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http://www.e-dentist.com/
e-dentist (EDT) is the only publicly traded company focused exclusively on the online dental industry. Since going public in March of 1998, we have provided marketing, development, administrative, and management services to our 100 affiliated dental practices throughout the United States.
A $50 billion industry, dentistry is expected to grow to $80 billion by 2005. And e-dentist is uniquely positioned to take advantage of the opportunities offered by this dynamic environment.
We were pioneers in the use of Internet technology to provide immediate services to practices across the nation. Our state of the art Internet systems have processed over $50 million worth of online transactions annually with our affiliated dental practices. We are now expanding our targeted market to more than 150,000 dentists throughout the United States, and expanding the scope and reach of the services we offer to include full e-commerce capabilities.
e-dentist.com is currently traded on the American Stock Exchange under the symbol EDT.
To obtain further information please contact Charles Sanders, e-dentist's COO and CFO at 602.952.1200 or by email at csanders@e-dentist.com.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
American Dental Partners, Inc. is a leading provider of business services to multi-disciplinary dental groups in selected markets throughout the United States. The Company seeks to affiliate with leading dental groups that provide a comprehensive range of dental care services, have outstanding reputations for quality and have proven records of financial performance. From November 1996 (the date of the Company's first affiliation) through December 31, 1999, the Company completed 31 affiliation transactions, comprising 18 dental groups, and as of December 31, 1999, the Company operated 134 dental facilities with 1,193 operatories in 12 states. The Company's growth has resulted primarily from these affiliations, which consisted of three affiliations completed in 1996, six affiliations completed in 1997, ten affiliations completed in 1998 and 12 affiliations completed in 1999. The aggregate payor mix percentage of the Company's affiliated groups during 1999 was approximately 44% fee-for-service, 14% PPO plans and 42% capitated managed care plans.
The Company's affiliation model is designed to create a partnership in management between the Company and the affiliated dental group that allows each party to maximize its strengths and retain its autonomy. When affiliating with a dental group, the Company acquires substantially all of its non-clinical assets and enters into a long-term service agreement to manage the non-clinical aspects of the dental operations.
The Company supports the Company's affiliated dental groups with a broad range of services designed to enhance practice revenue, improve operating efficiencies and expand operating margins. The Company shares the best practices of the Company's network with each affiliate and provides assistance with information systems, planning and budgeting, facilities development and management, capacity and utilization management, scheduling, staffing, professional recruiting, benefits administration, economic analysis, financial reporting, purchasing, quality assurance, organization structure and development, analyzing and negotiating agreements with dental benefit providers and marketing.
The Company operates under a decentralized organizational structure. At the facility level, where permitted by applicable state law, the Company generally employs the dental hygienists, dental assistants and administrative staff. At each facility, a practice manager typically oversees the day-to-day business operations. The practice manager and administrative staff are responsible for, among other things, facility staffing, patient scheduling, on-site patient invoicing and ordering office and dental supplies.
In each market, the Company has a local management team that supervises theoperations of one or more affiliates. This team provides support in areas such as recruiting, hiring and training facility staff, developing and implementing quality assurance programs, developing and implementing operating policies and procedures, administering employee benefits, billing and collecting accounts receivable, processing payroll, information systems, accounting, marketing and facilities development and management. Each local management team reports to an operating vice presidents. An operating vice president is responsible for monitoring the operating performance of multiple affiliated dental groups in multiple markets. Each operating vice president participates as a member of the joint policy board of each of the affiliated dental groups for which he or she has management oversight responsibilities.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
February 27, 2001
American Dental Partners, Inc. reported fourth quarter earnings of $1.5 million, or 21 cents a share, down slightly from a year-ago profit of $1.6 million, or 21 cents a share. Wall Street analysts on average were expecting the Company to earn 24 cents a share. The Company attributed its earnings shortfall to severe weather, which impacted earnings by 3 cents in the fourth quarter. The Company also said that a number of affiliates have had their contracts with benefit provider Cigna Dental terminated. The affiliates are currently negotiating with Cigna Dental and Protective Life for new provider contracts but American Dental said the disruption caused by the terminations may reduce earnings by 5 to 10 cents a share in both the first and second quarters.
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January 3, 2001
American Dental Partners, Inc. announced the promotion of Breht T. Feigh as Vice President, Chief Financial Officer and Treasurer. Mr. Feigh replaces Ronald M. Levenson who has left the Company to pursue other opportunities.
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December 20, 2000
The University of Rochester and American Dental Partners, Inc. have entered into an exclusive agreement to collaborate on clinical research projects. This joint effort will combine the research capabilities of Dentistry at the University of Rochester with the clinical network of American Dental Partners' affiliated dental groups.
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September 1, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with American Family Dentistry of Memphis, P.C. located in Tennessee and Mississippi. The Company acquired certain non-clinical assets and entered into a 40-year service agreement with the dental group.
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June 19, 2000
American Dental Partners, Inc. announced that it has completed an affiliation with Nathan Bell, DDS, PA, located in North Carolina. Nathan Bell & Associates is a group dental practice with 18 dentists and nine locations in Charlotte and Raleigh-Durham, North Carolina.
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April 19, 2000
American Dental Partners, Inc. announced that the Company completed affiliations with two dental practices in Alabama. Both practices will join the Company's existing Alabama affiliate, Dental Care of Alabama. These new affiliations are located in Gadsden and Birmingham, Alabama and generate patient revenue in excess of $2 million. The Dental Center, located in Gadsden, will continue operations in its existing location. The Birmingham practice was combined with an existing Dental Care of Alabama dental facility.
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February 3, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with Columbia Dental Associates, located in Columbia, Maryland. Columbia Dental Associates will join the Company's existing affiliate in central Maryland, Hill Dental Group.
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January 14, 2000
American Dental Partners, Inc. announced that the Company completed an affiliation with Western New York Dental Group (WNYDG) located in Buffalo, New York. The Company acquired certain non-clinical assets and entered into a 40-year service agreement with the dental group. WNYDG, a group practice with eight general dentists and four dental facilities, generated approximately $3 million in practice revenue in 1999.
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January 5, 2000
American Dental Partners, Inc. announced that its affiliated dental group in Minnesota, Orthodontic Care Specialists, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC) on December 22, 1999. Orthodontic Care Specialists is the first and only orthodontic group and one of only 8 dental practices in the United States to receive this recognition.
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December 17, 1999
American Dental Partners, Inc. announced that its Board of Directors has authorized a stock repurchase program under which the Company may purchase up to $5 million of its outstanding common stock in the open market at price levels and at times the Company deems appropriate.
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December 16, 1999
American Dental Partners, Inc. announced that its affiliated dental group in Arizona, Associated Dental Care Providers, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC).
