Imaging center chain U.S. Diagnostic continues to bleed red ink. For the year (end-December 31), the West Palm Beach, FL, firm reported a net loss of $32.6 million, compared with a net loss of $8.2 million in 1999. USDL had interest and other income of only $187,000, compared with $193,000 in 1999.
In its fourth quarter, USDL had a net loss of $18.5 million, up sharply from a net loss of $4.2 million reported in the same period last year. The company had interest and other income of $8,000 in the fourth quarter, compared with no income in the fourth quarter of 1999.
Based on current estimates, USDL said that without selling more centers or finding more short-term liquidity, current cash and cash generated from operations will be insufficient to meet its anticipated needs. If its principal debt repayments can be appropriately restructured, however, USDL believes that its cash flow will be sufficient to permit it to complete the sale of the remaining centers over time.
By AuntMinnie.com staff writersApril 18, 2001
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