DALLAS, TX--(Marketwire - May 25, 2010) - Metiscan, Inc. (PINKSHEETS: MTIZ), the parent company of a portfolio of enterprises with operations in healthcare, healthcare IT, mobile technology and employment services, today announced results for its first quarter ending March 31st, 2010. Revenues increased by 3.3%, net income from operations increased 447% and the Company’s net loss for Q1 was down by 60% just shy of break-even from the same period in 2009. The Company would have had positive net income of $272,321 in Q1 of 2010 if not for a one-time write-off of uncollectable notes of $346,793 as included in the Company’s Statement of Income as other expenses.
--------------------------------------------------------------------------- Statement of Income 2010 (Q1) 2009 (Q1) --------------------------------------------------------------------------- Revenues 898,628 869,956 --------------------------------------------------------------------------- Gross Profit 746,042 769,808 --------------------------------------------------------------------------- Total Expenses 465,128 850,721 --------------------------------------------------------------------------- Income (Loss) from Operations 280,914 (80,913) --------------------------------------------------------------------------- Other Income (Expenses) (355,386) (40,881) --------------------------------------------------------------------------- Net Income (Loss) (74,472) (186,882) ---------------------------------------------------------------------------
During the first quarter of 2010 Revenues were $898,628, as compared to $869,956 or a 3.30% increase, for the first quarter of 2009. Additionally, the Company had net income from operations of $280,914 during the first quarter of 2010, as compared to a net loss from operations of $80,913, for the first quarter of 2009. The Company experienced a net loss in Q1 of $74,472 that was attributed to a one-time write-off of uncollectable notes of $346,793 as included in the Company’s other expense. If not for this one-time write-off, the Company would have had positive net income of $272,321 in Q1 of 2010.
“We believe our Q1 financials confirms that Metiscan on a consolidated basis is trending in a positive manner,” commented Bryan A. Scott, President & CEO of Metiscan. “We believe this trend is also evidenced in our 2009 annual statements whereby we demonstrated an increase in revenues of $1.4M or 144% from our year-end 2008 financial statements.”
Furthermore, during Q1 of 2010 the Company issued 141,199,845 shares of common stock of which 122,899,845 restricted shares were issued for legal expenses and settlement of a note and 18,300,000 free trading shares were issued to one investor which have been subsequently rescinded for failure to make payment. Therefore, the issuance of the restricted shares for legal expenses and settlement of a note increased the Company’s issued and outstanding shares by 0.005% however yielded a reduction in the Company’s payables by $206,033.
About Metiscan, Inc.
Metiscan, Inc. (Metiscan), OTCPK: MTIZ, is the parent company of a portfolio of enterprises with operations in healthcare, healthcare IT, mobile technology and employment services. Metiscan manages all aspects of its subsidiaries and is currently pursuing acquisitions that complement its subsidiaries operations. Metiscan’s subsidiaries include FirstView EHR, Inc., Taptopia, Inc., Schuylkill Open MRI, Inc., Shoreline Employment Services, Inc. Taptopia, Inc. is producing APPCON jointly with Convexx. For more information visit www.metiscan.com.
Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Metiscan’s actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
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