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Margulis leaves MMI Medical
MMI Medical president and CEO Alan Margulis has left the Corona, CA, company, which is the parentof independent service organization InnoServ Technologies. Margulisand MMI's board parted ways several days after MMI posted financialresults for the third
MMI Medical president and CEO Alan Margulis has left the Corona, CA, company, which is the parentof independent service organization InnoServ Technologies. Margulisand MMI's board parted ways several days after MMI posted financialresults for the third quarter of fiscal 1995 (end-January). MMIcofounder Dr. Samuel Salen was tapped as interim president andCEO until a replacement for Margulis is found.
MMI announced Margulis' departure on March 13, a few days afterit reported quarterly numbers that showed revenue up but incomedown. Sales for the quarter were $10.6 million, compared to $7.8million in the third quarter of fiscal 1994. The company had netincome for the quarter of $121,000, which halted a streak of twoconsecutive losing quarters. Net income was $421,000 in the sameperiod the year before. MMI had a net loss of $1 million for itsfirst nine months of 1995, against a net gain of $1.5 millionat the same point in 1994.
MMI bought Mediq Equipment and Maintenance Services (MEMS)last year, merged it into its R Squared subsidiary and renamedthe new ISO InnoServ (SCAN 10/12/94 and 6/1/94).
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