ReadiCare Reports Net of $245,000 for 1st Quarter
Crediting the effectiveness of its internal cost-cutting measures, ReadiCare Inc., the Irvine-based chain of drop-in medical centers, said it had net earnings of $245,000 for the first quarter, contrasted with a year-earlier loss of $285,470.
James A. Ripp, senior vice president and chief financial officer, said the cost-containment program that company officials instituted in the third quarter last year found its way onto the balance sheet for the quarter ended May 31. He also that the quarter’s earnings were helped “to a lesser extent” by increased revenue.
In the first quarter, the company posted revenues of $3.2 million, up 7.6% from the $3 million recorded in the prior year.
As part of the cost-containment program, the company laid off about 20 employees and moved some of its Silicon Valley-headquartered accounting and data-processing facilities to less expensive offices.