Pediatric Services of America, Inc. Announces Termination of $20 million Credit Facility
17 Novembro 2005 - 7:15PM
Business Wire
Pediatric Services of America, Inc. (Nasdaq:PSAI) today announced
that it has elected to terminate its credit agreement with General
Electric Capital Corporation two years prior to expiration. The
credit agreement, consisting of a $10 million revolving credit
facility and a $10 million acquisition credit facility, entered
into on January 27, 2004 and due to expire on October 14, 2007, had
remained unused. The Company anticipates that the termination will
result in a write-off of approximately $0.4 million in related
deferred financing and termination fees in the quarter ending
December 31, 2005. Daniel J. Kohl, President and CEO of PSAI said,
"By nullifying the credit agreement we are reducing fees and
eliminating certain financial restrictions. We are grateful to GE
Capital for its support, but our strong liquidity position and
current strategic plans do not warrant a credit arrangement of this
type." PSAI provides comprehensive pediatric home health care
services through a network of over 120 branch offices in 21 states,
including satellite offices and branch office start-ups. Through
these offices PSAI provides a combination of services, including
pediatric private duty nursing, pediatric day treatment centers
(PPECs), pharmacy services and home medical equipment. Additional
information on PSAI may be found on the Company's website at
http://www.psakids.com. NOTE: This press release contains certain
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) relating to future
financial performance of Pediatric Services of America, Inc. (the
"Company"). When used in this press release, the words "may,"
"targets," "goal," "could," "should," "would," "believe," "feel,"
"expects," "confident," "anticipate," "estimate," "intend," "plan,"
"potential" and similar expressions may be indicative of
forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, certain of which are
beyond the Company's control. The Company cautions that various
factors, including the factors described hereunder and those
discussed in the Company's other filings with the Securities and
Exchange Commission, as well as general economic conditions,
industry trends, the Company's ability to consummate the sale of
its Pharmacy business, the financial implications of the sale of
its Pharmacy business, the Company's anticipated uses of the
proceeds from the transaction, the Company's ability to collect for
equipment sold or rented, assimilate and manage previously acquired
field operations, collect accounts receivable, including
receivables related to acquired businesses and receivables under
appeal, hire and retain qualified personnel and comply with and
respond to billing requirements issues, including those related to
the Company's billing and collection system, nurse shortages,
competitive bidding, HIPAA regulations, Average Wholesale Price
("AWP") reductions, adverse litigation, workers' compensation
losses, availability and cost of medical malpractice insurance and
reduced state funding levels and nursing hours authorized by
Medicaid programs, and the impact of changes resulting from the
recently enacted Medicare Act, could cause actual results or
outcomes to differ materially from those expressed in any
forward-looking statements of the Company made by or on behalf of
the Company. Any forward-looking statement speaks only as of the
date on which such statement is made, and the Company undertakes no
obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of an unanticipated
event. New factors emerge from time to time, and it is not possible
for management to predict all of such factors. Further, management
cannot assess the impact of each such factor on the business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
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