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LEMOYNE, Pa.--(BUSINESS WIRE)--April 6, 1999--Dialysis
Corporation of America (Nasdaq:DCAI.O) reported results for the year
ended December 31, 1998. Total revenues for the year were $4,004,000
compared to $9,221,000 for 1997, with 1997 revenues including a gain
of $4,431,000 on the sale of the Company's Florida dialysis
operations. Net loss for the year ended 1998 was $204,000 compared to
net income of $1,993,000 for 1997, with the difference mainly
attributable to the gain in 1997 on the sale of the Florida dialysis
operations. The basic and diluted net loss per share was $.06 for 1998
compared to net income per share of $.56 basic and $.55 diluted for
1997.
Bart Pelstring, President of the Company, stated, "Operations
were on course with management's business strategy to establish
alliances with physicians, hospitals and related health care
organizations, to continue to emphasize high quality patient care, and
to provide growth through the development and acquisition of new
dialysis centers. The year 1998 reflected continued growth. Our New
Jersey facility became operational, the Carlisle, Pennsylvania
dialysis center had a full year of operations, and we added a key
executive to our management team who will be providing his 18 years of
healthcare experience to the growth and operations of the Company. A
new dialysis center in Chambersburg, Pennsylvania under construction
in 1998 became operational in January, 1999."
Dialysis Corporation of America owns and operates free standing
kidney dialysis centers located in Pennsylvania and New Jersey. These
centers provide patients with a choice of a full range of quality
in-center, acute or at-home dialysis services.
This release contains forward-looking statements that are subject
to risks and uncertainties, including but not limited to certain
delays beyond the Company's control with respect to future business
events, regulation of dialysis operations, government rate
determination for Medicare reimbursement, the highly competitive
environment in the operation and acquisition of dialysis centers, and
other risks detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
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DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
1998 1997 1996
REVENUES
Medical service revenue $ 3,552,279 $ 4,375,165 $ 3,830,809
Gain on sale of subsidiaries'
assets 4,430,663
Interest and other income 451,656 414,970 305,706
4,003,935 9,220,798 4,136,515
COST AND EXPENSES
Cost of medical services 2,516,239 2,712,527 2,508,323
Selling, general and
administrative expenses 1,847,175 2,155,459 1,577,487
Interest expense 81,531 86,129 86,694
4,444,945 4,954,115 4,172,504
Income (loss) before income
taxes and minority interest (441,010) 4,266,683 (35,989)
Income tax provision (236,838) 1,699,000 -
Income (loss) before minority
interest (204,172) 2,567,683 (35,989)
Minority interest in income
(loss) of consolidated
subsidiaries - 574,303 (13,028)
Net income (loss) $ (204,172) $ 1,993,380 $ (22,961)
Earnings (loss) per share:
Basic $ (0.06) $ 0.56 $ (0.01)
Diluted $ (0.06) $ 0.55 $ (0.01)
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--30--cp/mi*
CONTACT: Dialysis Corporation of America, Lemoyne
Thomas K. Langbein, Chairman of the Board
201/288-8222 (Hasbrouck Heights, N.J.)
KEYWORD: PENNSYLVANIA NEW JERSEY
INDUSTRY KEYWORD: MEDICINE EARNINGS
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