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Before giving effect to the increase in the provision for bad debts discussed above, income from continuing operations for the quarter ended September 30, 2006, increased 9.
23 *Represents additional provision for bad debts for telecommunications customers which filed for bankruptcy or experienced adverse developments in their financial condition during the period presented.
1999 1998 Net revenues $53,431 $39,908 Operating expenses: Patient care costs 38,554 27,884 General and administrative 6,239 5,190 Provision for bad debts 1,524 837 Depreciation and amortization 2,759 2,356 Total operating expenses 49,076 36,267 Income from operations 4,355 3,641 Nonoperating income (expense): Interest expense (3,512) (2,959) Interest income 207 534 Equity in earnings of affiliates 92 127 Minority interests in earnings (125) (300) (3,338) (2,598) Income before income taxes 1,017 1,043 Income tax expense 539 553 Net income $478 $490 EBITDA $7,288 $6,358 EBITDA margin 13.
Fourth quarter results reflect the recording of an unusual charge pertaining to the settlement of the 1992 class action suit; additional provision for bad debts totaling $1,750,000; additional interest expense of $621,000 required under a mortgage agreement; a $500,000 prepayment discount on a note receivable; and a recognition of a deferred tax asset.
The net increase in the provision for bad debts was USD 7.
The loss included $101,577 in accounting provision for bad debts and higher depreciation resulting from the acquisition of new company stores and the move to new corporate headquarters.
4% from fiscal 2001-2003 and reflects increased growth of expenses, particularly labor, provision for bad debts, and supplies.
HRMC's expense growth in 2004 was driven by labor and provision for bad debts.
The audit adjustments were largely attributed to an understatement of contractual allowances ($9 million), and an increase in provision for bad debts related to reimbursement from a Blue Cross contract ($1.
After further investigation and analysis, including discussions with certain customers regarding past due amounts, management has now determined that the Company's net accounts receivable as of June 30, 2002 was overstated, and the related provision for bad debts (included in selling, general and administrative, SG&A, expenses) from 1999 through 2002 was understated, by an aggregate of $5.
Hendrickson stated that the major reason for the decline in net income was the necessary increase in the provision for bad debts resulting from the sudden bankruptcy of a major dental customer.
This resulted in the provision for bad debts of $1.