MEDCROSS REPORTS OPERATING PROFIT FOR THIRD QUARTER
MEDCROSS REPORTS OPERATING PROFIT FOR THIRD QUARTER ST. PETERSBURG, Fla., Nov. 8 /PRNewswire/ -- Medcross, Inc.
(NASDAQ: MDCR) reported an operating profit of $114,307 for the third quarter ended Sept. 30, 1991, but a net loss for the period of $11,494. In the comparable 1990 period the company reported an operating profit of $156,996 and net income of $3,224. Results on a per-share basis were negligible for both the 1991 and 1990 third quarters. Revenues for the 1991 and 1990 third quarters were $632,823 and $856,009 respectively.
For the nine months ended Sept. 30, 1991, the company had a net loss of $242,248, or three cents per share, compared to a net loss of $10,286, a negligible per-share amount, for the 1990 nine-month period. Revenues for the nine months were $1,764,018 in 1991 vs. $2,747,730 in 1990. Robert M. Irvin, Medcross president, said the decline in revenues in part reflects the company's earlier decision to withdraw from the computerized tomography services business, the cessation of its gallstone lithotripsy operations and related reductions in management services contracts. He said the revenues decline was partially offset by an increase in net operating revenues from magnetic resonance imaging (MRI) services to $310,071 in the 1991 third quarter compared to $241,835 in the year's second quarter. MRI operating profits for the second and third quarters of 1991 were $92,004 and $157,454 respectively. Medcross began MRI operations in February 1991. Irvin said selling, general and administrative expenses were down by $44,855 in the third quarter this year compared to a year ago. Part of the decline was due to a cutback in the corporate office staff during the third quarter, he said. The cost-saving effects of the cutback will be even greater in the year's final quarter, he added. On Nov. 7, 1991, Medcross filed additional information with the National Association of Securities Dealers to support the company's appeal of Medcross' recent delisting from the NASDAQ exchange. The company will receive a final decision on its appeal in January, 1992, Irvin said. Medcross forms and operates joint ventures that employ the latest medical diagnostic and therapeutic technologies. MEDCROSS INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY STATEMENT OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 Net revenues $632,823 $856,009 $1,764,018 $2,747,730 Income (loss) before minority interest in net income (loss) of consolidated subsidiaries and income tax benefit 27,213 72,466 (252,416) 215,794 Net income (loss) $(11,494) $3,224 $(242,248) $(10,286) Earnings (loss) per common share -- -- $(0.03) -- Weighted average common shares outstanding 8,560,100 8,487,500 8,558,367 8,487,500
SUBJECT TO YEAR-END AUDIT.
-0- 11/8/91 /CONTACT: Robert M. Irvin, president of Medcross, Inc., 813-521-1793; or Investor Relations Consultants, Inc. 813-796-1452, for Medcross, Inc./ (MDCR) CO: Medcross, Inc. ST: Florida IN: HEA SU: ERN SS-AW -- FL006 -- 2618 11/08/91 13:30 EST
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|Date:||Nov 8, 1991|
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