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HealthCare Imaging Services, Inc. Reports Third Quarter 1996 Financial Results

MIDDLETOWN, N.J., Nov. 21 /PRNewswire/ -- HealthCare Imaging Services, Inc. (Nasdaq: HISS) today reported operating income of $200,400, before non-cash compensation charges, minority interests in joint ventures and income taxes, and a net loss of $271,155 (which includes a non-cash compensation charge of $368,994), or $.06 per share, for the three months ended September 30, 1996, compared to an operating loss of $75,124, before minority interests in joint ventures and income taxes, and a net loss of $189,353, or $.04 per share, for the three months ended September 30, 1995. For the nine months ended September 30, 1996, the Company reported operating income of $480,926, before non-cash compensation charges, minority interests in joint ventures and income taxes, and a net loss of $909,739 (which includes a non-cash compensation charge of $1,075,425), or $.19 per share, compared to operating income of $79,754, before minority interests in joint ventures and income taxes, and a net loss of $302,784, or $.06 per share for the nine months ended September 30, 1995.

The improvement in the net operating results before amortization of the non-cash compensation charges of $1,075,425 for the nine months ended September 30, 1996 as compared to the nine months ended September 30, 1995 was due primarily to the Company's continued efforts to restructure its less profitable operations and facilities which resulted in a decline in operating expenses of approximately $542,000 with a corresponding decrease in revenues of approximately $141,000.

The following are consolidated condensed unaudited statements of operations for the periods indicated:
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1996 1995 1996 1995
 Revenues $2,425,043 $2,330,279 $7,062,991 $7,204,293


Operating expenses

before non-cash

compensation
 charge 2,224,643 2,405,403 6,582,065 7,124,539


Income (loss) before

non-cash compensation

charge, minority

interests in joint

ventures and income
 taxes 200,400 (75,124) 480,926 79,754


Minority interests
 in joint ventures (91,250) (99,003) (276,240) (273,817)


Non-cash compensation
 charge (368,994) -- (1,075,425) --


Operating loss before
 income taxes (259,844) (174,127) (870,739) (194,063)
 Income tax provision 11,311 15,226 39,000 108,721
 Net loss $(271,155) $(189,353) $(909,739) $(302,784)


Weighted average

common shares
 outstanding 4,711,974 4,711,974 4,711,974 4,711,974


Net lose per
 common share $(.06) $(.04) $(.19) $(.06)


This communication may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that may or may not materialize. These forward-looking statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially. Additional information on factors that could potentially affect the Company or its financial results may be included in the Company's filings with the Securities and Exchange Commission.

HealthCare Imaging Services, Inc. is a healthcare management and services company, specializing in magnetic resonance imaging, that provides state-of-the-art healthcare equipment, facilities and services to physicians, hospitals and other healthcare providers. The Company currently owns and operates five fixed-site imaging centers in New York, New Jersey and Pennsylvania. In addition, as announced earlier this month by the Company, a sixth fixed site is currently under construction at Meadowlands Hospital Medical Center in Secaucus, New Jersey and is expected to commence operations on or about January 1, 1997.

SOURCE HealthCare Imaging Services, Inc.
 -0- 11/21/96


/CONTACT: Elliott H. Vernon, president, chairman of the board and chief executive officer of HealthCare Imaging Services, 908-224-9292/

(HISS)

CO: HealthCare Imaging Services, Inc. ST: New Jersey IN: HEA SU: ERN

MT-DC -- NYTH118 -- 5549 11/21/96 16:00 EST http://www.prnewswire.com
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Date:Nov 21, 1996
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