AUSTIN, Texas--(BUSINESS WIRE)--April 30, 1997--Prime Medical
Services Inc. (NASDAQ/NM:PMSI) Wednesday announced record results
for the first quarter procedures, net income and earnings per share.
Prime reported that first quarter net income increased by 51
percent to $2,876,000, or 15 cents per share, vs. $1,906,000, or 12
cents per share for the year ago period. Revenues for the first
quarter increased by 189 percent to $20,889,000 from $7,224,000 for
the year ago period.
Ken Shifrin, chairman, said: "This impressive growth is the
result of our successful acquisitions and achievements in cost
reductions related to those acquisitions. Our focus has been and
will continue to be directed at identifying new opportunities to
expand our business through lithotripter acquisitions and the
provision of other services to our urological network of over 1,900
urologists or 25 percent of all active urologists."
Dr. Joseph Jenkins, president, added: "We are currently
expanding our partnerships in several areas of the country and are
developing several urologist partnerships to provide Prostatron
services for the treatment of benign prostatic hyperplasia (BPH).
By the end of 1997, we expect to have at least three Prostatron
routes in operation."
Lithotripsy is a cost effective, non-invasive method for
treating kidney stones through the use of extracorporeal shock waves
which pulverize kidney stones and permit them to pass painlessly
from the body. Prime Medical is the largest operator of
lithotripters in the United States, currently treating more than
34,000 patients annually, through contracts with approximately
400 hospitals and 255 managed care companies.
Prime Medical operates a fleet of 55 lithotripters in 32 states.
Prime has announced its intent to develop and operate mobile
Prostatron routes to provide services to hospitals and surgery
centers to treat benign prostatic hyperplasia (BPH).
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PRIME MEDICAL SERVICES INC.
Condensed and Consolidated Financial Data
(In Thousands, except per share)
Statements of Operations:
THREE MONTHS
ENDED
MARCH 31
1997 1996
Revenue $20,889 $ 7,224
Costs and expenses:
Cost of services and
administrative expenses 7,252 3,021
Depreciation and amortization 2,084 1,149
9,336 4,170
Operating income 11,553 3,054
Other income (expense) 242 102
Interest expense (1,764) (509)
Financing costs ( 360) --
Minority interest 5,865 477
Provision for income taxes 930 264
Net income $ 2,876 $ 1,906
Net income per share
(fully diluted) $ 0.15 $ 0.12
Weighted average shares
outstanding fully diluted 19,498 17,368
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CONTACT:
Prime Medical Services Inc., Austin
Kenneth S. Shifrin/Cheryl Williams, 512/328-2892 |
