MEDISYS REPORTS THIRD QUARTER EARNINGS PER SHARE
MEDISYS REPORTS THIRD QUARTER EARNINGS PER SHARE MINNEAPOLIS, Sept. 24 /PRNewswire/ -- Medisys, Inc. (NASDAQ: MEDS)
today announced that it anticipates earnings per share for the third quarter ending Sept. 30, 1992 to be lower than the third quarter of 1991 as a result of lower than anticipated revenues and higher than expected discounts by third party payors in the Minnesota market, expansion costs, and a substantial increase in shares outstanding. for the third quarter of 1991, Medisys had net income of $153,293 or four cents per share on revenues of $2,686,018.
Weighted shares outstanding for the prior year's period were 3,770,000 versus approximately 6 million for the current year's third quarter.
"We have seen a drop in patient admittance similar to the drop in admissions that affected the Twin Cities/Minnesota medical community in general during the summer months," said William Brummond, Medisys CEO. "In the first nine months of 1992, we have grown more dramatically that anytime in our corporate history. We have opened two new regional operating centers and completed one acquisition," Brummond continued. "We are continuing our efforts to acquire additional compatible businesses and to open new regional operating centers." "Although the base of our business has substantially expanded, Minnesota is our first and still our largest market. We believe that our pursuit of expansion and growth in other markets will help balance our revenue and earnings and decrease our dependence on any one market," Brummond noted. "In spite of the disappointing third quarter, we anticipate a profitable fourth quarter and an increase in year-end results due to cost containment measures and a more aggressive marketing effort," Brummond said in conclusion. Medisys, established in 1987, provides comprehensive home infusion therapy services and products through center in Minnesota, Missouri, Wisconsin, Texas, and Ohio under the name "CareVan Medical Systems." Medisys also provides comprehensive pharmacy services to long-term care and retirement communities. Such services include prescription dispensing, pharmaceutical consulting, IV therapy, enteral therapy and medical supplies. -0- 9/24/92 /CONTACT: William Brummond, CEO, or David Byrd, CFO, 612-835-8300, both of Medisys/ (MEDS) CO: Medisys, Inc. ST: Minneapolis IN: MTC SU: ERP
TS-LR -- NY011 -- 2950 09/24/92 09:18 EDT
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|Date:||Sep 24, 1992|
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