AMERICAN DENTAL NDQ--ADPI

7.97
5.33

RANKS

3
3
4

PERFORMANCE
Technical
SAFETY
BETA .85

Below
Average

RELATIVE
DIVD
P/E RATIO 13.9 P/E RATIO 0.94 YLD
10.01 TRAILING

23.71
12.36

20.45
10.84

29.50
4.22

14.17
6.30

15.26
5.86

VALUE
LINE

Nil

14.23
10.05

13.86
9.94

High
Low

LEGENDS
12 Mos Mov Avg

Average
Average

13.39
7.08

RECENT
PRICE

. . . . Rel Price Strength

18

3-for-2 split 10/05

Shaded area indicates recession

13
8

(1.00 = Market)

Financial Strength
Price Stability

C++

5
4
3

10

Price Growth Persistence

60

Earnings Predictability

65

1400
VOL.
(thous.)

2003

2004

2005

2006

2007

2008

2009

2010

2011

14.84
1.43
.55
-.67
6.70
11.03
11.5
.66
-163.7
22.8%
9.6
6.2
40.8%
3.8%
3.9
42.3
73.9
6.4%
8.4%
8.4%
--

15.10
1.59
.71
-.82
7.37
11.83
15.8
.83
-178.6
14.6%
10.3
8.5
39.6%
4.8%
d2.3
28.0
87.2
8.1%
9.8%
9.8%
--

16.07
1.82
.81
-.90
8.31
12.26
21.7
1.15
-196.9
15.6%
12.0
10.3
39.1%
5.2%
2.0
32.0
101.9
8.4%
10.1%
10.1%
--

17.56
1.97
.86
-.58
9.37
12.41
18.5
1.00
-217.9
24.2%
13.4
11.1
39.1%
5.1%
d4.8
33.8
116.3
8.1%
9.6%
9.6%
--

21.75
2.55
1.27
-.88
8.97
12.81
17.5
.93
-278.8
25.2%
16.5
16.2
34.7%
5.8%
d19.9
141.0
114.9
7.3%
14.1%
14.1%
--

22.56
2.43
.78
-.93
11.36
12.90
13.2
.79
-291.1
26.4%
21.2
10.2
45.5%
3.5%
13.6
131.4
146.5
5.5%
7.0%
7.0%
--

17.49
1.91
.55
-.41
11.82
15.69
18.2
1.21
-274.3
25.8%
22.3
7.7
39.7%
2.8%
d4.8
93.5
185.5
4.8%
4.2%
4.2%
--

18.56
2.21
.65
-.58
12.67
15.39
19.0
1.21
-285.6
27.0%
23.7
10.3
39.8%
3.6%
d3.5
92.3
195.0
5.1%
5.3%
5.3%
--

--1.06 A,B
----9.4
----------------

VALUE LINE PUBLISHING LLC

SALES PER SH
CASH FLOW PER SH
EARNINGS PER SH
DIVDS DECLD PER SH
CAPL SPENDING PER SH
BOOK VALUE PER SH
COMMON SHS OUTSTG (MILL)
AVG ANNL P/E RATIO
RELATIVE P/E RATIO
AVG ANNL DIVD YIELD
SALES ($MILL)
OPERATING MARGIN
DEPRECIATION ($MILL)
NET PROFIT ($MILL)
INCOME TAX RATE
NET PROFIT MARGIN
WORKING CAPL ($MILL)
LONG-TERM DEBT ($MILL)
SHR. EQUITY ($MILL)
RETURN ON TOTAL CAPL
RETURN ON SHR. EQUITY
RETAINED TO COM EQ
ALL DIVDS TO NET PROF

2012/2013

1.06 C/NA

9.4/NA

Bold figures
are consensus
earnings
estimates
and, using the
recent prices,
P/E ratios.

ANo. of analysts changing earn. est. in last 3 days: 0 up, 0 down, consensus 5-year earnings growth 17.5% per year. BBased upon 2 analysts estimates. CBased upon 3 analysts estimates.

ANNUAL RATES
of change (per share)
Sales
Cash Flow
Earnings
Dividends
Book Value
Fiscal
Year
12/31/09
12/31/10
12/31/11
12/31/12
Fiscal
Year
12/31/08
12/31/09
12/31/10
12/31/11
12/31/12
Calendar

5 Yrs.
5.0%
6.0%
-1.0%
-10.0%

QUARTERLY SALES ($mill.)

1Q
2Q
3Q
4Q
69.4
71.8
74.8

70.4
72.4
74.0

68.0
71.1

66.5
70.3

EARNINGS PER SHARE

1Q
2Q
3Q
4Q
.13
.10
.15
.24
.29

.30
.23
.19
.17

.25
.10
.17
.21

.10
.12
.14
.20

QUARTERLY DIVIDENDS PAID

1Q
2Q
3Q
4Q

2008
2009
2010
2011

-----

-----

----

ASSETS ($mill.)
Cash Assets
Receivables
Inventory (Avg cost)
Other
Current Assets

2009
6.8
20.8
2.5
13.0
43.1

2010
4.8
19.4
2.9
10.2
37.3

6/30/11
6.5
19.4
2.9
9.2
38.0

Property, Plant
& Equip, at cost
Accum Depreciation
274.3 Net Property
285.6 Other
Total Assets

122.9
69.1
53.8
277.1
374.0

133.3
80.2
53.1
282.0
372.4

--55.7
278.6
372.3

LIABILITIES ($mill.)
Accts Payable
Debt Due
Other
Current Liab

16.0
8.7
23.3
48.0

16.8
8.2
15.8
40.8

19.2
8.1
16.9
44.2

1 Yr.
6.0%
15.5%
18.0%
-7.0%

----

Full
Year

Full
Year
.78
.55
.65

Full
Year
----

to Buy
to Sell
Hlds(000)

1Q11
30
26
12849

Total Debt $86.6 mill.

LT Debt $78.5 mill.
Including Cap. Leases NA

Due in 5 Yrs. NA

(28% of Capl)
Leases, Uncapitalized Annual rentals NA

BUSINESS: American Dental Partners, Inc. provides

dental facilities, support staff, and business services to
multidisciplinary dental group practices. It acquires assets
of the dental practices with which it affiliates and enters into
long-term service agreements with professional corporations and associations, or service corporations. The company provides various services for the administration of the
non-clinical aspects of the dental operations. Its services
include organizational planning and development; recruiting, retention, and training programs; quality assurance
initiatives; facilities development and management; employee benefits administration; information systems and
practice technology; marketing and payor relations; and
financial planning and analysis. As of August 10, 2011, the
company was affiliated with 26 dental group practices,
which had 278 dental facilities with approximately 2,387
operatories in 21 states. Has 2651 employees. Chairman,
C.E.O. & President: Gregory A. Serrao. Inc.: DE. Address:
401 Edgewater Place, Suite 430, Wakefield, MA 01880.
Tel.: (781) 224-0880. Internet: http://www.amdpi.com.
L.Y.
September 16, 2011

Pension Liability None in 10 vs. None in 09

INSTITUTIONAL DECISIONS
4Q10
27
37
12792

LONG-TERM DEBT AND EQUITY

as of 6/30/11

INDUSTRY: Medical Services

2Q11
47
31
12763

Pfd Stock None

Pfd Divd Paid None

Common Stock 15,434,000 shares

(72% of Capl)

TOTAL SHAREHOLDER RETURN

Dividends plus appreciation as of 8/31/2011

3 Mos.

6 Mos.

1 Yr.

3 Yrs.

5 Yrs.

-17.44%

-14.55%

2.81%

-12.16%

-33.29%

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