DIANON Systems, Inc. reports up 26% and 80% respectively over prior year.STRATFORD, Conn.--(BUSINESS WIRE)--April 30, 1997--DIANON Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIAN) today reported first quarter revenue of $15.6 million and earnings per share of $0.09. The reported sales represent a 26% increase over the first quarter of 1996, while the earnings per share reflect an 80% increase over the first quarter of 1996. Net Income for the first quarter of 1997 was $618,000 compared to $289,000 for the first quarter of 1996, representing a 114% increase. -0-
Quarter Ending
March 31
1997 1996
(000) (000)
Net Sales $15,601 $12,419
Gross Profit 7,729 6,280
% of Sales 50% 51%
Income From Operations 1,003 406
Net Interest Income 81 100
Pre-Tax Income 1,084 506
Provision For Taxes 466 217
Net Income $ 618 $ 289
Weighted Average Common
Shares Outstanding 6,835 6,249
Primary and Fully Diluted
Earnings Per Share $ 0.09 $ 0.05
Kevin C. Johnson, 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. , stated, "The quarter's record performance reflects the continued success of our pathology services strategy. The solid infrastructure we have built to facilitate our expansion in anatomic pathology is allowing improved incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: on new sales growth. Additionally, our success in contracting with managed care organizations throughout the country continues with over 45 new contracts signed in the first quarter of 1997. While first quarter results exceeded our expectations, we are holding our earnings per share forecast at $0.40 to $0.45 for the fiscal year." David R. Schreiber, Chief Financial Officer, commented, "During this quarter the Company repurchased an additional 217,000 shares as part of our continued share buy-back program. Shares acquired since the inception of the buy-back program total 756,494 out of the 1.1 million shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. by the Board." The Company has successfully secured the required shares to fulfill its obligations under the Employee Stock Purchase Plan. Schreiber added, "We have also made significant progress in reducing accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from $15.4 million as of December 31, 1996 to $13.2 million as of March 31, 1997 while experiencing continued record revenue growth. We anticipate continued improvement throughout the year as we implement system-wide enhancements." The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this news release are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc reimbursement rates and coverage, state and national regulatory compliance, maintaining above average quality and competitive pressures. Further information regarding factors that could affect the Company's results is included in the Company's SEC filings, including this year's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . DIANON Systems, Inc. provides a full line of anatomic pathology testing services and a number of specialized clinical chemistry testing services to patients, physicians and managed care organizations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Kevin C. Johnson President and CEO 203/381-4905 or David R. Schreiber Chief Financial Officer 203/381-4055 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion