TAMPA, Fla., Nov. 16, 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 third quarter ended September 30, 2009.
For the third quarter of 2009, SRI Surgical reported total revenue of $24,120,000, an increase of $161,000 from the third quarter of 2008. The net loss for the third quarter of 2009 was $1,755,000 or $0.27 per basic and diluted common share compared to a net loss of $173,000, or $0.03 per basic and diluted common share reported for the third quarter of 2008. For the first nine months of 2009, SRI Surgical reported total revenue of $72,663,000, a decrease of $378,000 from the first nine months of 2008. Net loss for the first nine months of 2009 was $3,353,000 or $0.52 per basic and diluted common share compared to net loss of $1,857,000 or $0.29 per basic and diluted common share reported for the first nine months of 2008. The third quarter 2009 net loss was primarily due to the Company's reusable surgical product loss being higher than normal in its Tampa facility, as well as product loss recognized in the third quarter of 2009 for loss incurred but not recorded in prior periods.
Gerald Woodard, Chief Executive Officer said, "While some of our programs have been delayed due to the economy and the uncertainty regarding healthcare reform, we remain confident in our business and the direction we are heading."
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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
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Revenues $ 24,120 $ 23,959 $ 72,663 $ 73,041
Cost of revenues 20,026 18,641 58,191 56,832
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Gross profit 4,094 5,318 14,472 16,209
Distribution expenses 1,695 1,855 5,011 5,475
Selling and administrative
expenses 3,991 3,385 12,480 12,042
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Income (loss) from
operations (1,592) 78 (3,019) (1,308)
Interest expense 151 302 475 832
Other income (90) (90) (276) (275)
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Loss before income taxes (1,653) (134) (3,218) (1,865)
Income tax expense (benefit) 102 39 135 (8)
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Net loss $ (1,755) $ (173) $ (3,353) $ (1,857)
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Basic loss per common share $ (0.27) $ (0.03) $ (0.52) $ (0.29)
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Weighted average common shares
outstanding, basic 6,464 6,387 6,464 6,386
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Diluted loss per common share $ (0.27) $ (0.03) $ (0.52) $ (0.29)
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Weighted average common shares
outstanding, diluted 6,464 6,387 6,464 6,386
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SRI/SURGICAL EXPRESS, INC.
Condensed Balance Sheets
(In thousands)
As of As of
Sept. 30, Dec. 31,
2009 2008
-------- --------
(unaudited)
Cash and cash equivalents $ 328 $ 484
Accounts receivable, net 12,463 11,200
Inventories, net 3,793 5,727
Prepaid expenses and other assets 2,045 2,271
Reusable surgical products, net 18,770 20,577
Property, plant and equipment, net 27,910 29,487
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Total assets $ 65,309 $ 69,746
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Notes payable $ 6,512 $ 8,434
Accounts payable 8,537 8,461
Accrued expenses 5,544 5,121
Mortgage payable 4,067 4,228
Bonds payable 520 520
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Total liabilities 25,180 26,764
Shareholders' equity 40,129 42,982
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Total liabilities and shareholders' equity $ 65,309 $ 69,746
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