation and amortization expense – Offices, depreciation and amortization expense – Corporate, stock-based compensation expense, interest expense, net and income tax... acquires, develops, and manages geographically dense dental practice networks in select markets in Colorado, New Mexico, and Arizona. For the quarter and six months ended June 30, 2012, revenue was negatively impacted by a decrease in the number
of patient visits in the offices relative to the quarter and six months ended June 30, 2011. General and administrative 1,058,674 (1) 1,019,259 (1) 2,077,735 (2) 2,186,754 (2). (NASDAQ Capital Market: BDMS),operators of PERFECT TEETH ® dental practices and Vantage Dental Implant Center, announced results for the quarter and six months ended June 30, 2012. Basic 1,856,506 1,843,738 1,854,266 1,843,302. Diluted 1,921,563 1,852,103 1,920,081 1,853,433. Ended June 30, Ended June 30,. ------- ------ ------- -------. Adjusted EBITDA $1,433,703 $1,098,820 $2,853,611 $2,545,131. Occupancy 1,328,738 1,370,243 2,679,129 2,735,560. 1%, to $142,000 compared to $365,000 for the quarter ended June 30, 2011. The Company previously announced it would conduct a conference call to review results for the quarter ended June 30, 2012 on Tuesday, August 14, 2012 at 9:00 a. m. MDT. The Company operates its dental offices under the PERFECT TEETH® name. Contribution from dental offices 1,710,741 1,320,487 3,407,084 3,051,966. General and administrative 1,430,725 1,235,366 3,034,563 2,444,835. Depreciation and amortization 609,586 685,394 1,227,779 1,334,956. -Offices 609,586 685,394 1,227,779 1,334,956. June 30, June 30,. Accrued expenses 1,973,593 1,558,232. 0%, to $451,000 compared to $752,000 for the six months ended June 30, 2011. Dental supplies 697,738 712,490 1,499,282 1,389,482. Net income for the six months ended June 30, 2012 decreased $301,000, or 40. Other long-term obligations 1,504,684 1,492,078. 1,837,519 and 1,841,790 shares. For the six months ended June 30, 2012, revenue decreased $1. Advertising and marketing 607,916 702,101 1,185,260 1,377,664. Laboratory
fees 793,852 798,072 1,509,330 1,551,528. Additionally, for the quarter and six months ended June 30, 2012, patients accepted less expensive treatment relative to the prior periods. Net income for the quarter ended June 30, 2012 decreased $223,000, or 61. compensation expense pursuant to ASC Topic 718 for the six months ended June 30, 2012. 1 million for the quarter ended June 30, 2012. compensation expense pursuant to ASC Topic 718 for the quarter ended June 30, 2012. If you are unable to join the conference call on August 14, the rebroadcast number
is 1-888-203-1112 with the pass code of 7674290. The Company’s earnings before interest, taxes, depreciation, amortization, and non-cash expense associated with stock-based compensation (“Adjusted EBITDA”) decreased $335,000, or 23. For the quarter ended June 30, 2012, revenue decreased $641,000, or 3. The Company has entered into leases for two de novo offices, which the Company anticipates will open in the fourth quarter of 2012. incentive program for the six months ended June 30, 2011 and $344,963 of stock-based. Quarters Ended Six Months Ended. -------- --------. 2011 2012 2011 2012. -------------- --------------. 2011 2012 2011 2012. 5 million for the six months ended June 30, 2012. Investors should not consider Adjusted EBITDA in isolation or as a substitute for operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in... INCOME BEFORE INCOME TAXES 599,058 233,059 1,232,051 739,275. 24 for the six months ended June 30, 2012 compared to $0. Please see below for more information regarding Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. During the first six months of 2012, the Company had capital expenditures of approximately $1. incentive program for the quarter ended June 30, 2011 and $112,198 of stock-based. These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed... 9 million, paid out approximately $812,000 in dividends to its shareholders, and purchased 37,787 shares of its Common Stock for approximately $622,000. 08 for the quarter ended June 30, 2012 compared to $0. However, the Company believes that it may be useful to an investor in evaluating the Company’s ability to meet future debt service, capital expenditures and working capital requirements. 39 for the six months ended June 30, 2011. (1) Corporate expense - general and administrative includes $90,636 of stock-based. Deferred tax liability, net 2,309,279 2,309,279. 19 for the quarter ended June 30, 2011. ===================================. Weighted average number
of shares. In addition to current operating results, the teleconference may include discussion of management’s expectations of future financial and operating results. During the first six months of 2012, total bank debt outstanding increased by approximately $925,000. 10,000,000 shares. 20,000,000 shares authorized. accounts of $302,000 and $308,000,. expenses 1,731,273 2,215,805. The Company’s Adjusted EBITDA decreased $308,000, or 10. The Company anticipates approximately $500,000 in capital expenditures at each de novo office. (2) Corporate expense - general and administrative includes $133,655 of stock-based. OPERATING INCOME 620,647 259,358 1,278,346 788,053. The Company currently manages 64 dental offices, of which 38 were acquired and 26 were de novo developments. Accounts payable $2,111,155 $2,010,326. Income tax expense 233,633 90,893 480,500 288,317. These include statements regarding potential de novo offices and the Company’s prospects and performance in future periods. compensation expense pursuant to ASC Topic 718 and $162,828 related to a long-term. Interest expense, net 21,589 26,299 46,295 48,778. 14, 2012 /PRNewswire/ — Birner Dental Management Services, Inc. compensation expense pursuant to ASC Topic 718 and $81,414 related to a long-term. To participate in this conference call, dial
in to 1-888-239-5167 and refer to Confirmation Code 7674290 approximately five minutes prior to the scheduled time. The Company does not anticipate opening either of these offices until after the first quarter of 2013. expense, net 21,589 26,299 46,295 48,778. December 31, June 30,. ======== ======== ======== ========. Net income per share of Common. ===============================. Net income per share of Common. 14,705,804 14,454,941 30,084,664 28,923,149. NET INCOME $365,425 $142,166 $751,551 $450,958. Net income $365,425 $142,166 $751,551 $450,958. The Company also has signed letters of intent for two additional de novo office locations. Quarters Six Months. Certain of the matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Adjusted EBITDA is not a U. S. generally accepted accounting principle (“GAAP”) measure of performance or liquidity. ASSETS 2011 2012. Total current assets 4,616,047 4,687,740. This press release includes a non-GAAP financial measure with respect to Adjusted EBITDA. In addition, because Adjusted EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. expense 233,633 90,893 480,500 288,317. Long-term debt, net of current. The Company disclaims any obligation to update these forward-looking statements. Deferred tax asset 197,327 197,327. Total current liabilities 5,931,059 6,547,718. Prepaid expenses and other assets 639,116 787,427. The Company believes this is due to a general weakness in the economy in its markets. Total shareholders' equity 7,826,090 7,188,535. Birner Dental Management Services, Inc. BIRNER DENTAL MANAGEMENT SERVICES, INC. This rebroadcast will be available through August 28, 2012.
Ethics in state government: Would you bite the hand that feeds you?
