DVI announces higher fiscal 1996 first quarter earnings and the formation of a Pacific Rim equipment financing venture.DOYLESTOWN Doylestown is the name of at least four places in the United States of America:
See: New York Stock Exchange :DVI (1) (Digital Video Interactive) An earlier compression technique that provided up to 72 minutes of full-screen video on a CD-ROM. Acquired by Intel in 1988 from RCA's Sarnoff Research labs, Princeton, NJ, DVI never caught on. ) Tuesday Tuesday: see week. announced its unaudited operating results for the first quarter of fiscal 1996, and the formation of Medical Equipment Credit, Pte Ltd PTE LTD Private Limited ("MEC MEC Ministério da Educação (Ministry of Education) MEC Ministerio de Educación y Ciencia (Spain: Ministry for Education and Science) MEC Mountain Equipment Co-Op "), to provide medical equipment financing in Asian/Pacific markets. David L. Higgins Higgins may refer to: People with the surname Higgins:
Earnings per share increased 150% in the first quarter of fiscal 1996 over the same period last year. Net earnings rose 246% to $1.775 million in the 1996 quarter from $513 thousand in the 1995 quarter. Loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. increased 54% for the quarter to $80 million from $52 million in the prior year period, and net financed assets 57% to $430 million from $274 million a year earlier." Higgins added, "We had a good quarter, not just from an operating results perspective, but in other ways as well. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Garfinkel Garfinkel is a surname, and may refer to:
"His impact is already evident as illustrated by the expanded financial disclosure in this earnings release. Our ongoing objective will be to provide information that makes DVI's operating results easier for investors and analysts to understand. Today we are announcing an exciting new development to expand into the international marketplace. "This growth opportunity and others was made possible by the investment the company made over the past two years in quality systems, management and staff, and the added capital we raised during the quarter." Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. A. O'Hanlon O'Hanlon is an Irish surname, and may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented on the formation of MEC. He said, "MEC is a joint venture with Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Medical Systems International B.V. ("PMSI PMSI Purchase-Money Security Interest (generally a lien resulting from a purchase such as a car loan) PMSI Physician Micro Systems, Inc. PMSI Programme de Médicalisation des Systèmes d'Information Hospitaliers PMSI Popular Mortgage Servicing, Inc. "), a subsidiary of Philips Electronics N.V., and Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. International Investment Corp. ("PIIC PIIC Public Interest Immune Certificate "), a subsidiary of CoreStates Bank N.A. "DVI will own 40% of MEC which will be headquartered in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , while PMSI and PIIC will own 40% and 20% respectively. MEC was formed to take advantage of the increasing development and forecasted growth in the Asian/Pacific diagnostic imaging and radiation therapy markets." O'Hanlon also said that, "PMSI has been active in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. for many years and is well positioned to take advantage of the growth taking place within the region. Their efforts in the marketplace will be aided by their ability to offer equipment financing to their customers as a result of the formation of MEC. "By 1997, Asian/Pacific countries are projected to account for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 50% of the world market for MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. and other high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. radiology radiology, branch of medicine specializing in the use of X rays, gamma rays, radioactive isotopes, and other forms of radiation in the diagnosis and treatment of disease. equipment, up from less than 30% in 1991. The growth in this market is in part being fueled by increasing governmental and private sector concerns about the quality of healthcare services." O'Hanlon added, "PIIC's participation in the venture is particularly valuable because they have investments in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms in most of the countries where MEC will conduct business, and these firms could prove to be of great assistance to MEC. Expanding into a major international market in concert with subsidiaries of Philips Electronics N.V., and CoreStates Bank, is certainly very beneficial to DVI. Moreover, the formation of MEC is an important step forward in our strategy to provide financing for the healthcare industry in international markets." -0-
DVI Inc.
