MediSolution third quarter results show 19% increase in revenue
MediSolution Ltd MSH
Shares issued 29,651,178 Feb 12 close $1.77
Mon 15 Feb 99 News Release
Mr. George Czubak reports
The company today released financial results for the third quarter ended
Dec. 31, 1998. Results for the quarter were highlighted by a 19 per cent
increase in revenue compared to the same period last year.
Revenue for the period was a quarterly record $13.7 million, compared to
$11.6 million in the third quarter of the previous year. Net income was
$562,000, compared to $804,000 in the same period last year. Net income for
the current quarter includes a $400,000 recovery of provisions for
discontinued operations and restructuring charges which were initially
provided for in the fiscal year ended March 31, 1997. Net income for the
same quarter in the previous year includes gains of approximately $870,000
on the one-time sale of proprietary technologies.
Revenue for the nine months ended December 31, 1998 totaled $39.1-million,
an increase of 24 per cent from $31.4-million in the comparable period last
year. Earnings for the nine-month period were $886,000 or three cents per
share, compared to a loss of $477,000 or two cents per share in the same
period last year.
Third quarter highlights included the signing of a five-year agreement with
Alberta Health that will permit Alberta health authorities to deploy
company products on a regional basis and the selection of the company by La
Societe Informatique Sogique and the Quebec Ministry of Health for the
implementation of a major blood management information system for Quebec
hospitals. Other highlights included the successful expansion of the
payroll services business beyond the healthcare field through the sale of
H.R. and payroll systems to Ilco Unican and two municipal governments, and
strong demand for the company's leading pharmacy management system,
Simplicity Plus.
CONSOLIDATED FINANCIAL STATEMENTS
Three months Ended Dec. 31
(in thousands of dollars)
1998 1997
Consolidated statements
of operations
Revenues 13,720 11,557
Expenses 12,235 9,955
Earnings before
interest, taxes,
dep. and amort. 1,485 1,602
Depreciation and
amortization 796 707
Earnings before interest
and taxes 689 895
Interest and taxes 127 91
Net income 562 804
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Net income per share 2 cents 3 cents
CONSOLIDATED FINANCIAL STATEMENTS
Nine months ended Dec. 31
(in thousands of dollars)
1998 1997
Consolidated statements
of operations
Revenues 39,065 31,414
Expenses 35,807 29,662
Earnings before
interest, taxes,
dep. and amort. 3,258 1,752
Depreciation and
amortization 2,222 2,057
Earnings before
interest and taxes 1,036 (205)
Interest and taxes 150 172
Net income (loss) 886 (477)
======= =======
Net income (loss)
per share 3 cents (2 cents)
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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