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This is a multi-part message in MIME format. - ------=_NextPart_000_005E_01C19E9F.00268E40 Content-Type: multipart/alternative; boundary="----=_NextPart_001_005F_01C19E9F.00268E40" - ------=_NextPart_001_005F_01C19E9F.00268E40 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable =20 =20 Herb on TheStreet Dynacq's Doubtful Accounts Send Distress Signals By Herb Greenberg Senior Columnist 01/16/2002 02:46 PM EST URL: http://www.thestreet.com/p/rmoney/herbonthestreet-rm/10006859.html When it comes to red flags, so many are flying over Dynacq International = (DYII:Nasdaq - news - commentary) that it's hard to count. Dynacq owns = and manages an acute care hospital in Pasadena, Texas, where it manages = three physician practices. It also operates two outpatient surgical = facilities and a medical office complex.=20 The only analyst covering the company, Gary Weber of Taglich Brothers, = rates it a buy. That Dynacq pays Taglich for that coverage is reason = enough to warrant caution: The disclosure is right there in the fine = print of the analyst's report.=20 But in recent quarters there have been numerous other issues that, by = themselves, would warrant a mention here. For example, Dynacq's = allowance for doubtful accounts -- something every CFO should know like = the back of his or her hand -- has been hovering around the 1% range, = which is far below the level used by such rivals as HCA (HCA:NYSE - news = - - commentary) , Tenet (THC:NYSE - news - commentary) and Universal = (UHS:NYSE - news - commentary) . Yet when asked about the amount of the = allowance on the company's bizarre conference call Tuesday, CFO Philip = Chan couldn't answer the question.=20 The dialogue is worth the price of admission.=20 Caller: Could you give us where allowance for doubtful accounts stands = right now, please?=20 CFO: Are you asking the provision for uncollectable accounts of = $41,673 on the income statement? Or are you talking about...=20 Caller: I'm talking about the reserve -- the allowance for doubtful = accounts that would be against your gross receivables so that you have = - -- you report net accounts receivable. What is your allowance for = doubtful accounts? What's your reserve that's been built up over time?=20 CFO: The way we present our [unintelligible] and net revenue and that = is the gross revenue minus, I believe, what you are talking about the = reserve for uncollectible portion from insurance company or third party. = Caller: Uh, either one. Let me, maybe if I can contrast it where it = was in the 10-K. ... Anyway, it's a standard nomenclature. It's called = allowance for doubtful accounts. ... It was $193,000 in August. Do you = know what it is now, please?=20 CFO: Let me turn my page on the same page that you are saying ... a = minute.=20 Caller: All right, let me -- maybe I can go on while he's searching = that. If I could ask another question here...=20 And so it was! The entire call was pretty much like that.=20 Take the same caller's question about the company's revenue per hospital = bed, which appears to be much higher than the average for the acute care = hospital industry.=20 Caller: You have 37 beds and in the hospital you had revenues in here = of just under $9 million, and that equates somewhere to about a = quarter-million dollars revenue per bed. That is substantially higher = than industry averages. Why is that?=20 CEO Chiu Chan (who, according to the 10-K is not related to the CFO): = We are not general acute hospital. We are surgical hospital.=20 Not an acute care hospital?! The company itself says in its 10-K, filed = Nov. 27, that it is engaged in "the ownership and management of an acute = care hospital."=20 The caller continues, saying that revenue at Dynacq's clinic and = outpatient surgical center, which had been a key driver of Dynacq's = growth, was "down about 7% year over year. At the same time, the = hospital revenues just skyrocketed here. They were up 160% or = something."=20 CEO Chan: Well, as you can see, we are aligning our company towards -- = we are now saying that Dynacq is a surgical hospital company. We are a = surgical hospital company. That is the direction which we are going. So, = right now all the focus is, the management focus is a surgical hospital = company.=20 Chan later added: "The reason why we are trying to do this is because we = listen to a lot of the research analysts or those brokers about a single = focus company enhance our shareholder value a lot better than getting = more -- all this kind of other business. ... So, the other thing which = is not surgical hospital business is going to go gradually -- scale = down."