PET services provider Molecular Imaging reported unaudited fiscal second-quarter service revenues of $5.6 million, up 10.5% compared with the $5.1 million turned in during the same quarter a year ago. For the period (end-December 31), the San Diego-based firm had a net loss from continuing operations of $1.4 million, compared with a net loss of $382,000 last year.
President and CEO Paul Crowe said the firm is working to correct revenue performance by managing its operating overheads, focusing the sales organization on increasing same-store sales on a unit-by-unit basis, increasing its collection efforts, and restructuring equipment debt in an attempt to reach a break-even point on cash flow.
The company also said it has fallen behind with some equipment lease payments and vendor payables, and is working to restructure future lease payments in order to meet its obligations until revenues increase and it closes an equity financing.
By AuntMinnie.com staff writersFebruary 18, 2004
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