This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Digirad Corporation Reports Third Quarter And Nine-Month Financial Results

Return to Profitability; $2.4 Million in Operating Cash Flow Announces Cash Dividend of $0.05 Per Share

SUWANEE, Ga., Nov. 1, 2013 (GLOBE NEWSWIRE) -- Digirad Corporation (Nasdaq:DRAD) today reported third quarter earnings of $2.5 million, or $0.14 per diluted share, with total revenues of $12.4 million. Ending cash, cash equivalents and available-for-sale securities was $25.9 million.

Included within the results for the quarter and nine months is a $1.6 million pre-tax gain in connection with a sale of assets and associated license agreement related to a surgical imaging system that was previously under development at Digirad.

Digirad President and CEO Matt Molchan said, "I am very pleased with our financial results for this quarter. Apart from the successful surgical imaging transaction, we posted positive financial results, including the most profitable quarter since our IPO in 2004. Our restructuring efforts continue to be right on track with our plan, and both our DIS and Diagnostic Imaging businesses are performing well, with DIS posting solid year over year revenue growth and Diagnostic Imaging improving its overall margins.

"Also for the quarter, we generated $2.4 million of cash flow from operations," added Molchan, "Though cash flow on a quarterly basis will fluctuate based on changing operations and seasonality, our general expectation is that we will be a net cash flow generator on an annual basis now that the major restructuring activities are nearing completion."

Jeffrey E. Eberwein, Digirad Chairman of the Board of Directors, said, "Since the beginning of our restructuring plan that was announced in late February 2013, we have made it clear that our go-forward strategy is to increase cash flow and maximize value to the shareholders. Now that the Company has returned to profitability and is generating positive cash flow, the Board is pleased to be able to pay a regular dividend as one additional way to return value directly to our shareholders."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs