ALLIANCE IMAGING REPORTS SECOND QUARTER RESULTS
ALLIANCE IMAGING REPORTS SECOND QUARTER RESULTS ORANGE, Calif., July 27 /PRNewswire/ -- Alliance Imaging Inc.
(NASDAQ: SCAN) today reported record revenue and net income for the quarter and six months ended June 30, 1992.
Revenue for the quarter was $16,743,000, a 27 percent increase over 1991 second quarter revenue of $13,196,000. Net income for the quarter was $775,000, up 50 percent from $516,000 one year ago. Earnings per share were $.11 as compared to $.13, reflecting the increase in weighted average shares outstanding to 7,115,000 in the 1992 period from 3,838,000 in 1991. For the six months ended June 30, 1992, revenue was $30,463,000, up 20 percent from $25,354,000 for the first six months of 1991. Net income rose 131 percent to $1,328,000 from $576,000. Earnings per share were $.20 versus $.15, an increase of 33 percent, as weighted average shares outstanding were 6,783,000 in the 1992 period compared to 3,865,000 in the prior year. "Our results for the first half of 1992 continue our track record of generating consistent revenue and earnings growth. During the quarter, we increased the number of MRI units operated by the company to 67 from 49 as of June 30, 1991. Since the beginning of 1992, we have added 16 units, including 10 units acquired through the acquisition of Atlantic/Gulf Imaging. Average scans per day for the quarter were off slightly due to economic conditions and the increased number of customers who converted to full-time usage during past 12 months. Over time, we expect these full-time sites to increase the average number of scans per day," said Richard Zehner, chairman, president and chief executive officer. As of June 30, Alliance had 19 full-time units, up from nine one year ago and approximately one-fourth of the company's revenue is generated from full-time service customers. "We've been extremely successful at using our mobile MRI units to create new markets outside of major metropolitan areas and, then, as we build market demand, convert appropriate mobile sites to full-time sites. This approach dramatically reduces the risk of developing new markets," explained Zehner. The company currently services over 200 MRI customers compared to 153 at Dec. 31, 1991. "Alliance Imaging is helping hospitals in many secondary markets lower the cost of providing advanced medical technologies, such as MRI. As a result, our services benefit both the hospital as well as the patients," added Zehner. Looking forward, Zehner expressed optimism about the remainder of 1992. "Recently, we entered our 26th state with the signing of two mobile-site service contracts in the state of Washington and our acquisition of Atlantic/Gulf Imaging contributed to the second quarter results. With consistent expansion of our operations with additional MRI units, we're optimistic that growth in 1992 will continue." 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 67 MRI units and six CT units nationwide. ALLIANCE IMAGING INC. Selected Financial Data for the Three and Six Months Ended Three Months Ended June 30, 1992 June 30, 1991 Revenues $16,743,000 $13,196,000 Net Income $ 775,000 $ 516,000 Earnings Per Share $.11 $.13 Average Shares Outstanding 7,115,000 3,838,000 Six Months Ended June 30, 1992 June 30, 1991 Revenues $30,463,000 $25,354,000 Net Income $ 1,328,000 $ 576,000 Earnings Per Share $.20 $.15 Average Shares Outstanding 6,783,000 3,865,000 -0- 7/27/92 /CONTACT: Douglas Sherk or Jenifer Kirtland, 415-296-7383; or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke Associates for Alliance Imaging/ (SCAN) CO: Alliance Imaging Inc. ST: California IN: MTC SU: ERN
MM-DG -- SF001 -- 3307 07/27/92 07:31 EDT
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|Date:||Jul 27, 1992|
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