PRIME MEDICAL SERVICES ANNOUNCES RESULTS OF OPERATIONS
FOR THIRD QUARTER OF 1991
AUSTIN, Texas, Nov. 12 /PRNewswire/ -- Prime Medical Services, Inc. ("Prime") (NASDAQ: PMSI), today announced its operating results for the quarter ended Sept. 30, 1991. Prime reported a net profit of $72,000 or $.01 per share compared to a profit of $393,000 or $.05 per share during the third quarter of 1990. The profit in 1990 included a net gain of $817,000 for certain non-recurring items, primarily due to the profit recognized on the sale of an equity investment. The net profit for the nine months ended Sept. 30, 1991, was $181,000 compared to a loss of $258,000 for the nine months ended Sept. 30, 1990.
Revenues for the three months and nine months ended Sept. 30, 1991, were $3,116,000 and $9,542,000, respectively. This was a decrease from revenues of $3,478,000 and $10,935,000 for the corresponding periods in 1990. This decline in revenue is primarily due to discontinued operations in the Cardiac Division and the sale of one imaging center.
Jackie Majors, president, stated, "As we approach the end of 1991, we are completing the restructuring of the Cardiac Division which we began earlier this year. And as we previously announced, we recently settled all lawsuits relating to certain alleged false and misleading financial statements for periods prior to Jan. 1, 1988. The finalization of these two items will allow us to focus on enhancing current operations and pursuing growth opportunities during 1992."
Prime Medical Services, Inc., is engaged in providing non-medical management services to 38 cardiac rehabilitation clinics and six imaging centers located in 13 states.
PRIME MEDICAL SERVICES, INC.
Selected Financial Data
(In thousands, except per share data)
Periods ended Three Months Nine Months
Sept. 30 1991 1990 1991 1990
Revenues $ 3,116 $ 3,478 $ 9,542 $10,935
Net profit (loss) $ 72 $ 393 $ 181 $ (258)
Earnings (loss) per share $ 0.01 $ 0.05 $ 0.02 $ (0.03)
Weighted average shares 8,530 8,393 8,428 8,422
/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 GK -- NY035 -- 3381 11/12/91 10:42 EST