Monday May 11, 1:30 pm Eastern Time
Company Press Release
SOURCE: HealthCare Imaging Services, Inc.
HealthCare Imaging Services, Inc. Reports First Quarter 1998 Financial
Results
MIDDLETOWN, N.J., May 11 /PRNewswire/ -- HealthCare Imaging Services, Inc. (Nasdaq: HISS - news) today reported
revenues of $3,198,641 for the three months ended March 31, 1998 compared to revenues of $2,680,450 for the three
months ended March 31, 1997. The Company also reported operating income of $451,956, before minority interests in joint
ventures and income taxes, and net income of $305,840, or $.03 per share based upon 9,762,235 and 11,397,184 basic and
diluted weighted average common shares outstanding respectively for the three months ended March 31, 1998, compared to
operating income of $113,152, before minority interests in joint ventures and income taxes, and net income of $2,812, or $.00
per share based upon 4,961,974 and 10,255,754 basic and diluted weighted average common shares outstanding
respectively, for the three months ended March 31, 1997.
The improvement in the net operating results for the three months ended March 31, 1998 as compared to the three months
ended March 31, 1997 was attributed to increased revenues at the Company's facilities, most notably the Company's
multi-modality fixed-site facility located in Ocean Township, Monmouth County, New Jersey and the recently acquired
fixed-site MRI facility, with ultrasound, located in New York City, New York.
The following are consolidated condensed unaudited statements of operations for the periods indicated:
Three Months Ended March 31,
1998 1997
Revenues $3,198,641 $2,680,450
Operating expenses 2,746,685 2,567,298
Income before minority
interests in joint ventures
and income taxes 451,956 113,152
Minority interests in
joint ventures (136,130) (97,159)
Operating income before
income taxes 315,826 15,993
Income tax provision 9,986 13,181
Net income $305,840 $2,812
Net income per
common share - Basic $.03 $.00
Weighted average common shares
outstanding - Basic 9,762,235 4,961,974
Net income per
common share - Diluted $.03 $.00
Weighted average common shares
outstanding - Diluted 11,397,184 10,255,754
This communication may contain certain forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are based on the beliefs of the Company and its management. When used in this document, the
words ''anticipate,'' ''believe,'' ''continue,'' ''estimate,'' ''expect,'' ''intend,'' ''may,'' ''should,'' and similar expressions are
intended to identify forward-looking statements. Such statements reflect the current view of the Company with respect to
future events and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that the
Company may not be able to implement its growth strategy in the intended manner, risks associated with currently unforeseen
competitive pressures and risks affecting the Company's industry, such as increased regulatory compliance, changes in payor
reimbursement levels and technological changes. In addition, the Company's business, operations and financial condition are
subject to the risks, uncertainties and assumptions which are described in the Company's reports and statements filed from
time to time with the Securities and Exchange Commission. Should one or more of those risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those described herein.
HealthCare Imaging Services, Inc. is a healthcare management and services company, currently specializing in magnetic
resonance imaging, that provides state-of-the-art healthcare equipment, facilities and services to physicians, hospitals and other
healthcare providers. As previously announced, the Company is expanding its strategic direction into the area of physician
practice management. To that end, it is currently exploring several opportunities in this area. The Company (through its
operating subsidiaries) currently operates seven imaging facilities located in Brooklyn and New York City, New York;
Edgewater, Ocean Township, Wayne and Secaucus, New Jersey and Philadelphia, Pennsylvania.
SOURCE: HealthCare Imaging Services, Inc. |
