One-time charges force USDL loss
Imaging services provider U.S. Diagnostic of West Palm Beach, FL, last week reported that one-time charges totaling $15.1 million were the cause of an $11.9 million net loss in the company's second quarter (end-June). USDL's loss was attributable in part
Imaging services provider U.S. Diagnostic of West Palm Beach, FL, last week reported that one-time charges totaling $15.1 million were the cause of an $11.9 million net loss in the company's second quarter (end-June).
USDL's loss was attributable in part to a $4.9 million charge to settle class-action lawsuits filed earlier this year relating to revelations about one of the company's mergers and acquisitions consultants (SCAN 8/6/97). Another charge was $2.8 million spent in the quarter on a settlement with former CEO Jeffrey Goffman, who left the company in the wake of the revelations. USDL also took a $3.7 million charge for asset-impairment losses related to goodwill, and another $3.7 million in professional fees related to the shareholders' suits and investigations of the company by NASDAQ and the Securities and Exchange Commission.
The good news for USDL came on the revenue side, with the company reporting sales of $57.5 million for the second quarter, compared with $15.6 million in the same period a year ago. USDL executives said that the quarter was a difficult one, but that it represented the end of the company's recent woes. USDL shareholders seemed to agree: On the NASDAQ exchange Friday, USDL shares closed at $8.06 a share, up over 3%, while the rest of the market tanked.
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