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October 26, 1999
American Dental Partners, Inc. announced that one of its affiliated dental groups in Milwaukee, Wisconsin, Northpoint Dental Group, received accreditation status from the Accreditation Association for Ambulatory Health Care (AAAHC). Northpoint Dental is one of only 7 dental practices in the United States to receive this recognition and is the second American Dental Partners affiliate accredited by AAAHC.
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September 22, 1999
American Dental Partners, Inc. announced that the Company completed affiliations with four dental practices located in California. The Company acquired certain non-clinical assets and entered into 40-year service agreements with each of these dental groups. In the aggregate, these four group dental practices have 22 dentists and generated approximately $13 million of patient revenue in 1998.
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August 25, 1999
American Dental Partners, Inc. announced that the Company recently completed affiliations with two dental groups located in existing markets. Together these practices, which include seven dentists, generated $2.6 million of patient revenue in 1998
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Per-Share Data
Book Value (mrq) $8.20
Earnings (ttm) $0.84
Earnings (mrq) $0.21
Sales (ttm) $19.62
Cash (mrq) $0.07
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Gregory Serrao, 37
Chairman, Pres and CEO $298K
Breht Feigh, 33
CFO, VP, Treasurer --
William Bottlinger, 55
Sr. VP - Regional Operations, CIO 225K
Joseph Errante, 44
Sr. VP - Regional Operations and Bus. Devel. 186K
Michael Frisch, 42
Sr. VP - Regional Operations
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
American Dental Partners is a provider of dental practice management services to multi-disciplinary dental group practices in selected markets in the U.S. For the fiscal year ended 12/31/00, revenues increased 22% to $143.6 million. Net income rose 3% to $6.2 million. Results reflect the inclusion of revenue from service agreements entered into in connection with affiliation transactions. Earnings were partially offset by price increases from certain lab providers.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
American Dental Partners, Inc. is a leading provider of business services to multi-disciplinary dental groups in selected markets throughout the United States. The Company seeks to affiliate with leading dental groups that provide a comprehensive range of dental care services, have outstanding reputations for quality and have proven records of financial performance. From November 1996 (the date of the Company's first affiliation) through December 31, 1999, the Company completed 31 affiliation transactions, comprising 18 dental groups, and as of December 31, 1999, the Company operated 134 dental facilities with 1,193 operatories in 12 states.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
February 28, 2001
e-dentist.com, Inc. announced that it has met the qualifications for enrollment in The Aviation Industry Computer-Based Training (CBT) Committee's (AICC) self-regulatory program for compliance.
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February 12, 2001
e-dentist.com, Inc. announced that its hosting of a simultaneous online virtual classroom for 100 Oral B sales representatives was a success. e-dentist provided content development to create the presentation and hosted the event using its online studio located at the corporate headquarters. One of the lecturers joined the studio engineer in Phoenix while the other instructor presented from his desk in Belmont, California. The sales representatives, located across the United States and Canada, were trained without leaving their desks. The Company expects to announce additional agreements with dental vendors using its web-based interactive learning engine.
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September 1, 2000
e-dentist.com, Inc. announced that Charles Sanders has replaced Sam Carr as Chief Financial Officer.
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August 28, 2000
Pentegra Dental Group, Inc. announced that it has formally changed its name to e-dentist.com, Inc.
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August 10, 2000
Pentegra Dental Group, Inc. announced that it had entered into a definitive agreement to purchase Dexpo.com, a privately held, on-line dental supplies shopping site. The transaction, which is expected to close within 10 days, will be treated as an asset purchase for which consideration is 750,000 shares of Pentegra stock with 500,000 additional shares to be held in escrow and paid contingent upon meeting certain performance criteria.
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August 3, 2000
Pentegra Dental Group, Inc. and National Electronic Attachment, Inc. (NEA) jointly announced the signing of an exclusive online services agreement. The agreement provides the dental community, through e-dentist.com's Website, access to NEA's patient eligibility and electronic claim attachments.
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May 17, 2000
Pentegra Dental Group, Inc. and PayMaxx, Inc. jointly announced the signing of an exclusive agreement to provide the dental industry with Internet-based payroll and 401(k) services. POWERPayroll, designed for employers with 100 or fewer employees, enables dentists anywhere in the United States to submit their payroll via the Internet and receive payroll checks and reports the next day. In addition to basic payroll processing, POWERPayroll offers nationwide tax filing service, electronic new hire reporting, and direct deposits and POWER401K provides a comprehensive, web-enabled retirement solution.
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March 28, 2000
Pentegra Dental Group, Inc. and CareerEngine Inc., a subsidiary of CareerEngine Network, jointly announced the signing of an exclusive agreement to provide the dental industry with access to qualified candidates for employment in dental offices across the United States through the development of a recruitment portal on Pentegra's web site. The Application Service Provider (ASP) agreement will accelerate the development and deployment of Pentegra's business-to-business (B2B) dental web site.
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March 14, 2000
Pentegra Dental Group, Inc. and BrightStar Information Technology Group, Inc. jointly announced their intent to create an Internet business-to-business (B2B) exchange designed to meet the needs of dental professionals around the world. The site, which is expected to be launched in April 2000, will initially be available to more than 150,000 dental professionals across the United States and eventually to dental professionals around the world. Currently, these professionals have to go to a large number of different sources for their business needs.
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March 2, 2000
Pentegra Dental Group, Inc. announced a new e-commerce strategy, substantially reducing its emphasis on its dental practice management business. As the first step in this new strategic direction, Pentegra announced that it has executed a software license agreement with a web conferencing company to develop an online virtual classroom will allow the Company to expand our existing training systems.
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March 16, 1999
Pentegra Dental Group, Inc. announced that its Board of Directors approved the signing of a definitive agreement to purchase Omega Orthodontics, Inc. in a stock transaction that also included assumption of $1.4 million in debt. Under the terms of the agreement, Omega shareholders will receive 1.8 million shares of Pentegra common stock.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
e-dentist.com, Inc., formerly known as Pentegra Dental Group Inc., is a provider of training solutions for the dental marketplace. The Company promotes practice enhancement through seminars, in-office consulting and financial and operational analysis. In addition, e-dentist provides practice services such as payroll processing.
