SOURCE: Metiscan, Inc.

June 17, 2009 10:00 ET

Metiscan Reports 2009 Q1 Financial Results

Operating Subsidiaries Yield Positive EBITDA

DALLAS, TX--(Marketwire - June 17, 2009) - Metiscan, Inc. (PINKSHEETS: MTIZ), a leading provider of products and services that streamline the management of diagnostic imaging facilities, today announced results for its first quarter ending March 31, 2009. Revenues for the first quarter were $869,956, a 300% increase, as compared to $217,303 during the same period last year. Additionally, each of Metiscan's two operating subsidiaries individually yielded positive EBITDA.

During the three months ended March 31, 2009, Metiscan Managed Services, Inc., one of Metiscan's operating subsidiaries, experienced revenues of $84,907 and a corresponding EBITDA of $32,570, or 38%. Additionally, Metiscan's other operating subsidiary, Schuylkill Open MRI, Inc. (SOMRI), experienced revenues of $483,106 and a corresponding EBITDA of $147,236, or 30%. The majority of new revenues and EBITDA was attributed to the recent acquisition of SOMRI and optimization of operations respectively.

"We are committed to financial success and growth. We have demonstrated success in achieving our objectives thus far and I am looking forward to the continued growth of our organization," commented Bryan A. Scott, President & CEO of Metiscan, Inc.

Providing some limited insight into 2009 Q2, Metiscan has continued to make positive financial improvements. Specifically, Metiscan Managed Services finished paying off its subsidiary's largest creditor leaving it with less than $21,000 in remaining principal debt payments. Additionally, SOMRI successfully restructured its subsidiary's debt obligations with Siemens Financial Services whereby the company received $35,000 in debt forgiveness and refinanced its equipment under more favorable terms with JPMorgan Chase Bank. Both of these events have improved the Company's balance sheet and increased monthly cash flows.

About Metiscan, Inc.

Metiscan, Inc. is a national provider of products and services that streamline the management and operation functions of diagnostic imaging facilities, radiology groups, in-office imaging groups, small hospitals and physician offices and is an operator of an MRI facility located in Pottsville, PA. Metiscan's keystone product is a web-based radiology information system that interfaces Radiology Information System (RIS), Teleradiology and PACS (Picture Archiving and Communication System) for its clients. Metiscan also provides information management and operations support for diagnostic imaging facilities through complete revenue cycle management, electronic health records or EHR, medical transcription services and functional training as needed.

Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Metiscan's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information

  • Contact:
    Investor Relations
    David Donlin
    Cervelle Group
    Phone: 407-614-5959