September 21, 2001
AmeriPath, Inc. Comments on Tragic Events
FOR IMMEDIATE RELEASE
Contact:
Gregory A. Marsh
Vice President & CFO
Ameripath, Inc.
561-712-6211
Michelle D. Getty
Investor Relations
AmeriPath, Inc.
561-712-6260
E-mail: invrel@ameripath.com
Riviera Beach, FL, September 21, 2001 - AmeriPath, Inc.
(Nasdaq:PATH), the largest physician and laboratory company
focused on providing anatomic pathology, cancer diagnostic,
genomics, and healthcare information services, today
announced that as a result of the tragic events that
occurred in New York City, Washington, D.C., and near
Pittsburgh, Pennsylvania on September 11th,
the Company expects net revenue to be negatively impacted
resulting in an EPS shortfall for the third quarter and
the year of approximately $.02 to $.04 per share from
our previous guidance.
AmeriPath's Chairman and Chief Executive Officer, James
C. New, commented, "We have all been touched in some
way by this terrible tragedy, and on behalf of the Company,
extend our deepest condolences to the people whose lives
have been affected by these atrocious events. The
Company is actively participating in fund raising and
relief activities."
Mr. New further commented, "Due to the temporary disruption
in general transportation, both land and air, combined
with a significant disruption to our New York City area
business for a few days, we expect revenues will be $1.5
million to $2.5 million short of target for the third
quarter and the year. We believe these are one-time
revenue losses as our overall company volume has now
recovered to normal levels. We continue to be optimistic
for the balance of 2001 and 2002 as our long-term strategic
plans are producing solid results."
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The statements contained in this press
release include "forward-looking
statements'' within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
- which are sometimes identified by words such as "may", "should", "believe'', "expect'', "anticipate'', "estimate" and
similar expressions and which include any financial or
operating estimates, forecasts or projections - are subject
to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond the
Company's control. These risks and uncertainties could
cause actual results to differ materially from historical
results or from results anticipated by forward-looking
statements. These risks and uncertainties include: the
extent of success of the Company's operating initiatives
and growth strategies; ability to manage growth; access
to capital on satisfactory terms; general economic conditions;
a possible outbreak of hostilities or war; competition
and changes in competitive factors; federal and state
healthcare regulation (and compliance); reimbursement
rates under government and third party healthcare programs
and the payments received under such programs; changes
in coding; changes in technology; dependence upon pathologists
and customer contracts; the ability to attract, motivate,
and retain pathologists; labor and technology costs;
marketing and promotional efforts; the availability of
pathology practices in appropriate locations that the
Company is able to acquire on suitable terms or develop;
the successful completion and integration of acquisitions
(and achievement of planned or expected synergies); and
tax laws. The forward-looking statements in this press
release are made as of the date hereof based on management's
current beliefs and expectations, and the Company undertakes
no obligation to update or revise any such statements,
whether as result of new developments, new information
or otherwise. Further information regarding risks, uncertainties
and other factors that could affect the Company's financial
or operating results or that could cause actual results
to differ materially from those expected, estimated or
anticipated are included in the Company's annual, quarterly,
and other reports and filings with the SEC. Past performance
is not necessarily indicative of future results.
