Medical Resorts year end results
Medical Resorts International Inc MDRE
Shares issued 30,928,592 Jan 5 close $0.11
Wed 6 Jan 99 Company Review
Mr. Robert Talbot reviews the company
During the last fiscal year the companv posted excellent financial and
operational results. The company projected that it would complete 3,300
medical procedures and actually completed 5,413. The Caribbean facility
became fully operational in its dialysis unit, urgicenter, cardio pulmonary
centre, diabetic centre and critical care.
The company has projected that it will complete 6,500 medical procedures in
the new fiscal year. As it opens or acquires new clinics it is expected
that this target will easily be obtainable.
The financial results for the year ended June 30, 1998 exceeded the
company's expectations. The company had predicted a profit of $237,000 and
actually achieved a profit of $546,408. The performance of the company on
an operational and financial basis was excellent. Management believes that
the current share price does not reflect in any way the underlying value of
the company.
The company will continue its growth in the Caribbean through an expansion
of its current facilities. Also, the company will continue to grow by
opening new dialysis and chelation facilities in both Canada and the United
States.
The financial results for Medical Resorts are for the year ended June 30,
1998.
Revenue from operations increased from $207,747 last year to $878,951 this
year. Total revenue when considering extraordinary gains increased to
$1,279,453 versus $207,747 last year. Net profit for the year was $546,408
versus a loss of $3,450,914 last year.
The company is currently increasing its patient base by five new
individuals per day. During the next year the company expects to increase
its patient base and continue to report positive financial results.
In the first quarter of fiscal June 30, 1999, the company had excellent
financial results. It is expected that first quarter results will continue
through the June 30, 1999 fiscal year. The expansion of the Caribbean
operations plus the anticipated acquisitions of chelation and dialysis
clinics in other locations will result in an increased patient base as well
as increased revenues and profits.
CONSOLIDATED STATEMENT OF OPERATIONS
Year ended June 30
1998 1997
Revenue $663,951 $ 207,747
Cost of sales,
selling and
admin expenses 509,798 2,747,207
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Income (loss)
before the
following 154,153 (2,539,460)
Amortization of
capital assets (89,455) (50,679)
Amortization and
writedown of
other assets (128,018) (372,176)
Interest on
long-term debt (5,774) (8,132)
Gain on disposal
of shares of
subsidiary 215,000 -
-------- ----------
Income (loss)
from continuing
operations 145,906 (2,970,447)
Gain (loss) from
discontinued
operations 400,502 (480,467)
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Net income (loss)
for the year $546,408 ($3,450,914)
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Earnings (loss)
per share
From continuing
operations (cents) 5 (28.5)
From discontinued
operations (cents) 13 (4.6)
-------- ----------
18 (33.1)
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