Radiologix Provides Update on Mid-Atlantic Operations
27 Ottobre 2004 - 6:08PM
PR Newswire (US)
Radiologix Provides Update on Mid-Atlantic Operations Company to
Restructure Certain Mid-Atlantic Relationships DALLAS, Oct. 27
/PRNewswire-FirstCall/ -- Radiologix, Inc. (AMEX:RGX), a leading
national provider of diagnostic imaging services, said today that
it will terminate a medical services agreement with a radiology
practice in its Mid-Atlantic market, close three diagnostic imaging
centers there, transfer professional reading responsibilities for
certain other imaging centers in the market to another radiology
practice, and take certain charges in the third quarter of 2004
related to these plans. During the third quarter of 2004,
Radiologix determined that the ability of one of its contracted
radiology practices in its Mid-Atlantic market to perform in
accordance with its medical services agreement -- an intangible
asset -- had diminished significantly. With several
Radiologix-owned imaging centers in the market operating at
financial losses, deteriorating financial conditions at hospitals
contracting with the radiology practice for professional reading
arrangements, and the resignation of two physician leaders from the
radiology practice, Radiologix ultimately concluded that the value
of its intangible asset had become significantly impaired. As a
result, Radiologix and the radiology practice have agreed to
terminate their medical services agreement and are working toward
an effective date for termination that will accommodate both
Radiologix's interests as well as those of the radiology practice.
In addition, Radiologix has decided to close three unprofitable
imaging centers and transfer the professional reading
responsibilities for certain other Radiologix-owned imaging centers
in the market to another radiology practice that operates under a
medical services agreement with Radiologix. Radiologix is also in
the process of determining the best disposition of professional
reading arrangements with certain hospitals. Based on the company's
assessment and actions taken, for the quarter ended September 30,
2004, Radiologix recorded impairment charges of $6.5 million to
write off intangible assets related to this medical services
agreement and $800,000 to write off long-lived assets related to
closing the three imaging centers. About Radiologix Radiologix
(http://www.radiologix.com/ ) is a leading national provider of
diagnostic imaging services, owning and operating multi-modality
diagnostic imaging centers that use advanced imaging technologies
such as positron emission tomography ("PET"), magnetic resonance
imaging ("MRI"), computed tomography ("CT") and nuclear medicine,
as well as x-ray, general radiography, mammography, ultrasound and
fluoroscopy. The diagnostic images created, and the radiology
reports based on these images, enable more accurate diagnosis and
more efficient management of illness for ordering physicians.
Radiologix owned or operated 94 diagnostic imaging centers located
in 13 states as of June 30, 2004. Forward-Looking Statements
Throughout this press release we make "forward-looking statements"
within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking statements include words such as
"may," "will," "would," "could," "likely," "estimate," "intend,"
"plan," "continue," "believe," "expect" or "anticipate" and other
similar words and include all discussions about our acquisition and
development plans. We do not guarantee that the transactions and
events described in this press release will happen as described or
that any positive trends noted in this press release will continue.
The forward-looking statements contained in this press release are
generally located in the material set forth under the heading
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our filings with the Securities and
Exchange Commission. These forward-looking statements generally
relate to our plans, objectives and expectations for future
operations and are based upon management's reasonable estimates of
future results or trends. Although we believe that our plans and
objectives reflected in or suggested by such forward-looking
statements are reasonable, we may not achieve such plans or
objectives. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information
presented in this press release. You should read this press release
completely and with the understanding that actual future results
may be materially different from what we expect. We will not update
forward-looking statements even though our situation may change in
the future. Specific factors that might cause actual results to
differ from our expectations include, but are not limited to: --
economic, demographic, business and other conditions in our
markets; -- the highly competitive nature of the healthcare
business; -- a decline in patient referrals; -- changes in the
rates or methods of third-party reimbursement for diagnostic
imaging services; -- the termination of our contracts with
radiology practices; -- the loss of a high percent of radiologists
operating in our contracted radiology practices; -- the ability to
recruit and retain technologists; -- the availability of additional
capital to fund capital expenditure requirements; -- burdensome
lawsuits against our contracted radiology practices and us; --
reduced operating margins due to our managed care contracts and
capitated fee arrangements; -- any failure by us to comply with
state and federal anti-kickback and anti-self referral laws or any
other applicable healthcare regulations; -- changes in business
strategy and development plans; -- changes in federal, state or
local regulations affecting the healthcare industry; -- our
substantial indebtedness, debt service requirements and liquidity
constraints; -- risks related to our Senior Notes and healthcare
securities generally; and -- interruption of operations due to
severe weather or other extraordinary events. A more comprehensive
list of such factors is set forth in the Company's Annual Report on
Form 10-K, as amended, for the year ended December 31, 2003, and
our other filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which such
statement is made. The information in this press release is as of
October 27, 2004. Radiologix undertakes no obligation to update any
forward-looking statement or statements to reflect new events or
circumstances or future developments. DATASOURCE: Radiologix, Inc.
CONTACT: investors, Paul R. Streiber of Radiologix, Inc.,
+1-214-303-2702, or Web site: http://www.radiologix.com/
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