The Company delivers a dual strategy that provides online services to the dental industry, as well as access to business services and products by dentists and their staff. The 150,000 dentists across the United States and their staff have access to e-Learning, Dental Careers, Practice Tools and a Shopping engine found at www.e-dentist.com. Additionally, the Company offers a comprehensive array of e-learning content, hosting and delivery services to vendors in the dental industry who provide goods and services to dental offices. e-dentist's online solutions enable dental vendors to provide both online training internally to their sales force, as well as training to their dental practice customers concerning their products. The Company's synchronous and asynchronous content delivery solutions provide an array of e-learning products that are customized to a dental vendor's needs. e-dentist has affiliated dental offices in 29 states with approximately 140 dentists in approximately 100 dental practices, with an additional 6,000 Website members.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
February 15, 2001
Monarch Dental Corporation announced that it has terminated discussions with third parties concerning the issuance of debt securities in a subordinated debt transaction. Under the terms of the Company's existing credit facility and short-term loan, Monarch Dental was required to raise a minimum of $15 million of subordinated debt by February 15, 2001. As a result of this and a financial covenant default, Monarch Dental is currently in default under its loan agreement. Monarch Dental is engaged in discussions with its lenders concerning these defaults and is in the process of attempting to renegotiate the terms of its loan agreement. No assurances can be given that the Company will be successful in these negotiations. These uncertainties and risks include the risk that Monarch Dental will not be able to renegotiate its loan agreement on acceptable terms or maintain sufficient liquidity to fund operations.
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December 13, 2000
Monarch Dental Corporation announced that W. Barger Tygart has been appointed Chairman and Chief Executive Officer effective immediately. Mr. Tygart has served as the Company's interim Chairman and Chief Executive since October, 2000.
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November 20, 2000
Monarch Dental Corporation announced that it had terminated its preliminary discussions with a third party concerning a potential strategic transaction.
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October 18, 2000
Monarch Dental Corporation announced the appointment of W. Barger Tygart as interim Chairman of the Board and Chief Executive Officer. Mr. Tygart, age 65, will succeed Dr. Warren Melamed, D.D.S., age 54, as Chairman of The Board. Dr. Melamed will remain on as a Board member. In addition, Gary Cage has announced his decision to resign as Chief Executive Officer and Director of the Company. An executive search firm will be retained to find a permanent replacement for Mr. Cage.
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March 23, 2000
Monarch Dental Corporation announced that it has retained the services of Bank of America Securities LLC to explore strategic alternatives in order to expand the Company's growth opportunities and maximize stockholder value. These alternatives include potential strategic transactions, such as the possible sale or merger of the Company. There can be no assurances that any actions taken by the Company will result in any transaction or as to the value that any such transaction might have.
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September 10, 1999
Monarch Dental Corporation announced that Nasdaq has demoted the Company's stock from the Nasdaq National Market to the Nasdaq Small Cap Market.
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January 21, 1999
Monarch Dental Corporation announced that, effective January 1, 1999, it acquired Williams Dental Group, a multi-specialty dental group practice with three offices in the Dallas-Fort Worth market. The Williams Dental Group had annual revenues of approximately $4.3 million in 1998. Terms of the acquisition were undisclosed.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Monarch Dental Corp. manages dental group practices in selected markets located in Texas, Wisconsin, Pennsylvania, Virginia, Ohio, Arkansas, Utah, Colorado, Georgia, New Jersey, Florida, Indiana, Arizona and New Mexico, as of December 31, 1999. The Company seeks to build geographically dense networks of dental providers by expanding within its existing markets and entering new markets through acquisition. At December 31, 1999, the Company owned and managed 190 Dental Offices, of which 28 were internally developed and 173 were acquired (11 of these offices were subsequently closed) by the Company. At December 31, 1999, 444 full-time dentists practiced at the Company's Dental Offices.
Dentists practicing at the Dental Offices provide general dentistry services such as examinations, cleanings, fillings, bonding, placing crowns and fitting and placing fixed or removable prostheses. At many of the Company's Dental Offices, dentists also provide specialty dental services such as orthodontics, oral surgery, endodontics, periodontics and pediatric dentistry. Specialty dental services are typically offered by teams that rotate through several Dental Offices in a particular market. This enables the dental professional corporations managed by the Company (the P.C.s) or the Company, as applicable, to capture revenue from services that would otherwise be referred to independent specialists.
Except with respect to Dental Offices located in states in which the ownership of dental practices by non-dentists is permitted, dental services provided at the Dental Offices are provided by or under the supervision of licensed dentists employed by or under independent contracts with the P.C.s. In states in which the Company operates and in which the ownership of dental practices by non-dentists is permitted (currently Wisconsin), dental services provided at the Dental Offices are provided by or under the supervision of licensed dentists employed by or under independent contracts with the Company. The Company owns or leases all of the operating assets of each of the Dental Offices, including inventory, equipment, leases and leasehold improvements. The Company typically equips its Dental Offices with state-of-the-art clinical and diagnostic equipment such as fiber optic handpieces, intraoral video cameras and panoramic and cephalometric X-ray equipment.
The attributes of the Dental Offices vary from market to market. In urban and suburban areas a Dental Office may have, for example, 15 or more single-chair operatories, a multi-chair specialty bay, several full-time general dentists, several dental hygienists and dental assistants, a business manager and a receptionist. In more rural markets, a Dental Office may have, for example, only three or four single-chair operatories, and be staffed by one general dentist, one hygienist or dental assistant and a receptionist. One general dentist, designated as the Dental Director, oversees professional matters at each Dental Office.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Monarch Dental Corp. manages dental group practices in selected markets located in Texas, Wisconsin, Pennsylvania, Virginia, Ohio, Arkansas, Utah, Colorado, Georgia, New Jersey, Florida, Indiana, Arizona and New Mexico, as of December 31, 1999. Dentists practicing at the Company's dental offices provide general dentistry services such as examinations, cleanings, fillings, bonding, placing crowns and fitting and placing fixed or removable prostheses. At many of the Company's Dental Offices, dentists also provide specialty dental services such as orthodontics, oral surgery, endodontics, periodontics and pediatric dentistry. At December 31, 1999, the Company owned and managed 190 Dental Offices, of which 28 were internally developed and 173 were acquired (11 of these offices were subsequently closed) by the Company.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Monarch Dental Corp. manages dental group practices in selected markets. As of 12/31/99, the Company owned and managed 190 dental offices. For the nine months ended 9/30/00, revenues increased 6% to $161.2 million. Net income decreased 16% to $2.5 million. Results reflect the implementation of revenue enhancement initiatives and the expansion or relocation of existing dental offices. Earnings were offset by the $1.1 million in strategic alternative costs.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Per-Share Data
Book Value (mrq*) $5.46
Earnings (ttm) -$0.04
Earnings (mrq) -$0.23
Sales (ttm) $16.05
Cash (mrq*) $0.28
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
God Bruceski, don't you ever learn basic money changin techniques? You don't ever listen to the media, you look at what is it worth today, and what is the most I would pay for that if I had to sell it yesterday. Check out EDT and DENT, now I figue with DENT at $3.00 per share plus book value and EDT tax losses, could be an interesting game. Haven't you and all the boys here at Platos Retreat lost enough money yet?
