Imaging center operator U.S. Diagnostic reported second-quarter revenue of $11.1 million, down 27.9% compared with the $15.4 million reported in the second quarter of 2001. For the quarter (end-June 30), the West Palm Beach, FL-based vendor had a net loss of $1.3 million, compared with a net loss of $12.3 million last year.
The reduction of revenue was due to the sale and closure of 12 imaging centers in 2001, a 4.9% reduction in scan volume, and a loss of $250,000 of other revenue associated with providing management services, according to the company.
U.S. Diagnostic said it's in negotiations to sell substantially all of its operating assets to its senior lender or a designee that would require filing of a voluntary case under Chapter 11 of the federal bankruptcy code. Under the terms of the potential transaction, the company said that there is little likelihood equity holders would receive any distribution in respect of their equity interests.
By AuntMinnie.com staff writersAugust 20, 2002
Related Reading
U.S. Diagnostic continues downward spiral in fiscal 2001, April 17, 2002
USDL fails to make payments, July 5, 2001
U.S. Diagnostic posts first-quarter loss, May 22, 2001
USDL suspends merger talks with IRG, March 2, 2001
USDL to merge with International Radiology Group, January 17, 2001
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