ALLIANCE IMAGING REPORTS THIRD QUARTER RESULTS
ALLIANCE IMAGING REPORTS THIRD QUARTER RESULTS ORANGE, Calif., Oct. 26 /PRNewswire/ -- Alliance Imaging Inc.
(NASDAQ: SCAN) today reported earnings for the third quarter and nine months ended Sept. 30, 1992.
Revenue for the third quarter was $16,655,000, 23 percent above revenue in the third quarter of 1991 of $13,531,000. Net income for the quarter was $386,000, or 5 cents per share, compared with $583,000 last year, or 15 cents per share. Weighted average shares outstanding were 7,115,000 in the third quarter of 1992 versus 3,822,000 for the same period of 1991. For the nine months ended Sept. 30, 1992, revenue was $47,118,000, up 21 percent from $38,885,000 for the comparable period last year. Net income increased 48 percent to $1,714,000 for the first nine months of 1992 from $1,159,000 in 1991. Earnings per share were 25 cents compared with 30 cents last year. "The slowdown in the economy, especially in southern California, and increased unemployment over prior year levels had a significant impact on our third quarter results," said Richard Zehner, chairman, president and chief executive officer. "In addition, the strain on hospital capital budgets and slowdown in the rate of new MRI unit sales has forced MRI manufacturers to become increasingly price-competitive. This factor primarily affects our efforts to place older MRI units under long-term, full-time contracts, and we've responded by being equally competitive." At Sept. 30, 1992, the company operated 50 mobile and 20 full-time units. This compares with 40 mobile and 11 full-time units at Sept. 30, 1991. Total scan volume during the recent third quarter was 30,516 compared with 23,648 in 1991. For nine months, total scan volume was 84,615 in 1992 versus 67,629 last year. 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 70 MRI units and six CT units nationwide. ALLIANCE IMAGING INC. Selected Financial Data For the Three Months and Nine Months Ended Three Months Ended 9/30/92 9/30/91 Revenues $16,655,000 $13,531,000 Net income 386,000 583,000 Earnings per share $0.05 $0.15 Average shares outstanding 7,115,000 3,822,000 Nine Months Ended 9/30/92 9/30/91 Revenues $47,118,000 $38,885,000 Net income 1,714,000 1,159,000 Earnings per share $0.25 $0.30 Average shares outstanding 6,894,000 3,850,000 -0- 10/26/92 /CONTACT: Doug 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: CPR HEA SU: ERN
ML-TM -- SF001 -- 4500 10/26/92 06:31 EST
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|Date:||Oct 26, 1992|
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