PSICOR Reports Financial Results for Second Quarter and First Half of Fiscal 1995

Strategic Insights -

PSICOR, Inc. reported financial results for the second quarter and first half of fiscal 1995, with revenues increasing 24 percent and 23 percent, respectively, from the same periods the previous year. Despite the revenue growth, net income for the second quarter was 12 percent lower than the same period in 1994. The company's Chairman and Chief Executive Officer, Michael W. Dunaway, attributed the decline in net income to the integration costs associated with the acquisition of PSICOR Office Laboratories, which contributed to a small loss in the quarter. Dunaway expressed optimism about the future growth and profitability of the office laboratory operations.

Key Takeaways:

  • PSICOR's revenue for the second quarter of fiscal 1995 was $24,370,000, a 24 percent increase from $19,718,000 in the same quarter of the previous year.
  • Net income for the second quarter of fiscal 1995 was $927,000, a 12 percent decrease from $1,048,000 in the same quarter of fiscal 1994.
  • On a per share basis, second quarter 1995 net income was $0.21 compared to $0.24 for the comparable period the previous year.
  • Revenue for the first half of fiscal 1995 was $48,237,000, a 23 percent increase from $39,329,000 in the same period of the previous year.
  • Net income for the first half of 1995 was $2,140,000, compared to $2,150,000 in the same period of fiscal 1994.
  • PSICOR's Chairman and Chief Executive Officer, Michael W. Dunaway, announced the resignation of the company's Chief Financial Officer, John V. Cracchiolo, who will leave in May for a new opportunity.
  • The company is beginning the search for Cracchiolo's replacement.

Statistics:

  • 24 percent increase in revenue for the second quarter of fiscal 1995 compared to the same quarter of the previous year.
  • 12 percent decrease in net income for the second quarter of fiscal 1995 compared to the same quarter of fiscal 1994.
  • 23 percent increase in revenue for the first half of fiscal 1995 compared to the same period of the previous year.
  • $24,370,000: second quarter 1995 revenue.
  • $1,048,000: net income for the second quarter of fiscal 1994.
  • $927,000: net income for the second quarter of fiscal 1995.
  • $48,237,000: revenue for the first half of fiscal 1995.
  • $2,150,000: net income for the first half of fiscal 1994.
  • $2,140,000: net income for the first half of fiscal 1995.
  • 400: number of hospitals supplied with advanced life-sustaining equipment by PSICOR.
  • 200: number of physician offices supplied with diagnostic clinical laboratories by PSICOR.

Sources:

  • BUSINESS WIRE, April 24, 1995.
  • PSICOR, Inc. official statement.