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Well low and behold Bruce, hows it going? You are still holding on to NICM? Are you waiting for them to fund MPTV? I've been shorting everything I can that trades above 3x book value and it seems to be a very workable formula. Try it, forget about earnings and projections and graphs and all that, if I were homeless and asked you to buy my pennies for a nickel each would you do it? So why are you trying to buy things that trade at 300 to 500% or more than their book value? Do you think these bankers care about you at all? Hey, that's why I retired from banking 10 years ago...usury means "to usurp the power of the individual", I got tired of making slaves, so what has changed in the past 2000 years eh? By the way, I was doing so well they shut down www.iexchange.com where I had 1500+ stock picks beating the market, most of them shorts just using that formula above. heh, if it works for you, then you should donate half of your gains to the Free and Clear Foundations in your area...coming soon...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Top Institutional Holders of DENT
Shares Value
Morgan (J.P.) Chase & Company 1,085,867 $440,862
Accel V Associates, L.L.C. 668,858 $271,556
ICM Asset Management, Inc. 628,753 $255,274
Dimensional Fund Advisors Inc 537,100 $218,063
Riggs Bank N.A./Wa 383,954 $155,885
Tocqueville Asset Management, L.P. 210,200 $85,341
Accel Internet/Strategic Technology Fund Associates, LLC 89,623 $36,387
Northern Trust Company Of Connecticut 82,050 $33,312
City National Bank, City National Investments 66,424 $26,968
Vanguard Group, Inc. (The) 61,274 $24,877
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Recent Events
Mar 22 Price hit new 52-week low ($0.281)
Location
220 North Sepulveda Boulevard, Suite 740
El Segundo, CA 90245
Phone: (310) 765-2400
Fax: (360) 750-8667
Email: investors@interdent.com
Employees (last reported count): 3,520
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Equity: Common Stock $.01 Par, 10/00, 100M auth., 23,997,255 issd. Insiders own 37%. SRM Trust owns 9%. 3/12/99, Company formed in a pooling-of-interests merger between Gentle Dental Service Corp. and Dental Care Alliance. Convertible Preferred Stock Series D no Par, 2M auth., 1,628,663 issd.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Insider: 46%
· Institutional: 16% (30% of float)
(26 institutions)
· Net Inst. Selling: 1.79M shares (+83.27%)
(prior quarter to latest quarter)
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
The Power Structure of DENT
Michael Fiore, 45
Co-Chairman and CEO $350K
Steven Matzkin, 41
Co-Chairman, Pres and CDO 455K
Norman Huffaker, 53
CFO 168K
Randy Henry, 49
COO 228K
L. Van Eerden, 44
CDO, Exec. VP and Sec.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
InterDent, Inc. provides dental management services, including consulting, licensing, financial, accounting, training, recruiting, marketing, advertising, purchasing and collection services, to locations throughout the U.S. For the nine months ended 9/30/00, net revenues rose 28% to $214.1 million. Net income fell 11% to $3.2 million. Results reflect the addition of new dental practice affiliates, offset by retention bonuses and increased interest expense.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
InterDent, Inc. is a provider of dental practice management services to dental professional corporations and associations in the United States. The Company's network of dental groups provides comprehensive, convenient and high quality general dentistry services including higher margin specialty services such as orthodontics, periodontics, endodontics, pedodontics, prosthodontics, oral surgery and oral pathology. The Company also provides a proprietary management information system that enables it to analyze key performance statistics on a real-time basis at each practice and identify trends and opportunities for improvement. The Company provides management services to 226 dental offices that employ 677 dentists (including 148 specialists), and currently operates in 14 states.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
222,800 shares changed hands in the past 21 trading days.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
All kinds of lawyers making $$$ on lawsuit/counter-lawsuits with PEN/EDT.
Heading Court / Docket Number Nature of Suit Date Filed Date Retrieved Status
E-Dentist.com Inc v. Burdick, et al AZ - 2:01cv539 Personal Injury 03/22/2001 03/30/2001 Active
Centracco, et al v. E-Dentist.com Inc, et al OK W - 5:00cv2053 Stockholders' Suits 12/11/2000 12/13/2000 Active
Pentegra Dental GRP v. Centracco, et al AZ - 2:00cv2303 Other Contract 12/06/2000 12/11/2000 Active
Pentegra Dental GRP v. Schiro, et al AZ - 2:00cv1735 Other Contract 09/11/2000 09/15/2000 Active
Schiro, et al v. Pentegra Dental TX S - 4:00cv2753 Other Contract 08/11/2000 08/16/2000 Active
Kline, et al v. Pentegra Dental TX S - 4:00cv2754 Other Contract 08/11/2000 08/16/2000 Active
Pentegra Dental v. Wu TX W - 1:00cv291 Trademark 05/05/2000 09/28/2000 Active
(4th defendent is President of EDT)
US District Court for the Middle District of Tennessee (Nashville)
3:00cv423
Finova Mezzanine Cap v. CI Distribution, Inc, et al
This case was retrieved from the court on Monday, May 8, 2000
Date Filed: 05/03/2000 Class Code: REFER CM50BC
Assigned To: Judge Robert L Echols Closed?: No
Referred To: Magistrate Judge Joe B Brown
Nature of Suit: Stockholders' Suits (160) Statute: 15:78m(a)e
Cause: Securities Exchange Act
Lead Docket: None
Other Docket: None
Jurisdiction: Federal Question Demand Amt: $0,000
Jury Demand:
Finova Mezzanine Capital Inc Samuel David Lipshie
PLTF [COR]
Boult, Cummings, Conners & Berry
P O Box 198062
414 Union Street
Suite 1600
Nashville, TN 37219
USA
(615) 244-2582
Karyn Crigler Bryant
[COR LD NTC]
Boult, Cummings, Conners & Berry
P O Box 198062
414 Union Street
Suite 1600
Nashville, TN 37219
USA
(615) 244-2582
v.
CI Distribution, Inc
DEFT
F Michael Williams
DEFT
Fred Edwards
DEFT
James M Powers, Jr
DEFT
Tom Selby
DEFT
05/03/00 1 COMPLAINT (w/ att'd exhibits A-C) (Summons(es) issued); Filing fee paid in the amount of : $150 Receipt # 73913 (af) [Entry date 05/05/00]
05/03/00 2 NOTICE of Initial Case Management Conference Case referred to Magistrate Judge Joe B. Brown, ; Case Management Conference set for 11:30 a.m. on 6/12/00 (af) [Entry date 05/05/00]
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Date Low High Closed Volume Notes
3/30/1
.41
.45
.45
2,900
3/28/1
.45
.49
.45
8,000
3/27/1
.41
.49
.49
2,700
3/26/1
.42
.50
.50
3,300
3/23/1
.42
.45
.42
3,100
3/22/1
.42
.49
.42
4,100
3/21/1
.49
.49
.49
3,700
3/20/1
.49
.49
.49
0
3/19/1
.41
.51
.49
39,300
3/16/1
.47
.50
.49
4,000
3/15/1
.47
.47
.47
500
Very low volume today.
