TAMPA, Fla., March 2, 2009 (GLOBE NEWSWIRE) -- SRI/Surgical Express, Inc. (SRI) (Nasdaq:STRC), a leading provider of reusable surgical device reprocessing services supporting the healthcare industry, today announced financial results for its fourth quarter and year ended December 31, 2008.
For the fourth quarter of 2008, SRI Surgical reported total revenue of $23,988,000, an increase of $32,000 over the fourth quarter of 2007. The net loss for the fourth quarter of 2008 was $699,000 or $0.11 per basic and diluted common share compared to a net loss for the fourth quarter of 2007 of $1,617,000 or $0.26 per basic and diluted common share. Revenues for the fiscal year ended December 31, 2008 were $97,028,000, compared to $94,201,000 for the fiscal year ended December 31, 2007. The net loss for the fiscal year ended December 31, 2008 was $2,556,000 or $0.40 per basic and diluted common share compared to a net loss of $3,193,000, or $0.50 per basic and diluted common share for the fiscal year ended December 31, 2007.
Gerald Woodard, Chief Executive Officer said, "Having completed my first year as CEO, I am encouraged by the progress we have made. We successfully completed a supply and co-marketing agreement with Cardinal Health, whereby we will jointly develop, market and distribute a new product offering, the Hybrid Preference Pack(tm). Last month we began the process of closing our disposable products assembly plant and now buy all our disposable surgical kits directly from Cardinal, a more cost effective alternative. We have strong product and service offerings and motivated employees. Though the recession is a challenge for all businesses, we look forward to 2009."
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 Twelve Months Ended
December 31, December 31,
2008 2007 2008 2007
---- ---- ---- ----
Revenues $23,988 $23,956 $97,028 $94,201
Cost of revenues 18,767 19,216 75,599 73,947
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Gross profit 5,221 4,740 21,429 20,254
Distribution expenses 1,752 1,699 7,227 6,394
Selling and administrative
expenses 4,247 5,379 16,289 17,775
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Loss from operations (778) (2,338) (2,087) (3,915)
Interest expense 246 317 1,077 1,385
Other income (121) (92) (396) (342)
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Loss before income taxes (903) (2,563) (2,768) (4,958)
Income tax benefit (204) (946) (212) (1,765)
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Net loss $ (699) $(1,617) $(2,556) $(3,193)
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Basic loss per common share $ (0.11) $ (0.26) $ (0.40) $ (0.50)
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Weighted average common shares
outstanding, basic 6,440 6,339 6,434 6,399
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Diluted loss per common share $ (0.11) $ (0.26) $ (0.40) $ (0.50)
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Weighted average common shares
outstanding, diluted 6,440 6,339 6,434 6,399
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SRI/SURGICAL EXPRESS, INC.
Condensed Balance Sheets
(In thousands)
(unaudited)
As of As of
Dec 31, Dec 31,
2008 2007
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Cash and cash equivalents $ 484 $ 656
Accounts receivable, net 11,200 11,613
Inventories, net 5,727 6,159
Prepaid expenses and other assets 2,271 2,847
Reusable surgical products, net 20,577 19,416
Property, plant and equipment, net 29,487 31,277
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Total assets $69,746 $71,968
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Notes payable $ 8,434 $ 2,493
Accounts payable 8,461 7,984
Accrued expenses 5,121 5,464
Mortgage payable 4,228 4,286
Bonds payable 520 7,060
Deferred tax liability, net -- 55
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Total liabilities 26,764 27,342
Shareholders' equity 42,982 44,626
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Total liabilities and shareholders' equity $69,746 $71,968
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