=20 But last March Dynacq purchased a second ambulatory or outpatient = surgery center. Now it's saying that that part of the business will no = longer be a focus?!=20 The conference call continued. A different caller noted that the company = had "very impressive" 12% revenue growth in the fourth quarter from the = third quarter. "But it appears net income may have declined slightly = quarter to quarter. Is that the case?"=20 CEO: Net income? No. I don't think so. Net income actually go up.=20 Caller No. 2: I backed out that the fourth quarter net income was = about $3,490,000. ... I have this quarter at about $3,378,000. So, maybe = a 3% or so decline in net income, and you had 12% sequential revenue = growth. I'm just curious where...=20 The CEO then started talking about how earnings per share of 23 cents = were higher than the prior quarter's 22 cents, then the CFO injected:=20 CFO: Your math ... could be very well correct. The thing that may = confuse a little bit during the fourth quarter is where we have the = annual audit come in and make all the adjustments. There's no = significant adjustment that we made. You may be able to look at the = income tax provision for the fourth quarter, which kind of declined = pretty significantly from the periods before. That is the time that the = auditor come in and look our annual income tax situation.=20 Caller No. 2: OK ... the real question I'm driving at ... it appears = that your profit margins came down quite a bit from quarter to quarter = [net profit margin was down nearly 4 percentage points from the fourth = quarter to the first quarter] ... and I'm just wondering if you could = comment a little bit on why the profit margins ... contracted, and = again, is this something we should expect going forward?=20 CEO: If you look at the number for the whole fiscal year last year, = our profit margin is ... 25.3. Therefore our net margin is 24.7 or 24.6. = So we are talking about a decimal point percentage difference, and I = don't think it's something of anybody's concern.=20 Year over year, maybe, but quarter to quarter it's nearly 4 percentage = points. That's certainly somebody's concern. But I digress, as the call = returned to the subject of the allowance for doubtful accounts.=20 Caller No. 1: I wondered if you'd had a chance to find that answer on = the allowance for doubtful accounts on accounts receivable?=20 CFO: I tried to find out the real question -- all on income statement, = the only provision for uncollectible account is -- for this quarter is = $41,670 ... before talk about $137,000 -- I don't know what number you = have been looking at.=20 Caller No. 1: $193,000 is what it was in August.=20 CFO: In August $193,000?=20 Caller No. 1: August of '01.=20 CFO: Hold on. He never did answer the question.=20 Finally, back to the question of paying a brokerage firm to cover the = company, another caller said:=20 Caller No. 3: I'm showing Gary Weber of Taglich Brothers is the only = analyst following the company. On the footer of their report it says his = firm was paid by Dynacq to write it. Are there any other nonaffiliated = research reports for analyst coverage?=20 CEO: Taglich Brothers, yes, we paid for them for the analyst report to = be written in the beginning. Now, what we are paying them is a quarterly = fee to actually have that report available at their Web site. So we = don't pay them to write about us anymore, and we do not have any other = analysts following this company yet.=20 Caller No. 3: How much do you pay them?=20 CFO: $1,250 a month.=20 Isn't that a conflict? Not according to Bob Taglich of Taglich Brothers. = He told me: "They are independent reports. In the micro-cap market, = unless you have potential million-dollar fees coming in, it's very = difficult for a brokerage firm to cover small firms for research."=20 Doesn't that mean they're buying an opinion?=20 "They're not buying an opinion," Taglich says. "We have some stocks that = aren't rated." He adds that there is a weeding-out process on companies = Taglich agrees to cover, and notes that whether it's hard cash or = through investment banking business, companies pay for coverage "one way = or the other ... at least we properly disclose it."=20 He may have a point there. Not that it's the right thing to do -- = disclosed or otherwise.