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Alliance Imaging, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Mobile diagnostic imaging services provider plans initial public offering of approximately 9.4 mil. shares at $15-17 each. Proceeds from the $160 mil. IPO will be used to pay down debt and for general corporate purposes. As of March 31, the firm served about 1,200 healthcare provider clients in 43 states with 392 diagnostic imaging and therapeutic systems, including 325 MRIs. About 91% of 2000 revenues of $345.3 mil. were from MRI imaging. The Anaheim, California firm's sales were up 8.5% last year; the net loss was reduced to $2.2 mil. from $43.5 mil. in 1999. Alliance notes the total number of MRI scans grew at a compound annual rate of 10.5% from 1990 to 2000, and that growth rate is expected to continue through 2006. Underwriters for the offering include Deutsche Banc Alex. Brown, Salomon Smith Barney, JP Morgan H&Q Securities and UBS Warburg

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