Radiologix posts loss in Q1

Imaging services provider Radiologix reported first-quarter service-fee revenue of $64.4 million, down 9.3% compared with the $71 million posted in the first quarter a year ago. For the period (end-March 31), the Dallas-based firm had a net loss of $4.6 million, compared with net income of $4.4 million last year.

Radiologix said that it has implemented a cost-reduction program at its corporate offices and regional operations, eliminating approximately 25% of its headcount and salaries for an expected $2 million in annual savings. The company also said it expects to save $4 million by reducing costs associated with administrative positions.

Radiologix has also identified seven imaging centers that have been designated for sale or closure within the next 12 months. In addition, the firm is holding discussions with several equipment and supply vendors regarding price and terms of their sales and service, and how the vendors will work with Radiologix on upgrades, new equipment, and new locations.

By AuntMinnie.com staff writers
May 7, 2003

Related Reading

Radiologix shows uptick in 2002, March 13, 2003

Radiologix hires new chief executive, February 7, 2003

Radiologix again lowers expectations, December 19, 2002

Radiologix CEO announces resignation, December 4, 2002

Radiologix lowers expectations, September 25, 2002

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