SYMBION INC/TN

CIK:0001091312|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	$ 142,210	$ 132,264	$ 276,176	$ 262,647
Operating expenses:
Salaries and benefits	39,122	37,182	77,142	73,788
Supplies	36,995	36,041	70,913	70,445
Professional and medical fees	11,811	10,750	22,477	21,091
Lease expense	6,976	6,668	13,735	13,403
Other operating expenses	9,408	8,854	18,560	17,582
Cost of revenues	104,312	99,495	202,827	196,309
General and administrative expenses	5,530	5,283	11,175	11,124
Depreciation and amortization	5,899	5,350	11,474	11,227
Provision for doubtful accounts	2,891	2,359	6,686	5,184
Income from equity investments	(1,008)	(1,039)	(1,606)	(1,920)
Loss (gain) on disposal or impairment of long-lived assets, net	4	7,673	(257)	7,181
Proceeds from insurance settlements, net	(31)	0	(81)	0
Merger transaction costs	2,318	0	2,318	0
Litigation settlements, net	0	(35)	3	(198)
Total operating expenses	119,915	119,086	232,539	228,907
Operating income	22,295	13,178	43,637	33,740
Interest expense, net	(14,491)	(14,643)	(28,856)	(29,396)
Income (loss) before income taxes and discontinued operations	7,804	(1,465)	14,781	4,344
Provision for (benefit from) income taxes	1,429	(540)	2,784	608
Income (loss) from continuing operations	6,375	(925)	11,997	3,736
Income (loss) from discontinued operations, net of income taxes	208	2,410	(5,934)	2,007
Net income	6,583	1,485	6,063	5,743
Less: Net income attributable to non-controlling interests	(9,665)	(8,663)	(18,278)	(16,967)
Net loss attributable to Symbion, Inc.	$ (3,082)	$ (7,178)	$ (12,215)	$ (11,224)

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income	$ 6,063	$ 5,743
Adjustments to reconcile net income to net cash from operating activities:
Loss (income) from discontinued operations, net of income taxes	5,934	(2,007)
Depreciation and amortization	11,474	11,227
Amortization of debt issuance costs and discounts	2,027	1,928
Payment-in-kind interest expense	4,762	4,403
Stock-based compensation	194	103
Loss (gain) on disposal or impairment of long-lived assets, net	(257)	7,181
Deferred income taxes	2,645	257
Income (loss) from equity investments, net of distributions received	225	(341)
Provision for doubtful accounts	6,686	5,184
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	(7,653)	(6,132)
Other operating assets and liabilities	(397)	(6,346)
Net cash provided by operating activities—continuing operations	31,703	21,200
Net cash provided by operating activities—discontinued operations	478	1,467
Net cash provided by operating activities	32,181	22,667
Cash flows from investing activities:
Purchases of property and equipment, net	(11,341)	(8,127)
Payments for acquisitions, net of cash acquired	(434)	(236)
Proceeds from divestitures	313	3,137
Other investing activities	0	2,200
Net cash used in investing activities—continuing operations	(11,462)	(3,026)
Net cash provided by investing activities—discontinued operations	3,479	3,383
Net cash (used in) provided by investing activities	(7,983)	357
Cash flows from financing activities:
Borrowings on revolving credit facility	10,000	0
Principal payments on long-term debt	(5,688)	(13,500)
Borrowings of long-term debt	8,694	6,525
Payments of debt issuance costs	0	(488)
Change in restricted invested assets	(138)	792
Distributions to non-controlling interest holders	(18,330)	(16,288)
(Payments related to) proceeds from ownership transactions with consolidated affiliates	(23,546)	558
Other financing activities	(120)	(23)
Net cash used in financing activities—continuing operations	(29,128)	(22,424)
Net cash used in financing activities—discontinued operations	(69)	(290)
Net cash used in financing activities	(29,197)	(22,714)
Net (decrease) increase in cash and cash equivalents	(4,999)	310
Cash and cash equivalents at beginning of period	55,792	73,308
Cash and cash equivalents at end of period	$ 50,793	$ 73,618

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 50,793,000	$ 55,792,000
Accounts receivable, less allowance for doubtful accounts of $16,409 and $16,939 at June 30, 2014 and December 31, 2013, respectively	78,597,000	77,630,000
Inventories	17,037,000	17,080,000
Prepaid expenses and other current assets	10,103,000	9,594,000
Current assets of discontinued operations	1,428,000	2,580,000
Total current assets	157,958,000	162,676,000
Property and equipment, net	134,806,000	127,334,000
Intangible assets, net	17,391,000	18,566,000
Goodwill	661,179,000	661,758,000
Investments in and advances to affiliates	6,617,000	6,773,000
Restricted invested assets	315,000	177,000
Other long-term assets	12,838,000	13,957,000
Long-term assets of discontinued operations	1,764,000	15,498,000
Total assets	992,868,000	1,006,739,000
Current liabilities:
Accounts payable	20,091,000	19,132,000
Accrued payroll and benefits	12,947,000	12,102,000
Other current liabilities	32,241,000	33,534,000
Current maturities of long-term debt	10,874,000	8,993,000
Current liabilities of discontinued operations	393,000	1,180,000
Total current liabilities	76,546,000	74,941,000
Long-term debt, less current maturities	569,826,000	550,986,000
Long-term deferred tax liabilities	76,974,000	76,020,000
Other long-term liabilities	65,253,000	61,404,000
Long-term liabilities of discontinued operations	125,000	4,854,000
Non-controlling interests—redeemable	30,091,000	30,545,000
Stockholders' equity:
Common stock, $0.01 par value, 1,000 shares authorized, issued and outstanding at June 30, 2014 and December 31, 2013	0	0
Additional paid-in-capital	227,805,000	243,312,000
Stockholders' notes	(485,000)	(485,000)
Retained deficit	(118,351,000)	(106,136,000)
Total Symbion, Inc. stockholders' equity	108,969,000	136,691,000
Non-controlling interests—non-redeemable	65,084,000	71,298,000
Total equity	174,053,000	207,989,000
Total liabilities and stockholders' equity	$ 992,868,000	$ 1,006,739,000