Rural/Metro Announces Strong Preliminary 2004 Results
Rural/Metro Announces Strong Preliminary 2004 Results
Thursday September 2, 4:30 pm ET
* Net Revenue Up 8.7% to $526.6 Million
* Income From Continuing Operations of $6.6 Million
* Full Year EBITDA of $48 Million
SCOTTSDALE, Ariz., Sept. 2 /PRNewswire-FirstCall/ -- Rural/Metro Corporation (OTC Bulletin Board: RURL - News), a leading national provider of medical transportation and fire protection services, announced today preliminary, unaudited results for its fourth quarter and fiscal year ended June 30, 2004.
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For the fiscal year ended June 30, 2004, the company reported net revenue of $526.6 million, compared to $484.6 million for fiscal 2003, representing an increase in net revenue of 8.7%. For the three months ended June 30, 2004, net revenue was $132.8 million, compared to $122.8 million for the same period of the prior year, or an increase of 8.1%.
Medical transportation and related service revenue for the year ended June 30, 2004 was $452.3 million, which is a 9.9% increase from $411.4 million in fiscal 2003. For the three months ended June 30, 2004, medical transportation and related service revenue grew 8.9% to $113.9 million from $104.6 million for the same period of the prior year.
Same-service-area medical transportation and related service revenue for the fiscal year ended June 30, 2004 increased $36.1 million, or 8.8% from fiscal 2003. On a quarterly basis, same-service-area medical transportation and related service revenue increased $8.2 million, or 7.8% from the same period of fiscal 2003. The company attributes this to the continuing success of its strategy to expand within existing regional markets throughout the United States.
Fire and other revenue for the fiscal year and three months ended June 30, 2004 was $74.3 million and $18.9 million, respectively. This compares to $73.2 million and $18.2 million for the corresponding periods in fiscal 2003. Fire subscription revenue, increased by 9.6% for the fiscal year ended June 30, 2004 to $35.3 million, compared to $32.2 million in 2003. Fire subscription revenue totaled $9.3 million for three months ended June 30, 2004 compared to $8.3 million for the three months ended June 30, 2003, an increase of 12.0%. The company has identified its fire subscription business as one of the areas for future strategic growth potential.
Income from continuing operations was $6.6 million for the fiscal year ended June 30, 2004, compared to a loss from continuing operations of $7.4 million in 2003. For the three months ended June 30, 2004, the company reported income from continuing operations of $1.8 million, compared to a loss of $5.0 million for the same period of the prior year.
Fully diluted earnings per share for the fiscal year ended June 30, 2004 was $0.28. For the fiscal year ended June 30, 2003, earnings per share was $0.33 and included a $0.77 per share impact for the non-cash gain recorded on the disposition of the company's Latin American operations. Fully diluted earnings per share for the three months ended June 30, 2004 was $0.06, compared to a loss per share of $0.33 for the three months ended June 30, 2003.
On June 10, 2004, stockholders voted to amend the company's certificate of incorporation to authorize 17 million new shares of common stock. On June 30, 2004, the company settled its Series B and Series C preferred stock by issuing 4,955,278 shares of common stock to its lenders.
Jack Brucker, President and Chief Executive Officer, said, "We are very pleased with the progress we made during fiscal 2004 to strengthen and grow the company in order to produce earnings for our stockholders. We achieved solid profits for the full fiscal year and our objective is to continue to build long-term value in our enterprise by consistently achieving sequential yearly growth in financial and operational performance."
For the fiscal year ended June 30, 2004, the com operating activities as a measure of liquidity. The company has provided a reconciliation of EBITDA to cash provided by operating activities in a table that accompanies this press release.
Cash collections for the three months ended June 30, 2004 totaled $113.3 million, compared to $112.1 million for the same period in fiscal 2003. For the year ended June 30, 2004, cash collections totaled $453.6 million, compared to $443.2 million for the same period in fiscal 2003.
Brucker continued, "We are pleased with the profitable growth we have achieved in fiscal 2004, and continue to identify opportunities to extend our market reach. In keeping with our growth strategy, in fiscal 2005 we will focus primarily on profitable expansion within existing regional service areas where we can further solidify our customer base, leverage our existing infrastructure and generate a sound margin of profit."
"We have simultaneously developed and implemented billing, work force scheduling and risk management programs that have contributed to improved operating and financial performance. We believe these systems will continue to produce results in the future and look forward to providing further updates as the year progresses."
