Medical Resources revenue takes plunge
Image center operator Medical Resources reported its revenue at the end of 1999 was $157.6 million, compared to $179 million from the end of 1998. The company reported an operating loss of $5.8 million for the year. The company’s operating income
Image center operator Medical Resources reported its revenue at the end of 1999 was $157.6 million, compared to $179 million from the end of 1998. The company reported an operating loss of $5.8 million for the year. The companys operating income for 1999 was $4.6 million. The New Jersey-based company operates 83 imaging centers in the U.S.
Medical Resources revenue for the fourth quarter of 1999 was $37.5 million compared to $41.2 million from the previous year.
Last month, Medical Resources reached an agreement-in-principle with lenders to convert $75 million of debt into equity.
Medical Resources last month started negotiating the $75 million worth of senior notes, for which it has been in default of certain covenants since September. The company delayed its January interest payment on the notes during these negotiations.
The company attributes its default on the note covenants to price erosion in the imaging center market and a reduction of its personal injury claims business. The reduction of the claims business has caused the firms net revenue and cash flow to drop below what the company expected when it issued the senior notes. (SCAN 2/00).
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