ATI Medical’s Earnings Drop 97% in 3rd Quarter
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ATI Medical Inc. in Glendale said its fiscal third-quarter profit plunged 97% from a year earlier despite a 6% increase in revenue.
ATI, which rents medical equipment to hospitals, home-care patients and the entertainment industry, said its net income in the quarter ended April 30 fell to $31,300 from $1.06 million a year earlier. Its revenue climbed to $14 million from $13.2 million.
The company blamed the earnings drop on price cutting in its industry and ATI’s investment in its new home-patient business.
For the first nine months of its fiscal year, ATI lost $220,800 compared with a year-earlier profit of $2.73 million. Its nine-month revenue rose 10%., to $41.2 million from $37.4 million.
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