Following is a summary of certain of the company's key operating statistics. EMS transports and Average EMS Patient Charge statistics have been adjusted to eliminate discontinued operations:
Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04
(6/30/03) (9/30/03) (12/31/03) (3/31/04) (6/30/04)
EMS
Transports (1) 249,813 256,507 262,586 266,064 259,953
Net/Net
Average
EMS
Patient
Charge (2) $300 $308 $308 $312 $312
Average
DSO
(YTD) (3) 44 42 43 43 42
(1) EMS transports from continuing operations are defined as actual
patient transports, excluding those under capitated contract
arrangements.
(2) Net/Net Average Emergency Medical Services (EMS) Patient Charge is
defined as gross EMS transport revenue minus provisions for
Medicare, Medicaid and other third-party payers and doubtful
accounts divided by EMS transports from continuing operations. For
purposes of this calculation, revenue and transports related to
capitated contracts are excluded.
(3) Average year-to-date DSO is defined as average accounts receivable
divided by net revenue per day, as calculated on a year-to-date
basis.
Rural/Metro Corporation provides emergency and non-emergency medical transportation, fire protection, and other safety services in 23 states and more than 400 communities throughout the United States. For more information, visit the company's web site at www.ruralmetro.com.
The company will discuss these results in a conference call and webcast on Friday, September 3, 2004, beginning at 8 a.m. Pacific (11 a.m. Eastern). To access the conference call, dial 800-361-0912 (domestic), or 913-981-5559 (international). The call also will be broadcast live on the company's web site at www.ruralmetro.com. A taped replay of the call will be available from 2 p.m. Eastern on September 3, 2004 through midnight Friday, September 10, 2004. The replay can be accessed by dialing 888-203-1112 (domestic) or 719-457-0820 (international). Please use the confirmation code 216236 when accessing the replay. An archived webcast also will be available at www.ruralmetro.com.
This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, timely completion of the fiscal 2004 audit reflecting results consistent with the unaudited results reported 2004 2003
ASSETS (Unaudited)
Current assets:
Cash $16,372 $12,561
Accounts receivable, net of allowance
for doubtful accounts of $59,430 and
$48,422 at June 30, 2004 and 2003,
respectively 65,348 60,428
Inventories 11,739 11,504
Prepaid expenses and other assets 9,006 7,511
Total current assets 102,465 92,004
Property and equipment, net 40,283 43,010
Goodwill 41,100 41,167
Insurance deposits 9,244 7,937
Other assets 13,043 12,048
$206,135 $196,166
LIABILITIES, MINORITY INTEREST, REDEEMABLE
NONCONVERTIBLE PARTICIPATING PREFERRED STOCK
AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $13,833 $13,778
Accrued liabilities 58,167 57,698
Deferred revenue 18,650 17,603
Current portion of long-term debt 1,495 1,329
Total current liabilities 92,145 90,408
Long-term debt, net of current portion 304,057 305,310
Other liabilities - 181
Deferred income taxes 650 650
Total liabilities 396,852 396,549
Minority interest 1,509 1,984
Redeemable nonconvertible
participating preferred stock - 7,793
Stockholders' equity (deficit):
Common stock, $.01 par value
23,000,000 shares authorized,
21,890,816 and 16,207,830
shares issued and outstanding at
June 30, 2004 and June 30, 2003,
respectively 222 166
Additional paid-in capital 147,072 135,405
Treasury stock (1,239) (1,239)
Accumulated deficit (338,281) (344,492)
Total stockholders' equity (deficit) (192,226) (210,160)
$206,135 $196,166
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For The Year Ended June 30, 2004 and 2003
(Unaudited)
(in thousands, except per share amounts)
% of % of
Net Net
2004 revenue 2003 revenue
(*As Restated)
Net revenue $526,603 100.0% $484,639 100.0%
Operating expenses:
Payroll and employee
benefits 277,549 52.7% 266,713 55.0%
Provision for
doubtful accounts 87,268 16.6% 77,184 15.9%
Depreciation and
amortization 11,404 2.2% 12,587 2.6%
Other operating
expenses 114, operations
applicable to common
stock (0.02) 1.02
Net income $0.28 $0.33
Average number of shares
outstanding - Basic 16,645 16,116
Average number of shares
outstanding - Diluted 21,817 16,116
* We have restated our earnings per share calculations for the year ended
June 30, 2003 to reflect earnings per share using the two-class method as
defined in FASB Statement No. 128, Earnings per Share and clarified by
EITF Issue No. 03-6, Participating Securities and the Two-Class Method.
