ReadiCare Reports Net of $132,000 for Quarter

ReadiCare Inc. said net income hit $132,000 for its fiscal 1987 third quarter ended Nov. 30, contrasted with net income of $10,000 for the prior year’s third quarter. Revenue for the third quarter was $7.8 million, up 1.2% from a year earlier.

For the first nine months, the Newport Beach-based operator and developer of outpatient medical centers reported net earnings of $584,000, contrasted with a net loss of $336,000 a year earlier.

Separately, the company said that its directors have approved a common stock repurchase program, with the number of shares and the timing of the purchases still to be determined. ReadiCare has 8.8 million shares outstanding.

Additionally, ReadiCare said that it sold some assets and the business of its Evergreen ReadiCare Center in San Jose for $570,000 cash and has entered into a three-year licensing and management services agreement with the new owners.