And last year, the Colorado Independent Ethics Commission had its full-time support staff reduced from two people to one. The Colorado Independent Ethics Commission receives between 20 and 25 written complaints each year. said Jane Feldman , the Colorado commission&rsquo. The Colorado commission came into being in 2008, when the state was hit by a faltering economy, so it did not start out with adequate resources. The Pennsylvania Commission, admittedly a much larger agency than its counterparts in Colorado and Oklahoma, suffered a 25 percent decrease in its funding, from $2. instead, she said, they low-ball it. In Colorado, critics say, the lack of resources creates a chilling effect on the complaint process itself. She said it has become common practice for government officials to go before the ethics commission to seek waivers from a certain ethics rule, which the commission tends to &ldquo. In the State Integrity Investigation , only eight states achieved perfect 100 scores for having a commission that maintains protection from political interference. According to the State Integrity Investigation, state ethics commissions remain woefully ill-equipped to properly investigate complaints and dole out punishment. s current State Ethics Commission , which would be replaced by the Public Integrity Commission under Schroder&rsquo. The Office of State Ethics , created in 2005, is one of the stronger enforcement bodies in the country, responsible for the disclosure of lobbying activity and personal finances, investigating potential violations, and enforcing the ethics code. Twenty-two states received failing grades from the State Integrity Investigation for their ethics commission &mdash. s responsibilities include regulating the ethics code for the executive branch, overseeing financial disclosure filings and lobbying reports, and enforcing the anti-double dipping law, which prevents state and local government employees who also... Policing the powerful: no teeth, no bite The Texas Ethics Commission consists of eight board members: four appointed by the governor, two by the lieutenant governor and two by the House speaker. Texas Ethics Commissioner Paul Hobby, who was appointed by the House speaker in December, said the commission has been involved in high-profile ethics cases. The North
Carolina Ethics Commission has received more than 300 ethics complaints since its establishment in 2006 &mdash. The Tennessee Ethics Commission, also established in 2006, has yet to find anyone guilty of an ethics violation. Some 41 states have government bodies that oversee and enforce state ethics laws. In Indiana, members of the ethics commission are appointed by the governor, who also appoints the state&rsquo. put a little more teeth in the state ethics law. many of these state ethics watchdogs sport no real teeth. The Oklahoma Ethics Commission only has one investigator and one attorney among its five-person staff, which, according to executive director Marilyn Hughes , is not enough. said Smith of Kennesaw State, who noted that most enforcement agencies have a commission or board in place appointed by government officials. But when it came time for the Sunset Commission, a 12-member board that consists of 10 state lawmakers and two civilians, to approve those recommendations, good government advocates claim it didn&rsquo. Ethics commissions, like many state agencies, have in recent years often found themselves strapped for cash due to tough economic times. Attorney Fred Lewis said that the Texas Ethics Commission often finds itself in a tight spot, as the legislature ultimately controls its funding, resources and staff position. The restructuring was billed as a way to streamline state government and save the state money. In order for the agency to pursue an investigation, six out of the eight board members must agree, which, according to Texas attorney and good government advocate Fred Lewis, makes for a dysfunctional body that is rarely proactive about... said Tim Potts, president of the good government organization Democracy Rising PA , who noted that the current Pennsylvania Ethics Commission is controlled by the governor and legislative leaders. Many state commissions are unable to actively investigate alleged violations, either because the panel simply does not have the authority to do so in law &mdash. Curt Schroder (R-Chester County) sponsored a bill last year to establish a Public Integrity Commission , an independent agency that would have the ability to uncover and investigate cases of corruption at all levels of government. Indeed, ethics commissions in 36 states have the ability to independently initiate investigations. The scorecard cited its notorious lack of teeth and a complaint-driven process that discourages robust, independent investigations. The question of political independence is one that has plagued most ethics commissions, and few states have found solutions. But Barry Kauffman, executive director of Common Cause Pennsylvania , said the concerns of partisanship with the ethics commission are &ldquo. Kino Flores (D-Palmview) failed to disclose income on his financial disclosure reports, which are filed with the Texas Ethics Commission, prompting an investigation by the county district attorney. Executive director David Reisman said the commission must investigate every sworn complaint &mdash. On the State Integrity Investigation , the commission received a 77 percent &mdash. The office reduced the number
