Printer Friendly

HEALTHCARE IMAGING SERVICES REPORTS ANNUAL AND FOURTH QUARTER EARNINGS

HEALTHCARE IMAGING SERVICES REPORTS ANNUAL AND FOURTH QUARTER EARNINGS
 SHREWSBURY, N.J., March 18 /PRNewswire/ -- HealthCare Imaging Services, Inc. (NASDAQ: HISS) and predecessor entities today reported operating income of $1,573,794 and net income of $819,067 or $.37 per share for the year ended Dec. 31, 1991, compared to operating income of $722,507 and net income of $381,507 or $.19 per share for the year ended Dec. 31, 1990.
 Operating income was $351,338 and net income was $170,061 or $.06 per share based upon 2,782,725 common shares outstanding for the three months ended Dec. 31, 1991, compared to operating income of $266,130 and net income of $140,530 or $.07 per share based upon 2 million common shares outstanding for the comparable period of 1990.
 HEALTHCARE IMAGING SERVICES, INC.
 Condensed Statements of Income
 Periods Ended Year Fourth Quarter
 Dec. 31 1991 1990 1991 1990
 (Audited) (Unaudited)
 Revenues $5,958,095 $2,857,103 $1,802,237 $805,705
 Expenses 4,384,301 2,134,596 1,450,899 539,575
 Income before
 taxes and minority
 interest of Edgewater
 joint venture 1,573,794 722,507 351,338 266,130
 Income tax expense 739,400 341,000 153,200 125,600
 Income before
 minority interest
 of Edgewater joint
 venture 834,394 381,507 198,138 140,530
 Minority interest
 in net income of
 Edgewater joint
 venture (7,215) -- (19,965) --
 Net income before
 preferred
 dividends 827,179 381,507 178,173 140,530
 Dividends on
 preferred stock (8,112) -- (8,112) --
 Net income 819,067 381,507 170,061 140,530
 Earnings per
 common share $.37 $.19 $.06 $.07
 Weighted average
 common shares
 outstanding 2,197,299 2,000,000 2,782,725 2,000,000
 In addition to the above financial results, HealthCare Imaging Services, Inc. announced the following significant events occurring in the fourth quarter:
 1. The company consummated its initial public offering on Nov. 19, 1991, and raised approximately $5,850,000, net of expenses.
 2. The company commenced the renovation and upgrade of its Magnetic Resonance Imaging ("MRI") facility in Brooklyn, N.Y., replacing the existing Siemens MRI system with a state-of-the-art Siemens 1.0 Magnetom Impact system. This new system is expected to become operational during the first week of April 1992.
 3. The company acquired two mobile units in addition to the mobile unit placed into operation in January 1991, one of which is the first Hitachi MRP-7000 ever installed in a mobile trailer.
 4. The company's joint venture MRI facility in Edgewater, N.J., became profitable in the fourth quarter of 1991 less than five months after being placed into operation.
 5. The company commenced construction of its Wayne, N.J., joint venture MRI facility, which is expected to become operational during the first week of April 1992.
 6. The company commenced construction of its Philadelphia, Pa., joint venture MRI facility, which is expected to become operational in the summer of 1992.
 HealthCare Imaging Services, Inc. is a health care management and services company that supplies state-of-the-art health care equipment, facilities, and services to physicians, hospitals, and other health care providers. The company's current operations are engaged in the business of establishing and operating fixed-site and mobile MRI facilities.
 -0- 3/18/92
 /CONTACT: Calvin M. Sprung, controller of HealthCare Imaging Services, 908-542-3311/
 (HISS) CO: HealthCare Imaging Services, Inc. ST: New Jersey IN: HEA SU: ERN


PS -- NY004 -- 9095 03/18/92 09:30 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 18, 1992
Words:580
Previous Article:HUMANA REPORTS EARNINGS PER SHARE DECLINED 4 PERCENT IN SECOND QUARTER
Next Article:SPORTS MEDIA SIGNS CONTRACT WITH NATIONAL HOCKEY LEAGUE
Topics:


Related Articles
HEALTHCARE IMAGING SERVICE REPORTS THIRD QUARTER EARNINGS
U.S. HEALTHCARE REPORTS RESULTS FOR THE FOURTH QUARTER AND RECORD JANUARY MEMBERSHIP GROWTH
UNITED HEALTHCARE REPORTS RECORD YEAR-END RESULTS
UNITED HEALTHCARE REPORTS RECORD YEAR-END RESULTS; BOARD DECLARES DIVIDEND, ELECTS NEW DIRECTOR
HEALTHCARE IMAGING SERVICES, INC. REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS
UNITED HEALTHCARE REPORTS RECORD 1993 YEAR-END, FOURTH QUARTER RESULTS; NET EARNINGS FOR YEAR UP 55 PERCENT; FOURTH QUARTER NET EARNINGS UP 64 PERCENT
UNITED HEALTHCARE REPORTS RECORD YEAR AND FOURTH QUARTER 1994'S $1.77 NET EPS FROM OPERATIONS UP 44 PERCENT OVER 1993'S $1.23
MEDICAL RESOURCES, INC. ANNOUNCES RECORD EARNINGS FOR 1995
Sun Healthcare Group Restates Earnings For 1994 And 1995; No Impact On Performance In 1996 Or Beyond
United American Healthcare Corporation Reports Fourth Quarter and Fiscal Year-End Financial Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters