Medical Industries of America Reports
243% Increase in Revenue and 541%
Increase in Profitability for First Quarter
1999
BOYNTON BEACH, Fla.--(BW HealthWire)--April 19, 1999--Medical Industries of America
Inc. (Nasdaq:MIOA - news) Monday announced that revenues from continuing operations for the
first quarter ended March 31, 1999 totaled $7,884,000, a 243% increase over revenues from
continuing operations of $2,297,932 reported for the first quarter ended March 31, 1998. Net
income from continuing operations for the current three month reporting period was $128,000, or
$.01 basic earnings per share, a 541% increase over losses from continuing operations of
$29,000, or $.01 per share, posted in the comparable reporting period in 1998.
Michael Morrell, chairman and CEO of Medical Industries, stated: ''During the first quarter of
1999, the management team of MIOA set out to implement one of the most aggressive growth
initiatives in the medical industry. By capitalizing on our existing profitable businesses, we have
elected to pursue an extraordinary opportunity to seize market leadership in the emerging
med-e-commerce arena. Driven by new technologies and proven industry talent which we will
acquire upon completion of the proposed mergers with American Enterprise Solutions Inc. and
Cybercare Inc., we believe that this company will ultimately be responsible for introducing
ground-breaking reforms to consumer medicine. This mission, however, will not interfere, but
rather serve as the impetus, for continued and enhanced profitability of our platform medical
companies -- both in the short and long term growth of the company.''
MEDICAL INDUSTRIES OF AMERICA INC.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED
1999 1998
Total Revenue $ 7,884,000 2,298,000
Total Cost and Expenses 7,256,000 2,327,000
Income (Loss) From Continuing
Operations 128,000 (29,000)
Net Income 128,000 140,000
Income/Loss per common share
- Basic:
Continuing Operations $ .01 $ .01
Net income $ .01 $ .01
Basic Shares Issued and
Outstanding 24,840,000 15,982,000
About Medical Industries of America Inc.
Headquartered in Palm Beach County, Fla., Medical Industries of America Inc. is currently in
the business of developing integrated medical delivery services by providing diversified
medical technologies, physical and pain rehabilitation, occupational and speech therapy, sleep
apnea, diagnostic and treatment services, pharmaceutical services and international air
ambulance transport.
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, government-approved 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 |
