TORONTO, April 5 /PRNewswire-FirstCall/ -- Med-Emerg International Inc. (Symbol- MDER.OTCBB), announced today that revenue from continuing operations, for the year-ended December 31, 2003 increased to $54,335,558 from $37,428,043 for the period ended December 31, 2002, a 45% increase (all amounts are $US unless otherwise stated).
The significant increase in revenue reflects the impact of the Canadian Armed Forces contract that was awarded in March 2001 and the impact of revenue generated while servicing the SARS contract which was awarded in March 2003.
The Company also reported positive EBIDTA from continuing operations of $437,447 for the year ended December 31, 2003 versus $340,762 for the same period in 2002.
Net loss for the year from continuing operations was $1,658,633 or $0.17 per share versus $721,691 or $0.08 per share in the prior year. After adjusting for the impact of stock compensation expenses of $1,161,262 recorded during the year (2002 - $62,287), the loss was approximately $160,000 less for the year ended December 31, 2003.
Dr. R. Zacharias stated, “We are pleased with our year-end results. The increased revenue reflects the full implementation of our contract with the Department of National Defence and the result of the Company’s contribution in assisting the people of Ontario during the SARS epidemic and in providing healthcare professionals to perform follow-up research into the management of similar infectious diseases. We are also experiencing good growth in our Pharmaceutical Support and Healthcare Consulting businesses. With the divestiture of the Clinic operations behind us and our efforts to enhance the functioning of our remaining business units, we expect to drive profitable results in 2004.”
MEII specializes in the coordination and delivery of emergency and primary health care related services in Canada. These services include physician and nurse staffing and recruitment, clinical management services, the development and management of urgent care centers, and a comprehensive physician practice management program. Med-Emerg currently holds the contract to provide all contract healthcare support services to the Canadian Forces for members-in-garrison in Canada.
Certain oral and written statements of the management of the Company included in this press release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. The accuracy of such statements cannot be guaranteed as they are subject to a variety of risks.
Med-Emerg International Inc.
CONTACT: Ramesh Zacharias, CEO, Med-Emerg International Inc.,Tel: (905) 858-1368, Email: rzacharias@med-emerg.com