3/14/1
.46
.54
.54
7,800
3/13/1
.48
.55
.48
14,000
3/9/1
.50
.55
.54
8,600
3/8/1
.50
.55
.50
20,300
3/7/1
.50
.50
.50
16,900
3/6/1
.46
.55
.48
11,700
3/5/1
.46
.55
.46
36,400
Trading volume up today, but late selling drove price down at close.
3/2/1
.48
.50
.50
15,700
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
http://messages.yahoo.com/?action=q&board=EDT we can communicate here or there...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Yes and no, wave your arms before you use your legs, crawl before you kneel, walk before you run, stand up and take responsibility before you become immortal. Send an email to joe@galsys.com for the NDA and other agreement, when you have signed it and faxed it back, we'll fill you in...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Thank you Gary, let me know when you have the NDA on this, then we can take it to the next level....by the way, buying into CBQI and DTGI ( both jumped 20% and 40% on a small trades), both are very tight...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
http://www.investorshub.com/beta/board.asp?board_id=483 for more info on EDT...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Why EDT might become a turnaround play....The epidemic of struggling venture-backed companies appears to be spawning its own growth industry.
A number of companies have launched in recent months with the goal of aiding these struggling firms. The latest to get into the act is Recognition Group (http://www.recognitiongroup.net), a restructuring, reorganization and turnaround specialist that recently formed two new entities aimed at venture-backed companies: Recognition Management, an interim and crisis management services business, and the Second Frontier Capital Fund, a venture capital fund focused on out-of-favor and distressed technology investing.
"Industry analysts project that between 60 and 80 percent of venture-backed companies will need professional turnaround or wind-down assistance in the next twelve months," claims Juan-Carlos Garcia, co-founder and managing director of Recognition Group and head of the Second Frontier Capital Fund. The fund "will take an opportunistic approach to investing in out-of-favor or struggling companies that need an infusion of capital," Garcia said, and "will leverage Recognition Group's capabilities to provide the guidance, expertise and continuation capital necessary to navigate through uncharted, critical situations."
Recognition Management is led by Kaleil Isaza Tuzman, former co-founder and CEO of govWorks, and Jonathan Agus, a turnaround and workout specialist with experience in the high tech sector, as well as the retail and manufacturing industries. Under the direction and management of Garcia, a former investment banking executive with Banco Santander Central Hispano (now called BSCH) and managing partner at Suala Capital Fund, Recognition Group will raise at least $30 million for the distressed technology turnaround fund. The initial focus of the fund will be on e-government, e-finance and payment-related technology companies. The Second Frontier Capital Fund has been capitalized by an initial $15 million investment line from an unnamed European financial group and will begin additional fund-raising immediately.
Fueling the rise of these turnaround companies is a shortage of managers and directors who have successfully navigated companies through an economic downturn. After all, it's been a decade since the U.S. was officially in a recession.
"In today's technology marketplace, neither the day-to-day management nor boards-of-directors of many portfolio companies have experience in dealing with a broad economic downturn," said Bill Sahlman, co-chair of the Entrepreneurship and Service Management Unit at the Harvard Business School. "In crisis situations, companies need counselors with a mix of direct experience, emotional distance and a specific set of skills that can help move a company down the path to profitability or to an honorable discharge of assets to protect investors."
Some of these firms are taking a riskier approach to rescuing struggling companies. ibasecamp (http://www.ibasecamp.com), for example, is willing to work with struggling dot-coms in exchange for equity. Advise4Stock (http://www.advise4stock.com) also works with companies in exchange for equity, but that company's focus is more on early stage start-ups seeking funding. The challenge for these companies is to make sure that the companies they take on have a good chance of succeeding.
ibasecamp's focus is turnaround plays, and it may not be as crazy as it seems. Trident Capital recently announced that some of its new $725 million fund will be invested in public companies that need cash but are operating close to break-even. Trident has identified 175 companies that are trading below fair value, and has found the valuations of some public companies to be more compelling than private company valuations. Given that the IPO craze of the last couple of years essentially turned the public markets into venture capitalists, placing investors who dared in the role of deciding which companies would win the Internet race, it seems fitting that VCs are now finding some of their most compelling opportunities among those publicly traded companies.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Some has asked me if someone has slipped on a toothbrush?
E-Dentist.com Inc v. Burdick, et al
Date Filed: 3/22/2001
Nature of Suit: Personal Injury
Plaintiffs Defendants
E-Dentist.com Inc, A Delaware Corporation FKA Pentegra Dental Group Inc Victor H Burdick, Jr, DDS, Husband
Darcy E Burdick, Wife
Victor H Burdick Jr DDS, PC, A Colorado Professional Corporation
The above information was found at:
http://www.marketspan.com/PCI/EOL/News-Index.asp?Court=AZ-F-D&Docket=2:01cv539&Brand=EOL&...
for $4.00 you can view the Docket...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
ITEM 1. FINANCIAL STATEMENTS
E-DENTIST.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS EXCEPT SHARE DATA)
DECEMBER 31, MARCH 31,
2000 2000
-------- --------
ASSETS
Current assets:
Cash and cash equivalents ................................................ $ 1,054 $ 553
Receivables from affiliated practices, net of allowance for doubtful
accounts of $1,686 and $3,269, respectively ............................. 294 2,966
Prepaid and other current assets ......................................... 166 499
Notes receivable from affiliated practices - current, net ................ 291 421
-------- --------
Total current assets ................................................... 1,805 4,439
Property and equipment, net ................................................ 3,575 6,886
Intangible assets, net ..................................................... 3,325 25,786
Notes receivable from affiliated practices, net ............................ 1,102 709
Other assets ............................................................... 211 86
-------- --------
Total assets ........................................................ $ 10,018 $ 37,906
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Credit facility .......................................................... $ 9,581 $ --
Current portion of long term debt ........................................ 98 492
Accounts payable and accrued liabilities ................................. 1,141 1,702
Current portion of deferred revenue ...................................... 1,026 206
Accrued employment agreement ............................................. 278 400
Current portion of capital leases ........................................ 333 309
-------- --------
Total current liabilities ........................................... 12,457 3,109
Credit facility ............................................................ -- 10,100
Long term debt, less current maturities .................................... 3,119 4,729
Capital lease obligations .................................................. 743 961
Deferred revenue............................................................ 600 --
Commitment and contingencies
Shareholders' equity (deficit):
Common stock, $.001 par value 40,000,000 shares authorized, 11,570,783 and
10,820,783 issued, respectively ......................................... 11 11
Additional paid-in capital ............................................... 25,895 25,604
Accumulated deficit ...................................................... (31,647) (6,432)
Less: Treasury shares at cost, 1,085,453 and 154,748, respectively ....... (1,160) (176)
-------- --------
Total shareholders' equity (deficit) ................................ (6,901) 19,007
-------- --------
Total liabilities and shareholders' equity (deficit) ................ $ 10,018 $ 37,906
======== ========
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Insider & restricted shareholder transactions reported over the last year
Date Who Shares
Stock Transaction
22-Feb-01 ANDERSON, WALTER J
Director 37,098
EDT Other Disposition
10-Jan-01 CENTRACCO, LEE R & ZAHLIA M
Shareholder 35,265
EDT Proposed Sale (Form 144).
