Last $33.08 USD
Change Today +0.08 / 0.24%
Volume 65.0K
As of 8:10 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

surgical care affiliates inc (SCAI) Key Developments

Surgical Care Affiliates, Inc. 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.

Surgical Care Affiliates Seeks Acquisitions

Surgical Care Affiliates, Inc. (NasdaqGS:SCAI) is seeking acquisitions. Andrew Hayek, President and Chief Executive Officer, said, "We originally partnered in 2011 with two surgery centers. We've now grown that to seven. And we expect to add two or three per year in that market. So an example of tuck-in acquisitions go forward in market." Hayek added, “We see development with existing partners. So in-market tuck-in acquisitions. So this would be the kind that I describe with THR or Virtua or MemorialCare where we have an existing partner, an existing network and we're doing tuck-in acquisitions to add to that network in a very accretive manner.”

Surgical Care Affiliates, Inc. Presents at 33rd Annual J.P. Morgan Healthcare Conference, Jan-12-2015 04:30 PM

Surgical Care Affiliates, Inc. Presents at 33rd Annual J.P. Morgan Healthcare Conference, Jan-12-2015 04:30 PM. Venue: Westin St. Francis Hotel, San Francisco, California, United States. Speakers: Andrew P. Hayek, Chief Executive Officer, President and Director.

Surgical Care Affiliates, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment Charges for the Third Quarter Ended September 30, 2014; Reaffirms Earnings Guidance for 2014

Surgical Care Affiliates, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net operating revenues, which exclude revenues from facilities in which the company owns a non controlling interest, increased 13.1% to $219.9 million from $194.4 million in the prior year period. 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 one facility since September 30, 2013. Net income attributable to the company, which includes certain non-cash and non-recurring expenses, was $7.8 million or $0.20 per basic share compared to a net loss attributable to the company of $12.7 million or $0.42 per basic share for the third quarter of 2013. Adjusted EBITDA less NCI, which adds back certain non-recurring expenses, increased 6.7% for the third quarter of 2014 to $37.9 million from $35.5 million in the same period of the prior year. Adjusted net income increased 53.9% to $18.4 million or $0.48 per basic share from $11.9 million or $0.39 per basic share for the same period of the prior year. This increase was primarily the result of lower interest expense in the third quarter of this year associated with the reduction of debt during 2013. Cash flow from operating activities was $69.5 million, up 38.4% from $50.2 million for the third quarter of 2013. Operating income was $47.7 million compared to $29.4 million reported a year ago. Income from continuing operations before income tax expense was $45.8 million compared to $14.9 million reported a year ago. Income from continuing operations was $42.9 million compared to $9.2 million reported a year ago. Capital expenditures were $7.2 million compared to $9.0 million reported a year ago. For the nine months, total net operating revenues, which exclude revenues from facilities in which the company owns a non-controlling interest, increased 7.8% to $627.7 million from $582.3 million in the same period last year. This increase was driven by higher acuity case mix and increased rates paid under certain payor contracts, partially offset by the deconsolidation of one facility since September 30, 2013 and the disposition of two facilities during the first quarter of 2014, and by investment in new facilities, most of which occurred in the latter part of the nine-month period. Net income attributable to the company, which includes certain non-cash and non-recurring expenses, was $14.1 million or $0.37 per basic share compared to a net loss attributable to the company of $23.9 million or $0.79 per basic share for the same period of the prior year. Adjusted EBITDA less NCI, which adds back certain non-recurring expenses, increased 3.1% to $108.2 million from $104.9 million in the same period of the prior year. Adjusted net income increased 75.7% to $51.8 million or $1.35 per basic share from $29.5 million or $0.97 per basic share for the same period of the prior year. Cash flow from operating activities was $156.1 million, up 19.4% from $130.8 million for the same period in 2013. Operating income was $129.9 million compared to $119.0 million reported a year ago. Income from continuing operations before income tax expense was $107.4 million compared to $65.5 million reported a year ago. Income from continuing operations was $101.4 million compared to $55.5 million reported a year ago. Capital expenditures were $25.4 million compared to $26.2 million reported a year ago. For 2014, the company is reiterating its previously established 2014 guidance for adjusted EBITDA less NCI to be between $154 million and $158 million. As it has indicated in the past, the strong growth expected in the fourth quarter of 2014 reflects the impact of its 2014 acquisitions and the expected timing of corporate expenses relative to fourth quarter 2013. The company expects 8% to 11% growth in adjusted EBITDA less NCI in 2014 For the quarter, the company reported asset impairments of $0.1 million against $1.4 million a year ago.

Surgical Care Affiliates, Inc. to Report Q3, 2014 Results on Nov 12, 2014

Surgical Care Affiliates, Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 12, 2014

 

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