Birner Dental Management Services' 2009 net income up 7.5%

Birner Dental Management Services, Inc. (Nasdaq: BDMS), operators of PERFECT TEETH® dental practices, announced results for the year and quarter ended December 31, 2009. For the year ended December 31, 2009, revenue increased $557,000, or 0.9%, to $59.6 million. The Company's earnings before interest, taxes, depreciation, amortization and non-cash expense associated with stock-based compensation ("Adjusted EBITDA") increased $101,000, or 1.5%, to $6.9 million. Net income for the year ended December 31, 2009 increased $135,000, or 7.5%, to $1.9 million compared to $1.8 million for the same period of 2008. Earnings per share increased 18.6%, to $1.02 for the year ended December 31, 2009 compared to $.86 for the year ended December 31, 2008.

For the quarter ended December 31, 2009, revenue increased $456,000 or 3.3%, to $14.3 million. The Company's Adjusted EBITDA decreased $32,000, or 2.1%, to $1,492,000 for the quarter ended December 31, 2009 compared to $1,524,000 for the quarter ended December 31, 2008. Net income for the quarter ended December 31, 2009 increased $40,000, or 12.3%, to $363,000. Earnings per share increased 11.8%, to $.19 for the quarter ended December 31, 2009 compared to $.17 for the quarter ended December 31, 2008.

The increase in revenue of $557,000 for the year ended December 31, 2009 consisted of a decrease in same office revenue of $316,000 offset by revenue related to new offices of $873,000.  The increase in revenue of $456,000 for the quarter ended December 31, 2009 consisted of a decrease in same office revenue of $142,000 offset by revenue related to new offices of $598,000.  We believe same office sales in 2009 were affected by continued weakness in the economy.

The Company opened one de novo office in the Albuquerque, New Mexico market in February 2010.

During 2009, the Company had capital expenditures of $1.1 million, acquired three dental offices for $1.4 million, purchased 61,702 shares of its Common Stock for approximately $930,000 and paid out approximately $1.3 million in dividends to its shareholders. During 2009, bank debt decreased approximately $1.6 million, which reduced total debt outstanding to $5.3 million at December 31, 2009.  

As previously reported, the Company's Board of Directors approved an increase in its quarterly dividend to $.20 per share from $.17 per share.  The dividend is payable on April 9, 2010 to shareholders of record on March 26, 2010.

SOURCE Birner Dental Management Services, Inc.