MICA records charge due to proxy fight

Imaging services provider Medical Imaging Centers of America thismonth reported financial results for its first quarter (end-March)that showed the San Diego company taking a one-time $1.3 millioncharge related to its proxy battle with shareholder group SteelPartners of New York City.

MICA had revenues for the quarter of $9.5 million, compared with$14.2 million in the same period last year. Much of the drop wasdue to MICA's sale of its ultrasound and nuclear medicine businessto Diagnostic Health Services last year.

MICA had net income of $312,000, compared with $924,000 in thefirst quarter of 1995. MICA took a special charge of $1.3 millionfor the Steel Partners battle and recorded a one-time gain of$382,000 related to debt forgiveness.

As part of the agreement that settled the Steel Partners proxyfight, MICA agreed to look for a corporate partner that wouldmerge with or acquire MICA (SCAN 3/27/96). MICA president andCEO Robert Muehlberg said that the company is focusing on findingsuch a partner and plans to make an announcement regarding itssearch on June 19.