Estimated proceeds of $8,816.
20-Dec-00 SANDERS, CHARLES G
Chief Financial Officer, Senior Vice President, Chief Operating Officer * 50,000
EDT Purchased at $0.44/Share.
Cost of $22,000.
12-Dec-00 ANDERSON, WALTER J
Director 5,400
EDT Sold at $0.19/Share.
Proceeds of $1,026.
5-Dec-00 BONAGURA, GLENN J
Shareholder * 10,000
EDT Purchased at $0.25/Share.
Cost of $2,500.
1-Dec-00 POWERS, JAMES M
Chairman of the Board, President, Chief Executive Officer 10,000
EDT Purchased at $0.25/Share.
Cost of $2,500.
28-Sep-00 BONAGURA, GLENN J
Senior Vice President, Sales, Marketing 0
EDT Initial Direct Holdings Statement
28-Sep-00 COLLINS, JAMES H
Director 10,000
EDT Purchased at $0.50/Share.
Cost of $5,000.
20-Sep-00 DUNN, JAMES L
Senior Vice President, Chief Development Officer & General Counsel 8,000
EDT Purchased at $0.50/Share.
Cost of $4,000.
25-Aug-00 COLLINS, JAMES H
Director 0
EDT Initial Direct Holdings Statement
25-Aug-00 ROBINSON, DANIEL T
Director 5,000
EDT Initial Direct Holdings Statement
1-Aug-00 GROVE, DAVID T & KATHLEEN A
Shareholder 46,180
EDT Proposed Sale (Form 144).
Estimated proceeds of $23,090.
1-Aug-00 GROVE, DAVID T
Shareholder 1,780
EDT Proposed Sale (Form 144).
Estimated proceeds of $890.00.
28-Mar-00 DAUGHERTY TRUST
Trust, Trustee 27,931
EDT Proposed Sale (Form 144).
Estimated proceeds of $43,825.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
What the current power structure has reported to the public: February 13, 2001
E-DENTIST COM INC (EDT)
Quarterly Report (SEC form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
THE FOLLOWING DISCUSSION AND ANALYSIS CONTAINS CERTAIN FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. THESE STATEMENTS ARE BASED ON CURRENT PLANS AND EXPECTATIONS OF THE
COMPANY AND INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL FUTURE
ACTIVITIES AND RESULTS OF OPERATIONS TO BE MATERIALLY DIFFERENT FROM THAT SET
FORTH IN THE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER INCLUDE, AMONG OTHERS, RISKS ASSOCIATED WITH
AFFILIATIONS, FLUCTUATIONS IN OPERATING RESULTS BECAUSE OF AFFILIATIONS AND
VARIATIONS IN STOCK PRICE, CHANGES IN GOVERNMENT REGULATIONS, COMPETITION, RISKS
OF OPERATIONS AND GROWTH OF EXISTING AND NEW AFFILIATED DENTAL PRACTICES, AND
RISKS DETAILED IN THE COMPANY'S SEC FILINGS.
OVERVIEW
e-dentist.com, Inc. (the "Company") provides eBusiness, eLearning and practice enhancement products and services to the dental industry including its affiliated practices.
The Company provided practice management services to fee-for-service dental practices in the United States. On March 30, 1998, the Company acquired simultaneously with the closing of its initial public offering ("IPO"), substantially all of the tangible and intangible assets, and assumed the liabilities, of the 51 founding affiliated practices. The Company also began to provide practice management services to professional corporations or associations owned by the dentist-owners of those affiliated practices (one of which split into two separate dental practices immediately after the IPO) pursuant to long-term Management Service Agreements entered into at the time of the Affiliations.
The expenses incurred by the Company in fulfilling its obligations under the Management Service Agreements were generally of the same nature as the operating costs and expenses that would have otherwise been incurred by the affiliated practices, including salaries, wages and benefits of practice
personnel (excluding dentists and certain other licensed dental care professionals), dental supplies and office supplies used in administering their practices and the office (general and administrative) expenses of their practices. In addition to the operating costs and expenses discussed above, the Company incurs personnel and administrative expenses in connection with maintaining a corporate office, which provides management, practice enhancements, administrative and business development services.
RECENT EVENTS, LIQUIDITY AND MANAGEMENT PLANS
Management is continuing the development of a Business-to-Business Web site focusing on the following on-line services:
1. E-LEARNINGLive and on-line interactive learning
2. DENTAL CAREERSEmployment opportunities for both employers and employees
3. PRACTICE SERVICESPayroll, human resources, practice enhancement, patient financing, etc.
4. COMMUNITYDental and professional idea communication in chat rooms and message boards
5. PURCHASINGDental supplies and equipment purchasing from major suppliers to all dentists
The Company has developed a Web site and executed various channel partnership agreements with other entities to help provide the on-line services. In early May 2000, the Company launched the first generation Web site and launched its second generation Web site in November 2000. The current focus of functionality is concentrated toward revenue generation for the Company.
During the three months ended December 31, 2000, the Company modified 3 and terminated 2 of its Management Service Agreements. As of December 31, 2000, the Company has modified 79 and terminated 16 of its Management Service Agreements to a shorter term (from 25-40 year terms) of five years, and decreased and fixed the future monthly management fees. The new service agreements modify the type of services the Company provides each affiliated practice. The modification of the terms include the following:
1. The payroll and payables process will cease for the affiliated practices. All practice expenses will be paid by the dentist and not reimbursed. All practice employees will become employees of the dentists and payroll will be processed at the practice level.
2. Management fees will be 90% of fiscal year 2000 fees and fixed for three years, drawn weekly at the agreed upon fixed amount.
3. Assets and other equipment will be transferred back to the doctors at the end of the amended management service agreement term, at a nominal value.
