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<SEC-DOCUMENT>0001144204-10-013625.txt : 20100316
<SEC-HEADER>0001144204-10-013625.hdr.sgml : 20100316
<ACCEPTANCE-DATETIME>20100316060756
ACCESSION NUMBER:		0001144204-10-013625
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100315
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100316
DATE AS OF CHANGE:		20100316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RadNet, Inc.
		CENTRAL INDEX KEY:			0000790526
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				133326724
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33307
		FILM NUMBER:		10683639

	BUSINESS ADDRESS:	
		STREET 1:		1516 COTNER AVE
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		3104787808

	MAIL ADDRESS:	
		STREET 1:		1516 COTNER AVE
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRIMEDEX HEALTH SYSTEMS INC
		DATE OF NAME CHANGE:	19930518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CCC FRANCHISING CORP
		DATE OF NAME CHANGE:	19920703
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Condition.</font></div>
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March 15, 2010, we issued a press release and held a conference call
regarding our financial results for the year ended December 31,
2009.&#160;&#160;A copy of the transcript of the conference call is furnished as
Exhibit 99.1 to this Current Report.</font></div>
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including Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for
purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that Section. The information in this Current
Report, including Exhibit 99.1, shall not be incorporated by reference into any
registration statement or other document filed with the Commission.</font></div>
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99.1<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Transcript of
conference call</font></div>
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to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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INDEX</font></div>
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      </font></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v177495_ex99-1.htm
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  <head>
    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">RadNet, Inc.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Fourth Quarter 2009 Earnings Conference Call</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">March 15, 2010</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="+0"><font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #455560"><font style="FONT-SIZE: 17pt"><font size="+0" style="FONT-SIZE: 17pt">Management</font>
Discussion Section</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 17pt; FONT-FAMILY: times new roman">&#160;</font></font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: Good day, ladies and
gentlemen. Welcome to the RadNet, Inc. 2009 Year-end Financial Results
Conference Call. At this time, all participants are in a listen-only mode.
Following the presentation, we will conduct a que</font><font style="DISPLAY: inline; COLOR: #455560">stion-and-answer session. Instructions
will be provided at that time for you to queue up for questions. I would like to
remind everyone that today</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s conference is being recorded. I would
like to turn the conference over to Mr. Alan Sheinwald of Alliance A</font><font style="DISPLAY: inline; COLOR: #455560">d</font><font style="DISPLAY: inline; COLOR: #455560">visors.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Please go ahead,
sir.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Alan Sheinwald, President and Founder,
Alliance Advisors, LLC</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Thank you, Operator. Good morning,
ladies and gentlemen, and thank you for joining us today to discuss
RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s fourth quarter and full year 2009
earnings results.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">On the call today from the company are
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, and Mark
Stolper, Executive Vice President and Chief Financial Officer of
RadNet.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Before we begin today, we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like to remind everyone of the Safe
Har</font><font style="DISPLAY: inline; COLOR: #455560">bor statement under the
Private Securities Litigation Reform Act of 1995. This presentation contains
forward-looking statements within the meaning of U.S. Private Securities
Litigation Reform Act of 1995. Specifically, statements concerning anticipated
fu</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">ure financial and operating performance,
RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s ability to continue to grow the
business by generating patient referrals and contracts with radiology practices,
recruiting and retaining technologists and receiving third-party reimbursements
for diagnost</font><font style="DISPLAY: inline; COLOR: #455560">i</font><font style="DISPLAY: inline; COLOR: #455560">c imaging services, as well as
RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s ability to successfully close the debt
refinancing transaction on acceptable terms, consummate the two potential
announced strategic acquisitions, successfully integrate acquired operations,
generate revenue and adj</font><font style="DISPLAY: inline; COLOR: #455560">u</font><font style="DISPLAY: inline; COLOR: #455560">sted EBITDA for the acquired operations
as estimated and identified and achieve potential cost savings among others are
forward-looking statements within the meaning of the Safe
Harbor.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Forward-looking statements are based on
management</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s current, prelimin</font><font style="DISPLAY: inline; COLOR: #455560">ary expectations and are subject to
risks and uncertainties, which may cause the RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s actual results to differ materially
from the statements contained herein. These risks and uncertainties include
among others, problems that may arise in successfully</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">executing the debt refinancing plan,
integrating acquisitions, future regulatory or legislative actions in the
industry as well as those risks set forth in RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s reports filed with the SEC from time
to time, including RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s Annual Report on Form 10</font><font style="DISPLAY: inline; COLOR: #455560">-</font><font style="DISPLAY: inline; COLOR: #455560">K, for the year ended December, 31,
2009.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Undue reliance should not be placed on
forward-looking statements, especially guidance on future financial performance,
which speaks only as of the date it is made. RadNet undertakes no obligation to
update publicl</font><font style="DISPLAY: inline; COLOR: #455560">y any
forward-looking statements to reflect new information, events or circumstances
after the date they were made, or to reflect the occurrence of unanticipated
events.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">And with that, I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like to congratulate the management
team of RadNet for an outstandi</font><font style="DISPLAY: inline; COLOR: #455560">ng fourth quarter performance, and turn
the call over to Dr. Howard Berger. Howard?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Howard Berger, M.D., President and Chief
Executive Officer</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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everyone and thank you for joining us today. On today</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s call, Mark Stolper and</font><font style="DISPLAY: inline; COLOR: #455560"> I plan to provide you with highlights
from our fourth quarter and full year 2009 results, discuss with you several
acquisitions and our debt refinancing plan, both of which we announced this
morning in our earnings press release and give you more insight</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">into our future strategy. After our
prepared remarks, we will open the call to your questions.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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interest in our company and for dedicating a portion of your day to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">participate in our conference call this
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successful year for us in many</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">respects. I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like to spend a few minutes,
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">First, we increased procedural volumes
as a result of strong performance from ou</font><font style="DISPLAY: inline; COLOR: #455560">r market</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">representatives, business development
team and contracting personnel. Our overall volumes</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">increased 5.3%, which was accomplished
through a combination of same-center growth and</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">through acquisition.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Second, we followed a disciplined
approach to del</font><font style="DISPLAY: inline; COLOR: #455560">everaging
the company. We were successful in</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">deleveraging our balance sheet during
the year from 4.74 times net debt to adjusted EBITDA at the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">end of 2008 to 4.17 times by 2009
year-end.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Third, we were effective in optimizing
the value received from our ca</font><font style="DISPLAY: inline; COLOR: #455560">pital expenditures, while at
the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">same time we were able to reduce CapEx
spending by almost $10 million from the level in 2008.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">We capitalized on a very strong market
for equipment sales and access to secondary market for</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">equipment when possible. This
stret</font><font style="DISPLAY: inline; COLOR: #455560">ched the value we
received from our spending. We were also</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">successful in leveraging our purchasing
power with equipment vendors and equipment</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">intermediaries.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Fourth, we managed cost, in particularly
salaries and professional fees effectively. The result w</font><font style="DISPLAY: inline; COLOR: #455560">as</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">that we were able to increase our
adjusted EBITDA margins in 2009 to 20.2% from 19.7% in 2008</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">in a very difficult economic and
reimbursement environment.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Fifth, we completed accretive and
deleveraging tuck-in acquisitions in our core markets. We were</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">s</font><font style="DISPLAY: inline; COLOR: #455560">teadfast in our approach to disciplined
purchase price multiples, and our preference for multimodality</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">operators, and we did not stray from our
focus on regional density and concentrated</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">market presence.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Sixth, we improved on our accounts
receivable and co</font><font style="DISPLAY: inline; COLOR: #455560">llection
metrics. Our Days Sales</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Outstanding, or DSOs, ended 2009 at its
lowest level in our history, approximately 54 days.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Seventh, as Mark Stolper will review
with you in detail later on this call, we met or exceeded 2009</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">financial guidance in
virtually</font><font style="DISPLAY: inline; COLOR: #455560"> every category.
