Medicore, Inc. Reports Second Quarter 2002 Results.Business Editors/Health & Medical Writers HIALEAH Hialeah (hīəlē`ə), city (1990 pop. 188,004), Dade co., SE Fla., NW of Miami; inc. 1925. Its industries include printing and the making of metal and plastic goods. Nearby Miami International Airport is a major employer. , Fla.--(BUSINESS WIRE)--Aug. 13, 2002 Medicore, Inc. (Nasdaq:MDKI) announced revenues of $6,749,000 with net income of $133,000 or $.02 per share compared to revenues of $4,683,000 with a net loss of $(613,000) for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the second quarter of 2001. Including a loss of $(956,000) from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and a gain of $2,605,000 on our sale of discontinued operations, the second quarter of 2001 reflected net income of $1,036,000 or $.18 per share. Revenues for the first half of 2002 amounted to $12,707,000 with net income of $151,000 or $.02 per share, compared to revenues of $8,850,000 with a net loss of $(631,000) for continuing operations for the first half of 2001. Including a loss of $(963,000) from discontinued operations and the $2,605,000 gain on our sale of discontinued operations, the first half of 2001 reflected net income of $1,011,000 or $.18 per share. Discontinued operations, represents our former electro-mechanical operations, in which we sold our interest in June 2001. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs K. Langbein, Chief Executive Officer and President commented: "We are very pleased with the continued growth in sales revenues and profitability of our majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , Dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. Corporation of America ("DCA (1) (Document Content Architecture) IBM file formats for text documents. DCA/RFT (Revisable-Form Text) is the primary format and can be edited. DCA/FFT (Final-Form Text) has been formatted for a particular output device and cannot be changed. "). We anticipate that DCA's planned and controlled development program, coupled with our effective operating performance, will result in continued expansion. DCA is presently developing one new center in Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). and another in Ohio and is pursuing various promising development opportunities. In 2000, we initiated a segment involved in incubating high tech companies, with an initial investment and also a loan of $2,200,000 to Linux Global Partners, a private company which invests in Linux software companies and is attempting to market a Linux software desktop system. Linux Global Partners, like all development-stage companies, requires liquidity. We hold approximately 12% interest in Linux Global Partners, and DCA holds approximately 2% of Linux Global Partners. We remain enthusiastic regarding our investment in Linux Global Partners." Mr. Langbein is a director of Linux Global Partners. The company is engaged in the operation of kidney dialysis Dialysis, Kidney Definition Dialysis treatment replaces the function of the kidneys, which normally serve as the body's natural filtration system. centers through DCA, which has 12 centers in Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , New Jersey and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , and a 40% interest in an Ohio center. The company also distributes medical products and invests in and incubates technology companies, presently only Linux Global Partners. This release contains 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. that are subject to risks and uncertainties, including but not limited to, general economic conditions, the challenges in attempting to develop start-up Start-up The earliest stage of a new business venture. technology companies, the likelihood of realizing its investment in Linux Global Partners, regulation of dialysis operations, government rate determination for Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for dialysis treatments, the highly competitive environment in the operation, development and acquisition of dialysis centers and other risks detailed from time to time in the company's Annual Report on 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. for the year ended December 31, 2001, and filings with the Securities and Exchange Commission.
MEDICORE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
Revenues: 2002 2001 2002 2001
---- ---- ---- ----
Sales:
Product sales $ 220,685 $ 203,937 $ 461,720 $ 412,680
Medical service
revenues 6,315,478 4,299,145 11,803,523 8,095,294
------------ ------------ ------------ ------------
Total sales 6,536,163 4,503,082 12,265,243 8,507,974
Other income 212,700 179,442 441,417 341,778
------------ ------------ ------------ ------------
6,748,863 4,682,524 12,706,660 8,849,752
Cost and expenses:
Cost of sales:
Cost of product
sales 140,284 379,874 286,850 538,345
Cost of medical
services 3,717,051 2,803,140 7,111,712 5,263,499
------------ ------------ ------------ ------------
Total cost of
sales 3,857,335 3,183,014 7,398,562 5,801,844
Selling, general
and administrative
expenses 2,159,305 2,679,278 4,221,543 4,010,684
Provision for
doubtful accounts 242,156 122,190 428,183 196,083
Interest expense 61,327 63,765 118,530 108,328
------------ ------------ ------------ ------------
6,320,123 6,048,247 12,166,818 10,116,939
Income (loss) from
continuing
operations before
income taxes,
minority interest
and equity in
affiliate earnings
(loss) 428,740 (1,365,723) 539,842 (1,267,187)
Income tax provision
(benefit) 166,087 (826,697) 237,823 (808,876)
------------ ------------ ------------ ------------
Income (loss) from
continuing
operations before
minority interest
and equity in
affiliate earnings
(loss) 262,653 (539,026) 302,019 (458,311)
Minority interest
in income of
consolidated
subsidiaries 143,398 69,001 211,087 126,680
Equity in affiliate
earnings (loss) 13,621 (5,236) 60,325 (46,391)
------------ ------------ ------------ ------------
Net income (loss)
from continuing
operations 132,876 (613,263) 151,257 (631,382)
Discontinued operations:
Loss from operations
of electro-mechanical
manufacturing
operations, net of
applicable income
tax (benefit)
provision of
$(114,000) and
$25,000 -- (955,623) -- (962,814)
Gain on disposal of
electro-mechanical
manufacturing
operations, net of
applicable income
taxes of
$1,600,000 -- 2,605,175 -- 2,605,175
------------ ------------ ------------ ------------
Net income $ 132,876 $ 1,036,289 $ 151,257 $ 1,010,979
============ ============ ============ ============
Earnings per share:
Basic $ .02 $ .18 $ .02 $ .18
============ ============ ============ ============
Diluted $ .02 $ .18 $ .02 $ .18
============ ============ ============ ============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion