TAMPA, Fla., Aug. 3, 2009 (GLOBE NEWSWIRE) -- SRI/Surgical Express, Inc. (Nasdaq:STRC), a leading provider of reusable surgical device reprocessing services supporting the healthcare industry, today announced financial results for the second quarter ended June 30, 2009.
For the second quarter of 2009, SRI Surgical reported total revenue of $24,617,000, a decrease of $496,000 from the second quarter of 2008. The net loss for the second quarter of 2009 was $704,000 or $0.11 per basic and diluted common share compared to a net loss of $390,000, or $0.06 per basic and diluted common share reported for the second quarter of 2008. For the first six months of 2009, SRI Surgical reported total revenue of $48,543,000, a decrease of $538,000 from the first half of 2008. Net loss for the first six months of 2009 was $1,598,000 or $0.25 per basic and common diluted common share compared to net loss of $1,684,000 or $0.26 per basic and diluted common share reported for the first half of 2008. The second quarter 2009 net loss was impacted by a non-recurring severance charge of $238,000.
Gerald Woodard, Chief Executive Officer said, "I am excited about the changes we continue to make to the overall positioning of SRI, which included us receiving the Champion for Change Award in late May. As a charter member of Practice Greenhealth, we were recognized by this award for our outstanding contributions to environmentally responsible health care."
About SRI Surgical
SRI Surgical (www.srisurgical.com) provides central processing and supply chain management services to hospitals and surgery centers across the United States. SRI Surgical serves hospitals and surgery centers in 19 states from 10 reprocessing facilities and four distribution centers located throughout the United States.
The SRI/Surgical Express, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4997
Forward-Looking Statements
The statements in this press release that are not historical, including statements regarding SRI Surgical's beliefs, expectations, and strategies, constitute "forward looking statements" within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Important factors that could cause the differences are discussed in SRI Surgical's reports on Forms 10-Q, 10-K, and 8-K that the Company periodically files with the Securities and Exchange Commission. These factors include SRI Surgical's sales process and market acceptance of its products and services, SRI Surgical's capital needs, its dependence on significant customers and a significant supplier, risks of a new product offering, and the competitive healthcare marketplace. SRI Surgical does not undertake to update any forward-looking statements in this press release. Copies of SRI Surgical's SEC filings, including its annual report on Form 10-K and quarterly reports on Form 10-Q, may be obtained by contacting SRI Surgical's investor relations department at (813) 891-9550 or at the Investors section of the SRI Surgical Website at www.srisurgical.com.
SRI/SURGICAL EXPRESS, INC.
Condensed Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues $ 24,617 $ 25,113 $ 48,543 $ 49,081
Cost of revenues 19,273 19,266 38,165 38,191
-------- -------- -------- --------
Gross profit 5,344 5,847 10,378 10,890
Distribution expenses 1,651 1,862 3,317 3,620
Selling and administrative
expenses 4,320 4,207 8,489 8,657
-------- -------- -------- --------
Loss from operations (627) (222) (1,428) (1,387)
Interest expense 149 254 323 529
Other income (92) (91) (186) (185)
-------- -------- -------- --------
Loss before income taxes (684) (385) (1,565) (1,731)
Income tax expense (benefit) 20 5 33 (47)
-------- -------- -------- --------
Net loss $ (704) $ (390) $ (1,598) $ (1,684)
======== ======== ======== ========
Basic loss per common share $ (0.11) $ (0.06) $ (0.25) $ (0.26)
======== ======== ======== ========
Weighted average common shares
outstanding, basic 6,447 6,387 6,446 6,386
======== ======== ======== ========
Diluted loss per common share $ (0.11) $ (0.06) $ (0.25) $ (0.26)
======== ======== ======== ========
Weighted average common shares
outstanding, diluted 6,447 6,387 6,446 6,386
======== ======== ======== ========
SRI/SURGICAL EXPRESS, INC.
Condensed Balance Sheets
(In thousands)
As of As of
June 30, December 31,
2009 2008
(unaudited)
------------ ------------
Cash and cash equivalents $ 760 $ 484
Accounts receivable, net 11,497 11,200
Inventories, net 2,968 5,727
Prepaid expenses and other assets 1,544 2,271
Reusable surgical products, net 19,599 20,577
Property, plant and equipment, net 28,466 29,487
------------ ------------
Total assets $ 64,834 $ 69,746
============ ============
Notes payable $ 4,352 $ 8,434
Accounts payable 8,191 8,461
Accrued expenses 5,923 5,121
Mortgage payable 4,121 4,228
Bonds payable 520 520
------------ ------------
Total liabilities 23,107 26,764
Shareholders' equity 41,727 42,982
------------ ------------
Total liabilities and shareholders' equity $ 64,834 $ 69,746
============ ============