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Medical Industries of America Inc. Announces Second Consecutive Profitable Quarter
BOYNTON BEACH, Fla.--(BW HealthWire)--Aug. 4, 1997--Medical Industries of America Inc. (NASDAQ:MIOA), Monday reported that sales for the second quarter, ended June 30, 1997, for continuing operations were $1,267,375, a 223% increase over sales for continuing operations of $391,782 posted for the second quarter, ended June 30, 1996.
Net income for the current reporting period for continuing operations totaled $415,706, or $.10 earnings per share, as compared to a loss of $906,373, or $1.25 loss per share, reported for the previous year's continuing operations.
Sales for the six months ended June 30, 1997 for continuing operations totaled $3,187,301, a 372% increase over sales of $675,076 reported for continuing operations in the comparable previous year's reporting period. Net income for the six months ended June 30, 1997 for continuing operations was $827,205, or $.28 per share, as compared to net losses of $1,549,461 for continued operations, or $2.58 loss per share.
Medical Industries of America Inc., through its wholly owned subsidiary, Florida Physicians Internet Inc., operates a
multi-specialty medical group practice that is rapidly expanding in the areas of physician practice management. The company also provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals primarily in the State of Florida.
MEDICAL INDUSTRIES OF AMERICA INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
3 Mos. Ended June 30, 6 Mos. Ended June 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
Revenues $1,267,375 $ 391,782 $3,187,301 $ 675,076
Income (Loss) -
Continuing
Operations 415,706 (906,373) 827,205 (1,549,461)
Net Income
(Loss) 404,094 (1,133,911) 731,175 (2,131,604)
Earnings (Loss)
Per Share From
Continuing
Operations $ .10 $ (1.25) $ .28 $ (2.58)
Earnings (Loss)
Per Share From
Discontinued
Operations $ (.01) $ (.32) $ (.03) $ (.97)
TOTAL EARNINGS
(LOSS) PER
SHARE $ .09 $ (1.57) $ .25 $ (3.55)
Weighted Average
Number of Shares
Outstanding 4,375,857 720,277 2,986,489 600,615
Contact:
Medical Industries of America
Linda Moore, 561/737-2227
or
Continental Capital & Equity Corp.
Dodi Zirkle, 407/875-1110
or www.insidewallstreet.com |
