Imaging services provider InSight Health Services saw its revenues for fiscal 2005 (end-June 30) grow to $316.9 million, up 9% compared with approximately $290.9 million in revenues reported for fiscal 2004.
The Lake Forest, CA-based company had a loss before income taxes of approximately $12.1 million for fiscal 2005, a steep reversal when compared with net income before tax of $4.9 million in fiscal 2004. The firm noted that its costs of operations for fiscal 2005 increased to approximately $268.2 million from approximately $233.4 million for fiscal 2004. The increase was in part due to its recent acquisitions of Comprehensive Medical Imaging and CDL Medical Technologies.
As a result of the pretax loss for fiscal 2005 and anticipated future tax losses, InSight determined that a valuation reserve was necessary. The total provision for income taxes related to the deferred tax liability for fiscal 2005 was approximately $15.1 million, which resulted in an approximate $27.2 million net loss for fiscal 2005, compared with net income of $2.9 million in fiscal 2004, the company reported.
By AuntMinnie.com staff writers
September 1, 2005
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InSight Health expands Merge contract, October 21, 2004
InSight withdraws IPO, August 17, 2004
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