InfuSystem Holdings, Inc. - Conference Presentation Calls

InfuSystem Holdings Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating income of $1,363,000, loss before income tax of $32,000 and net loss of $445,000 or $0.02 per diluted share on net revenue of $9,902,000, compared to operating income of $1,648,000, income before income tax of $6,103,000 and net income of $5,704,000 or $0.30 per diluted share on net revenue of $8,958,000 for the same period last year. EBITDA was $2,340,000, compared to $8,510,000 for the same period last year. Adj. EBITDA was $3,765,000, compared to $3,608,000 for the same period last year. The increase in revenue was a result of winning new customer business. The decrease in operating income was primarily due to management transition expenses and higher pump repair and maintenance costs. The net loss included a $564,000 loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.4 million gain on derivative financial instruments in the third quarter of 2008. For the nine months, the company reported operating income of $3,968,000, income before income tax of $100,000 and net loss of $192,000 or $0.01 per diluted share on net revenue of $28,302,000, compared to operating income of $3,248,000, income before income tax of $9,099,000 and net income of $8,700,000 or $0.47 per diluted share on net revenue of $26,323,000 for the same period last year. EBITDA was $7,109,000, compared to $16,324,000 for the same period last year. Adj. EBITDA was $9,715,000, compared to $8,825,000 for the same period last year. Net cash provided by operating activities was $7,074,000, compared to $9,270,000 for the same period last year. Capital expenditure was $4,039,000, compared to $951,000 for the same period last year. The increase in operating income was a result of an increase in revenue, lower freight cost, partially offset by management transition expenses. The net loss included a $1.2 million loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the company's warrants during the nine month period, compared to an $8.7 million gain on derivative financial instruments in the comparable period in 2008.

InfuSystem Holdings, Inc., Q3 2009 Earnings Call, Nov-09-2009