of audits of lobbying reports by 75 percent &mdash. In South Carolina, the State Ethics Commission had a budget of $725,000 in 1999. The commission must consider each complaint and make a fair and consistent assessment of whether a violation occurred and a fair and consistent penalty if there is a finding of a violation,&rdquo. In North Carolina , the ethics commission can only pursue investigations if it finds &ldquo. Twenty-eight states boast commissions that have jurisdiction over all three branches of government, rather than fragmenting enforcement power in separate agencies. If ethics commissions "had more funding, more tools, more enforcement power, or just provided more education,&rdquo. On the State Integrity Investigation, Connecticut scored a 90 percent in the category of ethics enforcement. The failure to enact bolder reforms leaves the Ethics Commission a largely toothless observer of a political system awash in cash and flush with potential conflicts of interest,&rdquo. The Pennsylvania Ethics Commission takes in between 400 and 600 complaints each year. Earlier this year, the Texas Ethics Commission went through &ldquo. s McDonald
said he is not optimistic that any substantial changes to the Ethics Commission will be made. In 2010, the commission waived the state&rsquo. s ethics commission stems in part from budget problems &mdash. There's a tendency for ethics commissions to want to avoid controversy, Vaughn said. s never been an op-ed piece, an allegation or any reason to say" that the ethics commission "is not independent,&ldquo. It also requires lobbyists to disclose the bill number
on which they are lobbying. t like the Ethics Commission,&rdquo. s Office of State Ethics, said it is always a challenge to maintain the resources necessary to carry out its mandate. unlike commissions in many other states &mdash. Feldman said when citizens file a complaint, they have to pursue it on their own, as the commission does not have a large enough staff to provide the legal support. The ethics enforcement gap overseeing campaign finance and lobbying reports, is one of the larger agencies of its kind, with an annual budget of approximately $2 million and 32 full-time employees. But even in the years since, Feldman said the General Assembly has never been especially supportive of the commission, which regulates gifts and travel from lobbyists to lawmakers. s not perfect. Wright said the commission has experienced an increase in responsibility and jurisdiction every year since its creation in 1991. The commission has requested funding for a 10-person staff every year since 1991, but has never been larger than seven people. enforces ethics rules for 48,000 people on the state level. Increasing workload, inadequate resources The Delaware Public Integrity Commission &mdash. The Public Integrity Commission&rsquo. With an annual operating budget of $30,600, Janet Wright, the commission&rsquo. The Ethics Commission did not act until months later when it issued a $700 fine. In 37 states, commissions can impose penalties for violations. The way Smith sees it, merely having an ethics commission sends a message. prohibited a state official from taking a private-sector job and only three times required a one-year &ldquo. the simple existence of ethics commissions is rather important. In fact, the State Integrity Investigation &mdash. Maintaining independence In Alaska , members of the Personnel Board, which investigates complaints against the governor, are all appointed by the governor. In a May 2012 report , Sunset Advisory Commission staff wrote that the agency &ldquo. The Commission adopted several of the report&rsquo. s revolving door statute to allow the Indiana Utility Regulatory Commission&rsquo. of an ethics violation, a stronger requirement than law enforcement agencies that need only &ldquo. According to the State Integrity Investigation , this creates inevitable &ldquo. s partly because an inherent conflict stands at the core of the mission: the ethics agency commonly is tasked with policing the same government officials who control its funding, resources and regulatory power. But Lewis contends that the commission rarely goes after serious violations, focusing almost exclusively on minor errors &mdash. According to its latest biennial report covering 2009 and 2010, the commission issued 13 advisory opinions for the two-year period. On a question about the commission&rsquo. The sun sets on reform In Texas, attorney Fred Lewis acknowledged that the weakness of the state&rsquo. Last year, more than 370 complaints were filed with the commission. For example, he said, the commission must now take geographical location into account. gave grades of either D or F to 28 f those state ethics panels. But it falls on the commission&rsquo. Although the commission&rsquo. associated with the commission&rsquo. The board consists of seven members: three appointed by the governor, and one each by the president pro tempore of the Senate, the Senate majority leader, the Senate minority leader, and the House speaker. A 2010 review by the Indiana Business Journal found that the commission had not once &mdash. In 2008, which was economically