The Company prepared an impairment analysis to determine the recoverability of the management service agreement intangible assets and fixed assets grouped at the practice level. The Company prepared the analysis by calculating the expected discounted future cash flows under modified contracts less the carrying amount of the intangible asset and fixed assets to determine the impairment charge. Based on the modified and terminated Management Service Agreements as of December 31, 2000, the Company has recorded a charge due to impairment of approximately $23 million for the nine months ended December 31, 2000.
During fiscal 2000, the Company incurred a net loss of $5.4 million and had an accumulated deficit of $6.4 million at March 31, 2000. In addition, the Company used cash flow from operations of $628,000 during the period ending March 31, 2000. During the three and nine months ended December 31, 2000, the Company had net income of $266,000 and incurred a net loss of $25.2 million respectively and has an accumulated deficit of $31.6 million at December 31, 2000. In addition, the Company generated cash flow from operations of $1.1 million during the nine months ended December 31, 2000.
At July 14, 2000, Bank One, Texas, NA extended the terms of the credit facility through July 31, 2001, and the Company paid $250,000 in principal to the bank. The Company is required to make additional principal payment to the bank for any amount it collects from its notes receivable during each quarter. The Company paid $226,000 to the bank relating to the collection of notes receivable as of December 31, 2000. At the end of each quarter, the bank may receive an additional principal payment up to $50,000 if the Company's cash balance exceeds $750,000 and if the bank has not received at least $350,000 in principal payments from note receivable collections. In January 2001, the Company paid an additional $50,000 to the bank. No additional borrowings are permitted under the amendment.
As of December 31, 2000, the Company was in technical violation of certain financial ratio covenants due to the restructure. This technical violation occurred in spite of the preliminary attempt by management and the bank to project the effect of the restructure on the ratios and to set the ratios at a level to avoid the technical violation. The bank is currently working on a waiver of the violation, which is expected.
As discussed above, the bank credit facility due date has been extended to July 31, 2001. Based upon its current strategy to enhance cash collections and reduce costs, the Company projects to have sufficient funds to meet its operating capital requirements through the fiscal year ending March 31, 2001; however, there would not be sufficient cash flow to fund the credit agreement obligations due July 31, 2001. Management believes it will be able to replace the credit facility with other financing alternatives or refinance its current line of credit. There is no assurance that other financing or refinancing of its current line of credit will be available in sufficient cash, if at all, and there can be no assurance that the related terms and conditions will be acceptable to the Company. Failure of the Company to obtain such alternative financing or refinancing of its current line of credit would have a material and adverse effect on the Company's financial position and viability.
In order to increase its liquidity, the Company has developed the following strategies; (i) suspension of its new practice affiliation program, (ii) implement its revised eBusiness based strategic alternative described above, (iii) implement more rigid credit policies with its affiliated practices, (iv) consider terminating the services agreements of selected under performing affiliated practices, (v) reducing costs in the Company's corporate office, and (vi) raising additional capital. However, there can be no assurance that the Company's strategy will be achieved.
RESULTS OF OPERATIONS (UNAUDITED)
Following completion of the IPO on March 30, 1998, the Company began operations effective April 1, 1998. Management service fee recognition and related expenses began April 1, 1998, and the Company began managing 51 dental practices in 18 states.
COMPONENTS OF REVENUES AND EXPENSES
The Company has embarked upon a strategy focusing on eBusiness primarily in the dental industry. Prior to the transition toward eBusiness, the Company processed all payments to vendors and employed the staff of affiliated practices. The modified Management Service Agreements caused the staff to cease working as employees for e-dentist.com, Inc., and they have become employees of the individual affiliated practices. In addition, processing of payments to practice vendors is now performed at the practice level, by practice employees. The Company no longer pays or is reimbursed for expenses paid on the practices' behalf. As a result, the components of net revenues and expenses have changed and decreased significantly with the modified Management Service Agreements.
Under the terms of the original management services agreement with an affiliated practice, the Company served as the exclusive manager and administrator of all non-dental services relating to the operation of an affiliated practice. The obligations of the Company included assuming responsibility for the operating expenses incurred in connection with managing the dental centers. These expenses included salaries, wages and related costs of non-dental personnel, dental supplies and laboratory fees, rental and lease expenses, promotion and marketing costs, management information systems and
other operating expenses incurred at the affiliated practices. In addition, the Company incurred general and administrative expenses related to the financial and administrative management of dental operations, insurance, training and development and other typical corporate expenditures. As compensation for its services under the original services agreement and subject to applicable law, the Company was paid a management fee comprised of two components: (1) the costs incurred by it on behalf of the affiliated practice, and (2) a management fee either fixed in amount, an amount usually approximating 35% of the affiliated practice's operating profit, before dentist compensation or 15% of the affiliated practice's collected gross revenue ("Service Fee"). Therefore, net revenues represented amounts earned by the Company under the terms of its Management Service Agreements with the affiliated practices, which generally equated to the sum of the Service Fees and the operating expenses that the affiliated practices paid to the Company under the service agreements.
NET REVENUE
Net revenue was $2.0 and $15.0 million for the three months ended December 31, 2000 and 1999, respectively. Net revenue was $10.5 and $43.0 million for the nine months ended December 31, 2000 and 1999, respectively. Net revenue generated for the three months ended December 31, 2000 and 1999 related to service fees was approximately $1.9 and $2.6 million, respectively. Net revenue generated for the nine months ended December 31, 2000 and 1999 related to service fees was approximately $6.4 and $7.8 million. The decreases in each period are due to the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
Net revenue generated by paying the operating expenses of the affiliated practices was approximately $0 and $4.1 million for the three and nine months ended December 31, 2000 and approximately $12.4 and $35.3 million for the three and nine months ended December 31, 2000, 1999. The decreases in each period are due to the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
OPERATING EXPENSES
The Company incurred operating expenses of approximately $1.5 and $14.8 million for the three months ended December 31, 2000 and 1999, respectively. The Company incurred operating expenses of approximately $35.0 and $41.2 million for the nine months ended December 31, 2000 and 1999, respectively. Operating expenses consisted primarily of salaries, wages and benefits, dental supplies and laboratory fees, rent, advertising and marketing, depreciation and amortization, and general and administrative expenses. The changes in each period are due to the impairment charges, offset by the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
General and administrative expenses consist of the corporate expenses of the Company. These corporate expenses include salaries, wages and benefits, rent, bad debt expenses, consulting fees, travel, office costs and other general corporate expenses. For the three months ended December 31, 2000 and 1999, general and administrative expenses were approximately $1.0 and $1.7 million, a decrease of $700,000. The decrease is primarily due to decrease in salaries of $184,000, bad debt expense of $172,000 and professional fees of $88,000.
