QUAL-MED ANNOUNCES THIRD QUARTER GAINS
QUAL-MED ANNOUNCES THIRD QUARTER GAINS PUEBLO, Colo., Nov. 14 /PRNewswire/ -- Qual-Med Inc.
(NASDAQ: QLMD) today reported that its revenues for the third quarter ended Sept. 30, 1991 increased 86 percent to $70.6 million compared to revenues of $37.9 million for the same quarter last year. Earnings rose 219 percent to $5.7 million or $0.34 per share, compared to last year's third quarter earnings of $1.8 million or $0.16 per share.
For the nine months ended Sept. 30, Qual-Med reported revenues of $212.8 million for an increase of 105 percent over revenues of $104.0 million for the same period a year ago. Net income for the nine months increased 357 percent to $13.9 million or $1.04 per share compared to last year's income of $3.1 million or $0.30 per share. Dr. Malik Hasan, chairman, president, and chief executive officer, said that Qual-Med is continuing to engage in increasing its marketing activities, upgrading its management information system capabilities and considering potential acquisitions. "We are hopeful that the investments in these activities will lead to continued growth," he said. Qual-Med, headquartered in Pueblo, provides comprehensive health care services to approximately 224,000 members in California, Colorado, Idaho, New Mexico, Oregon, and Washington. Its members pay a fixed monthly premium for services rendered and choose among a broad network of independent primary care physicians. QUAL-MED, INC. Quarter, Sept. 30, 1991 1990 Revenues $70,588,000 $37,865,000 Net Income $ 5,740,000 $ 1,801,000 Average Shares 17,072,553 11,112,885 Net Income Per Share(a) $0.34 $0.16 Nine Months, Sept. 30, 1991 1990 Revenues $212,780,000 $103,974,000 Net Income $ 13,949,000 3,053,000 Average Shares 13,439,314 10,091,796 Net Income Per Share(a) $1.04 $0.30 (a) Primary -0- 11/14/91 /CONTACT: Keith Hovland EVP, finance and administration of Qual-Med, Inc., 719-542-0500/ (QLMD) CO: Qual-Med Inc. ST: Colorado IN: HEA SU: ERN SE -- LA003 -- 4254 11/14/91 08:33 EST
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|Date:||Nov 14, 1991|
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