Birner Dental Management Services, Inc. (NASDAQ Capital Market: BDMS), operators of PERFECT TEETH® dental practices and Vantage Dental Implant Center, announced results for the year and quarter ended December 31, 2011. For the year ended December 31, 2011, revenue decreased $872,000, or 1.4%, to $63.1 million. The Company's earnings before interest, taxes, depreciation, amortization, non-cash expense associated with stock-based compensation and discontinued operations ("Adjusted EBITDA") decreased $1.6 million, or 24.5%, to $4.9 million. Net income for the year ended December 31, 2011 increased $172,000, or 11.9%, to $1.6 million compared to $1.4 million for the same period of 2010. Earnings per share increased 12.2%, to $0.85 for the year ended December 31, 2011 compared to $0.75 for the year ended December 31, 2010.
The year ended December 31, 2011 was impacted by the remeasurement and subsequent write down of contingent liabilities by $830,000, which was recognized as other income. The year ended December 31, 2010 was impacted by a loss from discontinued operations of $304,000, or $0.16 per share, net of tax benefit.
For the quarter ended December 31, 2011, revenue decreased $1.6 million, or 10.2%, to $14.1 million. The Company's Adjusted EBITDA decreased $306,000, or 27.7%, to $798,000 for the quarter ended December 31, 2011 compared to $1.1 million for the quarter ended December 31, 2010. Net income for the quarter ended December 31, 2011 increased $283,000, or 137.1%, to $490,000 compared to $207,000 for the same period of 2010. Earnings per share increased 139.2%, to $0.26 for the quarter ended December 31, 2011 compared to $0.11 for the quarter ended December 31, 2010. The quarter ended December 31, 2011 was impacted by the remeasurement and subsequent write down of contingent liabilities by $830,000, which was recognized as other income.
During 2011, the Company had capital expenditures of $2.4 million, repurchased 28,426 shares of its Common Stock for approximately $479,000 and paid out approximately $1.6 million in dividends to its shareholders while decreasing total bank debt outstanding by approximately $186,000. On March 26, 2012, the Company's Board of Directors approved up to $1,000,000 of stock repurchases. Common Stock repurchases may be made from time to time as the Company's management deems appropriate.
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