a bad year for the state, the panel suffered a 17 percent decrease in its operating budget, leaving it with $32,100. If investigating an allegation requires a four-hour drive to a distant corner of the state, they may choose not to pursue the case. Instead, the commission is completely driven by outside complaints, which must be filed by a Texas resident and cannot be anonymous. a first-of-its-kind probe of accountability in state government &mdash. In Michigan , members of the state&rsquo. s ability to initiate investigations, the state received zero points. She said she did not know of any state that places such a burden on the complainant. I do not know any state agency that is doing their job at that amount,&rdquo. Feldman said she has an annual budget of $224,000 but &mdash. I know what a good investigation looks
like, and I just can&rsquo. The Austin American-Statesman , referring to the commission as a &ldquo. In some states, it boils down to a question of resources &mdash. out of 27 post-employment ethics rulings &mdash. It has heard five complaints in five years &mdash. When things go smoothly, it looks like they have a lot of money," so governments say, "llet&rsquo. Robert Smith , chair of the political science department at Kennesaw State University and a leading researcher on the subject, asserts that &ldquo. The waiver drew immediate criticism and questions about whether the commission is too lenient. s hard for me as one person to do what I would consider a thorough investigation,&rdquo. like finding new sources of funding, putting disclosures online, or creating an enforcement arm &mdash. more robust enforcement of ethics laws. re a pretty clean state,&rdquo. t have an investigator we don&rsquo. t want to bring the glare of an ethics scandal to the chief executive who appointed you. They are not eager to have independent people investigating them,&rdquo. s Board of Ethics typically include former elected officials. For smaller commissions that are already understaffed and underfunded, the cuts are especially damaging. but Wright said it will likely create additional work, suchas training some 400 lobbyists on how to use the new system, for an already strained agency. And, to promote political independence, the commissioners would be nominated by a committee made up of law school deans, district attorneys and good government advocates. s ability to levy fines and penalties, but since it is a constitutionally established agency, legislators can&rsquo. It also oversees 50 local governments in the state. they can only investigate a complaint if the complainant is willing to be named, or if a majority of commissioners, who may be divided along party lines, agree to pursue a case. But severe budget cuts have left the panel with only five full-time investigators to handle the workload. for ethics enforcement. Carol Carson, executive director of Connecticut&rsquo. said Julia Vaughn , policy director of the Indiana chapter of Common Cause, referring to the Duke Energy scandal. John Contino , executive director of Pennsylvania&rsquo. But I think there are cases, especially conflicts of interest issues, where since we don&rsquo. Only two states, New Jersey and Connecticut, earned A grades in this category. said Craig McDonald, director of the nonprofit watchdog group Texans for Public Justice. s current budget is about $680,000, which is the largest it&rsquo. but, ultimately, he said, the agency has to make substantial changes to its structure to be truly effective. a former assistant attorney general and two former legislators sit on the seven-member panel. s counsel, said that works out to &ldquo. The Wisconsin Government Accountability Board, for example, is comprised of six former judges appointed by the governor and confirmed by the Senate. said Feldman, a former assistant district attorney. Lewis said, &ldquo. Smith said, &ldquo. Daniel Molloy consolidated nine agencies, including Carson&rsquo. Look at the budget, look at the statute,&rdquo. Hughes said there is &ldquo. The best type is one that can work without fear of entanglement of political influence,&rdquo. But Texans for Public Justice&rsquo. he said, &ldquo. We have an office with the right to police, protect and preserve the notion of integrity,&rdquo. no investigators or lawyers to initiate real enforcement. initiate investigations, impose penalties, and audit reports. It has to be independent, or it doesn&rsquo. The mood in the legislature is that they don&rsquo. re a dirty state. It also reduced Carson&rsquo. This year, the Delaware Legislature passed legislation that requires the creation of a new lobbyist database. Contino said of the budget constraints. But as a result of the merger, Carson said, there were statute-mandated tasks that simply did not get done. s office, into one umbrella organization &mdash. The people who it&rsquo. It assessed more than 2,000 civil penalties for late filings of financial disclosure statements or campaign finance reports but then waived more than half of those. He supported Schroder&rsquo. Smith noted that the panels are able to take definitive action &mdash. "I don&rsquo. You don&rsquo. Historically, the legislature just hasn&rsquo. I think we&rsquo. If they had all the money in the world, it wouldn&rsquo. s policing are the people who give it power,&rdquo.