LEMOYNE, Pa.--(BW HealthWire)--May 18, 1999--Dialysis Corporation
of America (Nasdaq:DCAI.O) announced revenues of $1,255,000 and a net
loss of $147,000 or $.04 per share for the first quarter of 1999
compared to revenues of $945,000 and a net loss of $77,000 or $.02 per
share for the first quarter of 1998.
Steve Everett, Vice President, commented: "The results of
operations for the quarter are in line with Company expectations as we
continue to concentrate on the development of new dialysis centers and
related business opportunities in the market in which we are focused.
The Company's facility in Chambersburg, Pennsylvania is ahead of
target toward operational profitability after only four months of
continuous operations. Additionally, the Company is developing a new
center in New Jersey and is in discussions regarding new facility
developments in Pennsylvania, Maryland and Ohio."
Dialysis Corporation of America owns and operates free standing
kidney hemodialysis centers to provide patients with their choice of a
full range of quality in-center, acute or at-home hemodialysis
services.
This release contains forward-looking statements that are subject
to risks and uncertainties, including but not limited to, certain
delays beyond the Company's control with respect to future business
events, regulation of dialysis operations, government rate
determination for Medicare reimbursement, the highly competitive
environment in the operation and acquisition of dialysis centers, and
other risks detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
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DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
1999 1998
---- ----
Revenues:
Medical service revenue $1,167,355 $ 818,311
Interest and other income 87,769 126,727
------------ -----------
1,255,124 945,038
Cost and expenses:
Cost of medical services 865,910 586,076
Selling, general and administrative
expenses 591,360 455,890
Interest expense 17,026 19,232
------------ -----------
1,474,296 1,061,198
---------- ---------
Loss before income taxes (219,172) (116,160)
Income tax benefit (72,000) (39,000)
------------ -----------
Net loss $(147,172) $(77,160)
========= =========
Loss per share:
Basic $(.04) $(.02)
====== ======
Diluted $(.04) $(.02)
====== ======
See notes to consolidated condensed financial statements.
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CONTACT: Dialysis Corporation of America, Hasbrouck Heights, N.J.
Thomas K. Langbein, Chairman of the Board
201/288-8222
KEYWORD: PENNSYLVANIA NEW JERSEY
INDUSTRY KEYWORD: MEDICINE EARNINGS
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