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Dynacq Files 2004 10-K
Dynacq Files 2004 10-K Friday November 12, 4:43 pm ET Reports $1.6 Million Net Loss

HOUSTON--(BUSINESS WIRE)--Nov. 12, 2004--Dynacq Healthcare Inc. (the "Company") (OTCBB:DYII - News) announced that today it filed with the Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Aug. 31, 2004.

For the fiscal year ended Aug. 31, 2004, net patient service revenue was $62.8 million and net loss was $1.6 million, declines of 30% and 108% respectively, from net patient service revenue and net income of $90 million and $21 million in the comparable prior year period. Earnings per diluted share declined 108% to a loss of $0.11 for fiscal 2004 from net income of $1.34 for the prior year.

As more fully described in the 10-K report, contributing factors in the fiscal year decline included

  • A 55% decline of $41.9 million in net patient service revenue at the Pasadena Facility. During fiscal year 2004, physicians who accounted for approximately 54% of our gross revenues for 2003 were no longer performing surgeries at the Pasadena Facility or had substantially reduced their activity for personal reasons;
  • An increase of $3.2 million in legal and auditing fees and expenses over those in fiscal 2003 due primarily to the re-audit and restatement of our financial statements, responding to the numerous inquiries, reviews, inspections, investigations, de-listing proceedings and lawsuits, as well as dealing with various Sarbanes-Oxley issues;
  • Expected losses at the Garland Facility which began operations in November 2003; and
  • A $1,085,000 non-cash pretax charge relating to stock options previously granted to an employee.

For the three months ended Aug. 31, 2004, net patient revenue was $14.9 million and net loss was $2.7 million, declines of 41% and 152% respectively, from net patient r

Dynacq Files 2004 10-K
Friday November 12, 4:43 pm ET
Reports $1.6 Million Net Loss

HOUSTON--(BUSINESS WIRE)--Nov. 12, 2004--Dynacq Healthcare Inc. (the "Company") (OTCBB:DYII - News) announced that today it filed with the Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Aug. 31, 2004.

For the fiscal year ended Aug. 31, 2004, net patient service revenue was $62.8 million and net loss was $1.6 million, declines of 30% and 108% respectively, from net patient service revenue and net income of $90 million and $21 million in the comparable prior year period. Earnings per diluted share declined 108% to a loss of $0.11 for fiscal 2004 from net income of $1.34 for the prior year.

As more fully described in the 10-K report, contributing factors in the fiscal year decline included

  • A 55% decline of $41.9 million in net patient service revenue at the Pasadena Facility. During fiscal year 2004, physicians who accounted for approximately 54% of our gross revenues for 2003 were no longer performing surgeries at the Pasadena Facility or had substantially reduced their activity for personal reasons;
  • An increase of $3.2 million in legal and auditing fees and expenses over those in fiscal 2003 due primarily to the re-audit and restatement of our financial statements, responding to the numerous inquiries, reviews, inspections, investigations, de-listing proceedings and lawsuits, as well as dealing with various Sarbanes-Oxley issues;
  • Expected losses at the Garland Facility which began operations in November 2003; and
  • A $1,085,000 non-cash pretax charge relating to stock options previously granted to an employee.

For the three months ended Aug. 31, 2004, net patient revenue was $14.9 million and net loss was $2.7 million, declines of 41% and 152% respectively, from net patient revenue and net income of $25.3 million and $5.2 million in the three months ended Aug. 31, 2003. Earnings per diluted share declined 155% to a loss of $0.18 for the fourth quarter of fiscal 2004 from net income of $0.33 for the fourth quarter of the prior year. The results for the fourth quarter of fiscal 2004 were impacted in part by an expense of $1.3 million for the impairment to the value of our property in The Woodlands, Texas.

Dynacq Healthcare Inc. (www.dynacq.com) is a holding company. Its subsidiaries provide surgical healthcare services and related ancillary services through hospital facilities and outpatient surgical centers.


Contact:
    Dynacq Healthcare Inc., Houston
     James N. Baxter, 713-378-2000
     jimbaxter@dynacq.com



Source: Dynacq Healthcare Inc.evenue and net income of $25.3 million and $5.2 million in the three months ended Aug. 31, 2003. Earnings per diluted share declined 155% to a loss of $0.18 for the fourth quarter of fiscal 2004 from net income of $0.33 for the fourth quarter of the prior year. The results for the fourth quarter of fiscal 2004 were impacted in part by an expense of $1.3 million for the impairment to the value of our property in The Woodlands, Texas.

Dynacq Healthcare Inc. (www.dynacq.com) is a holding company. Its subsidiaries provide surgical healthcare services and related ancillary services through hospital facilities and outpatient surgical centers.


Contact:
    Dynacq Healthcare Inc., Houston
     James N. Baxter, 713-378-2000
     jimbaxter@dynacq.com



Source: Dynacq Healthcare Inc.

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