For the nine months ended December 31, 2000 and 1999, general and administrative expenses were approximately $6.1 and $4.1 million, an increase of $2.0 million. The increase is primarily due to increases in bad debt expense of $1.6 million and professional fees of $169,000.
INCOME TAX EXPENSE
The Company recorded no tax expense during the three months ended December 31, 2000, due to the losses incurred earlier in the year. The Company recorded no tax benefit during the nine months ended December 31, 2000, because it concluded it is not likely it would be able to recognize the tax asset created due to the lack of operating history of its e-Business plan. Income tax expense for the three months ended December 31, 1999 totaled $49,000, an amount greater than income before taxes of $8,000. This occurred because certain amortization expenses were deducted to arrive at net income but were not deductible for income tax purposes. Income tax expense for the nine months ended December 31, 1999 totaled $579,000.
For the nine months ended December 31, 2000, the Company recorded a valuation allowance for its entire deferred tax asset of $7.6 million because it concluded it is not likely it would be able to recognize the tax asset due to the lack of operating history of its implementation of the e-Business plan,
modification of its Management Service Agreements and maturity of its line of credit on July 31, 2001. At December 31, 2000, the Company has a net deferred tax asset of $10.8 million with a corresponding valuation allowance. Additionally, the Company also has $6.1 million of available deductions related to the increase in tax basis of the assets acquired in the Affiliations.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2000, the Company had a working capital deficit of approximately $11.3 million. Current assets included approximately $1.1 million in cash and $585,000 in net receivables, due from affiliated practices. Current liabilities consisted of approximately $2.8 million in accounts payable and accrued liabilities. Included in the current liabilities are approximately $9.6 million of anticipated payments on the line of credit.
On June 1, 1998, the Company closed a revolving bank credit facility with Bank One, Texas, N.A., which provided the Company with a revolving line of credit of up to $15.0 million, to be used for general corporate purposes including financing of acquisitions, capital expenditures and working capital. The credit facility is collateralized by liens on certain of the Company's assets, including its rights under the Management Service Agreements and accounts receivable. The credit facility contains restrictions on the incurrence of additional indebtedness and payment of dividends on the Common Stock. Additionally, compliance with certain financial covenants is required and the lender has approval rights with respect with acquisitions exceeding certain limits. As of December 31, 2000, the Company was in technical violation of certain financial ratio covenants due to the restructure. This technical violation occurred in spite of the preliminary attempt by management and the bank to project the effect of the restructure on the ratios and to set the ratios at a level to avoid the technical violation. The bank is currently working on a waiver of the violation, which is expected. At December 31, 2000, $9.6 million was outstanding under the revolving line of credit.
At July 14, 2000, Bank One, Texas, NA extended the terms of the credit facility through July 31, 2001, and the Company paid $250,000 in principal to the bank. The Company is required to make additional principal payment to the bank for amounts it collects from its notes receivable during each quarter. The Company paid $226,000 to the bank relating to the collection of notes receivable as of December 31, 2000. At the end of each quarter, the bank may receive an additional principal payment up to $50,000 if the Company's cash balance exceeds $750,000 and if the bank has not received at least $350,000 in principal payments from note receivable collections. In January 2001, the Company paid an additional $50,000 to the bank. No additional borrowings are permitted under the amendment.
As discussed above, the bank credit facility due date has been extended to July 31, 2001. Based upon its current strategy to enhance cash collections and reduce costs, the Company projects to have sufficient funds to meet its operating capital requirements through the fiscal year ending March 31, 2001; however, there would not be sufficient cash flow to fund the balance of the credit agreement obligation due July 31, 2001. Management believes it will be able to replace the credit facility with other financing alternatives or refinance its current line of credit. There is no assurance that other financing or refinancing of its current line of credit will be available in sufficient amounts, if at all, and there can be no assurance that the related terms and conditions will be acceptable to the Company. Failure of the Company to obtain such alternative financing or refinancing of its current line of credit would have a material and adverse effect on the Company's financial position and viability.
Cash provided by investing activities for the nine months ended December 31, 2000 and 1999 involved collections on notes receivable of $264,000 and $121,000, respectively. In addition $89,000 was provided by the disposition of property and equipment during the nine months ended December 31, 2000. Cash used in investing activities for the nine months ended December 31, 2000 and 1999 included $108,000 and $245,000, respectively, for purchases of capital equipment and $31,000 and $1.2 million respectively, for the purchase of intangibles associated with acquisitions.
Cash used in financing activities for the nine-month periods ended December 31, 2000 and 1999 included payments on the Company's long-term debt and capital leases of $830,000 and $231,000, respectively. Cash generated from financing activities for the nine-month period ended December 31, 1999 was draws on the revolving line of credit of $1.5 million.
ASSET PURCHASE
On October 13, 2000, the Company entered into an Asset Purchase Agreement with Dexpo.com, Inc. The consideration for the purchase of assets is 750,000 shares of e-dentist.com common stock with an additional 500,000 shares to be held in escrow and paid contingent upon certain performance criteria of the Company's common stock.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
The current power structure of EDT: James Powers, Jr., D.D.S., 44
Chairman, Pres and CEO $259K
Omer Reed, D.D.S., 68
Director and Clinical Officer 365K
Charles Sanders, 43
Sr. VP, COO, Chief Financial Officer --
James Dunn, Jr., 38
Sr. VP, CDO, Gen. Counsel
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
With a tax loss carry forward this large, this company could use a $20,000,000 infusion of cash by July 31, 2001. e-dentist.com, Inc. provides management, administrative, development and other services to dental practices throughout the United States. The Co.'s practice management is designed to increase revenues and lower costs at affiliated dental practices. For the nine months ended 12/00, revenues fell 76% to $10.5 million. Net loss totalled $25.2 million vs. an income of $652 thousand. Results reflect the modification of service agreements and $23 million in asset impairment charges.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Here is the beginning of a long trail of research into EDT...e-dentist.com, Inc., formerly known as Pentegra Dental Group Inc., is a provider of training solutions for the dental marketplace. The Company promotes practice enhancement through seminars, in-office consulting and financial and operational analysis. In addition, e-dentist provides practice services such as payroll processing. The Company delivers a dual strategy that provides online services to the dental industry, as well as access to business services and products by dentists and their staff.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Send email to joe@galsys.com regarding EDT (ASE) and request a confidentiality agreement and proxy agreement, then I'll fill you in on that deal....
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Hey, what a difference 60 days makes, www.iexchange.com has been shut down...1513 reports by thepennyking vanished, 12,000 independent analysts who were beating the market by leaps and bounds with their predictions, with over 10,000,000 stock reports, poof! Gone! So now iHub can expect some increased traffic from at least 12,000 people who were following him at iexchange...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!