American Dental Partners falls as profit misses Q3 projections
Shares of American Dental Partners Inc. (Nasdaq: ADPI) are aching on news after the close on Monday that third-quarter earnings missed Wall Street’s forecast.
For the three months ended Sept. 30 the Wakefield, Mass.-based provider of business services to dental group practices reported a net income of $2.7 million, or $0.20 per share, while four analysts polled by Thomson Financial were expecting earnings of $0.27 per share. The company had a profit of $2.4 million, or $0.19 per share, a year earlier.
Net revenue jumped 25% to $67.2 million from $53.8 million during the third quarter of 2006. Wall Street was expecting a more modest rise to $70 million.
During the third quarter, American Dental Partners completed the acquisition of multi-specialty dental group Metropolitan Dental Holdings Inc. for $80 million.
At 3:34 p.m. ET, shares of American Dental Partners Inc. (ADPI) had fallen $3.61, or 13%, to $24.83. The 52-week low of $17.52 was reached on Nov. 30, 2006. The 52-week high of $29.90 was touched on June 18.
