MEDCROSS REPORTS SECOND CONSECUTIVE PROFITABLE QUARTER
MEDCROSS REPORTS SECOND CONSECUTIVE PROFITABLE QUARTER ST. PETERSBURG, Fla., Aug. 14 /PRNewswire/ -- Medcross, Inc.
(NASDAQ: MDCR) today reported net income of $10,979 for the second quarter ended June 30, 1992. In the comparable 1991 period the company reported a net loss of $86,092. Results on a per-share basis were negligible for the 1992 second quarter and a loss of one cent for the 1991 period. Revenues for the 1992 and 1991 second quarters were $563,057 and $628,257 respectively.
For the six months ended June 30, 1992, the company had net income of $19,836, a negligible per-share amount, compared to a net loss of $230,754 or three cents per share, for the 1991 six-month period. Revenues for the six months were $1,146,012 in 1992 vs. $1,131,195 in 1991. Robert M. Irvin, Medcross president, said the decline in second- quarter revenues in 1992 compared to 1991 reflects the company's earlier decision to withdraw from the computerized tomography services business and the cessation of its gallstone lithotripsy operations. He said the revenues decline was partially offset by an increase in net operating revenues from magnetic resonance imaging (MRI) services, which were $371,499 in the 1992 second quarter compared to $241,835 in the 1991 second quarter. MRI operating profits for the second quarter of 1992 and 1991 were $167,113 and $92,004 respectively. MRI net operating revenues were $755,329 for the six months ended June 30, 1992, as compared to $359,385 in the same period of 1991. MRI operating profits were $372,703 and $105,030 respectively for the six months ended June 30, 1992 and 1991. Medcross began MRI operations in February 1991. Medcross forms and operates joint ventures that employ the latest medical diagnostic and therapeutic technologies. MEDCROSS, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY STATEMENT OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 1992 1991 1992 1991 Net revenues $563,057 $628,257 $1,146,012 $1,131,195 Income (loss) before minority interest in net income (loss) of consolidated subsidiaries and income tax expense 50,058 (78,011) 199,216 (279,629) Net income (loss) $ 10,979 $(86,092) $ 19,836 $(230,754) Earnings (loss) per common share -- $(.01) -- $(.03) Weighted average common shares outstanding 9,035,300 8,557,500 8,800,300 8,557,500 SUBJECT TO YEAR-END AUDIT. -0- 8/14/92 /CONTACT: Robert M. Irvin, president of Medcross, Inc., 813-521-1793; or Investor Relations Consultants, Inc., 813-796-1452, for Medcross, Inc./ (MDCR) CO: Medcross, Inc. ST: Florida IN: HEA SU: ERN
AW-SS -- FL001 -- 9863 08/14/92 08:38 EDT
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|Date:||Aug 14, 1992|
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