Metiscan, Inc. Files 2010 10-Q Releasing Financial Results & Discusses Capital Structure

August 25, 2010 |

5 min read

DALLAS, TX--(Marketwire - August 25, 2010) -

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Metiscan, Inc. (PINKSHEETS: MTIZ), the parent company of a portfolio of enterprises with operations in healthcare, healthcare IT, mobile technology and employment services, today announces results for its second quarter ending June 30, 2010. During the three months ended June 30, 2010, revenues were up 47% and cost of revenues were reduced 25% compared to the three months ended June 30, 2009. Additionally, for the first half of 2010, the Company had positive income from operations of $184,464 and would have had positive net income of approximately $140,000, if not for a one-time write-off of uncollectable notes of approximately $350,000 in the first quarter of 2010.

 3 Months Ended June 30th 6 Months Ended June 30th Statement of Income 2010 2009 2010 2009 Revenues 514,862 349,423 1,413,490 1,219,379 Gross Profit 374,529 168,357 1,120,571 938,165 Total Expenses 470,979 346,200 936,107 1,196,921 Income (Loss) from Operations (96,450) (177,843) 184,464 (258,756) Other Income (Expenses) (37,939) 238,341 (393,325) 197,460 Net Income (Loss) (134,389) 60,498 (208,861) (61,296) Balance Sheet Data Total Assets 12,053,693 4,517,949 12,053,693 4,517,949 Total Liabilities (4,458,945) (4,610,000) (4,458,945) (4,610,000) Stockholders’ equity (deficit) 7,594,748 (92,051) 7,594,748 (92,051)

Interested parties may access MTIZ’s recent 10-Q from the SEC website at www.SEC.gov.

During the three months ended June 30, 2010 the Company’s revenues were $514,862 as compared to $349,423 during the three months ended June 30, 2009. This increase of $165,439, or 47%, is primarily the result of the Company’s operation of Schuylkill Open MRI, Inc. and FirstView EHR, Inc.

The Company’s cost of revenues during the three months ended June 30, 2010 were $140,333 as compared to $181,066 during the three months ended June 30, 2009. Cost of revenues as a percentage of revenues were 27% during the three months ended June 30, 2010 as compared to 52% during the three months ended June 30, 2009. This decrease of $40,733 or 25% is a result of the increased revenues with the Company’s change in operational focus.

During the six months ended June 30, 2010 the Company’s revenues were $1,413,490 as compared to $1,219,379 during the six months ended June 30, 2009, an increase of $194,111, or 16%. Additionally, for the first half of 2010, the Company demonstrated positive income from operations of $184,464 and would have had positive net income of approximately $140,000, if not for a one-time write-off of uncollectable notes of approximately $350,000 in Q1 of 2010.

Furthermore, during the second quarter ended June 30, 2010, 58,500,000 shares of common stock were issued of which 30,000,000 restricted shares were issued related to a settlement agreement, and 28,500,000 free trading shares were issued to Big Apple Equities, LLC for investor relations services. Therefore, the issuance of these shares increased the Company’s issued shares by approximately 2.5%.

As previously announced, Metiscan will be hosting a nationwide teleconference on Wednesday, September 1, 2010 at 4:15 PM (Eastern Daylight Time) to update the financial community on points of interest that affect Metiscan and its shareholders. Space is limited on the call-in lines for this national teleconference, therefore in order to participate please call 407-389-5900 and ask for investor relations to make a reservation. If you have a particular question for the Company’s officers, please email questions in advance to ir@metiscan.com.

About Metiscan, Inc.

Metiscan, Inc. (Metiscan) (PINKSHEETS: MTIZ) is the parent company of a portfolio of enterprises with operations in healthcare, healthcare IT, mobile technology and employment services. Metiscan manages all aspects of its subsidiaries and is currently pursuing acquisitions that complement its subsidiaries’ operations. Metiscan’s subsidiaries include FirstView EHR, Inc., Taptopia, Inc., Schuylkill Open MRI, Inc., Shoreline Employment Services, Inc. For more information visit www.metiscan.com

Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Metiscan’s actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.