The board of directors of Birner Dental Management Services, which operates the Perfect Teeth dental practices, has approved an increase in the company's quarterly dividend to $0.20 per share from $0.17 per share.
In related news, Birner announced that it intends to restate its consolidated statements of operations for the years ended December 31, 2007, and 2008 and for each of the quarters of the years ended December 31, 2008, and 2009. As a result of the restatements, the company's reported revenue for each of the restated periods will increase by at least 65% to reflect amounts paid to dentists, hygienists, and dental assistants. Clinical salaries and benefits expense will increase by the same dollar amounts as the increase in revenue.
Birner Dental acquires, develops, and manages geographically dense dental practice networks in select markets in Colorado, New Mexico, and Arizona. The company currently manages 65 dental offices, of which it acquired 38 and founded 27.
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