HEALTHINFUSION ANNOUNCES FIRST QUARTER RESULTS
HEALTHINFUSION ANNOUNCES FIRST QUARTER RESULTS MIAMI, May 11 /PRNewswire/ -- HealthInfusion, Inc.
(NASDAQ-NMS: HINF) today announced revenues for the quarter ended March 31, 1992 of $10,233,610 or a 131 percent increase over the 1991 results. Income from operations for the quarter ended March 31, 1992 was $2,211,855 or a 117 percent increase over the same period in 1991. Earnings per common share was $.13 for the quarter ended March 31, 1992 compared to $.10 for the same period in 1991.
In March 1992, HealthInfusion completed the acquisition of three home infusion therapy providers with facilities located in Arizona, California, Maryland and New Jersey. Aggregate revenues for 1991 were $14.3 million. Miles Gilman, president and CEO, stated, "During the first quarter, HealthInfusion continued to exhibit its dynamic growth potential through the acquisition of three quality home infusion therapy providers. Since the company's initial public offering in May 1990, the company has grown from a regional provider with six facilities and 1989 reported revenues of $5.8 million to a national provider with 25 facilities and 1991 pro forma revenues of $45.1 million. The company intends to continue its growth by combining the opening of de novo operations and the acquisition of home infusion therapy providers in selected markets." HealthInfusion is a national provider of home infusion therapy services and supplies to patients in their homes in 24 states from 25 regional facilities located in Arizona, California, Florida, Georgia, Illinois, Indiana, Maryland, New York, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania and Texas. HEALTHINFUSION, INC. FINANCIAL HIGHLIGHTS RESULTS OF OPERATIONS Three Months Ended March 31, 1992 1991 Revenues $10,233,610 $ 4,429,444 Cost of revenues 6,016,217 2,433,151 Operating profit 4,217,393 1,996,293 Operating expenses 2,005,538 976,476 Income from operations 2,211,855 1,019,817 Other, net (113,322) (3,631) Income before income taxes and minority interest 2,098,533 1,016,186 Provision for income taxes 787,633 412,743 Income before minority interest 1,310,900 603,443 Minority interest (105,623) 54,137 Net income $ 1,205,277 $ 657,580 Net earnings per common share -- fully diluted $.13 $.10 Weighted average shares outstanding 10,177,310 6,417,164 FINANCIAL CONDITION March 31, Dec. 31, 1992 1991 Cash and marketable securities $ 1,344,402 $ 7,739,926 Total current assets 22,560,750 20,922,786 Total assets 58,027,943 41,228,197 Current liabilities 9,991,600 2,991,944 Long-term debt 7,115,215 7,073,061 Stockholders' equity $40,015,467 $30,732,684 -0- 5/11/92 /CONTACT: Miles Gilman, president and CEO of HealthInfusion, 305-267-1177/ (HINF) CO: HealthInfusion, Inc. ST: Florida IN: HEA SU: ERN
AW-BR -- FL002 -- 8427 05/11/92 08:37 EDT
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|Date:||May 11, 1992|
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