33 cents per share (combined last 6 months)!
very little interest.
INTERWEST HOME MEDICAL ANNOUNCES RECORD EARNINGS FOR FISCAL 2000 1ST
QUARTER NET INCOME FOR THE QUARTER UP 82%
SALT LAKE CITY, Jan 19, 2000 /PRNewswire via COMTEX/ -- Interwest Home
Medical, Inc. (Nasdaq: IWHM) today announced record earnings for the
three-month period ended December 31, 1999.
Total revenues for the quarter ended December 31, 1999 were $10.7
million, an increase of approximately 39% over the $7.7 million
recorded in the quarter ended December 31, 1998. Net income for the
quarter ended December 31, 1999 was $740,000 compared to $406,000 in
the quarter ended December 31, 1998, an increase of approximately 82%
over the previous year. Earnings per share for the quarters ended
December 31, 1999 and 1998 were $0.18 and $.10 on 4.089 million average
shares outstanding. Accordingly, income from operations for the quarter
ended December 31, 1999 was $1,419,000 compared to $745,000 in the
quarter ended December 31, 1998, an increase of approximately 90% over
the previous year.
James E. Robinson, President and Chief Executive Officer of Interwest
Home Medical, Inc., commented, "The results of the quarter clearly
reflect the successful integration of the recent acquisition in Denver
and the benefits of our continued focus on our core respiratory/oxygen
business. Approximately 23% of the revenue growth came from the Denver
acquisition while approximately 16% came from internal respiratory
revenue growth. We expect to continue the respiratory business focus
and cost control measures and will continue to target strategic
acquisition opportunities with quality revenue and net income streams
with an eye toward enhancing shareholder value."
Interwest Home Medical's services include rental and sales of home
oxygen and respiratory equipment, home care equipment and related
supplies, and rehabilitation equipment. The Company has focused its
services to meet substantially all of the Home Medical Equipment
("HME") needs of its customers.
Interwest Home Medical, Inc. has expanded to 28 branch locations in
Utah, Arizona, Idaho, Nevada, Colorado, Alaska and California and
employs over 425. At present, Interwest Home Medical has preferred
provider agreements with over 50 different health insurance companies
to provide home medical services to their covered beneficiaries. In
addition, Interwest Home Medical maintains a sales force of over 40
persons who call on hospitals, physicians, therapists, discharge
planners, case managers and other health care professionals to obtain
referrals for home medical services. The Company was the first home
medical equipment (HME) services company west of the Mississippi River
and the third in the nation to be accredited (since 1988) by the Joint
Commission on Accreditation of Healthcare Organizations (JCAHO).
Interwest Home Medical Inc. (CUSIP# 46114P 20 9) maintains corporate
offices located at 235 East 6100 South in Salt Lake City, Utah. The
Company's common stock is traded on the Nasdaq Small-Cap Market under
the symbol IWHM.
Interwest Home Medical, Inc.
Condensed Statement of Operations
For the quarter ended December 31, 1999
(unaudited)
For the three months ended
December 31
1999 1998
Revenues $10,652,000 $7,670,000
Gross profit 7,098,000 4,911,000
Selling, general, and
administrative expense 5,678,000 4,166,000
Income from operations 1,419,000 745,000
EBITDA 2,240,000 1,462,000
Net income 740,000 406,000
Net income per share .18 .10
Weighted average shares outstanding 4,089,000 4,089,000
SOURCE Interwest Home Medical, Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Bret Hardy, Controller, or Jim Robinson, CEO & President, or
Serena Falgoust, Investor Relations, all of Interwest Home Medical Inc.,
800-468-1000 or 801-261-5100
(IWHM)
GEOGRAPHY: Utah
INDUSTRY CODE: MTC
SUBJECT CODE: ERN
OTC |
