Pet DRx Corporation reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss before provision/(benefit) for income taxes of $1,786,000, loss from continuing operations of $1,809,000 or $0.08 diluted loss, net loss of $1,809,000 or $0.08 diluted loss on revenue of $15,734,000 as compared to loss before provision/(benefit) for income taxes of $3,004,000, loss from continuing operations of $3,016,000 or $0.13 diluted loss, net loss of $3,172,000 or $0.13 diluted loss on revenue of $17,299,000 for the same period last year. Adjusted EBITDA was $294,000 as compared to adjusted LBITDA of $2,166,000 for the same period last year. For nine months, the company reported loss before provision/(benefit) for income taxes of $9,185,000, loss from continuing operations of $9,213,000 or $0.39 diluted loss, net loss of $9,213,000 or $0.39 diluted loss on revenue of $49,158,000 as compared to loss before provision/(benefit) for income taxes of $11,084,000, loss from continuing operations of $11,067,000 or $0.47 diluted loss, net loss of $11,438,000 or $0.49 diluted loss on revenue of $52,193,000 for the same period last year. Loss from operations was $1,421,000 as compared to $7,249,000 for the same period last year. Adjusted EBITDA was $614,000 as compared to adjusted LBITDA of $5,621,000 for the same period last year. The decrease in revenues of 9.0% and 5.8%, respectively, continues to be primarily due to decreased volume of traffic at the Company's clinics as the California economy remained weak during the first nine months of 2009. The increase in Adjusted EBITDA in 2009 was primarily due to the reduced spending in selling, general, and administrative expenses as compared to the same time period in the previous year as well as improved hospital contribution margins.

The CEO of Pet DRX Corporation, Gene Burleson, said in a conference call, We stay committed to growing this Company through its strategic acquisitions, and as we have improved our current operations, we are in much better position to add facilities to our network, both in other parts of the country, as well as the state of California. While we have no active acquisitions in process, it's still an area that we investigate as opportunities present themselves.

Pet DRx Corporation, Q3 2009 Earnings Call, Nov 16 2009