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For The Three Months Ended June 30, 2004 and 2003
(Unaudited)
(in thousands, except per share amounts)
% of % of
Net Net
2004 revenue 2003 revenue
(*As Restated)
Net revenue $132,791 100.0% $122,848 100.0%
Operating expenses:
Payroll and employee
benefits 69,819 52.6% 67,690 55.1%
Provision for doubtful
accounts 22,962 17.3% 19,641 16.0%
Depreciation and
amortization 2,670 2.0% 3,046 2.5%
Other operating expenses 29,269 22.0% 30,744 25.0%
Total operating
expenses 124,720 93.9% 121,121 98.6%
Operating income 8,071 6.1% 1,727 1.4%
Interest expense (7,137) -5.4% (7,367) -6.0%
Interest income 30 0.0% 116 0.1%
Income (loss) from
continuing operations
before income taxes
and minority interest 964 0.7% (5,524) -4.5%
Income tax (provision)
benefit (23) 0.0% 58 0.0%
Minority interest 873 0.7% 489 0.4%
Income (loss) from
continuing operations 1,814 1.4% (4,977) -4.1%
Income (loss) from
discontinued operations (551) -0.4% 907 0.7%
Net income (loss) $1,263 1.0% $(4,070) -3.3%
Income (loss) per share
Basic -
Income (loss) from
continuing operations
applicable to common
stock $0.58 $(0.38)
Income (loss) from
discontinued operations
applicable to common
stock (0.03) 0.05
Net income (loss) $0.55 $(0.33)
Diluted -
Income (loss) from
continuing operations
applicable to common
stock $0.08 $(0.38)
Income (loss) from
discontinued operations
applicable to common
stock (0.02) 0.05
Net income (loss) $0.06 $(0.33)
Average number of shares
outstanding - Basic 16,910 16,177
Average number of shares
outstanding - Diluted 22,561 16,177
* We have restated our earnings per share 2,753 2,038
Amortization of debt discount 26 26
Other - (176)
Change in assets and liabilities -
Increase in accounts receivable (96,397) (81,589)
(Increase) decrease in inventories (235) 656
Increase in prepaid expenses and
other assets (1,495) (476)
(Increase) decrease in insurance
deposits (1,307) 291
(Increase) decrease in other assets (876) 126
Increase in accounts payable 55 1,545
Increase (decrease) in accrued
liabilities and other liabilities 1,421 (3,342)
Increase in deferred revenue 1,047 908
Net cash provided by operating
activities 14,501 13,146
Cash flows from investing activities:
Capital expenditures (8,646) (9,400)
Redeemable nonconvertible
participating preferred stock 225 1,818
Net cash used in investing
activities (8,421) (7,582)
Cash flows from financing activities:
Repayments on credit facility (1,000) -
Repayment of debt and capital lease
obligations (1,248) (1,569)
Distributions to minority
shareholders - (914)
Cash paid for debt modification costs (515) (1,583)
Proceeds from issuance of common
stock 494 407
Net cash used in financing
activities (2,269) (3,659)
Effect of currency exchange rate
changes on cash - (21)
Increase in cash 3,811 1,884
Cash, beginning of period 12,561 10,677
Cash, end of period $16,372 $12,561
RURAL/METRO CORPORATION
RECONCILIATION OF EBITDA
TO CASH FLOW PROVIDED BY OPERATING ACTIVITIES
(in thousands)
Year Ended Three Months Ended
June 30, June 30,
2004 2003 2004 2003
Net income $6,211 $8,966 $1,263 $(4,070)
Add back:
Depreciation and amortization 12,257 13,313 2,789 3,208
Interest expense 29,243 27,819 7,137 7,367
Interest income (97) (197) (30) (116)
Income tax provision (benefit) 268 118 23 (58)
EBITDA 47,882 50,019 11,182 6,331
Increase (decrease):
Interest expense (29,243) (27,819) (7,137) (7,367)
Interest income 97 197 30 116
Income tax provision (benefit) (268) (118) (23) 58
(Gain) loss on sale of property and
equipment 39 (540) (65) (378)
Non-cash porti
Thursday September 2, 4:30 pm ET
* Net Revenue Up 8.7% to $526.6 Million
* Income From Continuing Operations of $6.6 Million
* Full Year EBITDA of $48 Million
SCOTTSDALE, Ariz., Sept. 2 /PRNewswire-FirstCall/ -- Rural/Metro Corporation (OTC Bulletin Board: RURL - News), a leading national provider of medical transportation and fire protection services, announced today preliminary, unaudited results for its fourth quarter and fiscal year ended June 30, 2004.
