January 16, 2002
AmeriPath Announces 2002 Guidance
FOR IMMEDIATE RELEASE
Contact: Gregory A. Marsh or Michelle D. Getty,Vice President & CFO
Investor Relations AmeriPath, Inc. AmeriPath, Inc. 561-712-6211
561-712-6260 E-mail: invrel@ameripath.com
AMERIPATH ANNOUNCES 2002 GUIDANCE
Riviera Beach, FL, January 16, 2002 – AmeriPath, Inc. (Nasdaq:PATH),
a leading national provider of cancer diagnostics, genomics, and
related information services, today announced that it expects 2002
revenues of approximately $480 to $490 million. The Company also
indicated that it expects earnings per share, after reflecting
the change in goodwill accounting that became effective January
1, 2002, to be in the range of $1.80 to $1.84. The Company estimates
that the change in goodwill accounting added approximately $.20
per fully diluted share to the 2002 estimates. AmeriPath expects
quarterly earnings per share, as a percent of annual earnings per
share estimates, to be approximately 22%, 24%, 26%, and 28% for
the first, second, third, and fourth quarters, respectively. Upon
completion of the Company’s year-end audit, the Company plans
to issue 2001 pro forma earnings per share information reflecting
the change in goodwill accounting. This pro forma information should
provide a more meaningful basis for evaluating our 2002 results
against the prior year.
Chairman and Chief Executive Officer, James C. New, stated, “We
feel very confident about our ability to continue delivering quality
revenue and earnings growth in 2002. The execution of our 2002
business plan is well under way with a focus on achieving double
digit same store growth, completing strategic acquisitions and
expanding on the services of our Center for Advanced Diagnostics.”
AmeriPath is a leading national provider of cancer diagnostics,
genomics, and related information services. During the first nine
months of 2001, AmeriPath diagnosed approximately 2.9 million tissue
biopsies, and interpreted approximately 1.6 million Pap smears.
The company’s extensive diagnostics infrastructure includes
over 400 pathologists and doctorate-level scientists providing
services to 42 independent pathology laboratories, more than 200
hospitals, the Center for Advanced Diagnostics (CAD) and Dermpath
Diagnostics. CAD provides specialized diagnostic testing and information
services including Fluorescence In-Situ Hybridization (FISH), Flow
Cytometry, DNA Analysis, Polymerase Chain Reaction (PCR), Molecular
Genetics, Cytogenetics and HPV Typing. AmeriPath has over 60 board-certified
dermatopathologists supporting Dermpath Diagnostics, one of the
country’s leading providers of dermatopathology services
in the growing skin diagnostic market. Additionally, AmeriPath
provides clinical trial and research development support to firms
involved in developing new cancer and genomic diagnostics and therapeutics.
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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 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; terrorism or an escalation
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, technology and insurance 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; and the successful
completion and integration of acquisitions (and achievement
of planned or expected synergies). 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.
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.
