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Medical Alliance, Inc. Reports Record 1996 Third Quarter and Nine Month Financial Results
IRVING, TEXAS (Nov. 21) HEALTH WIRE -Nov. 21, 1996--Medical Alliance, Inc. (Nasdaq: MAII) today announced that net revenue for the third quarter ended Sept. 30, 1996 increased 56 percent to $4.5 million, compared with net revenue of $2.9 million during the same period of 1995. Net revenue for the nine months ended Sept. 30, 1996 increased 67 percent to $12.8 million, compared with net revenue of $7.7 million during the same period of 1995. Net income in the third quarter of 1996 increased 53 percent to $130,000 or $.03 per share, compared to $85,000 or $.02 per share in the same period of 1995. Net income for the nine months ended Sept. 30, 1996, increased 296 percent to $412,000 or $.11 per share, compared to $104,000 or $.04 per share during the same period of 1995, which included a one time charge of $180,000 or $.05 per share for the cancellation of a put feature related to certain common stock warrants.
Paul Herchman, president and chief executive officer commented, "These results are in line with our expectations and reflect the continued favorable response to our services by payors, physicians and patients. We will remain focused on our strategic objectives of introducing new technologies and procedures, expanding our presence in our existing markets and entering new markets either through start-ups or acquisitions."
Medical Alliance, Inc. is a leading provider of services to create temporary surgical sites in the physician office, serving approximately 3,000 physicians in 40 states and Canada. The company's services take advantage of the current trend of the shifting of procedures to the lowest cost setting by facilitating the migration of established surgical procedures and advanced medical technologies from hospitals and outpatient surgery centers to a lower cost setting, the physician's office. Payors, physicians and patients benefit from the company's services through reduced costs for surgical procedures, increased physician productivity, greater access to advanced medical technologies and improved patient satisfaction.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks
associated with the company's dependence on a limited number of products, the possible inability to successfully bring new products to the health care market, uncertainty of market acceptance, and a limited number of customers, as well as risks of downturns or changes in economic conditions generally and in the health care industry specifically, risks associated with competition and competitive pricing pressures, and other risks detailed in the company's filings with the Securities and Exchange Commission.
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CONTACT: Medical Alliance, Inc.
Mike Wallace, 972/580-8999
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