Pet DRx has to get back to the buck
Posted on September 21, 2009 at 7:36 amThe Nasdaq’s rule makers have told execs at animal hospital venture Pet DRx that the company’s shares (Ticker: VETS) need to close above $1 for 10 consecutive sessions by next March. The Brentwood-based company’s board already has taken some steps that would allow it to conduct a reverse split.
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Progress at Pet DRx
Posted on August 17, 2009 at 10:35 amBut the veterinary hospital operator’s bottom line won’t show it because of an accounting change that caused a $5.6 million quarterly loss in the value of warrants. Still, the company (Ticker: VETS) almost broke even on its operations and all of its hospitals posted a positive EBITDA, something CEO Gene Burleson called a “vast improvement over prior years.”
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Pet DRx almost at break-even
Posted on May 18, 2009 at 3:54 pmThe operator of animal hospitals lost a mere $21,000 last quarter versus more than $1 million in early 2008. A paper gain in the value of warrant liabilities played a big part, but the company (Ticker: VETS) also got operating costs under control.
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Splitting options
Posted on April 19, 2009 at 10:24 pmThe board of Pet DRx is asking investors to give it permission to launch a reverse split of the company’s shares. (Ticker: VETS) The magnitude of that reverse split has not yet been decided, but it could go as high as 20.
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Pet DRx gets another million
Posted on April 3, 2009 at 1:02 amThe veterinary hospital company has completed the third phase of a $6.5 million raise. Two officers/directors were among the buyers this time around.
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PetDRx tweaks loan
Posted on March 31, 2009 at 10:01 pmThe struggling veterinary hospital operator (Ticker: VETS) has renegotiated its loan with Huntington Capital, which is based in San Diego.
The First Amendment waives the Company’s default of the prior covenants as of December 31, 2008, as well as through March 31, 2009. In addition, all future financial covenant requirements have been removed through the term of the loan.
Under the terms of the First Amendment, the Company is required to accelerate and make a $0.3 million principal payment on April 1, 2009 and then pay the remaining $1.1 million of principal over eighteen ratable monthly payments commencing on July 1, 2009 and ending on December 1, 2010. There was no change to the interest rate of the note. Additionally, upon execution of the First Amendment, the Company was required to pay a $100,000 restructuring fee and will be required to pay an additional restructuring fee of $150,000 on December 1, 2010.
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Local public company will pay 184 percent on debt
Posted on March 15, 2009 at 9:41 pmBrentwood-based animal hospital chain Pet DRx early this year secured $5.5 million in debt paying 12 percent from its two majority shareholders. Now that the company (Ticker: VETS) has gone to holders of its other debt to amend their terms, Galen Partners and Camden Partners will be paid a premium of more than $10 million on the $5.5 million in new debt.
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Pet DRx raises more money
Posted on February 10, 2009 at 4:51 pmAfter selling more than $3 million in debt and stock warrants, the Brentwood-based animal hospital operator has found more buyers in the form of its CEO, CFO and two entities linked to a director.
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Pet DRx director resigns
Posted on December 23, 2008 at 3:32 pmZubeen Shroff, vice chairman of the board of the Brentwood-based operator of veterinary clinics, is stepping down to devote his attention to his private-equity duties. No word from the company (Ticker: VETS) on its response to a competitor’s offer to buy some of its clinics.
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