Alliance Imaging revenues hold steady in 2003

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Alliance Imaging Inc.'s revenues inched upward 1 percent in 2003, as the company focuses on its core MRI services business segment.

Revenues increased to $415.3 million, compared with $412 million in 2002. The medical imaging services provider also posted a net loss of $31.6 million, compared with net income of $35.9 million in 2002.

Chairman and CEO Paul S. Viviano said the company "continues to focus on stabilizing our core shared-service MRI business. The positron emission tomography modality continues to grow at a very significant rate, with 2003 PET revenue increasing to $56 million, or 87 percent over [2002]."

He added that Alliance Imaging also is "selectively pursing free-standing imaging center opportunities, most in partnerships with hospitals and health systems. During 2003, Alliance opened five free-standing MR imaging centers and operated a total of eight centers as of the end of the year."

The company already has opened one additional center this year.

In 2003, the company took non-cash asset impairment charges totaling $73.2 million related to the impairment of certain older MRI systems, goodwill and customer contract intangible assets and the decline in value of an investment in a joint venture.