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Medical Industries of America Reports 355% Increase in Revenue and 273% Leap in Earnings for Second Quarter 1998
August 14, 1998
BOYNTON BEACH, Fla.--(BUSINESS WIRE) via NewsEdge Corporation -- Medical Industries of America Inc. (NASDAQ:MIOA) Thursday reported revenues for the second quarter, ended June 30, 1998 of $5,764,125, an increase of 355% over 1997 second quarter revenues of $1,267,375.
Net income climbed 273% to $381,247, or $.02 diluted earnings per share, for the current reporting period as compared to net losses of $218,397, or $.05 loss per share, in the previous year's comparable period.
For the six months ended June 30, 1998, revenues totalled $8,985,143, a 182% increase over revenues of $3,187,301 posted for the previous year's six months reporting period, ended June 30, 1997. The company reported net income of $495,026, or $.03 diluted earnings per share for the current period as compared to net income of only $192,102 reported in the prior year's comparable reporting period.
According to Michael F. Morrell, chairman and CEO of Medical Industries of America: "We couldn't be more pleased with the financial performance of our newly acquired medical ancillary businesses and the organic growth of our existing companies. The positive impact they are having on both top and bottom line growth is evident. This is clearly illustrated by comparing the near $6 million in revenue posted in this recent quarter with 1997 fiscal year's total revenue of approximately $4.7 million. Furthermore, by viewing the most recent two quarters where a 79% increase in top line growth was realized ($5,764,125 in revenue compared to $3,221,018 reported for the first quarter ended March 31, 1998) and bottom line net income increased 235% from $113,778 for the current fiscal's 1st quarter to $381,247 in the second quarter, I think it's safe to say that our growth strategy is achieving desired results."
In conclusion, Morrell added, "With our merger with Physician Health Corporation in process and the ultimate birth of MedSurg Ancillaries Inc. in the forseeable future, we couldn't be more excited about the short and long term growth prospects for the company."
Medical Industries of America Inc. operates medical ancillary services businesses and is expanding the delivery of diversified medical technologies, products and services. The company provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals, pain rehabilitation and sleep centers. The company owns and operates an international air ambulance service, pharmaceutical distribution and infusion services. The company also manages and operates multi-specialty group practices. As previously reported, Medical Industries is also in the process of merging its business with privately held Physician Health Corp., an Atlanta-based, fully integrated, physician ancillary services company which partners with over 170 physicians, manages networks composed of over 4,000 physicians in PHC's key markets, and operates medical ancillary companies in partnership with physicians. The merger is subject to final approval by the company's shareholders.
MEDICAL INDUSTRIES OF AMERICA INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
1998 1997 1998 1997
Total Revenue $5,764,125 $1,267,375 $8,985,143 $3,187,301
Total Expenses 4,792,865 1,331,953 7,615,469 2,749,680
Earnings before interest,
taxes, depreciation and
amortization 971,160 (64,578) 1,369,674 437,621
Depreciation and
amortization 338,516 104,690 486,309 187,030
Interest expense, net 251,397 50,129 388,339 58,489
Net income (loss) 381,247 (291,397) 495,026 192,102
Earnings (loss) per share
of common stock
Basic earnings (loss)
per share $ .02 $ (.05)$ .03 $ .06
Diluted earnings per
share $ .02 $ -- $ .03 $ .04
Weighted average shares
outstanding
Primary 18,441,592 4,375,857 17,272,812 2,986,489
Basic 19,994,311 -- 18,785,690 4,383,106
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
CONTACT: Medical Industries of America Inc., Boynton Beach | Linda Moore, 561/737-2227 | or | Continental Capital & Equity Corp. | Dodi Zirkle, 407/682-2001 | dodi@insidewallstreet.com
[Copyright 1998, Business Wire]
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