Northstar Healthcare Reports Annual Results and 2012 Fourth Quarter
HOUSTON, TX, March 21, 2013 /CNW/ - Northstar Healthcare Inc. (TSX:NHC) today
announced its financial results for the three and twelve months ended December
31, 2012. All dollar amounts are in United States currency unless otherwise
stated; percentage calculations are based on the numbers in the financial
statements and may not correspond to rounded figures presented in this release.
Detailed information relating to the three and twelve months ended December
31, 2012 is available in Management's Discussion and Analysis (MD&A) and
Consolidated Financial Statements, which are available on the company's web
site at: www.northstar-healthcare.com and at www.sedar.com. This information
is not intended to provide a comprehensive comparison of financial results.
"2012 was a momentous year for the Company. Management's vision for turning
the Company around found substantial traction and Northstar was able to post
its first positive net income producing year since 2007" said Dr. Donald
Kramer, Northstar's founder and current CEO. "Northstar also successfully
re-syndicated each of its three ambulatory surgery centers to provide proper
equity alignment for future center growth and enhanced Northstar
distributions. During 2012, management was able to grow top-line revenue by
$6.5 million while keeping expenses comparatively uniform. This increase in
service revenues fell to the bottom line and benefited both Northstar and our
Fourth Quarter Results
Net patient service revenues for the three months ended December 31, 2012
totaled $6.5 million, an increase of $2.3 million or 55.8%, compared to $4.2
million from the prior corresponding period. The increase in net patient
service revenues was primarily due to a 44.5% increase in revenues per case
experienced through improved billing and collections efforts at all of our
The Company had net income of $0.4 million compared to a nominal amount in the
prior corresponding period. This is primarily related to both improvements in
revenue cycle management and favorable reimbursements in our pain specialty
cases. This resulted in net income per weighted average share of $0.01.
Cash flow provided by operating activities in the fourth quarter of 2012 was
$2.5 million which represented a $2.4 million increase compared with cash flow
provided by operating activities of $0.1 million in the corresponding period
Twelve Months Results
In the twelve months ended December 31, 2012, Northstar generated net patient
service revenue of $20.9 million compared with $14.4 million in the
corresponding period of 2011.
Northstar had income from operations for the twelve months ended December 31,
2012 of $9.3 million compared to $2.0 million in the corresponding 2011
period. Northstar reported net income in the 2012 twelve month period of $1.2
million, or $0.03 per weighted average share, compared with a net loss of $2.2
million, or $0.07 per weighted average share in the corresponding 2011 period.
Cash flow provided by operating activities in the twelve months ended December
31, 2012 was $4.8 million which represented a $4.5 million increase compared
to the prior corresponding period, despite lower case volume. Management's
efforts in managing the revenue cycle provided significant positive results in
At December 31, 2012, Northstar had consolidated net working capital of $7.1
million, including cash of $4.2 million. This compares with $3.8 million and
$2.5 million, respectively, at year-end 2011.
About Northstar Healthcare Inc.
Northstar partners with physicians in the ownership and management of
ambulatory facilities and healthcare services. Northstar owns and manages
interests in three ambulatory surgery centers, two in Houston and the third in
This news release may contain forward-looking statements (within the meaning
of applicable securities laws) relating to business of Northstar Healthcare
Inc. (the "Company") and the environment in which it operates. Forward-looking
statements are identified by words such as "believe", "anticipate", "expect",
"intend", "plan", "will", "may" and other similar expressions. These
statements are based on the Company's expectations, estimates, forecasts and
projections. They are not guarantees of future performance and involve risks
and uncertainties that are difficult to control or predict. These risks and
uncertainties are discussed in the Company's regulatory filings available on
the Company's web site at www.Northstar-Healthcare.com or at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be
accurate as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements. Further, a
forward-looking statement speaks only as of the date on which such statement
is made. The Company undertakes no obligation to publicly update any such
statement or to reflect new information or the occurrence of future events or
Matthew Maruca Tel: (713) 840-5180 E-mail:email@example.com
SOURCE: Northstar Healthcare Inc.
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-0- Mar/21/2013 22:22 GMT
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