TAMPA, Fla., May 4, 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 first quarter ended March 31, 2009.
For the first quarter of 2009, SRI Surgical reported total revenue of $23,926,000, a decrease of $42,000 from the first quarter of 2008. The net loss for the first quarter of 2009 was $894,000 or $0.14 per basic and diluted common share compared to a net loss of $1,294,000, or $0.20 per basic and diluted common share reported for the first quarter of 2008.
Gerald Woodard, Chief Executive Officer said, "I am excited about the new supply and co-marketing agreement we entered into with Cardinal in late 2008. This partnership gives our environmentally friendly solution greater visibility throughout the healthcare market."
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
March 31,
2009 2008
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Revenues $ 23,926 $ 23,968
Cost of revenues 18,892 18,925
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Gross profit 5,034 5,043
Distribution expenses 1,665 1,758
Selling and administrative expenses 4,169 4,450
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Loss from operations (800) (1,165)
Interest expense 175 275
Other income (94) (94)
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Loss before income taxes (881) (1,346)
Income tax expense (benefit) 13 (52)
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Net loss $ (894) $ (1,294)
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Basic loss per common share $ (0.14) $ (0.20)
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Weighted average common shares outstanding,
basic 6,445 6,391
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Diluted loss per common share $ (0.14) $ (0.20)
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Weighted average common shares outstanding,
diluted 6,445 6,391
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SRI/SURGICAL EXPRESS, INC.
Condensed Balance Sheets
(In thousands)
As of As of
March 31, 2009 December 31, 2008
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(unaudited)
Cash and cash equivalents $ 853 $ 484
Accounts receivable, net 11,527 11,200
Inventories, net 3,483 5,727
Prepaid expenses and other assets 2,418 2,271
Reusable surgical products, net 20,048 20,577
Property, plant and equipment, net 29,036 29,487
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Total assets $ 67,365 $ 69,746
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Notes payable $ 5,559 $ 8,434
Accounts payable 9,626 8,461
Accrued expenses 5,203 5,121
Mortgage payable 4,174 4,228
Bonds payable 520 520
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Total liabilities 25,082 26,764
Shareholders' equity 42,283 42,982
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Total liabilities and shareholders'
equity $ 67,365 $ 69,746
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