ADVERTISEMENT
For the fiscal year ended June 30, 2004, the company reported net revenue of $526.6 million, compared to $484.6 million for fiscal 2003, representing an increase in net revenue of 8.7%. For the three months ended June 30, 2004, net revenue was $132.8 million, compared to $122.8 million for the same period of the prior year, or an increase of 8.1%.
Medical transportation and related service revenue for the year ended June 30, 2004 was $452.3 million, which is a 9.9% increase from $411.4 million in fiscal 2003. For the three months ended June 30, 2004, medical transportation and related service revenue grew 8.9% to $113.9 million from $104.6 million for the same period of the prior year.
Same-service-area medical transportation and related service revenue for the fiscal year ended June 30, 2004 increased $36.1 million, or 8.8% from fiscal 2003. On a quarterly basis, same-service-area medical transportation and related service revenue increased $8.2 million, or 7.8% from the same period of fiscal 2003. The company attributes this to the continuing success of its strategy to expand within existing regional markets throughout the United States.
Fire and other revenue for the fiscal year and three months ended June 30, 2004 was $74.3 million and $18.9 million, respectively. This compares to $73.2 million and $18.2 million for the corresponding periods in fiscal 2003. Fire subscription revenue, increased by 9.6% for the fiscal year ended June 30, 2004 to $35.3 million, compared to $32.2 million in 2003. Fire subscription revenue totaled $9.3 million for three months ended June 30, 2004 compared to $8.3 million for the three months ended June 30, 2003, an increase of 12.0%. The company has identified its fire subscription business as one of the areas for future strategic growth potential.
Income from continuing operations was $6.6 million for the fiscal year ended June 30, 2004, compared to a loss from continuing operations of $7.4 million in 2003. For the three months ended June 30, 2004, the company reported income from continuing operations of $1.8 million, compared to a loss of $5.0 million for the same period of the prior year.
Fully diluted earnings per share for the fiscal year ended June 30, 2004 was $0.28. For the fiscal year ended June 30, 2003, earnings per share was $0.33 and included a $0.77 per share impact for the non-cash gain recorded on the disposition of the company's Latin American operations. Fully diluted earnings per share for the three months ended June 30, 2004 was $0.06, compared to a loss per share of $0.33 for the three months ended June 30, 2003.
On June 10, 2004, stockholders voted to amend the company's certificate of incorporation to authorize 17 million new shares of common stock. On June 30, 2004, the company settled its Series B and Series C preferred stock by issuing 4,955,278 shares of common stock to its lenders.
Jack Brucker, President and Chief Executive Officer, said, "We are very pleased with the progress we made during fiscal 2004 to strengthen and grow the company in order to produce earnings for our stockholders. We achieved solid profits for the full fiscal year and our objective is to continue to build long-term value in our enterprise by consistently achieving sequential yearly growth in financial and operational performance."
For the fiscal year ended June 30, 2004, the com operating activities as a measure of liquidity. The company has provided a reconciliation of EBITDA to cash provided by operating activities in a table that accompanies this press release.
Cash collections for the three months ended June 30, 2004 totaled $113.3 million, compared to $112.1 million for the same period in fiscal 2003. For the year ended June 30, 2004, cash collections totaled $453.6 million, compared to $443.2 million for the same period in fiscal 2003.
Brucker continued, "We are pleased with the profitable growth we have achieved in fiscal 2004, and continue to identify opportunities to extend our market reach. In keeping with our growth strategy, in fiscal 2005 we will focus primarily on profitable expansion within existing regional service areas where we can further solidify our customer base, leverage our existing infrastructure and generate a sound margin of profit."
"We have simultaneously developed and implemented billing, work force scheduling and risk management programs that have contributed to improved operating and financial performance. We believe these systems will continue to produce results in the future and look forward to providing further updates as the year progresses."
