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Clarification of Earlier Release by Orthodontic Centers of America, Inc. Announcing Change to Revenue Recognition Policy and Revised 2000 Financial Results

METAIRIE, Louisiana – Orthodontic Centers of America, Inc. (NYSE: OCA) would like to clarify certain information included in a press release issued earlier today. In referencing the Company's preliminary unaudited estimates of net income and net income per share for 2000 after applying the Company's change in revenue recognition policy pursuant to SEC Staff Accounting Bulletin No. 101, the earlier release inadvertently stated that the estimates were "including," rather than "excluding," a cumulative charge to reflect the change in accounting principle. As corrected, the second sentence of the seventh paragraph of the prior release should state: "Based on its preliminary unaudited analysis, the Company currently expects that, after applying the change in revenue recognition policy, its net revenue for 2000 will range from $265.4 million to $275.4 million (versus $295.1 million, as previously announced, on a pre-SAB 101 basis), its operating income for 2000 will range from $78.9 million to $81.9 million (versus $104.8 million, as previously announced, on a pre-SAB 101 basis), its net income for 2000, excluding a cumulative charge to reflect the change in accounting principle, will range from $46.6 million to $48.4 million (versus $63.0 million, as previously announced, on a pre-SAB 101 basis), and its net income per share for 2000, excluding a cumulative charge to reflect the change in accounting principle, will range from $0.94 to $0.97 (versus $1.27 per share, as previously announced, on a pre-SAB 101 basis)."

Orthodontic Centers of America, Inc., founded in 1985, is the leading provider of integrated business services to orthodontists. For additional information on Orthodontic Centers of America, Inc., visit the Company's Web site: www.4braces.com.

The forward-looking statements in this release, including statements regarding revenue recognition and the Company's financial results, cash flows, and growth rates after applying the change in revenue recognition policy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As such, they involve risks and uncertainties, including failure of the Company's operating and expansion strategy, failure to achieve anticipated operating results or consummate proposed developments and acquisitions, regulatory constraints, competition and unexpected impact of the Company's change in revenue recognition policy, that could cause actual results to differ materially from those projected in these forward-looking statements. A discussion of important factors and assumptions regarding these statements and risks involved is contained in the Company's recent filings with the Securities and Exchange Commission. SOURCE Orthodontic Centers of America, Inc.

CONTACT: John C. Glover, Vice President of Investor Relations, Orthodontic Centers of America, Inc., 904-280-6285 [ Printer-friendly page Printer-friendly page ]
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