MDER Med-Emerg International Inc Achieves Positive Results For The First Quarter Ended March 31, 2002
TORONTO, May 17, 2002 (BUSINESS WIRE) -- Med-Emerg International (OTC BB:MDER) today announced that for the three months ended March 31, 2002, revenues were $9,741,534 ($3,759,713 in 2001), an increase of approximately $ 6 million. The significant increase in revenue reflects the impact of the Canadian Armed Forces contract that was awarded in 2001. The Company did not realize the full benefit
from the increased revenue due to significant costs incurred during the
implementation phase. However, Med-Emerg is continuing to make good progress
towards achieving operating capacity and, in turn, improved profitability. The
Company reported a small net income for the 1st quarter of fiscal 2002 as
compared to a loss of $169,487 for the same period in the prior year. For the
three months ended March 31, 2002, EBITDA was $179,637 ($96,295 in 2001), an
increase of 87%. The earnings improvement is largely attributable to the
Company's decision to focus on its core business units.
Dr. Ramesh Zacharias, CEO of Med-Emerg, said, "We are pleased with the first
quarter results for fiscal 2002 and look forward to continued operating
improvements. We have become the largest provider of healthcare professionals in
Canada, while remaining committed to excellence in service. By returning
Med-Emerg's focus to its core competence, we are confident that we can improve
operating results and increase shareholder value."
Certain oral and written statements of the management of the Company included in
this press release may contain forward-looking statements within the meaning of
Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S.
Securities Exchange Act of 1934. The accuracy of such statements cannot be
guaranteed as they are subject to a variety of risks.
CONTACT: Med-Emerg International, Inc.
Ramesh Zacharias, 905/858-1368
rzacharias@med-emerg.com
or
Med-Emerg International, Inc.
John Jarman, C.A., CFO, 905/858-1368
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KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: MEDICAL
EARNINGS
SOURCE:
Med-Emerg
International,
Inc.
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