Eighth, we continued to develop an active pipeline of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">qualified acquisitions. And ninth, we
ended 2009 with $10 million of cash on our balance sheet, and</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">a fourth quarter profit of $0.02 per
share.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">I am proud of these achievements and
impr</font><font style="DISPLAY: inline; COLOR: #455560">oved results, and I am
encouraged by the opportunities</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">I see for RadNet in the coming quarters
and over the next several years.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Some of you may have seen what we
announced </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> that we announced one completed
strategic</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">acquisition and two additional pending
</font><font style="DISPLAY: inline; COLOR: #455560">strategic acquisitions in
our earnings announcement this</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">morning. I would like to spend a few
minutes discussing each of them, as I believe they are</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">illustrative of the types of
transactions that we will continue to pursue in the near
future.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">On January 1 </font><font style="DISPLAY: inline; COLOR: #455560">of 2010, we completed the acquisition of
Union Imaging Center, a multi-modality</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">facility in Union, New Jersey offering
MRI, CT, PET/CT, nuclear medicine, mammography,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">ultrasound, and x-ray services. The
Union facility is located in the heart of Northern Ne</font><font style="DISPLAY: inline; COLOR: #455560">w Jersey,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">nearby to our existing cluster
facilities. Subsequent to the end of the fourth quarter, we also
entered</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">into non-binding letters of intent to
acquire the business of Truxtun Medical Group in Bakersfield,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">California, and the New Jersey operating
s</font><font style="DISPLAY: inline; COLOR: #455560">ubsidiary of Health
Diagnostics.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Truxtun operates four multi-modality
facilities in Bakersfield, a Metropolitan Statistical Area with</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">population exceeding 800,000 residents
in Kern County, California. Truxtun provides a broad range</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">of services including MR</font><font style="DISPLAY: inline; COLOR: #455560">I, CT, PET/CT, mammography, nuclear
medicine, fluoroscopy, ultrasound,</font><font style="DISPLAY: inline; COLOR: #455560"> x-ray, interventional radiology and
related procedures. Truxtun would augment our significant presence along the
Interstate 5 freeway in the central valley of California. Because
Truxtu</font><font style="DISPLAY: inline; COLOR: #455560">n is a longstanding
and leading provider of radiology services in that market, our acquisition would
provide us with what we believe to be the best platform from which to grow in
the Bakersfield area.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The New Jersey operating subsidiary of
Health Diagnosti</font><font style="DISPLAY: inline; COLOR: #455560">cs includes
three facilities in Edison, Old Bridge, and Green Brook, New Jersey. The three
centers operate a combination of MRI, CT, mammography, ultrasound, and x-ray.
Like the Union acquisition, the Health Diagnostic, New Jersey centers increases
our no</font><font style="DISPLAY: inline; COLOR: #455560">r</font><font style="DISPLAY: inline; COLOR: #455560">thern New Jersey market presence and
continues to further our multi-modality approach and desire to become
indispensable to the health plans referring physicians and patients whom we
serve.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The aggregate consideration for these
acquisitions </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> for these thr</font><font style="DISPLAY: inline; COLOR: #455560">ee acquisitions, is
approximately</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">$29.9 million plus 450,000 shares of the
Company</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s common stock. As we indicated this
morning,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">the contribution of these three
strategic </font><font style="DISPLAY: inline; COLOR: #455560">acquisitions</font><font style="DISPLAY: inline; COLOR: #455560"> is expected to generate approximately
$36</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">million of revenue and $8.5
mi</font><font style="DISPLAY: inline; COLOR: #455560">llion of adjusted EBITDA
on an annualized basis.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The acquisitions of Truxtun and the New
Jersey assets of Health Diagnostics are subject to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">execution of definitive agreements and
customary closing conditions, which are expected to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">simultaneously close with</font><font style="DISPLAY: inline; COLOR: #455560"> the Company</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s debt refinancing transaction, which
Mark Stolper will</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">discuss this morning in detail, and the
Truxtun acquisition in particular is conditioned thereon.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Aside from these three transitions
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> transactions, we are continually being
contacted by</font><font style="DISPLAY: inline; COLOR: #455560"> our
new</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">candidates for consolidation. We will
remain disciplined in our approach for its acquisition</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">opportunities. As our pipeline of
opportunities builds we strongly believe that our objectives of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">growth and deleveraging the balance
sheet can be accompl</font><font style="DISPLAY: inline; COLOR: #455560">ished
simultaneously.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">At this time, I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like to turn the call over to Mark
Stolper, our Executive Vice President and Chief</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Financial Officer to discus some of the
highlights of our fourth quarter and full year 2009</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">performance. When he is finished, I will
</font><font style="DISPLAY: inline; COLOR: #455560">make some closing
remarks.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Mark D. Stolper, Executive Vice
President and Chief Financial Officer</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Thank you, Howard, and thank you all for
participating in our fourth quarter and full year 2009 conference call.
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m now going to briefly review our fourth
qua</font><font style="DISPLAY: inline; COLOR: #455560">rter and full year
performance and attempt to highlight what I believe to be some material items. I
will also give some further explanation of certain items in our financial
statements as well as provide some insights into some of the metrics that drove
o</font><font style="DISPLAY: inline; COLOR: #455560">u</font><font style="DISPLAY: inline; COLOR: #455560">r fourth quarter and full year
performance.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">In my discussion, I will use the term
adjusted EBITDA, which is a non-GAAP financial measure. The Company defines
adjusted EBITDA as earnings before interest, taxes, depreciation and
amortization, each from conti</font><font style="DISPLAY: inline; COLOR: #455560">nuing operations and adjusted for the
losses or gains on the disposal of equipment, other income or loss, debt
extinguishments, and non-cash equity compensation.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Adjusted EBITDA includes equity-earnings
in unconsolidated operations and subtracts minority </font><font style="DISPLAY: inline; COLOR: #455560">interests in subsidiaries, and is
adjusted for non-cash unusual or infrequent events that took place during the
period. A full quantitative and qualitative reconciliation of adjusted EBITDA to
income from operations is included in our earnings release. Wi</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">h that said, I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like now to review our fourth quarter
and full year 2009 results.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">For the three months ended December 31,
2009, RadNet reported revenue and adjusted EBITDA of a $131.8 million and $27.0
million, respectively. Revenue increased $4.4 million</font><font style="DISPLAY: inline; COLOR: #455560"> or 3.4% over the prior year same
quarter, and adjusted EBITDA increased $4.5 million or 20.1% over the prior year
same quarter.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The increase in EBITDA from the fourth
quarter of last year was the result of procedural volume increases and effective
cost co</font><font style="DISPLAY: inline; COLOR: #455560">ntrol measures
contributing to an adjusted EBITDA margin increase of approximately 285 basis
points for the quarter.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Our procedural volume, despite a very
difficult economy, continues to exhibit growth. For the fourth quarter of 2009,
as compared to the pr</font><font style="DISPLAY: inline; COLOR: #455560">ior
year</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s fourth quarter, MRI volume increased
3.1%, CT volume increased 2.3% and PET/CT volume increased 5.1%. Overall volume,
taking into account routine imaging exams, inclusive of x-ray, ultrasound,
mammography and other exams, increased 3% over the </font><font style="DISPLAY: inline; COLOR: #455560">p</font><font style="DISPLAY: inline; COLOR: #455560">rior year</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s fourth quarter.</font></font></div>
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performed 794,229 total procedures. The procedures were consistent with our
multi-modality approach, whereby 78.4% of all the work we did by volume was from
routine imaging.</font></font></div>
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follows: 90,230 MRIs as compared with 87,549 MRIs in the fourth quarter of 2008;
75,936 CTs, as compared with 74,219 CTs in the fourth quarter of 2008; 5,506
PET/CTs as compared with 5,240 PET/CTs in the fourth quarter of </font><font style="DISPLAY: inline; COLOR: #455560">2</font><font style="DISPLAY: inline; COLOR: #455560">008; and 622,557 routine imaging exams,
which includes nuclear medicine, ultrasound, mammography, x-ray and all other
exams as compared with 604,129 of all these exams in the fourth quarter of
2008.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Net income for the fourth quarter of
2009, was $637,000 o</font><font style="DISPLAY: inline; COLOR: #455560">r $0.02
per share compared to a net loss of $5.4 million or negative $0.15 per share
reported for the three month period ended December 31 2008, based upon a
weighted average number of shares outstanding of 37.4 million and 35.9 million
for these period i</font><font style="DISPLAY: inline; COLOR: #455560">n</font><font style="DISPLAY: inline; COLOR: #455560"> 2009 and 2008, respectively. This
represents an improvement in net income for the quarter of approximately $6
million.</font></font></div>
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quarter of 2009 were certain non-cash expenses and other items including, a $1
million non-cash charg</font><font style="DISPLAY: inline; COLOR: #455560">e
related to the amortization of deferred loss on interest rate hedges related to
the Company</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s current credit facilities,
approximately $700,000 of non-cash employee stock compensation expense resulting
from the vesting of certain options and warrants; a</font><font style="DISPLAY: inline; COLOR: #455560">p</font><font style="DISPLAY: inline; COLOR: #455560">proximately $100,000 of severance paid
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previously announced acquisitions; approximately $100,000 of loss on the
disposal of certain capital equipment and approximately $700,0</font><font style="DISPLAY: inline; COLOR: #455560">0</font><font style="DISPLAY: inline; COLOR: #455560">0 of non-cash deferred financing expense
