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MEDICAL PROPERTIES REPORTS RESULTS

    ENCINO, Calif., Aug. 13 /PRNewswire/ -- Medical Properties Inc. (OTC) today reported a net loss of $519,000, or $0.22 per share for the second quarter ended June 30, 1993, compared to a net loss of $729,000, or $0.31 per share for the comparable prior year period.  Revenues for the second quarter were $303,000 as compared to $182,000 for the same period last year.  The reduction in loss and the increase in revenues are due to the receipt of interest income from the payment of the lease termination note.
    For the six months ended June 30, 1993, the company had a net loss of $1,117,000 or $0.47 per share, as compared to a net loss of $1,674,000 or $0.71 per share for the same period last year.  Revenues for the six months were $587,000 as compared to $190,000 for the same period last year.  The reduction in loss and the increase in revenues were primarily due to the receipt of interest from the payment of the lease termination note.
    The company is in financial default on its debt, and Foothill Capital the debt holder, could commence foreclosure proceedings, and therefore the company could lose all of its assets.
    As previously announced on June 2, 1993, the company was delisted from the American Stock Exchange on July 2, 1993, since it could not comply with certain regulations.  The company's stock is now traded in the Over-the Counter market specifically referred to as the "Pink Sheets".
                        MEDICAL PROPERTIES INC.
                         Statements of Earnings
                              (Unaudited)
                             Three Months Ended        Six Months Ended
                                  June 30,                 June 30,
                              1993        1992         1993        1992
    Revenues:
    Rental income
     - related parties    $214,000     180,000     $403,000     180,000
    Interest income         89,000       2,000      184,000      10,000
    Total                  303,000     182,000      587,000     190,000
    Expenses:
     Depreciation and
      amortization         290,000     290,000      580,000     593,000
     Interest              300,000     419,000      641,000     837,000
     Insurance              48,000      49,000       98,000      99,000
     Other                 184,000     153,000      385,000     335,000
     Total                 822,000     911,000    1,704,000   1,864,000
    Net income (loss)    ($519,000)   (729,000) ($1,117,000) (1,674,000)
    Net income (loss)
     per share              ($0.22)      (0.31)      ($0.47)      (0.71)
    Weighted average
     shares outstanding  2,357,900   2,357,900    2,357,900   2,357,900
    -0-             08/13/93
    CONTACT:  William N. Hartauer, president of Medical Properties, 818-902-2270; or Melvyn S. Rifkind of Melvyn S. Rifkind Inc., 818-783-8323, for Medical Properties CO:  MEDICAL PROPERTIES INC. IN:  MTC SU:  ERN ST:  CA


-- LA033 -- X693 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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