Monarch Dental Corp. (Dallax, TX) has reported a decline in net income for its first quarter when compared with the first quarter results last year.
Net income was $614,000 for its first quarter ended March 31, compared with net income of $1.1 million for last year's first quarter.
On the bright side, net patient revenues were $49.4 million, an improvement over the $45.3 million reported in 1998's fourth quarter and double the $24.3 million reported for last year's first quarter.
"During the first quarter, we made significant progress implementing our initiatives to improve underperforming operations in Houston, Arkansas and Dayton," said Gary Cage, chief executive officer of Monarch, in a statement. "Specifically, we've added seasoned operating talent to more effectively manage the growth we experienced through the first nine months of last year."
"We also closed or consolidated five underperforming offices in certain regions. Consistent with our strategy of focusing our development efforts on in-market diversification, we completed five in-market acquisitions in the first quarter, adding seven offices in three of our strongest markets, Dallas, Wisconsin and Atlanta, with combined revenues of seven million dollars."
Monarch Dental currently manages 196 dental offices serving 21 markets in 14 states. The company says that it seeks to build geographically dense networks of dental providers primarily by expanding within its existing markets, but also by selectively entering new markets through acquisitions.