Alegro Health Corp. Reports 2004 Third Quarter Results.TORONTO -- Alegro Health Corp., (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:AGO) headquartered in Toronto, a provider of comprehensive health services health services Managed care The benefits covered under a health contract to individuals referred by third party payers including insurers, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. boards and large corporations, today announced it's financial results for the third quarter of 2004. Alegro Health Corp provides disability management services through Work Able Centres and surgical facility management through Don Mills Don Mills is a new town and neighbourhood in Toronto, recognized as the first planned and fully integrated post-war community developed by private enterprise in North America. Surgical Unit Limited. The company reported a year-over-year increase in revenue and cash flow related to operations. The company reported a loss for the quarter due to a non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) related to options granted to directors and advisors during the period. Third quarter 2004 highlights: - Consolidated revenue for the quarter was $1,902,572, compared with $1,630,447 in the third quarter of 2003, an increase of 16.7 percent. - Net income for the quarter before tax provision and non-cash expense of $278,300 relating to stock options granted was $254,719, compared with $203,714 in the third quarter of 2003, an increase of 25 per cent. - During the quarter the Company completed a private placement raising $2,000,000 in gross proceeds. - The company obtained a twenty-five year management services contract covering all aspects of the Don Mills Surgical Unit Limited (DMSU). The company has accounted for the transaction in accordance with Accounting Guideline 15 and consolidated the results of DMSU's operations from August 6, 2004. "Our third quarter results demonstrated continued growth in profitability of our core business unit, Work Able Centres," stated Brenda Rasmussen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alegro Health Corp. "The DMSU DMSU Digital Main Switching Unit DMSU Divisional Mobile Support Unit DMSU Disaster Medical Support Unit transaction represents an important step in the expansion of the scope of Alegro's operations as we grow to become a diversified diversified (di·verˑ·s health care services provider," added Rasmussen. "We look forward to increasing the size of DMSU's business and integrating its services with those of our Work Able Centres." Financial results For the quarter ended September 30, 2004, revenue increased 16.7 per cent to $1,902,572 compared with $1,603,447 in the same quarter of 2003 as a result of increased revenues at Work Able Centres and the inclusion of two months operations of DMSU.
Three Months ended Nine Months Ended
September September
2004 2003 2004 2003
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Revenue $1,902,572 $1,630,447 $5,449,667 $4,879,753
Net Income
(Loss) $(151,581)(i) $203,714 $230,303(i) $547,922
After Tax $(0.006) $0.019 $0.011 $0.051
Diluted
Earnings
per Share
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(i) includes non-cash expense of $278,300 related to stock options
The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved of the contents of this press release. ALEGRO HEALTH CORP. (TSX VENTURE:AGO) |
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