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ALLIANCE IMAGING REPORTS SECOND QUARTER RESULTS

 ORANGE, Calif., July 30 /PRNewswire/ -- Alliance Imaging Inc. (NASDAQ: SCAN) today reported financial results for the second quarter and six months ended June 30, 1993.
 Revenues for the second quarter were $15,433,000, 8 percent below revenues of $16,833,000 for the same quarter of 1992. The company reported a net loss for the quarter of $(288,000), or (4 cents) per share compared with net income of $775,000, or 11 cents per share, last year. Weighted average shares outstanding were 7,114,000 for the recent quarter versus 7,115,000 in the second quarter of 1992.
 For the six month period, revenues were $30,466,000 compared with $30,662,000 in 1992. The net loss for the period totaled $(739,000), or (10 cents) per share, compared with net income of $1,328,000, or 20 cents per share, in the prior year.
 "Our second quarter results continued to reflect the difficult operating environment for the imaging industry," said Richard N. Zehner, chairman, president and chief executive officer. "Scan volumes remain low, the result of the slow economy, high unemployment levels and great uncertainty about the cost-cutting measures to come out of Washington, D.C., which has created more stringent utilization review by payors. These factors have created intense competition among providers and MRI equipment manufacturers.
 "While we reported a net loss for the second quarter," Zehner continued, "it was below the loss incurred in the first quarter of $(451,000). The company is realizing the benefits of cost-cutting measures implemented earlier in the year and will continue to focus on cost reductions for the balance of 1993."
 "In addition, there were several very positive business developments in the quarter," added Zehner. "Our 50 percent-owned full service imaging center opened in Fresno, Calif., in April. We signed a five- year contract and commenced operations with Visalia Community Hospital in Visalia, Calif., for the operation of a CT scanner. MRI centers were opened at Phoenixville Hospital, Phoenixville, Penn., and San Ramon Regional Hospital in San Ramon, Calif. Finally, we completed a 49.5 percent investment in the Georgia Magnetic Imaging Center in Macon, Ga., further expanding our network. Today, Alliance Imaging has over 200 MRI sites in 26 states.
 "We remain committed to improving our financial performance. In addition to the expense reduction measures taken, we are committing additional resources to increase our sales and marketing efforts in order to generate additional revenue on existing MRI units. We believe the long-term prospects for the imaging business are excellent and will continue to build our business in select markets so that we can maintain our leadership position in the industry."
 Alliance Imaging is a leading provider of comprehensive MRI services to all 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 71 MRI units and nine CT units nationwide.
 ALLIANCE IMAGING INC.
 SELECTED FINANCIAL DATA FOR THE THREE AND
 SIX MONTHS ENDED JUNE 30, 1993
 Three Months Ended
 June 30: 1993 1992
 Revenues $15,433,000 $16,833,000
 Net Income (Loss) $ (288,000) $ 775,000
 Earnings (Loss) Per Share $ .04) $ 0.11
 Average Shares Outstanding 7,114,000 7,115,000
 Six Months Ended
 June 30: 1993 1992
 Revenues $30,466,000 $30,662,000
 Net Income (Loss) $ (739,000) $ 1,328,000
 Earnings (Loss) Per Share $ (0.10) $ 0.20
 Average Shares Outstanding 7,114,000 6,783,000
 -0- 7/30/93
 /CONTACT: Vincent S. Pino, executive vice president of Alliance Imaging Inc., 714-921-5656; or Douglas Sherk or Jenifer Kirtland, 415-296-7383, or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke for Alliance Imaging Inc./
 (SCAN)


CO: Alliance Imaging Inc. ST: California IN: MTC SU: ERN

LH-LM -- SF003 -- 7562 07/30/93 06:30 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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