ALLIANCE IMAGING, INC. 1991 NET INCOME UP 84 PERCENT
ALLIANCE IMAGING, INC. 1991 NET INCOME UP 84 PERCENT LA PALMA, Calif., March 12 /PRNewswire/ -- Alliance Imaging, Inc.
(NASDAQ: SCAN) announced today record revenues and net income for the year ended Dec. 31, 1991. Revenues for 1991 increased 12 percent to $52,021,000 from $46,434,000 in 1990. Net income was up 84 percent to $1,324,000 from $721,000 in 1990. Earnings per share rose 68 percent to $.32 per share from $.19 per share in 1990.
The sum of earnings per share for the four quarters of 1991 was slightly higher at $.33. The difference resulted from different weighted average numbers of shares used for computing per share earnings in the fourth quarter and total year periods as a result of the company's initial public offering in November 1991. Richard N. Zehner, chairman, president and chief executive officer, noted that the company's results reflect the addition of nine MRI units during 1991. During the first quarter of 1992, the company has added five additional MRI units. Proceeds from the stock offering provided funds to repay debt as well as to allow the company to add additional MRI units. Mr. Zehner also noted that the recently announced acquisition of Atlantic/Gulf Imaging is proceeding on schedule and is expected to be completed by the end of March. Atlantic/Gulf Imaging currently operates 10 MRI units in eight Southeastern states. Alliance Imaging is a leading provider of comprehensive MRI services to hospitals and other health care providers. Services are provided on both a mobile, shared-user basis as well as on a full-time basis to single customers. The company currently operates 57 MRI units and six CT units nationwide. ALLIANCE IMAGING, INC. CONSOLIDATED STATEMENTS OF IMCOME Periods ended Dec. 31 Three Months Twelve Months 1991 1990 1991 1990 Revenues $13,136,000 $11,705,000 $52,021,000 $46,434,000 Operating exp. 5,956,000 4,963,000 22,427,000 18,586,000 Depreciation 2,590,000 2,349,000 9,926,000 9,022,000 Total 4,590,000 4,393,000 19,668,000 18,826,000 G&A expenses 1,459,000 1,409,000 5,848,000 5,672,000 Interest expense, net 2,839,000 2,928,000 11,717,000 11,868,000 Income bef. provision for income taxes 292,000 56,000 2,103,000 1,286,000 Provision for inc. taxes 127,000 25,000 779,000 565,000 Net income $ 165,000 $ 31,000 $ 1,324,000 $ 721,000 Earnings per share $.03 $.01 $.32 $.19 Average shares outstng. 5,087,000 3,896,000 4,162,000 3,896,000 -0- 3/12/92 /CONTACT: Vincent Pino, executive vice president of Alliance Imaging, Inc., 714-670-1479/ (SCAN) CO: Alliance Imaging, Inc. ST: California IN: HEA SU: ERN
AH -- NY083 -- 7597 03/12/92 17:54 EST
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|Date:||Mar 12, 1992|
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