U.S. Diagnostic reports profitable year
Imaging services provider U.S. Diagnostic reported a return to profitability in 1998, a sign that the company's ongoing recovery effort is proving successful. For the year (end-December), USDL of West Palm Beach, FL, reported net income of $4.8 million,
Imaging services provider U.S. Diagnostic reported a return to profitability in 1998, a sign that the company's ongoing recovery effort is proving successful. For the year (end-December), USDL of West Palm Beach, FL, reported net income of $4.8 million, compared with a net loss of $116.7 million in 1997. USDL had revenues for the year of $195.7 million, compared with $216.2 million the year before.
USDL was able to turn a profit on lower revenues by selling off many underperforming imaging centers, according to Joseph Paul, president and CEO. The company also reduced its debt through restructuring in late 1998 and early 1999. USDL's lower debt load and an expected 5% to 7% growth in procedure volume at its centers should help the company improve its performance this year, Paul said.