Following is a summary of certain of the company's key operating statistics. EMS transports and Average EMS Patient Charge statistics have been adjusted to eliminate discontinued operations:
Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04
(6/30/03) (9/30/03) (12/31/03) (3/31/04) (6/30/04)
EMS
Transports (1) 249,813 256,507 262,586 266,064 259,953
Net/Net
Average
EMS
Patient
Charge (2) $300 $308 $308 $312 $312
Average
DSO
(YTD) (3) 44 42 43 43 42
(1) EMS transports from continuing operations are defined as actual
patient transports, excluding those under capitated contract
arrangements.
(2) Net/Net Average Emergency Medical Services (EMS) Patient Charge is
defined as gross EMS transport revenue minus provisions for
Medicare, Medicaid and other third-party payers and doubtful
accounts divided by EMS transports from continuing operations. For
purposes of this calculation, revenue and transports related to
capitated contracts are excluded.
(3) Average year-to-date DSO is defined as average accounts receivable
divided by net revenue per day, as calculated on a year-to-date
basis.
Rural/Metro Corporation provides emergency and non-emergency medical transportation, fire protection, and other safety services in 23 states and more than 400 communities throughout the United States. For more information, visit the company's web site at www.ruralmetro.com.
The company will discuss these results in a conference call and webcast on Friday, September 3, 2004, beginning at 8 a.m. Pacific (11 a.m. Eastern). To access the conference call, dial 800-361-0912 (domestic), or 913-981-5559 (international). The call also will be broadcast live on the company's web site at www.ruralmetro.com. A taped replay of the call will be available from 2 p.m. Eastern on September 3, 2004 through midnight Friday, September 10, 2004. The replay can be accessed by dialing 888-203-1112 (domestic) or 719-457-0820 (international). Please use the confirmation code 216236 when accessing the replay. An archived webcast also will be available at www.ruralmetro.com.
This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, timely completion of the fiscal 2004 audit reflecting results consistent with the unaudited results reported 2004 2003
ASSETS (Unaudited)
Current assets:
Cash $16,372 $12,561
Accounts receivable, net of allowance
for doubtful accounts of $59,430 and
$48,422 at June 30, 2004 and 2003,
respectively 65,348 60,428
Inventories 11,739 11,504
Prepaid expenses and other assets 9,006 7,511
Total current assets 102,465 92,004
Property and equipment, net 40,283 43,010
Goodwill 41,100 41,167
Insurance deposits 9,244 7,937
Other assets 13,043 12,048
$206,135 $196,166
LIABILITIES, MINORITY INTEREST, REDEEMABLE
NONCONVERTIBLE PARTICIPATING PREFERRED STOCK
AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $13,833 $13,778
Accrued liabilities 58,167 57,698
Deferred revenue 18,650 17,603
Current portion of long-term debt 1,495 1,329
Total current liabilities 92,145 90,408
Long-term debt, net of current portion 304,057 305,310
Other liabilities - 181
Deferred income taxes 650 650
Total liabilities 396,852 396,549
Minority interest 1,509 1,984
Redeemable nonconvertible
participating preferred stock - 7,793
Stockholders' equity (deficit):
Common stock, $.01 par value
23,000,000 shares authorized,
21,890,816 and 16,207,830
shares issued and outstanding at
June 30, 2004 and June 30, 2003,
respectively 222 166
Additional paid-in capital 147,072 135,405
Treasury stock (1,239) (1,239)
Accumulated deficit (338,281) (344,492)
Total stockholders' equity (deficit) (192,226) (210,160)
$206,135 $196,166
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For The Year Ended June 30, 2004 and 2003
(Unaudited)
(in thousands, except per share amounts)
% of % of
Net Net
2004 revenue 2003 revenue
(*As Restated)
Net revenue $526,603 100.0% $484,639 100.0%
Operating expenses:
Payroll and employee
benefits 277,549 52.7% 266,713 55.0%
Provision for
doubtful accounts 87,268 16.6% 77,184 15.9%
Depreciation and
amortization 11,404 2.2% 12,587 2.6%
Other operating
expenses 114, operations
applicable to common
stock (0.02) 1.02
Net income $0.28 $0.33
Average number of shares
outstanding - Basic 16,645 16,116
Average number of shares
outstanding - Diluted 21,817 16,116
* We have restated our earnings per share calculations for the year ended
June 30, 2003 to reflect earnings per share using the two-class method as
defined in FASB Statement No. 128, Earnings per Share and clarified by
EITF Issue No. 03-6, Participating Securities and the Two-Class Method.
