HOUSTON, Nov. 13, 2001 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) provider, today announced record financial results for its third quarter ended September 30, 2001. The company reported revenues of $3,358,396, an increase of 167% over the $1,257,294 in revenues for a comparable period last year. The company had net income of $343,588 or $0.02 per share (basic and diluted), a 278% increase versus $90,774 or $0.01 per share for a comparable period last year. For the nine-month period ended September 30, the company had revenues of $9,543,158 vs. $3,856,747 for the same period last year. The Company also had net income for the nine-month period of $995,879, or $0.07 per share vs. $548,342 or $0.04 per share last year.
"We continue our rapid and highly profitable growth," said Dr. David L. Blumfield, SurgiCare's Chairman and Co-Chief Executive Officer. "We have been very focused on developing the necessary infrastructure to ensure the successful roll-out of our ASC model throughout the country, but have also made growth in our existing centers a priority. We believe that the 57% increase in surgical procedures performed by us this quarter demonstrates that we can significantly increase a Center's performance in addition to opening new facilities."
"We made tremendous progress during the third quarter," said Charles S. Cohen, SurgiCare's Co-Chief Executive Officer. "We announced two new development projects that we will realize revenues from during the next two quarters, we moved into a new headquarters building and we attracted key personnel to accelerate our national expansion. We believe that these activities will enable us to accelerate our rapid growth in the coming quarters."
Dr. Blumfield and Mr. Cohen will be featured in an interview with CEOcast, Inc., a leading financial portal where they discuss earnings. The interview is will be available at www.ceocast.com beginning at 10:00 a.m.
About SurgiCare, Inc.
SurgiCare, Inc. offers licensed, free-standing Ambulatory Surgery Centers, and specialty hospitals for use by physicians and its physician partners and their patients. Free-standing refers to the fact that the facilities are physically and organizationally independent from a hospital. Ambulatory Surgery means surgical procedures, which do not require overnight hospitalization after the surgery. The ASC's are run under the guidance of a committee of physician partners. SurgiCare's goal is to grow through mergers, acquisitions, and turnkey management contracts in conjunction with physician-involved supervision and potential equity participation within a public company model. For more information on SurgiCare, please visit the company's Website at www.surgicareinc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expression. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of SurgiCare, Inc., (the Company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the Company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.