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Last $38.89 USD
Change Today +0.19 / 0.49%
Volume 107.6K
SCAI On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

surgical care affiliates inc (SCAI) Key Developments

Surgical Care Affiliates, Inc and Surgical Care Affiliates LLC Announce Executive Changes

On April 17, 2015, Surgical Care Affiliates, Inc. announced the appointment of Tom De Weerdt as Executive Vice President and Chief Financial Officer of the company and Surgical Care Affiliates LLC, with Mr. De Weerdt's employment to commence on May 19, 2015. Mr. De Weerdt will replace Peter J. Clemens IV, who previously announced his plans to retire. Mr. Clemens will remain employed by the company as Senior Advisor from May 19, 2015 through June 30, 2015, and after that date he plans to serve as a consultant to the company through April 30, 2017. Mr. De Weerdt, age 42, currently serves as Vice President, Corporate Controller of Mead Johnson Nutrition Company, a position he has held since September 2012.

Surgical Care Affiliates, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Surgical Care Affiliates, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total net operating revenues of $247.2 million against $213.8 million a year ago. This increase was driven by revenues earned from acquisitions, higher acuity case mix and increased rates paid under certain payer contracts, partially offset by the deconsolidation of one facility during the fourth quarter. Operating income was $68.9 million against $37.9 million a year ago. Income from continuing operations before income tax expense was $66.3 million against $8.5 million a year ago. Income from continuing operations was $62.8 million against $6.0 million a year ago. Net income attributable to was $17.9 million against net loss of $27.4 million a year ago. Net income per basic share was $0.46 against net loss attributable to company per basic share of $0.77 million a year ago. Net cash provided by operating activities was $54.4 million against $34.8 million a year ago. Capital expenditures were $11.9 million against $10.6 million a year ago. Adjusted EBITDA-NCI was $48 million against $38.1 million a year ago. Adjusted net income was $27.5 million or $0.72 per basic share against $17.6 million or $0.49 per basic share a year ago. Operating cash flow less distributions to non-controlling interests was $22.8 million during the fourth quarter of 2014, an increase of 105.4% from $11.1 million in the same period of the prior year. For the full year, the company reported total net operating revenues of $864.7 million against $785.7 million a year ago. This increase was driven by revenues earned from acquisitions, higher acuity case mix and increased rates paid under certain payor contracts, partially offset by the deconsolidation of two facilities and the disposition of two facilities since December 31, 2013. Operating income was $200.9 million against $158.9 million a year ago. Income from continuing operations before income tax expense was $175.9 million against $76.2 million a year ago. Income from continuing operations was $166.5 million against $63.9 million a year ago. Net income attributable to was $32 million against net loss of $51.3 million a year ago. Net income per basic share was $0.83 against net loss attributable to company per basic share of $1.62 million a year ago. Net cash provided by operating activities was $210.6 million against $165.6 million a year ago. Capital expenditures were $37.3 million against $36.8 million a year ago. Adjusted EBITDA-NCI was $156.7 million against $142.8 million a year ago. Adjusted net income was $81.5 million or $2.12 per basic share against $48 million or $1.52 per basic share a year ago. The company announced asset impairment of $0.3 million for the fourth quarter ended December 31, 2014. For 2015, the company reiterates the guidance it initially established in January 2015. The company continues to expect 2015 adjusted EBITDA less NCI growth to be in the range of 8% to 11%.

Surgical Care Affiliates, Inc. Proposes to Launch an Offering of Approximately $250 Million Aggregate Principal Amount of its Senior Unsecured Notes Due 2023

Surgical Care Affiliates, Inc. announced its intention to launch on March 10, 2015, an offering of approximately $250 million aggregate principal amount of its senior unsecured notes due 2023 (the Notes), subject to market and customary conditions. The Notes will be general unsecured senior obligations of SCA and will be guaranteed by SCA's existing and subsequently acquired wholly-owned subsidiaries that guarantee certain of SCA's indebtedness, subject to certain exceptions. SCA intends to use the net proceeds from this offering, together with funds under a proposed new senior secured credit facility of up to $700 million in aggregate principal amount, to repay all of the outstanding indebtedness under SCA's existing credit facility, to pay the transaction costs associated with the refinancing transactions and for general corporate purposes, including acquisitions and other development activities. The Notes and the related guarantees will be offered in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

SCAI Eyes Acquisitions

Surgical Care Affiliates, Inc. (NasdaqGS:SCAI) is looking for acquisition opportunities. SCAI announced its intention to launch an offering of approximately $250million aggregate principal amount of its senior unsecured notes due 2023. SCAI intends to use the net proceeds from this offering, together with funds under a proposed new senior secured credit facility of up to $700 million in aggregate principal amount, to repay all of the outstanding indebtedness under SCA's existing credit facility, to pay the transaction costs associated with the refinancing transactions and for general corporate purposes, including acquisitions and other development activities.

Surgical Care Affiliates, Inc. Intends to Replace the Existing Credit Facility with New $600 Million Senior Secured Credit Facility; Pete Clemens to Retire as Chief Financial Officer of the Company

Surgical Care Affiliates, Inc. announced that Pete Clemens, Chief Financial Officer (CFO), is planning to retire later the year 2015. Regarding the planned retirement of Mr. Clemens, the company has engaged an executive search firm to assist in recruiting a new CFO, and Mr. Clemens plans to work with his successor to jointly design a transition plan. The retirement decision is driven by personal considerations. The company also announced that it plans to refinance its debt in the coming weeks, in order to increase its capacity to fund growth initiatives. The company intends to pursue a refinancing of its outstanding senior secured credit facility, which was originally entered into in 2007 and is comprised of $596 million of term loan facilities and a $132 million revolving credit facility. The company intends to replace the existing credit facility with a new $600 million senior secured credit facility, to be comprised of a $350 million term loan and a $250 million revolving credit facility, and $350 million of new senior unsecured notes. The net proceeds of the new credit facility and notes would be used to repay all of the outstanding indebtedness under the existing credit facility, to pay the transaction costs associated with the refinancing and for general corporate purposes, including acquisitions and other development activities. The company intends to launch and close the refinancing transactions prior to the end of the first quarter of 2015.

 

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Price/Earnings 37.4x
Price/Sales 1.8x
Price/Book 6.1x
Price/Cash Flow 17.8x
TEV/Sales 0.5x
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