LAS VEGAS, NEVADA--(Marketwired - Apr 2, 2013) - Diagnostic Imaging International Corp. (DIIG) announced today that it has filed its 2012 10-K report and provided an update on its financial results for 2012.
The Company is very pleased to report that it generated positive cash flow in 2012. The Company completed its acquisition of SOMRI in December 2012 and the Company is now looking to expand operations through additional acquisitions. The Company will require financing in order to complete additional acquisitions.
The 2012 financials only incorporate the SOMRI numbers from December 10, 2012 to December 31, 2012. 2013 financial numbers will include the full year of SOMRI financials.
EBITDA for 2012 was $0.007 per share.
For the year ended December 31, 2012 revenues from radiology services were $3,308,100 compared to $3,536,176 for the year ended December 31, 2011, a decrease of 6.5% or $228,076. This decrease in revenues was due to one of the Company's client hospitals ending service with CTS, citing a desire by the current team to bring the workload back into the hospital and a change in the workflow within the hospital. The client hospital has communicated that this change was not a reflection on CTS service. In addition, the Ontario Health Insurance Plan (OHIP), which is administered by the provincial government and responsible for paying for services CTS provides has reduced most radiology fees by approximately 5% which contributed to the decrease in sales.
For the year ended December 31, 2012 revenue from medical scans services were $70,882 representing revenue of SOMRI from the acquisition date of December 10 through to December 31, 2012.
For the year ended December 31, 2012 cost of sales incurred relating to radiology services were $2,704,223 compared to $2,905,077 for the year ended December 31, 2011, a decrease of 7% or $200,854. As a result of the decrease in revenues, we incurred less cost of sales. As a percentage of revenues, our costs of sales incurred relating to radiology services remained constant at 82%.
For the year ended December 31, 2012 cost of sales from medical scans services were $29,600 representing costs of sales of SOMRI from the acquisition date of December 10 to December 31, 2012.
Operating expenses for the years ended December 31, 2012 and 2011 totaled $627,718 and $542,512, respectively.
Diagnostic Imaging International Corp., ("DIIG") owns and operates CTS a Teleradiology company, and SOMRI an MRI clinic. Teleradiology is the process of assessing radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation. CTS provides remote radiology (teleradiology) technology to hospitals and practices, on-call 24 hours a day, 7days a week. CTS connects clients with a global teleradiology network, providing access to global partner facilities and American and Canadian board-certified radiologists. SOMRI provides full out-patient MRI diagnostic scans and results, and offers its patients both an open MRI and closed 1.5T MRI depending on needs and requirements.
This news release includes forward-looking statements that reflect Diagnostic Imaging International Corp.'s current expectations about its future results, performance, prospects and opportunities. Diagnostic Imaging International Corp. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to Diagnostic Imaging International Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities in the remainder of 2013 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.