Losses, Revenue Up at Medical Asset

Medical Asset Management Inc. posted higher losses for the third fiscal quarter while revenue climbed 22%.

The physician practice management company said its third quarter net loss increased to $2.9 million, or 18 cents a share, from $836,000, or 6 cents a share, a year ago. The company attributed the larger net loss primarily to clinic terminations totaling $830,000, reserves of $800,000 and a $647,000 increase in general and administrative expenses. Revenue rose to $3.3 million from $2.7 million.

For the nine months, the company reported a net loss of $3.7 million, or 24 cents a share, compared with a net loss of $2.7 million, or 21 cents a share, for the comparable period last year. Revenue advanced 67% to $10.7 million from $6.4 million.