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For The Three Months Ended June 30, 2004 and 2003
(Unaudited)
(in thousands, except per share amounts)
% of % of
Net Net
2004 revenue 2003 revenue
(*As Restated)
Net revenue $132,791 100.0% $122,848 100.0%
Operating expenses:
Payroll and employee
benefits 69,819 52.6% 67,690 55.1%
Provision for doubtful
accounts 22,962 17.3% 19,641 16.0%
Depreciation and
amortization 2,670 2.0% 3,046 2.5%
Other operating expenses 29,269 22.0% 30,744 25.0%
Total operating
expenses 124,720 93.9% 121,121 98.6%
Operating income 8,071 6.1% 1,727 1.4%
Interest expense (7,137) -5.4% (7,367) -6.0%
Interest income 30 0.0% 116 0.1%
Income (loss) from
continuing operations
before income taxes
and minority interest 964 0.7% (5,524) -4.5%
Income tax (provision)
benefit (23) 0.0% 58 0.0%
Minority interest 873 0.7% 489 0.4%
Income (loss) from
continuing operations 1,814 1.4% (4,977) -4.1%
Income (loss) from
discontinued operations (551) -0.4% 907 0.7%
Net income (loss) $1,263 1.0% $(4,070) -3.3%
Income (loss) per share
Basic -
Income (loss) from
continuing operations
applicable to common
stock $0.58 $(0.38)
Income (loss) from
discontinued operations
applicable to common
stock (0.03) 0.05
Net income (loss) $0.55 $(0.33)
Diluted -
Income (loss) from
continuing operations
applicable to common
stock $0.08 $(0.38)
Income (loss) from
discontinued operations
applicable to common
stock (0.02) 0.05
Net income (loss) $0.06 $(0.33)
Average number of shares
outstanding - Basic 16,910 16,177
Average number of shares
outstanding - Diluted 22,561 16,177
* We have restated our earnings per share 2,753 2,038
Amortization of debt discount 26 26
Other - (176)
Change in assets and liabilities -
Increase in accounts receivable (96,397) (81,589)
(Increase) decrease in inventories (235) 656
Increase in prepaid expenses and
other assets (1,495) (476)
(Increase) decrease in insurance
deposits (1,307) 291
(Increase) decrease in other assets (876) 126
Increase in accounts payable 55 1,545
Increase (decrease) in accrued
liabilities and other liabilities 1,421 (3,342)
Increase in deferred revenue 1,047 908
Net cash provided by operating
activities 14,501 13,146
Cash flows from investing activities:
Capital expenditures (8,646) (9,400)
Redeemable nonconvertible
participating preferred stock 225 1,818
Net cash used in investing
activities (8,421) (7,582)
Cash flows from financing activities:
Repayments on credit facility (1,000) -
Repayment of debt and capital lease
obligations (1,248) (1,569)
Distributions to minority
shareholders - (914)
Cash paid for debt modification costs (515) (1,583)
Proceeds from issuance of common
stock 494 407
Net cash used in financing
activities (2,269) (3,659)
Effect of currency exchange rate
changes on cash - (21)
Increase in cash 3,811 1,884
Cash, beginning of period 12,561 10,677
Cash, end of period $16,372 $12,561
RURAL/METRO CORPORATION
RECONCILIATION OF EBITDA
TO CASH FLOW PROVIDED BY OPERATING ACTIVITIES
(in thousands)
Year Ended Three Months Ended
June 30, June 30,
2004 2003 2004 2003
Net income $6,211 $8,966 $1,263 $(4,070)
Add back:
Depreciation and amortization 12,257 13,313 2,789 3,208
Interest expense 29,243 27,819 7,137 7,367
Interest income (97) (197) (30) (116)
Income tax provision (benefit) 268 118 23 (58)
EBITDA 47,882 50,019 11,182 6,331
Increase (decrease):
Interest expense (29,243) (27,819) (7,137) (7,367)
Interest income 97 197 30 116
Income tax provision (benefit) (268) (118) (23) 58
(Gain) loss on sale of property and
equipment 39 (540) (65) (378)
Non-cash porti
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