PRIME MEDICAL SERVICES ANNOUNCES RESULTS FOR THE YEAR ENDED DEC. 31, 1991
PRIME MEDICAL SERVICES ANNOUNCES RESULTS
FOR THE YEAR ENDED DEC. 31, 1991
AUSTIN, Texas, March 17 /PRNewswire/ -- Prime Medical Services, Inc. (NASDAQ: PMSI) today announced its results for the year ended Dec. 31, 1991. Prime reported a net profit of $303,000 or $.03 per share, a significant improvement over the loss of $537,000 or $.06 per share during the year ended Dec. 31, 1990. Several non-recurring items affected these results. In 1991, Prime recorded non-recurring income of $403,000 relating to the settlement of several lawsuits and a $440,000 gain on the sale of an imaging center. These gains were partially offset by $396,000 of other non-recurring expenses. The 1990 results included a gain of $1,287,000 on the sale of an equity investment, which was partially offset by $470,000 of miscellaneous non-recurring expenses.
Revenues for the year ended Dec. 31, 1991 were $12,434,000 compared to $14,402,000 during the year ended Dec. 31, 1990. This decline in revenue is primarily due to the discontinuance of 16 centers in the Cardiac Division and the sale of one imaging center.
Jackie Majors, president, stated, "The year 1991 was an exciting turning point for Prime. We reported the first profitable year since 1986 and we settled all of the lawsuits in which Prime had been incurring significant legal fees during the last several years. Additionally, we completed the restructuring of the Cardiac Division and initiated a new business segment involving clinical drug studies. We are looking forward to continued growth and profitability for the year 1992."
Prime Medical Services, Inc. is engaged in providing non-medical management services to cardiac rehabilitation clinics and imaging centers located in 13 states.
PRIME MEDICAL SERVICES, INC.
Selected Financial Data
(In Thousands, except per share data)
Year ended Dec. 31 1991 1990
Revenues $12,434 $14,402
Net Profit (Loss) $303 $(537)
Earnings (Loss) per share $0.03 $(0.06)
Weighted Average Shares
Used in Computation 8,941 8,409
/CONTACT: Jackie Majors, president, or Cheryl McLeod, vice president-finance of Prime Medical Services, 512-328-2892/
(PMSI) CO: Prime Medical Services Inc. ST: Texas IN: HEA SU: ERN SM -- NY021 -- 8699 03/17/92 10:10 EST