May 13, 2013
Diagnostic Imaging International Corp.
2013 Q1 Financial Results
Las Vegas, NV - May 13, 2013 - Diagnostic Imaging International Corp. (OTCQB: DIIG) announced today that it has filed its 10-Q report for the first quarter of 2013.
The Company is very pleased to report that it has generated record revenues in Q1 2013. The Company is now looking to expand operations through additional acquisitions. The Company will require financing in order to complete additional acquisitions.
For Q1 2013 total Company revenues were $1.299 million.
EBITDA for the first quarter of 2013 was $0.006 per share.
Financial Highlights and Breakdowns
For the three months ended March 31, 2013 revenues from teleradiology services was $822,989 compared to $810,638 for the three months ended March 31, 2012, an increase of 1.5% or $12,351. The increase in revenue from teleradiology services of 1.5% despite the reduction in most listed radiology fees by the Ontario Health Insurance Plan (OHIP), of approximately 5% in April 2012 was due to an increase in volume to current client hospitals. OHIP has announced plans to reduce fees by a further 6% over the next 3 years. The move by the Ontario government was unilateral and the radiology association may choose to challenge the fee reductions.
For the three months ended March 31, 2013, revenues from medical scans services were $476,016. Due to the acquisition date of December 10, 2012 of SMI, we had no revenue from medical scans for the three months ended March 31, 2012.
For the three months ended March 31, 2013, cost of sales incurred relating to radiology services were $803,876 compared to $665,437 for the three months ended March 31, 2012, an increase of 17% or $138,439. The increase pertaining to cost of sales of CTS of 1.5% or $7,658 was as a result of the increase in revenue of CTS. The remaining increase of $130,781 represents full three months of operation of SMI.
Operating expenses for the three months ended March 31, 2013 and March 31, 2012, totalled $440,586 and $126,869, respectively.
To find out more about Diagnostic Imaging International Corp. (OTCBB: DIIG), visit our website at diig.biz. Or contact the Company directly at (877) 331-3444.
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.