SUN VALLEY, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Emergent Group Inc. (NYSE Amex:LZR), a leading provider of mobile medical lasers and surgical equipment, announced the following financial results for the third quarter ended September 30, 2010:
- Revenue decreased 4.8% to $7,594,715 versus $7,981,464 for the prior year's third quarter ended September 30, 2009 as the company noted continued softness in demand for medical procedures and related services affecting various healthcare sectors. However, third quarter revenue was 4.8% higher than the second quarter of 2010. This compared to sequential revenue growth of 2.5% between the second and third quarters of 2009.
- EBITDA (earnings before interest, taxes, depreciation and amortization) declined 8.7% to $1,919,041 versus $2,101,177 for the prior year period.
- Net income decreased 14.5% to $710,036, or $0.10 per diluted share, for the third quarter of 2010, versus $830,656, or $0.12 per diluted share, in the prior year period. Diluted weighted-average shares outstanding were lower in the current quarter at 7,045,049 versus 7,089,598 for the prior year period.
- At the end of the quarter, the company had a cash balance of $7,283,073, amounting to $1.03 per diluted share.