related to the amortization of financing fees paid as part of the existing
credit facilities.</font></font></div>
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</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> income statement accounts, overall GAAP
interest expense for the fourth quarter </font><font style="DISPLAY: inline; COLOR: #455560">of 2009 was $11.5
million.</font></font></div>
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items such as amortization of financing fees, losses or gains related to the
fair value adjustments on interest rate hedges and accrued interest, cash
interest expense for the quarter was $</font><font style="DISPLAY: inline; COLOR: #455560">8 million. This compares with GAAP
interest expense in the fourth quarter of 2008 of $13.6 million, and cash paid
for interest of $12.7 million.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The decrease in cash interest expense
paid in the fourth quarter of 2009 was primarily the result of savings
in</font><font style="DISPLAY: inline; COLOR: #455560"> our interest rate
related to a lower LIBOR base rate on our floating facilities, savings we are
experiencing from our two blend-and-extend interest rate swap modifications we
completed in the first quarter of 2009, and a general lower debt
level.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">For the </font><font style="DISPLAY: inline; COLOR: #455560">fourth quarter of 2009, bad debt expense
was 6.1% of our net revenue compared with an overall blend of 6.2% for the full
year of 2008.</font></font></div>
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results. For the full year 2009, RadNet reported revenue and adjusted EBITDA
o</font><font style="DISPLAY: inline; COLOR: #455560">f $524.4 million and
$105.9 million respectively.</font></font></div>
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5.1% over 2008, and adjusted EBITDA increased $7.5</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">million or 7.6% over 2008. Adjusted
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Our growth in proce</font><font style="DISPLAY: inline; COLOR: #455560">dural volumes contributed to our
improved financial performance. For 2009 as</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">compared to 2008, MRI volume increased
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increased 5.3% over 2008.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">In 2009, we performed 3,174,006 total
procedures. The procedures were consistent with our multimodality</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">approach whereby 78.0% of all the work
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negative $0.06 per share compared to a net loss of $12.8</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">million or negative $0.36 per share
reported </font><font style="DISPLAY: inline; COLOR: #455560">in 2008, based
upon weighted average number of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">shares outstanding of 36.0 million and
35.7 million for 2009 and 2008, respectively. This represents</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">an improvement of approximately $10.5
million for 2009 over 2008.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Affecting net loss in 2009 were certain
no</font><font style="DISPLAY: inline; COLOR: #455560">n-cash expenses and other
items including: $3.6 million of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">non-cash employee stock compensation
expense related from the vesting of certain options and</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">warrants; $2.7 million of non-cash
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facilities; approximately $700,000 of severance</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">paid in connection with head count
reductions related to cost savings initiatives from previously</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">announced acquisitions; and
approximately $0.5 million loss on the dis</font><font style="DISPLAY: inline; COLOR: #455560">posal of certain capital</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">equipment and a $5.9 million non-cash
charge related to the amortization of a deferred loss on</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">interest rate hedges related to the
company</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s credit facilities.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">With regards to some specific income
statement accounts, overall GAAP </font><font style="DISPLAY: inline; COLOR: #455560">interest expense in 2009</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">was $49.2 million. Adjusting for the
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fair value adjustments of interest rate hedges and accrued</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">interest, cash interest expense was
$</font><font style="DISPLAY: inline; COLOR: #455560">40.1 million in 2009. This
compares with GAAP interest</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">expense in 2008 of $51.8 million and
cash paid for interest of $49.2 million.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The decrease in cash interest paid in
2009 was primarily the result of savings in our interest rate</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">related to a lower LIB</font><font style="DISPLAY: inline; COLOR: #455560">OR base rate on our floating-rate
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our revenue co</font><font style="DISPLAY: inline; COLOR: #455560">mpared with
an overall blend of also 6.2%</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">for the full year of 2008. With regards
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full year 2009.</font></font></div>
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receivable decreased approximately $8.3 million. Part of the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">decrease resulted from</font><font style="DISPLAY: inline; COLOR: #455560"> our net day sales outstanding, or DSOs,
having decreased to approximately</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">54 days in the fourth quarter of 2009
from 61 days in the fourth quarter of 2008.</font></font></div>
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expenses decreased by $11.5 million to $69.6 million during</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">2009. </font><font style="DISPLAY: inline; COLOR: #455560">Much of this decrease is attributable to
the repayment of equipment and related tenant</font><font style="DISPLAY: inline; COLOR: #455560"> improvements of projects which began
prior to 2008 year end and has been paid down as part of our budgeted 2009
capital expenditures.</font></font></div>
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po</font><font style="DISPLAY: inline; COLOR: #455560">sition during 2009 by
$6.5 million. Throughout 2009, we repaid $23.7 million of notes and leases
payable, had cash, capital expenditures net of asset dispositions of $29.9
million and entered into notes and lease payable of $10.4
million.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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I will now compare our actual performance with 2009 full year guidance levels
previously released. For revenue, our guidance range was between $515 million
and $535 million. Our actual results were within the guida</font><font style="DISPLAY: inline; COLOR: #455560">n</font><font style="DISPLAY: inline; COLOR: #455560">ce range at $524.4
million.</font></font></div>
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was between $105 million and $110 million. Our actual results were within the
guidance range of $105.9 million. For free cash flow generation, which we define
as adjusted EBITDA plus total</font><font style="DISPLAY: inline; COLOR: #455560"> capital expenditures whether made in
cash or financed and cash interest expense, our guidance range was between $20
million and $30 million. Our free cash flow generation, for 2009, actual results
were $25.4 million.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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guidanc</font><font style="DISPLAY: inline; COLOR: #455560">e range was between
$41 million and $45 million. Our actual results were below guidance range at
$40.1 million. For capital expenditures, our guidance range was between $38
million and $40 million. Our actual results were nominally higher than the
guidanc</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560"> range at $40.3 million. And for the end
of the year net debt balance, our guidance range was between $445 million and
$450 million. Our actual results were below the guidance range at $441.2
million.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We are extremely pleased to have met or
exceeded virtua</font><font style="DISPLAY: inline; COLOR: #455560">lly all of
our guidance levels during 2009.We exceeded our own expectations with respect to
year-end net debt and cash interest expense. Our net debt balance was lower than
anticipated at year-end due to higher than projected debt repayment from free
cash</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">flow generation during the year. Cash
interest expense was lower than predicted as we benefited from low LIBOR
rates.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Revenue, adjusted EBITDA and free cash
flow performance were in-line with our guidance levels, and we spent nominally
more than anticipate</font><font style="DISPLAY: inline; COLOR: #455560">d in
capital expenditures. We plan to issue 2010 guidance in April, after our
anticipated closing of the strategic acquisitions and the debt refinancing
transaction, which I now will discuss in detail.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">On Friday, as part of a plan to
refinance our existing</font><font style="DISPLAY: inline; COLOR: #455560">
revolving line of credit, term loan B and second lien credit facility, which
mature in 2011, 2012, and 2013 respectively, we and a wholly owned subsidiary of
ours, entered into a Commitment Letter with Barclays Capital Inc., General
Electric Capital Corp</font><font style="DISPLAY: inline; COLOR: #455560">o</font><font style="DISPLAY: inline; COLOR: #455560">ration, Deutsche Bank Securities Inc.,
Deutsche Bank Trust Company Americas, Royal Bank of Canada, RBC Capital Markets
and Jefferies Finance LLC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Under the Commitment Letters, these
banks have severally committed, subject to the terms and conditions set
fo</font><font style="DISPLAY: inline; COLOR: #455560">rth in the Commitment
Letter, to provide us with proposed senior secured credit facilities in the
aggregate principal amount of $375 million, comprised of a new $275 million term
loan maturing on the sixth anniversary of the closing, which we call the
New</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Term Loan Credit Facility, and a
revolving credit facility of a $100 million expiring on the fifth anniversary of
the closing, we call this the New Revolving Credit Facility.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The funding of the New Term Loan and the
New Revolving Credit Facilities is subje</font><font style="DISPLAY: inline; COLOR: #455560">ct to customary conditions, including
the consummation of the seniors </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> a future senior notes issuance, which I
will discuss shortly.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We currently contemplate that the New
Revolving Credit Facility will be undrawn at closing, and available to us upon
succe</font><font style="DISPLAY: inline; COLOR: #455560">ssfully completing the
New Term Loan Credit Facility. The new senior secured term loan and the
revolving credit facilities will be unconditionally guaranteed by us in all of
our domestic restricted subsidiaries.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The new senior secured term loan and the
rev</font><font style="DISPLAY: inline; COLOR: #455560">olving credit facilities
will be secured by a first priority security interest in all of our tangible and
intangible assets, including, but not limited to a stock pledge of our current
and future guarantors </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> subsidiary
guarantors.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">In addition, in connect</font><font style="DISPLAY: inline; COLOR: #455560">ion with the debt refinancing plan, we
expect to offer approximately $210 million aggregate principal amount of senior
unsecured debt securities due 2008, which we call the Notes, to a qualified
group of institutional buyers in a private placement, subjec</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560"> to market and other conditions.
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m sorry, I said </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> they are due 2018, the tenure on these
notes </font><font style="DISPLAY: inline; COLOR: #455560">is</font><font style="DISPLAY: inline; COLOR: #455560"> eight years.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">I would like to remind you that this
announcement does not constitute an offer to sell or the solicitation of an
offer to buy any secur</font><font style="DISPLAY: inline; COLOR: #455560">ities
in any jurisdiction. The Notes will be offered pursuant to an applicable
exemption from registration under the Securities Act of 1933, as amended. You
are hereby notified that sellers of the Notes may be relying on the exemption
from the provisions </font><font style="DISPLAY: inline; COLOR: #455560">o</font><font style="DISPLAY: inline; COLOR: #455560">f Section 5 of the Securities Act
provided by Rule 144A.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We expect to consummate the debt
refinancing plan in early April 2010. The debt refinancing transaction, upon
completion, would extend the maturity of our debt, increase the size of our
revolving cre</font><font style="DISPLAY: inline; COLOR: #455560">dit facility
by approximately $45 million, and further enhance our liquidity by adding
approximately $25 million of cash to our balance sheet upon
closing.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d like now to turn the call back to Dr.
Berger, who will make some closing remarks.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Howard Berger</font><font style="DISPLAY: inline; COLOR: #455560">, M.D., President and Chief Executive
Officer</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Thank you, Mark. Our industry is in
transition. Diagnostic imaging remains a highly fragmented industry, and one
that is still mostly comprised of mom-and-pop operators who are
undercapitalized, under-resourced</font><font style="DISPLAY: inline; COLOR: #455560">, and lack the scale and operating
efficiency needed to match the challenges they are facing. I strongly feel that
our model is the one of the future for our industry. Never before have scale,
capitalization, market presence, and a multi-modality service </font><font style="DISPLAY: inline; COLOR: #455560">o</font><font style="DISPLAY: inline; COLOR: #455560">ffering mattered so much as it does
today.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">As our industry struggles with lower
Medicare reimbursement, a trend that may well continue into the future, the
operating paradigm in our industry must adapt. I believe that professional
management, scale, market</font><font style="DISPLAY: inline; COLOR: #455560">
density, and comprehensive multi-modality product offering is and will continue
to be the preferred model.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">When the Deficit Reduction Act of 2005
was implemented on January 1 of 2007, we believe that it would be the catalyst
for a wave of consolidation. W</font><font style="DISPLAY: inline; COLOR: #455560">e were both right and wrong about this
prediction.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">On the one hand, the DRA did contribute
to some M&amp;A activity, however, it has taken other market conditions and
industry forces to spur the consolidation that we had anticipated. Most notably,
the credit c</font><font style="DISPLAY: inline; COLOR: #455560">risis has hit
our industry in an unprecedented way, dramatically limiting access to expansion
and maintenance capital desired and required by many of our industry
competitors.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Furthermore, additional Medicare pricing
pressure has added a new element of fea</font><font style="DISPLAY: inline; COLOR: #455560">r among smaller operators. In
sub-contrast to our competitors, we have had access to strong cash flow and a
$55 million revolving credit facility, which has provided us capital we have
used to grow our business and make acquisition.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">At the same time, we ha</font><font style="DISPLAY: inline; COLOR: #455560">ve been able to garner greater operating
efficiencies, while this has not</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">been responsible or this has not been
possible by our smaller operators. All these factors are</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">contributing to the greater amount of
consolidation and opportunities we are seeing tod</font><font style="DISPLAY: inline; COLOR: #455560">ay and</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">expect to see continuing in the near
future.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">It is our intention to continue with our
strategic plan to both deleverage our company at the same</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">time as we grow our competitive and
market position. We accomplished both of these goals in</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">2009. We are </font><font style="DISPLAY: inline; COLOR: #455560">seeing an imbalance of many operators
seeking to sell their businesses and few</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">buyers willing or able to purchase
them.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Many of the smaller operators who are
calling us, desire to create more certain futures by aligning</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">with a more seasoned, better
capital</font><font style="DISPLAY: inline; COLOR: #455560">ized and more
efficient operator which they view RadNet to be.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">The result of these trends and market
conditions is contributing to our pipeline of opportunities.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Most importantly, most of the
opportunities are presenting themselves to us within our pricing</font><font style="DISPLAY: inline; COLOR: #455560"> and</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">operating parameters, three to four
times trailing targets EBITDA for multi-modality centers in our</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">core markets.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Although, the number of opportunities
maybe increasing, we will remain disciplined in our</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">approach. First, these acquisitions
should eith</font><font style="DISPLAY: inline; COLOR: #455560">er be
deleveraging or leverage-neutral events.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Second, the acquisition should further
our objective to increasingly distance ourselves with respect</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">to size and capabilities from our
competition in our core markets.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">As we progress with 2010, we have reason
</font><font style="DISPLAY: inline; COLOR: #455560">to be optimistic. Although,
our volumes in our Mid-Atlantic and New York operations certainly were affected
in February from the unusual number of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">snow storms, we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve seen scan activity recover
significantly in March.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">On the last conference call, we
discuss</font><font style="DISPLAY: inline; COLOR: #455560">ed some of the
initiatives on which we are executing to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">make our business more efficient, such
as negotiating new maintenance and service contracts on</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">our equipment, collecting more self-paid
dollars at our centers and with in-house collection</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">capabilities</font><font style="DISPLAY: inline; COLOR: #455560"> working at cost saving corporate
insurance programs among others.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">These initiatives are all moving forward
and I believe they and others in the future will become</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">increasingly important as we use them to
mitigate any further reimbursement reductions or ot</font><font style="DISPLAY: inline; COLOR: #455560">her</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">industry pressures.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We are very pleased with how our
business has performed during these difficult periods and we</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">believe that within our industry, we
have the model that is best positioned to capitalize on the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">opportunities that will continue to rise
</font><font style="DISPLAY: inline; COLOR: #455560">as our industry continues
its transition.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator, we are now ready for the
question-and-answer portion of the call.</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 17pt; COLOR: #455560; FONT-FAMILY: Times New Roman">Question
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">Operator:</font><font style="DISPLAY: inline; COLOR: #455560"> Thank you, sir. [Operator
Instructions]. We take our first question from Brian Tanquilut</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">with Jeffer</font><font style="DISPLAY: inline; COLOR: #455560">ies &amp; Company.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tanquilut</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Hi, good morning, guys. Mark, just
first question for you, on the guidance. I</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">know you are waiting till April to
release the items. But I just wanted to make sure, is the refi the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">only thing precluding you from
issuing</font><font style="DISPLAY: inline; COLOR: #455560"> guidance right now?
Or, I guess, the other way of asking the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">question is, if you guys
aren</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t going through a refinancing, is there
anything we need to watch out</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">for, maybe, on the revenue line or in
the margin line that you guys are not sure about yet, at</font><font style="DISPLAY: inline; COLOR: #455560"> this</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">point?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> No. Simply we
are </font><font style="DISPLAY: inline; COLOR: #455560">waiting</font><font style="DISPLAY: inline; COLOR: #455560"> to complete the two strategic
acquisitions and the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">refinancing, which we anticipate closing
in early April and at that time we will have better insight into</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">our full-year numbers. But there
isn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> there are no other events leading after
that, which is causing</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">any sort of delay.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian Tanquilut&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">Okay.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark Stolper&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">And we had a lot to talk
about on this call today and we are better prepared to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">talk about guidance in
April.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tan</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">quilut&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> I understand. And then, on the
acquisitions that you announced today, or</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">the LOIs that you signed, it seems like
the multiple has ticked up a little relative to what you guys</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">thought in 2009 and granted 2009 those
are bargaining base and prices, b</font><font style="DISPLAY: inline; COLOR: #455560">ut is it safe to say that</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">these are higher quality deals, I mean
what kind of margin profile are we are looking at year-end</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">what kind of CapEx, we have to spent for
these imaging centers that you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re buying?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard Berger&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">These particular assets are
</font><font style="DISPLAY: inline; COLOR: #455560">not only I think of
potential higher quality, they</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">also represent strategic opportunities
in the core markets of Northern New Jersey and in the case</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">of the Bakersfield opportunity, a
platform to grow in the Central Valley of California. Bakersfield is</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">the </font><font style="DISPLAY: inline; COLOR: #455560">only major city in the Central Valley
where RadNet does not have a presence and this particular</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">operation not only comes with a very
seasoned team of operators and a substantial presence in</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">that market, but gives us that platform
with additional management</font><font style="DISPLAY: inline; COLOR: #455560">
capabilities that we can</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">leverage on for other opportunities that
we see.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">The same is true to some extent of the
Northern New Jersey opportunity the centers are of high</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">quality. We believe in both cases we
have opportunities to bring additional savings to</font><font style="DISPLAY: inline; COLOR: #455560"> these. So the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">operating margins that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re buying these at are very consistent
with or even slightly better than</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">what we operate RadNet as a whole, and
where we have some opportunities we believe to even</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">make them more deleveraging once they
get fully tra</font><font style="DISPLAY: inline; COLOR: #455560">nsitioned and
incorporated into the RadNet</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">operations.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tanquilut&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> And, Howard,
their asset qualities, how are these centers?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard Berger&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">Generally very good. There
might be some small CapEx that we need to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">add, but relative to the
size</font><font style="DISPLAY: inline; COLOR: #455560"> of the transactions,
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s very small and something that we
don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t consider</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">substantive to the performance of the
centers right now.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tanquilut&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay. And
then I have last two quick questions. Same-store, we saw it</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">basically flatten out during
Q4</font><font style="DISPLAY: inline; COLOR: #455560"> at 0.44%. And I was just
wondering, Howard, what your thoughts are</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">in terms of gaining market share and
what</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s going to drive that same-store number
higher going</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">forward, understanding that the economy
has been tough the past year. But as your competitors</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">struggle, I figure that at some point
you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re going to capture some of that market
share from your</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">competitors closing down. So, how should
we think about that?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Yeah, I think
you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve hit the nail on the head. There will
be some challeng</font><font style="DISPLAY: inline; COLOR: #455560">es I
believe for all of the operators in this business, whether it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s the effect of economic factors,
whether it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s the effect of attempting to rein in
utilization, or perhaps just other factors that may be different from
market-to-market. But what we are a</font><font style="DISPLAY: inline; COLOR: #455560">n</font><font style="DISPLAY: inline; COLOR: #455560">ticipating and seeing is that as smaller
operators either do a lot of business or as they consolidate that business
should redistribute itself to the larger and more well-capitalized operators of
which we feel we will be.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">In some of the markets that
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re </font><font style="DISPLAY: inline; COLOR: #455560">looking at, they are </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> there are indeed not only opportunities
we believe to consolidate those operations and make them part of RadNet but also
to consolidate centers within regions which will help reduce the amount of
overhead and the amount of sites tha</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560"> we have in a region and should be
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> and are part of our overall process of
looking at valuation opportunities by which we will use to determine value of
the purchases.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So, I think overall, we expect there to
be the usual growth in our business that I thin</font><font style="DISPLAY: inline; COLOR: #455560">k just the growing population and aging
population does predict, but also redistribution of business as we see the
squeezing out of smaller operators and we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re beginning to see I believe some
impact on </font><font style="DISPLAY: inline; COLOR: #455560">self
referral</font><font style="DISPLAY: inline; COLOR: #455560"> and some of the
operators that have take</font><font style="DISPLAY: inline; COLOR: #455560">n
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> non-radiology operators that have taken
that equipment in-house start to dispose or sell those assets as a result of
various credit and economic factors as well.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So I think there is a lot of dynamics
that are going on in this industry. And as I mention</font><font style="DISPLAY: inline; COLOR: #455560">ed in my closing remarks, scale and
multi-modality operations and being very dense in the markets that
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re in are extremely important if
you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re going to be a beneficiary from some
of these changes.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tanquilut&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> So, Howard,
and just follow-up t</font><font style="DISPLAY: inline; COLOR: #455560">o that.
Does that mean that you need to acquire to capture market share? Is that the
correct way of thinking about it?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> I think
that</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s a better alternative for us.
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve been asked the question before,
should you let people fail and try </font><font style="DISPLAY: inline; COLOR: #455560">to pick up business that way, or is
acquiring a preferable route? And I will tell you that once an operator has
failed, the opportunity to try to absorb that business is very much market
dependent and may go to other operators in a market if we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re not on </font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">op of being able to get to those
referring physicians in a timely manner. I believe that the better course for us
is to try to make very intelligent and opportunistic acquisitions. And then, if
the opportunity presents itself, close down the operator whil</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560"> we still control the revenue and the
referrals and try to direct them into our nearest facility so that we can
hopefully assure ourselves of trying to maintain most, if not all, of that
business.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian Tanquilut&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">Okay. And then last
question, Mark, </font><font style="DISPLAY: inline; COLOR: #455560">pricing,
how should we think about pricing from your managed care payers this
year?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Yeah. On the
private side of our business, pricing has been very flat to slightly down, I
mean less than 1%, so very nominal pricing changes. So we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve s</font><font style="DISPLAY: inline; COLOR: #455560">een that our relationships with private
payers have been as strong as ever. A number of them have approached us with
different ideas about directing patients outside of hospitals, which where they
pay significantly higher prices than in outpatient facilit</font><font style="DISPLAY: inline; COLOR: #455560">i</font><font style="DISPLAY: inline; COLOR: #455560">es like ourselves. And so they are
engaging us in kind of entrepreneurial discussions about creating health plans
for their insured population that would provide incentives for them to go to
outpatient facilities like ours through change in co-pays, where</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">they have </font><font style="DISPLAY: inline; COLOR: #455560">lower</font><font style="DISPLAY: inline; COLOR: #455560"> co-pay if they go into our
facilities.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d tell you that the health plans are
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> they</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re much more concerned with some of the
utilization issues and some of the abuses that are going on within the
self-referral group of physicians</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560"> insour</font><font style="DISPLAY: inline; COLOR: #455560">cing imaging and less concerned about
saving $5 or $10 per MRI scan. So I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d tell you that the private pay
contracts have been very, very stable.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Brian
Tanquilut&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Got you.
Thank you, guys.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Thanks,
Brian.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: We</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll move on to </font><font style="DISPLAY: inline; COLOR: #455560">Darren Lehrich with Deutsche
Bank.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Hi. Good
morning, guys. It</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s Sudeep Singh in for
Darren.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Hi,
Sudeep.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Hey. How are you
doing? I guess my first question just the M&amp;A issue, just</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">curious to kind </font><font style="DISPLAY: inline; COLOR: #455560">of get your thoughts and rationale for
using stock to do some of the deals. I</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">understand that it obviously keeps the
capital structure balanced, but just wondering if I could just</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">get a little bit more color from you
guys.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> I think
whil</font><font style="DISPLAY: inline; COLOR: #455560">e we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve hardly used stock at all as tender
for M&amp;As, we do find</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">that from time-to-time that there are
smaller operators there who in addition to wanting to be</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">acquired also sense the opportunity to
take part of the consideration in stock and leverage their</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">opportunity to be acquired into
something where they think they can take the acquisition and make</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">it more valuable to them by taking
stock. In these two transactions, again, the amount of stock that</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">we issued is very small, but in both
cases where this wa</font><font style="DISPLAY: inline; COLOR: #455560">s used,
the two acquirers had a preference</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">to take...</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Two
targets.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> The two
targets. Thank you, Mark. Really wanted to take some of their</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">money and leave it to work given what
they see as a robust future for RadNet.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> And do you get
the sense just from looking at your pipeline that other</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">targets or sellers may be interested in
a similar course going forward?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Well I think
each one takes on its own flavor. The stock price as it is </font><font style="DISPLAY: inline; COLOR: #455560">right</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">now, is not one where we would be
willing to put very much of the acquisition in the form of stock.</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">So it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s probably going to be limited to
operators that feel that there is an opportunity if we offered up</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">to ride with the stocks, but the amount
of s</font><font style="DISPLAY: inline; COLOR: #455560">tock that
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re willing to give up right now as part
of that</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">would be relatively small, almost in any
circumstance.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay, great. And
then, just Mark, a question on the capital structure. I know</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">not everything is finalized yet, but can
w</font><font style="DISPLAY: inline; COLOR: #455560">e just assume ballpark
that the senior secured facility would</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">be kind of in the range of what you had
previously with the revolver and credit facility? Or do you</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">think that the options that are being
presented to you are materially different?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark Sto</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">lper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Are you talking about size or
pricing?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
Pricing.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Well, I have
to be a little careful when I talk about pricing as we haven</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">closed these transactions and
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re starting tomorrow and going to be out
in the mar</font><font style="DISPLAY: inline; COLOR: #455560">ket on
our</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">bank transaction and we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll be on a road show for the senior
notes starting next week. But let me</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">answer it in a roundabout way here.
There were really two objectives for this refinancing. I think the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">obvious objective was to push out the
maturit</font><font style="DISPLAY: inline; COLOR: #455560">ies and term out our
debt. Our current credit facilities</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">are due 2011, 2012 and 2013 for the
revolver term loan and second lien portion respectively. And</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">what this financing will do is, it will
term out our revolver for five years, our term loan for six ye</font><font style="DISPLAY: inline; COLOR: #455560">ars</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">and our senior notes for eight years. So
that was objective number one.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Objective number two, and perhaps not
quite as obvious and we didn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t really talk about it in our script,
was to fix a larger portion of our interest rate. Today, inclusive of the
$</font><font style="DISPLAY: inline; COLOR: #455560">197 million notional
amount that we have under swaps or hedging arrangements, about 52.2% of our
capital structure is fixed. And going forward, under this new proposed capital
structure, 85.1%, assuming that we keep the swaps in place, would be
fixed.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">And </font><font style="DISPLAY: inline; COLOR: #455560">so, with respect to pricing, we believe,
based upon what we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re seeing out there with other similar
Moody</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s and S&amp;P corporate credit ratings
that our interest expense or weighted average cost of debt capital would be at
or nominally more expensive than whe</font><font style="DISPLAY: inline; COLOR: #455560">r</font><font style="DISPLAY: inline; COLOR: #455560">e we are today. But a huge benefit for
us is, if you look at the forward yield curve for interest rates, it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s considerably upward sloping. We
believe that through time, fixing 85% of our capital and the interest rate
associated with that is going to ultim</font><font style="DISPLAY: inline; COLOR: #455560">a</font><font style="DISPLAY: inline; COLOR: #455560">tely result in significant weighted
average cost of capital savings as we go out into the future. So that today is
the best answer I can give you.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay, got it.
And then just on the swaps, my understanding was that a bunch of the
swaps</font><font style="DISPLAY: inline; COLOR: #455560"> would have expired by
the end of November. Is that the case, or is there still some that would extend
even throughout this year?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Currently, we
have two swaps, and if you remember back in April of 2009, we entered into these
blend-and-e</font><font style="DISPLAY: inline; COLOR: #455560">xtend swap
transactions where we extended these two swaps through November of 2012, and
blended the rates down and we had about 150 basis point savings from doing that
transaction. So we do still have two swaps outstanding that are due to expire
November </font><font style="DISPLAY: inline; COLOR: #455560">1</font><font style="DISPLAY: inline; COLOR: #455560">5, 2012. Currently, we are </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> the current thinking is that we will
keep these swaps outstanding. We believe that the capital that </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> it would take to get out of these swaps
is better or more </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> better deployed in our business as
opposed to that use of procee</font><font style="DISPLAY: inline; COLOR: #455560">d</font><font style="DISPLAY: inline; COLOR: #455560">s.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> And then just
the last one from me is with respect to kind of the working capital position.
Obviously, you guys brought down your DSOs and saw marked improvement in working
capital. Just how should we be thinking about that in 2010? </font><font style="DISPLAY: inline; COLOR: #455560">Is there still room to bring DSOs down
in light of the M&amp;A that you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re doing? And maybe if you could just
give us a sense for that.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Yes. Well I
hope my reimbursement operations team is not listening to this call because what
I am about </font><font style="DISPLAY: inline; COLOR: #455560">to say,
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m not sure I want them to hear. But I
think our DSOs at 54 days are pretty low given the book of business that we
have. I mean, we do have certain payor classes, for instance workers</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560"> compensation and personal injury that
are </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> have DSOs that ar</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560"> well over 365 days. So, based upon our
existing book of business, we think that 54 days is pretty good. And although
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m still going to challenge the team to
rein it in, I don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t see a lot of improvement from this
point forward.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Mark,
</font><font style="DISPLAY: inline; COLOR: #455560">if I might interject,
perhaps the focus that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll be looking at, hopefully the end of
2010 will be to see if some of the initiatives that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve started on our collection processes,
while it may not lower our DSOs significantly, hopefully it can have
some</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">impact on bad debt, which, as opposed to
lowering DSO</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s, would have an opportunity for us to
improve our margins and would go right down to the bottom line. So, I would
agree with Mark. 54 days is probably about as good as it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s going to get, but I think
t</font><font style="DISPLAY: inline; COLOR: #455560">h</font><font style="DISPLAY: inline; COLOR: #455560">at there are other ways that we can use
our scale and operating sophistication to go ahead and find other ways to
improve our business and its margins.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Sudeep
Singh&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Great. Thanks a
lot, guys.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Thank
you.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: Our next questio</font><font style="DISPLAY: inline; COLOR: #455560">n will come from Rob Mains from Morgan
Keegan.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Thanks, good
morning. Mark, couple of questions on the fourth quarter; adjusted EBITDA was
kind of flat compared to the second and third quarters. Seasonally that
shouldn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t be the case. Wou</font><font style="DISPLAY: inline; COLOR: #455560">ld you attribute that more to weakness
in margins in the second and third quarter or particular strengths in the
fourth?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Yeah.
It</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s a good point. Fourth quarter usually,
it is a seasonally difficult quarter for the industry, not only fo</font><font style="DISPLAY: inline; COLOR: #455560">r RadNet, in that it has a number of
holidays, and therefore volumes are generally lighter </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re talking about Thanksgiving and the
Christmas holidays going into New Year</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So, I think what I would attribute it
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> the strong performance in the fourth
qua</font><font style="DISPLAY: inline; COLOR: #455560">rter is really some of
the cost initiatives that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve been working on throughout 2009 we
feel like are taking hold. We</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve discussed some of these publicly with
respect to working on renegotiating contracts around our service and maintenance
agreements, o</font><font style="DISPLAY: inline; COLOR: #455560">n</font><font style="DISPLAY: inline; COLOR: #455560"> our equipment, working with medical
supply vendors to renegotiate those contracts, we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re doing some entrepreneurial things
with respect to our corporate insurance program.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So, I think we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve continually challenged ourselves to
make the business more effici</font><font style="DISPLAY: inline; COLOR: #455560">ent and to lower our cost structure,
which is one of the key drivers in </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> a couple of things, one is to differ
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> is to mitigate any reimbursement
challenges that we might see through Medicare changes. And two is, one of the
big selling points we have when</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">we go out into acquisitions is that we
can bring cost savings to the target, and to the extent that we can bring our
management expertise and bring some of the contracts that we have on the cost
side to these targets, it makes the acquisition multiples th</font><font style="DISPLAY: inline; COLOR: #455560">a</font><font style="DISPLAY: inline; COLOR: #455560">t we report publicly higher than
ultimately what these acquisition multiples look like to the Company because of
these types of synergies that we bring.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Let me amplify
on that just a little bit, Mark. I don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t think I can emphasize enou</font><font style="DISPLAY: inline; COLOR: #455560">gh how important, I think, scale is in
our business. I think your observation is very astute. And I think as Mark
explained, I believe we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re seeing a lot of the benefits of
growing the Company and getting some leverage with vendors whether
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s insurance,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">whether it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s purchasing of equipment or service or
other aspects of our entire expense items here in this
business.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We think we can continue that process as
we get larger. And while the increments maybe very small on top of a larger
business it becomes ver</font><font style="DISPLAY: inline; COLOR: #455560">y
significant. And I think what we saw in the fourth quarter is, in fact,
validation of that very principle. And I believe we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll continue to see that as we extend out
into 2010 and beyond, and use both our scale, in terms of the size of the
business we ar</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560">, and operating metrics from
acquisitions that I believe we can spread these across as we bring them in. That
will help, either, improve our margins, or as Mark says, helps mitigate some of
the </font><font style="DISPLAY: inline; COLOR: #455560">reimbursement
pressures.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay.
</font><font style="DISPLAY: inline; COLOR: #455560">Thanks. And</font><font style="DISPLAY: inline; COLOR: #455560"> then, Mark, prior quarters
you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve had same-store procedure growth
numbers. Do you have those available?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Rob,
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re doing this call from a conference
room in New York, so I don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t have the benefit of my computer in
front of me. But if y</font><font style="DISPLAY: inline; COLOR: #455560">ou
call me offline, I can give you those numbers.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay. Can I
assume because you had kind of flattish same-store revenue growth. Can I assume
that that</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s a combination of positive procedures
and what looks like kind of negative pricing?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> No.
It</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s slightly positive procedures and
slightly negative pricing, but it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> the procedure same-store growth is not
going to be materially different from the actual same-store revenue
growth.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay. Was there
a We</font><font style="DISPLAY: inline; COLOR: #455560">dnesday difference
between the fourth quarter of this year and the fourth quarter last
year?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> No.
They</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll have the exact same number of work
days.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> But sometimes
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s how the holidays fall out, and while I
don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t have</font><font style="DISPLAY: inline; COLOR: #455560"> that immediately in front of me, there
are years where the holidays fall at less opportune times than it does in
others. And it may very well have been, in my recollection, that last year, I
believe, the holidays fell more towards the middle of the week,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">whereas this year they fell closer to
the weekend. And when the holidays fall in the middle of the week, it does have
a tendency to impair volumes, referrals, if you will, on either side of the
holiday, whereas as you push towards either the very end of t</font><font style="DISPLAY: inline; COLOR: #455560">h</font><font style="DISPLAY: inline; COLOR: #455560">e week or when it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s very early in the week, you have less
impact by that issue.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert Mains&gt;:
</font><font style="DISPLAY: inline; COLOR: #455560">Okay. Because you went from
same-store procedure growth, sounds like to </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re like two to 3% range, first three
quarters of the year and sounds like you </font><font style="DISPLAY: inline; COLOR: #455560">are like sub-one in the fourth quarter.
Despite what sounds like from what you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re saying, Howard, that the holidays,
you didn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t get hit by like, I think, it was a
Thursday Christmas in </font><font style="DISPLAY: inline; COLOR: #455560">&#8216;</font><font style="DISPLAY: inline; COLOR: #455560">08 or whatever. So, it does sound like,
as you were saying that volum</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560">s had slowed down
some?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> I think that
there may have been a </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> yeah, I think there was a little
slowdown, more in December. October and November were very robust months for us.
December, for a variety of reasons, some of which may have b</font><font style="DISPLAY: inline; COLOR: #455560">een weather, I don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t want to harp on that, but some of it
may have been the economy, some of it also, what we saw and I didn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t mention this in my closing remarks is,
we saw some softening of our mammography volumes starting in December that we
think was a</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">result to some extent of the
recommendation that came out from the Commission that I think inappropriately
mentioned that recommendations for screen mammography should start at the age of
50 rather than 40. And I believe that may have hit </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> contributed to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">some of the downward volume here in
December because the rest of our volumes were fairly stable but mammography look
like it took a hit in December as it did in January and somewhat in
February.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay. Thanks.
And I have one reimbursemen</font><font style="DISPLAY: inline; COLOR: #455560">t question </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> excuse me Medicare. I know that
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re still operating now under the 2009
physician fee schedule, but the final rule was going to spread out over four
years </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> the recommendations, the various
changes for imaging modalities. And I know that eve</font><font style="DISPLAY: inline; COLOR: #455560">n</font><font style="DISPLAY: inline; COLOR: #455560"> if we were going it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s not that big of an impact in 2010. Do
you have a sense what kind of revenue or whatever kind of impact you can tell us
about for 2012 and 2013 on your business, given the final rule that
hasn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t been implemented yet for the Medicare
</font><font style="DISPLAY: inline; COLOR: #455560">p</font><font style="DISPLAY: inline; COLOR: #455560">hysician fee
schedule?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Sure, just to
correct one thing Rob, we are operating in 2010 under the final rule, the
Medicare final rule that was released in November of last year.
So...</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Without the 21%
obviously?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mar</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">k
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Without,
right, without the doc fee fix which is the decrease of 21% in the conversion
factor which was </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> that was pushed off till October at
least in the Senate. But that every year is what gets over turned as you know,
for like...</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
Right.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> 10 years. But,
so what we have heard from our lobbying groups is that beyond 2010 kind of all
bets are off. And we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve heard this from the equipment vendor,
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve heard this from supply vendors as
well as kind of the doc </font><font style="DISPLAY: inline; COLOR: #455560">groups that. What we know for certain is
that 2010 reimbursement which we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re operating, what we don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t know is whether any phase in of the
utilization assumption or any other changes in the RVU calculation will indeed
apply beyond 2010. So we have not done</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">a comprehensive analysis beyond
2010.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Robert
Mains&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay, fair
enough. Thank you.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
You</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re welcome.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: Next question will come from
Kyle Smith from Jefferies &amp; Company.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Kyle
Smith&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Good morning,
Howard, Mark. I just had</font><font style="DISPLAY: inline; COLOR: #455560"> a
couple of housekeeping items; one, you haven</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t given guidance, but have you set a
CapEx budget for 2010?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Well, part of
the CapEx budget along with the rest of our projections or guidance for 2010
will be somewhat dependent upon the </font><font style="DISPLAY: inline; COLOR: #455560">acquisitions that we do. However, in the
absence of acquisitions, we probably would have guided slightly lower for 2010
on our total CapEx. As you may recall, we spent about $40 million in 2009, which
was down from $50 million the prior year. And I think </font><font style="DISPLAY: inline; COLOR: #455560">i</font><font style="DISPLAY: inline; COLOR: #455560">t would be safe to assume that we would
be below 40 million in the core business, since we have over the last three
years probably spent over a $150 million in CapEx and have substantially
upgraded most of our inventory of MRI and CT scanners, and most im</font><font style="DISPLAY: inline; COLOR: #455560">p</font><font style="DISPLAY: inline; COLOR: #455560">ortantly, we are now virtually 100%
digital in all our mammography.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So we believe that the ability to reduce
our CapEx in the core business is not only a combination of all the money
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve spent over the past three years, but
also because the markets thems</font><font style="DISPLAY: inline; COLOR: #455560">elves for equipment continue to be very
soft. Most of the equipment vendors into the outpatient imaging space are
experiencing dramatic reductions in their purchasing from the outpatient imaging
center business, and the secondary markets are affording us </font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560">normous cost saving. So we
don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t generally buy brand new equipment if
we can find something comparable in the secondary markets, which we are finding
quite an abundance of.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">And so, not only will we reduce our
CapEx, but our CapEx that we are spending is go</font><font style="DISPLAY: inline; COLOR: #455560">ing considerably further than it was
two-plus years ago. And I don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t think I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d be exaggerating if I said that
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s going at least, if not more, twice as
far as it used to. So, I think the combination of having spent significantly in
the last several years</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">as well as a very soft equipment market
both for new and in the secondary markets is allowing us to reduce our CapEx,
and that which we do spend&#160;&#160;goes much further.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Kyle
Smith&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Great. Thank
you, Howard, that was a very good answer. And Mark, what did</font><font style="DISPLAY: inline; COLOR: #455560"> you spend on the fourth quarter
acquiring equipment under cap leases? Was there any of that in the fourth
quarter?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Nothing. We
have not added any new capital leases since the first quarter of 2009, so all of
our capital expenditures f</font><font style="DISPLAY: inline; COLOR: #455560">rom first quarter </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> from beyond the first quarter were done
in cash.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Kyle
Smith&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Great. Thanks
for filling that up.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Just to add to
that, Kyle, all CapEx in this quarter has also been with cash. So we have not
added any capital le</font><font style="DISPLAY: inline; COLOR: #455560">ases
now for almost four full quarters.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Kyle
Smith&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Is that an
availability issue, or you just don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t feel that that source of financing is
attractive?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> I think
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve had good free cash flow. So for us,
it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s nice if we c</font><font style="DISPLAY: inline; COLOR: #455560">an both pay off debt and pay for our
CapEx and avoid encumbering the company with more debt and using it to delever,
which is one of the things I hope comes out very loudly in the earnings call and
was a substantial portion of our ability to delever the c</font><font style="DISPLAY: inline; COLOR: #455560">o</font><font style="DISPLAY: inline; COLOR: #455560">mpany. So as long as the company can
generate good free cash flow, we will try to use that cash in the most
appropriate way to either pay for our cash CapEx </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> excuse me </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> pay for our CapEx, pay off debt or do
acquisition, and it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s a balance of all of thos</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">We didn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t do an abundance of acquisitions in
2009, since the company was more focused on the deleveraging and paying off
debt. Which has I think been a very good strategy for the company, because
having reduced our leverage by over half a turn and getti</font><font style="DISPLAY: inline; COLOR: #455560">ng us into the low four</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s is clearly a driver in our refinancing
that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re announcing officially today and
couldn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t have come at a better time since the
market seems to be quite open right now. And I think is probably the best time
for us to go out and t</font><font style="DISPLAY: inline; COLOR: #455560">a</font><font style="DISPLAY: inline; COLOR: #455560">ke care of not only our debt but
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> our old debt, but give us capital to
continue to grow the&#160;&#160;company.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Kyle
Smith&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Wonderful. Thank
you so much.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: We</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll take our last question from Darren
Lehrich with Deutsche Bank.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
Than</font><font style="DISPLAY: inline; COLOR: #455560">ks. Hi, everybody.
It</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s Darren. I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m sorry, I joined a little late, but I
wanted to just ask a couple of things. First of all the equipment servicing, I
know you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve talked about that opportunity in the
past bringing it in-house. Howard, I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m just wondering </font><font style="DISPLAY: inline; COLOR: #455560">i</font><font style="DISPLAY: inline; COLOR: #455560">f you can update us on the total
opportunity and it sounds like in Q4, that was one of the parts of the cost
initiatives that may have helped you out a little bit, so maybe just where you
are in the timing and perhaps the rollout of that
initiative.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> H</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">oward
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Well, the
initiative if it even was that, was really something that we were looking at
throughout 2009. But I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m happy to say that instead of bringing
that in-house, we have, in fact, restructured and enhanced our overall
relationship with GE</font><font style="DISPLAY: inline; COLOR: #455560">. Both
for equipment purchasing and servicing which has allowed us to extend our
current GE contract for another five years and so the need or benefit of us
bringing service in-house has essentially been taken off the table and
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m pleased that our alignm</font><font style="DISPLAY: inline; COLOR: #455560">e</font><font style="DISPLAY: inline; COLOR: #455560">nt with GE on almost every level is now
stronger than ever and one which I think will continue to afford the company
enormous opportunities at all levels of GE. So we will use instead of bringing
that in-house other things that we are looking at in the wa</font><font style="DISPLAY: inline; COLOR: #455560">y</font><font style="DISPLAY: inline; COLOR: #455560"> of other operating systems that maybe
brought in-house or we still have good opportunities for the future to improve
our margins.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
That</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s great. So is it fair to say that
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll see a full quarter</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s worth of the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">restructuring of that a</font><font style="DISPLAY: inline; COLOR: #455560">greement with GE in Q1 or did we see it
in Q4?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> We</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ll see it in Q1.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Q1, very
good.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
Yes.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> And then
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> so I understand you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re positioned entirely just with regard
to</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">guidance,</font><font style="DISPLAY: inline; COLOR: #455560"> so I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m not going press you there. I guess
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d be curious just to get your thoughts
on what</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">kind of projection statements you may
make while you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re on the road for this refinancing in
sort of a</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">broad brush for your equity holders.
Should we be expecting EB</font><font style="DISPLAY: inline; COLOR: #455560">ITDA growth in 2010? Any sort
of</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">broad brush commentary you</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">d care to make, if at
all?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Mark
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Sure.
Obviously, when we go out and sell the senior notes, a deal which
will</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">ultimately be registered under Rule
144A. We won</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t be talking about any </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> we won</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t be giving any</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">forward-looking statements or
projections to the extent that we don</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t have guidance out there</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">publicly. But I think it</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s fair to say that given our historical
trends of growing the business each year,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">and given the fact that we
are</font><font style="DISPLAY: inline; COLOR: #455560"> making these or we have
made this one strategic acquisition in</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">January and we hope to close these other
two acquisitions concurrent with our financing, that if we</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">continue to invest in the business and
continue to make acquisitions that we would anticipat</font><font style="DISPLAY: inline; COLOR: #455560">e 2010</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">to be an up year.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Okay.
That</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s great. And then, Howard, just as it
relates to the weather,</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">something completely out of your
control, is there any way for you to just help us think about the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">rescheduling of scans that were
</font><font style="DISPLAY: inline; COLOR: #455560">cance</font><font style="DISPLAY: inline; COLOR: #455560">lled</font><font style="DISPLAY: inline; COLOR: #455560"> in February in the regions affected.
Just to help us think</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">about what type of volume may have been
lost in Q1 that may just not come back at least over the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">short run and then just remind us what
New York and the mid-Atlantic comprise on, in terms of t</font><font style="DISPLAY: inline; COLOR: #455560">he</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">total company
overall.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Howard
Berger&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Well, the
mid-Atlantic area and was particularly hard hit for anybody who is</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">on the phone that may be in the
Washington or Maryland area probably still have piles of snow out</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">there that will confirm what
I</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">m t</font><font style="DISPLAY: inline; COLOR: #455560">alking about. But we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve calculated that we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve lost in those two</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">regions probably 20 to 25% of our
scanning days. Now in February, yeah </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> what you </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> perhaps is</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">different about this was that
</font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> this isn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t just like we were down, it was like
the whole areas we</font><font style="DISPLAY: inline; COLOR: #455560">re</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">paralyzed and that doctors
couldn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t get to their offices, patients
couldn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t get to their offices. So
it</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">wasn</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t just the matter of patients who were
scheduled that need to get re-scheduled, there weren</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">the inbound calls that would normally
fill your pi</font><font style="DISPLAY: inline; COLOR: #455560">peline and
allow you to try to make up a lot of that</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">scan time.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">So we think that in that market mainly
in the mid-Atlantic and the New Jersey markets, we lost</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">substantial revenue that unfortunately
we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re just never going to be able to
recover from. I think</font><font style="DISPLAY: inline; COLOR: #455560">
New</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">York was hurt but to a lesser extent
with significant snow storms and then to answer your other</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">questions, approximately a little less
than 50% of our revenue is from the California region, which</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">was not affected generally by weather.
That being said,</font><font style="DISPLAY: inline; COLOR: #455560"> we are
seeing a very substantial rebound in</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">our March numbers and we will
</font><font style="DISPLAY: inline; COLOR: #455560">endeavour</font><font style="DISPLAY: inline; COLOR: #455560"> to try to make up some of that lost
scanning, but there</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">clearly will be some impact in the first
quarter from the unfortunate weather condition.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
Oka</font><font style="DISPLAY: inline; COLOR: #455560">y. That</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s helpful for us to take into account.
And then my last question</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">is just any </font><font style="DISPLAY: inline; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; COLOR: #455560"> very brief update perhaps on
Breastlink, sort of your general experience in the</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">physician practice space, whether
that</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s something you plan to continue to
grow?</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;A </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Ma</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">rk
Stolper&gt;:</font><font style="DISPLAY: inline; COLOR: #455560"> Yes, we
definitely plan to continue to grow that. We</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">ve had some additional</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">success in rolling out the Breastlink
model into the San Fernando Valley and into the Palm</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">Springs/Coachella Valley. And we are
looking opportunistically of adding mor</font><font style="DISPLAY: inline; COLOR: #455560">e breast oncologists</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">and breast surgeons to areas where we
have substantial mammography volume. So we very much</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">feel that that</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s an important part of what we do, both
to drive new imaging opportunities as well as</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">our long-term goal of offering
comprehensiv</font><font style="DISPLAY: inline; COLOR: #455560">e breast cancer
disease management as part of a</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">overall business objective that we want
to go to the payors with, and who are getting increasingly</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">interested in this opportunity in the
Southern California area. So I think you can expect that we will</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">contin</font><font style="DISPLAY: inline; COLOR: #455560">ue to drive that into various regions in
Southern </font><font style="DISPLAY: inline; COLOR: #455560">California</font><font style="DISPLAY: inline; COLOR: #455560"> and not look for any major</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">acquisitions, but just to add additional
staffing and services in markets where we feel we have a</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">dominant mammography
position.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&lt;Q </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560"> Darren
Lehrich&gt;:</font><font style="DISPLAY: inline; COLOR: #455560">
That</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s great. Oka</font><font style="DISPLAY: inline; COLOR: #455560">y, thanks again.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">Operator:</font><font style="DISPLAY: inline; COLOR: #455560"> We have no further questions at this
time.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #455560">Operator</font><font style="DISPLAY: inline; COLOR: #455560">: Ladies and gentlemen that does
conclude today</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s conference. Thank you for
your</font><font style="DISPLAY: inline; COLOR: #455560">&#160;</font><font style="DISPLAY: inline; COLOR: #455560">participation.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #455560; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Howard Berger, M.D., President and Chief
Executive Officer</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">All right, well, thank </font><font style="DISPLAY: inline; COLOR: #455560">you for joining us and kicking off the
new year while we</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">re ending what we believe is a
successful 2009 </font><font style="DISPLAY: inline; COLOR: #455560">with our
announcement of our refinancing and acquisitions.&#160;&#160;We look forward to
an interesting and disciplined but yet aggressive 2010 and look forward
</font><font style="DISPLAY: inline; COLOR: #455560">t</font><font style="DISPLAY: inline; COLOR: #455560">o speaking to you again with our first
quarter 2010 call in May.&#160;&#160;Thank you.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #455560">Operator: Ladies and gentlemen that does
conclude today</font><font style="DISPLAY: inline; COLOR: #455560">&#8217;</font><font style="DISPLAY: inline; COLOR: #455560">s conference.&#160;&#160;Thank you for
your participation.</font></font></div>
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