=20 - -------------------------------------------------------------------------= - ------- Herb Greenberg writes daily for TheStreet.com. In keeping with TSC's = editorial policy, he doesn't own or short individual stocks, though he = owns stock in TheStreet.com. He also doesn't invest in hedge funds or = other private investment partnerships. He welcomes your feedback and = invites you to send any to Herb Greenberg. Greenberg also writes a = monthly column for Fortune.=20 Brian Harris and Mark Martinez assisted with the reporting of this = column.=20 - -------------------------------------------------------------------------= - ------- ----- Original Message -----=20 From: Andreas Himmelreich=20 To: 'canslim@lists.xmission.com'=20 Sent: Wednesday, January 16, 2002 3:00 PM Subject: [CANSLIM] Date: Wed, 16 Jan 2002 22:04:50 +0100 Pretty strange what is happening with DYII. Stock has good fundamentals, yet its down 30%? Industry Group kind of = OK as well, even winning Relative Strength. Strange. - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - ------=_NextPart_001_005F_01C19E9F.00268E40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Diso-8859-1"> <META content=3D"MSHTML 5.50.4611.1300" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=3D#ffffff> <DIV> <SCRIPT>document.write(sPrinterTextInfo)</SCRIPT> <FONT face=3DCourier> </FONT> <P><A href=3D"http://www.realmoney.com/"><FONT face=3DCourier><IMG = height=3D60=20 src=3D"http://www.thestreet.com/TscRetail/images/realprint.gif" = width=3D267=20 border=3D0></FONT></A> <!-- Story Body Starts Here --> <P><FONT face=3D"arial, helvetica" color=3D#000000 size=3D1>Herb on=20 TheStreet</FONT><BR><FONT face=3D"arial, helvetica" color=3D#000000=20 size=3D4><B>Dynacq's Doubtful Accounts Send Distress = Signals</B><BR></FONT><FONT=20 face=3D"arial, helvetica" color=3D#000000 size=3D3><B>By <A=20 href=3D"mailto:hgreenberg@thestreet.com">Herb Greenberg</A><BR>Senior=20 Columnist</B></FONT><BR><BR><FONT face=3D"arial, helvetica" = color=3D#000000=20 size=3D1>01/16/2002 02:46 PM EST</FONT><BR><FONT face=3D"arial, = helvetica"=20 color=3D#000000 size=3D2>URL: <A=20 href=3D"http://www.thestreet.com/p/rmoney/herbonthestreet-rm/10006859.htm= l">http://www.thestreet.com/p/rmoney/herbonthestreet-rm/10006859.html</A>= </FONT><BR><BR> <P></P>When it comes to red flags, so many are flying over <B>Dynacq=20 International</B> (DYII:Nasdaq - news - commentary) that it's hard to = count.=20 Dynacq owns and manages an acute care hospital in Pasadena, Texas, where = it=20 manages three physician practices. It also operates two outpatient = surgical=20 facilities and a medical office complex.=20 <P></P>The only analyst covering the company, Gary Weber of Taglich = Brothers,=20 rates it a buy. That Dynacq pays Taglich for that coverage is reason = enough to=20 warrant caution: The disclosure is right there in the fine print of the=20 analyst's report. <RELATED></RELATED> <P></P>But in recent quarters there have been numerous other issues = that, by=20 themselves, would warrant a mention here. For example, Dynacq's = allowance for=20 doubtful accounts -- something every CFO should know like the back of = his or her=20 hand -- has been hovering around the 1% range, which is <I>far</I> below = the=20 level used by such rivals as <B>HCA</B> (HCA:NYSE - news - commentary) , = <B>Tenet</B> (THC:NYSE - news - commentary) and <B>Universal</B> = (UHS:NYSE -=20 news - commentary) . Yet when asked about the amount of the allowance on = the=20 company's bizarre conference call Tuesday, CFO Philip Chan couldn't = answer the=20 question.=20 <P></P>The dialogue is worth the price of admission.=20 <BLOCKQUOTE> <P></P><B>Caller:</B> Could you give us where allowance for doubtful = accounts=20 stands right now, please?=20 <P></P><B>CFO:</B> Are you asking the provision for uncollectable = accounts of=20 $41,673 on the income statement? Or are you talking about...=20 <P></P><B>Caller:</B> I'm talking about the reserve -- the allowance = for=20 doubtful accounts that would be against your gross receivables so that = you=20 have -- you report net accounts receivable. What is your allowance for = doubtful accounts? What's your reserve that's been built up over time? = <P></P><B>CFO:</B> The way we present our [unintelligible] and net = revenue and=20 that is the gross revenue minus, I believe, what you are talking about = the=20 reserve for uncollectible portion from insurance company or third = party.