Selected Financial Information
Condensed Consolidated Financial Highlights
($ in thousands, except per share data and book value)
(unaudited)
Three Months Ended Change
Sept. 30,
1995 1994 $ %
Condensed Consolidated
Financial Highlights
Per Common Share Data
Net income 0.20 0.08 0.12 150.00 Book Value 7.42 5.26 2.16 41.06 Period End Shares 9,605 6,588 3,017 45.80 Financial Ratios Net income 1,775 513 1,262 246.00 ROE (%) 12.72 5.98 674 B.P. ROA (%) 1.60 0.72 88 B.P. Net Interest Margin (%) 4.00 4.2 28 B.P. Equity/Assets (%) 15.64 11.44 420 B.P. Assets/Equity (x) 6.39 8.74 235 B.P. SGA Expense/Average Net Financed Assets (%) 1.99 2.84 85 B.P. Unearned Income 75,051 53,939 21,112 39.14 Asset Quality Charge Offs 38 207 169 81.64 Allowance of Net Financed Assets (%) 0.864 0.973 11 B.P. Period End Balances Total Assets 456,047 302,685 153,362 50.67 Net Financed Assets 430,000 274,344 155,656 56.74 Borrowings Under Ware- house Facilities 154,573 83,462 71,111 85.20 Long-Term Debt 197,297 168,862 28,435 16.84 Shareholders' Equity 71,370 34,630 36,740 106.09 Portfolio Activity Loan Originations (Cost) 80,000 52,000 28,000 53.85 -0-
DVI Inc.
Selected Financial Information
Condensed Consolidated Income Statements
($ in thousands, except per share data)
(unaudited)
Three Months Ended
Sept. 30, B (W)
1995 1994 $ %
Finance and Other Income: Amortization of Finance Income 10,739 6,552 4,187 63.90 Other Income 561 645 (84) 13.02 Total Finance and Other Income 11,300 7,197 4,103 57.01 Interest Expense 6,989 4,151 (2,838) 68.37 Margins Earned 4,311 3,046 1,265 41.53
Gain on Sale of
Financing
Transactions, Net 1,403 -- 1,403 --
Net Finance Income 5,714 3,046 2,668 87.59 Expenses:
Selling, General
and
Administrative 2,073 1,808 (265) 14.66
Provision for
Possible Losses
on Receivables 450 353 (97) 27.48
Total Expenses 2,523 2,161 (362) 16.75 Earnings Before Provision for Income Taxes 3,191 885 2,306 260.56 Provision for Income Taxes 1,416 372 (1,044) 280.95
Net Earnings 1,775 513 1,262 245.80
_____ _____ ______ ______
_____ _____ ______ ______
Net Earnings Per Common Share 0.20 0.08 0.12 150.00 Weighted Average Number of Common Shares Outstanding 8,843 6,801 2,042 30.02 -0-
DVI Inc.
Selected Financial Information
Condensed Consolidated Balance Sheets
($ in thousands, except share data and book value)
(Unaudited)
Sept. 30, Sept 30, H (L)
1995 1994 $ %
ASSETS Cash and Cash Equivalents 3,634 2,013 1,621 80.53 Net Investment in Direct Financing Leases and Notes Secured by Equipment 402,311 261,857 140,454 53.64 Other Receivables and Leases 23,142 10,129 13,013 128.47 Other Assets 26,960 28,686 (1,726) 6.02
Total Asset 456,047 302,685 153,362 50.67
_______ _______ _______ _____
_______ _______ _______ _____
Liabilities and Shareholders' Equity Borrowings Under Warehouse Facilities 154,573 83,462 71,111 85.20 Long-Term Financings (Primarily Limited Recourse) 183,517 154,673 28,844 18.65 Convertible Subordinated Notes 13,780 14,189 (409) 2.88 Total Interest Bearing Liabilities 351,870 252,324 99,546 39.45 Other Liabilities 32,807 15,731 17,076 108.55 Total Liabilities 384,677 268,055 116,622 43.51 Shareholders' Equity 71,370 34,630 36,740 106.09
Total Liabilities
and
Shareholders'
Equity 456,047 302,685 153,362 50.67
_______ _______ _______ _____
_______ _______ _______ _____
Book Value per Number Shares Outstanding (Period End) 7.42 5.26 2.16 41.06 Unearned Income 75,051 53,939 21,112 39.14 Number Shares Outstanding (Period End) 9,620 6,588 3,032 46.02 -0- CONTACT: DVI Inc. 714/474-6188 |
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