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MRI MANAGEMENT ASSOCIATES, INC. REPORTS HIGHER SALES AND EARNINGS FOR NINE MONTHS PERIOD

 NEW YORK, Dec. 8 /PRNewswire/ -- MRI Management Associates, Inc. (NASDAQ: MRIM) today announced that net revenues and net income increased to $2,493,889 and $1,026,949 for the nine months ended Sept. 30, 1993 from $1,693,333 and $710,093 for the comparable period ended Sept. 30, 1992. Pro forma net income, and pro forma net income per share for the nine months ended Sept. 30, 1993, after adjustment to reflect federal income taxes, to which the company was not subject and for unpaid executive compensation were $533,324 and $.27 per share, as compared to $379,093 and $.19 per share in the comparable period in 1992. For the three months ended Sept. 30, 1993 net revenues, net income, pro forma net income and pro forma net income per share were $824,100, $362,911, $190,286 and $.10 as compared to $897,833, $346,697, $185,187 and $.09 in the comparable quarter in 1992.
 On Nov. 3, 1993 the company consummated its initial public offering and received net proceeds of $4,500,000 after underwriting discounts but before the expenses of the offering. The company promptly used a portion of these proceeds to complete installation of its first fixed site MRI unit at 254 West 31st Street, New York. The unit is now being calibrated and tested while final decorating work at the premises is being completed. The unit is scheduled to being treating patients on Jan. 2, 1994. The new fixed site unit operates at significantly higher speeds than the mobile unit now being used to the company's initial client and can handle from 8,000 to 9,000 patients per year, depending on the mix of procedures ordered, as compared to 4,000 to 5,000 patients for the mobile unit now being used. The mobile unit generally operated at or near capacity levels during 1993. The company expects revenues to increase by approximately $2,500,000 with its current business in fiscal 1994 because of the substitution of the fixed site unit for the mobile unit. The company also announced that it planned to commence operating a computerized axial tomagraph unit for its second client on or about Jan. 15, 1994.
 MRI Management Associates is a medical management company which provides comprehensive services for the financing, installation and administrative management of magnetic resonance imaging (MRI) facilities.
 MRI MANAGEMENT ASSOCIATES, INC.
 Financial Highlights
 Three Months Nine Months
 Periods ended Sept. 30. 1993 1992 1993 1992
 Sales $824,100 $897,833 $2,493,889 $1,693,333
 Net income 362,911 346,697 1,026,949 710,093
 Pro forma net income 190,286 185,187 533,324 379,093
 Pro forma net income
 per share .10 .09 .27 .19
 Number of shares
 outstanding 2,003,000 2,003,000 2,003,000 2,003,000
 -0- 12/8/93
 /CONTACT: Steven Ravinovici, president of MRI, 212-868-9210, or Sam Witchel of Scharff, Witchel & Co. Inc., 212-983-1060/
 (MRIM)


CO: MRI Management Associates, Inc. ST: New York IN: HEA SU: ERN

MP-LG -- NY077 -- 1840 12/08/93 14:27 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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