ReadiCare Lists 1st Annual Profit

ReadiCare Inc. reported net earnings of $781,177 for its 1987 fiscal year ended Feb. 28, the first annual profit for the Newport Beach-based emergency medical center operator since its founding in 1982. The company posted a $1.2-million net loss for its fiscal 1986. Revenues during ReadiCare’s fiscal 1987 increased 9% to $13.7 million from $12.6 million a year earlier.

But the 1987 profit came from a pretax gain of $383,000 from the sale of two industrial clinics, and from utilization of $346,000 in tax credits, said James Ripp, ReadiCare’s senior vice president.

For its fourth quarter, ReadiCare had net earnings of $198,000, all of which came from the sale of the company’s San Jose clinic for $228,000, Ripp said. ReadiCare had a $914,000 net loss during its fiscal 1986 final quarter. Revenues of $3.8 million were up 31% from $2.9 million a year earlier.

ReadiCare shares gained only 6.25 cents Tuesday to close at $1.875 a share in over-the-counter trading. ReadiCare, which has lingered in the range of $1 to $2 a share for more than a year, once traded for as high at $16.75 a share.

Ripp blamed the weak fourth quarter on a seasonal drop in business.

In an unrelated matter, ReadiCare said it increased the size of its board of directors to six and named Ronald C. Dodson a director. Dodson is president of R.C. Dodson & Co. Ltd., a Utah management consulting firm.