=20 <P></P><B>Caller:</B> Uh, either one. Let me, maybe if I can contrast = it where=20 it was in the 10-K. ... Anyway, it's a standard nomenclature. It's = called=20 allowance for doubtful accounts. ... It was $193,000 in August. Do you = know=20 what it is now, please?=20 <P></P><B>CFO:</B> Let me turn my page on the same page that you are = saying=20 ... a minute.=20 <P></P><B>Caller:</B> All right, let me -- maybe I can go on while = he's=20 searching that. If I could ask another question here... </BLOCKQUOTE> <P></P>And so it was! The entire call was pretty much like that.=20 <P></P>Take the same caller's question about the company's revenue per = hospital=20 bed, which appears to be much higher than the average for the acute care = hospital industry.=20 <BLOCKQUOTE> <P></P><B>Caller:</B> You have 37 beds and in the hospital you had = revenues in=20 here of just under $9 million, and that equates somewhere to about a=20 quarter-million dollars revenue per bed. That is substantially higher = than=20 industry averages. Why is that?=20 <P></P><B>CEO Chiu Chan </B>(who, according to the 10-K is <I>not</I> = related=20 to the CFO): We are not general acute hospital. We are surgical = hospital.=20 </BLOCKQUOTE> <P></P>Not an acute care hospital?! The company itself says in its 10-K, = filed=20 Nov. 27, that it is engaged in "the ownership and management of an acute = care=20 hospital."=20 <P></P>The caller continues, saying that revenue at Dynacq's clinic and=20 outpatient surgical center, which had been a key driver of Dynacq's = growth, was=20 "down about 7% year over year. At the same time, the hospital revenues = just=20 skyrocketed here. They were up 160% or something."=20 <BLOCKQUOTE> <P></P><B>CEO Chan:</B> Well, as you can see, we are aligning our = company=20 towards -- we are now saying that Dynacq is a surgical hospital = company. We=20 are a surgical hospital company. That is the direction which we are = going. So,=20 right now all the focus is, the management focus is a surgical = hospital=20 company. </BLOCKQUOTE> <P></P>Chan later added: "The reason why we are trying to do this is = because we=20 listen to a lot of the research analysts or those brokers about a single = focus=20 company enhance our shareholder value a lot better than getting more -- = all this=20 kind of other business. ... So, the other thing which is not surgical = hospital=20 business is going to go gradually -- scale down."=20 <P></P>But last March Dynacq purchased a second ambulatory or outpatient = surgery=20 center. Now it's saying that <I>that</I> part of the business will no = longer be=20 a focus?!=20 <P></P>The conference call continued. A different caller noted that the = company=20 had "very impressive" 12% revenue growth in the fourth quarter from the = third=20 quarter. "But it appears net income may have declined slightly quarter = to=20 quarter. Is that the case?"=20 <BLOCKQUOTE> <P></P><B>CEO:</B> Net income? No. I don't think so. Net income = actually go=20 up.=20 <P></P><B>Caller No. 2:</B> I backed out that the fourth quarter net = income=20 was about $3,490,000. ... I have this quarter at about $3,378,000. So, = maybe a=20 3% or so decline in net income, and you had 12% sequential revenue = growth. I'm=20 just curious where... </BLOCKQUOTE> <P></P>The CEO then started talking about how earnings per share of 23 = cents=20 were higher than the prior quarter's 22 cents, then the CFO injected:=20 <BLOCKQUOTE> <P></P><B>CFO:</B> Your math ... could be very well correct. The thing = that=20 may confuse a little bit during the fourth quarter is where we have = the annual=20 audit come in and make all the adjustments. There's no significant = adjustment=20 that we made. You may be able to look at the income tax provision for = the=20 fourth quarter, which kind of declined pretty significantly from the = periods=20 before. That is the time that the auditor come in and look our annual = income=20 tax situation.=20 <P></P><B>Caller No. 2:</B> OK ... the real question I'm driving at = ... it=20 appears that your profit margins came down quite a bit from quarter to = quarter=20 [net profit margin was down nearly 4 percentage points from the fourth = quarter=20 to the first quarter] ... and I'm just wondering if you could comment = a little=20 bit on why the profit margins ... contracted, and again, is this = something we=20 should expect going forward?=20 <P></P><B>CEO:</B> If you look at the number for the whole fiscal year = last=20 year, our profit margin is ... 25.3. Therefore our net margin is 24.7 = or 24.6.=20 So we are talking about a decimal point percentage difference, and I = don't=20 think it's something of anybody's concern. </BLOCKQUOTE> <P></P>Year over year, maybe, but quarter to quarter it's nearly 4 = percentage=20 points. That's certainly somebody's concern. But I digress, as the call = returned=20 to the subject of the allowance for doubtful accounts.=20 <BLOCKQUOTE> <P></P><B>Caller No. 1:</B> I wondered if you'd had a chance to find = that=20 answer on the allowance for doubtful accounts on accounts receivable?=20 <P></P><B>CFO:</B> I tried to find out the real question -- all on = income=20 statement, the only provision for uncollectible account is -- for this = quarter=20 is $41,670 ... before talk about $137,000 -- I don't know what number = you have=20 been looking at.=20 <P></P><B>Caller No. 1:</B> $193,000 is what it was in August.=20 <P></P><B>CFO:</B> In August $193,000?=20 <P></P><B>Caller No. 1:</B> August of '01.=20 <P></P><B>CFO:</B> Hold on.</BLOCKQUOTE> <P></P>He never did answer the question.=20 <P></P>Finally, back to the question of paying a brokerage firm to cover = the=20 company, another caller said:=20 <BLOCKQUOTE> <P></P><B>Caller No. 3:</B> I'm showing Gary Weber of Taglich Brothers = is the=20 only analyst following the company. On the footer of their report it = says his=20 firm was paid by Dynacq to write it. Are there any other nonaffiliated = research reports for analyst coverage?=20 <P></P><B>CEO:</B> Taglich Brothers, yes, we paid for them for the = analyst=20 report to be written in the beginning. Now, what we are paying them is = a=20 quarterly fee to actually have that report available at their Web = site. So we=20 don't pay them to write about us anymore, and we do not have any other = analysts following this company yet.=20 <P></P><B>Caller No. 3:</B> How much do you pay them?=20 <P></P><B>CFO:</B> $1,250 a month. </BLOCKQUOTE> <P></P>Isn't that a conflict? Not according to Bob Taglich of Taglich = Brothers.=20 He told me: "They are independent reports. In the micro-cap market, = unless you=20 have potential million-dollar fees coming in, it's very difficult for a=20 brokerage firm to cover small firms for research."=20 <P></P>Doesn't that mean they're buying an opinion?=20 <P></P>"They're not buying an opinion," Taglich says. "We have some = stocks that=20 aren't rated." He adds that there is a weeding-out process on companies = Taglich=20 agrees to cover, and notes that whether it's hard cash or through = investment=20 banking business, companies pay for coverage "one way or the other ... = at least=20 we properly disclose it."=20 <P></P>He may have a point there. Not that it's the right thing to do -- = disclosed or otherwise.=20 <HR noShade SIZE=3D1> <FONT face=3D"arial, helvetica, sans-serif" size=3D2><I>Herb Greenberg = writes daily=20 for TheStreet.com. In keeping with TSC's editorial policy, he doesn't = own or=20 short individual stocks, though he owns stock in TheStreet.com. He also = doesn't=20 invest in hedge funds or other private investment partnerships. He = welcomes your=20 feedback and invites you to send any to <A=20 href=3D"mailto:hgreenberg@realmoney.com">Herb Greenberg</A>. Greenberg = also writes=20 a monthly column for Fortune.=20 <P></P>Brian Harris and Mark Martinez assisted with the reporting of = this=20 column. </I></FONT> <HR width=3D"100%" noShade> <!-- Story Body Ends Here --></DIV> <BLOCKQUOTE=20 style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; = BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV> <DIV=20 style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: = black"><B>From:</B>=20 <A title=3Djudgejimmy@web.de href=3D"mailto:judgejimmy@web.de">Andreas = Himmelreich</A> </DIV> <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A = title=3Dcanslim@lists.xmission.com=20 = href=3D"mailto:'canslim@lists.xmission.com'">'canslim@lists.xmission.com'= </A>=20 </DIV> <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Wednesday, January 16, = 2002 3:00=20 PM</DIV> <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Date: Wed, = 16 Jan 2002=20 22:04:50 +0100</DIV> <DIV><BR></DIV>Pretty strange what is happening with = DYII.<BR><BR>Stock has=20 good fundamentals, yet its down 30%? Industry Group kind of OK as = well, even=20 winning Relative Strength.<BR><BR>Strange.<BR><BR>-<BR>-To=20 subscribe/unsubscribe, email "<A=20 = href=3D"mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In= the=20 email body, write "subscribe canslim" or<BR>-"unsubscribe = canslim". 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