Business & Finance
Business and Finance
Business and Finance
Fri, September 16, 2011
Thu, September 15, 2011 
HOUSTON--([ BUSINESS WIRE ])--First Surgical Partners Inc. (OTCBB: FSPI) (aFirst Surgicala or the aCompanya), which provides non-emergency surgeries through its two ambulatory surgery centers and a general acute care hospital, today provided an update on its current operations.
"Becoming a public company is an important step in the evolving history of First Surgical, and we are pleased to achieve this latest milestone"
Total case volume increased 3.1% to 3,137 cases for the six months ended June 30, 2011, up from 3,043 in the same period a year ago. The Company also added three new physician partners during the six months ended June 30, 2011, bringing its total surgical staff to 37. First Surgical plans to exit 2011 with approximately 45 physician partners.
First Surgical plans to convert its existing ambulatory surgery centers to a hospital outpatient department during the fourth quarter ending December 31, 2011. Following the conversion, the Company expects its average net revenue per case to increase to approximately $8,970 in the fourth quarter of 2011, up 17% from $7,680 under the ambulatory surgery center designation in the fourth quarter of 2010.
Year-to-date, the Company has distributed over $2.6 million in dividends to its shareholders. The ongoing dividend policy of First Surgical will be determined by its board of directors. There is no guarantee that future dividends will be announced.
Additionally, the Companya™s S-1 Registration Statement, which was filed with the U.S. Securities and Exchange Commission on August 19, 2011, was declared effective as of September 9, 2011. The S-1 Registration Statement relates to the resale of 7,878,128 shares of the Companya™s common stock held by existing shareholders. The Company will not receive any funds in connection with this offering.
aBecoming a public company is an important step in the evolving history of First Surgical, and we are pleased to achieve this latest milestone," stated Dr. Jacob Varon, Chairman of First Surgical. aGoing forward, we will focus on expanding our network of surgical centers and physician partners to broaden our market reach. With the ongoing industry shift from inpatient to outpatient surgery, our robust pipeline of new facilities, and our reputation for providing top-quality care, we are strongly positioned to deliver long-term sales and earnings growth.a
About First Surgical Partners Inc:
First Surgical Partners Inc. (aFirst Surgicala) operates two ambulatory surgery centers and a general acute care hospital in the Houston area. The surgeons that utilize First Surgicala™s facilities perform non-emergency surgeries at these locations. The procedures performed include bariatric; ear, nose and throat; reconstructive and cosmetic plastics, orthopedics, pain management, neurosurgery and podiatry, all of which are often completed on an outpatient or short-stay basis. Each of First Surgicala™s facilities resides within its own limited partnership, which is wholly owned by First Surgical. First Surgicala™s website is [ www.firstsurgical.com ].
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ([ http://www.sec.gov ]). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
