MADISON HEIGHTS, Mich., Aug. 7, 2012 /PRNewswire/ -- InfuSystem Holdings, Inc. (NYSE MKT: INFU) ("InfuSystem" or the "Company"), the leading national provider of infusion pumps and related services for the healthcare industry in the United States, today reported revenues for the quarter ending June 30, 2012, were $14.1 million, up 7% from $13.1 million in the second quarter of 2011. Total revenues for the six months ended June 30, 2012, were $28.4 million, a 9% improvement from $26.1 million in the 2011 period.
Gross profit for the three months ending June 30, 2012, was $10.3 million, up 14% from $9.0 million in second quarter of last year. Gross profit for the first six months of 2012 was $20.7 million, an increase of 15% compared to $18.0 million for the first six months of 2011.
The second quarter net loss was $0.8 million, equal to a $0.04 loss per diluted share, compared to the $27.9 million net loss, equal to a $1.32 loss per diluted share in the prior period. For the six months ended June 30, 2012, the Company's net loss was $1.7 million or $0.08 per diluted share, versus a net loss of $28.1 million or $1.33 per diluted share, for the year-ago period. One-time net expenses of $1.7 million and $3.2 million for the three and six months ended June 30, 2012, hampered these results related, respectively, to the Settlement Agreement and Fifth Amendment, including debt extinguishment, as discussed below.
The Company achieved a number of annualized cost-savings actions totaling in excess of $1 million in the second quarter, which also saw the installation of a new board and executive management team.
"We have made important financial and operational progress," said Interim Chief Executive Officer Dilip Singh. "Eliminating unnecessary management positions and reducing board cash compensation contributed significantly to the $1 million-plus in annual savings. We expect to see
|SOURCE InfuSystem Holdings, Inc.|
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