EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:
Robert P. Wynn Michelle D. Getty
Executive Vice President & CFO Investor Relations
AmeriPath, Inc. AmeriPath, Inc.
561-845-1850 561-712-6260
E-mail: [email protected]
AMERIPATH, INC. ANNOUNCES AMENDMENT TO CREDIT AGREEMENT
Riviera Beach, FL, July 20, 2000 - AmeriPath, Inc. (Nasdaq:PATH), the largest
physician and laboratory company focused on providing anatomic pathology
diagnostic and healthcare information services, today announced that it has
amended its up to $300 million credit facility with the syndicate of banks led
by Fleet National Bank. The amendment allows for the Company's current
compliance with the credit facility by excluding charges totaling approximately
$5.2 million from the calculation of the Company's consolidated operating cash
flow covenant through March 31, 2001. These charges relate to the previously
disclosed impairment of assets and related charges at an acquired practice in
Cleveland, Ohio. In addition, the amendment increases the Company's operating
cash flow requirements under the facility for the trailing twelve months ending
December 31, 2002 and thereafter, and requires that a minimum of 10% of the
purchase price be in the form of the Company's capital stock for acquisitions
greater than $5 million. The amendment is not expected to have an adverse effect
on the Company's operations or strategies.
Chairman and Chief Executive Officer, James C. New, stated, "We are pleased to
announce the amendment to our credit agreement. The amendment was completed with
no amendment fees or increased pricing despite a very tight lending environment
for the healthcare industry. The Company believes its relationships with the
members of our banking syndicate are strong and we appreciate their continued
support of AmeriPath."
The Company is planning to announce its financial results for the quarter ending
June 30, 2000, on Tuesday, July 25, 2000.
AmeriPath, Inc. is the nation's largest physician and laboratory company focused
on providing anatomic pathology diagnostic and healthcare information services
to physicians, hospitals, national clinical laboratories and managed care
organizations. The company presently operates in 13 states and employs 301
physicians that provide medical services through outpatient pathology
laboratories, hospital inpatient laboratories and outpatient surgery centers.
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This release contains certain forward-looking statements regarding AmeriPath,
including its operations and prospects. Past performance is not necessarily
indicative of future results. In addition, AmeriPath's actual results could
differ materially from the results anticipated in these forward-looking
statements as a result of uncertainties, including risks relating to demand,
pricing, government regulation, payments and reimbursements, dependence upon
contracts and pathologists, acquisitions, integration of acquired practices, the
market for pathology services, competition, technology and other factors
identified in AmeriPath's filings with the Securities and Exchange Commission.
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Editor's Note: This release is also available at http://www.ameripath.com
