InSight sees decrease in sales, income for Q1

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InSight Health Services Holdings has reported its financial results for the 2008 first quarter, which ended Sept. 30.

The company said its net cash provided by operating activities was approximately $3 million for the quarter, and resulted primarily in a net loss of approximately $7.2 million before non-cash charges (approximately $12.3 million), partially offset by changes in certain assets and liabilities (approximately $2 million). The net loss compared to a net income of approximately $188,000 for the 2007 first quarter.

InSight said its revenues decreased approximately 6.9 percent from approximately $67.8 million for the first quarter, to approximately $63.1 million for the same quarter last year.

Upon its emergence from Chapter 11, the Lake Forest, Calif.-based InSight said it adopted fresh-start reporting in accordance with American Institute of Certified Public Accountants’ Statement of Position 90-7. Accordingly, the company said its condensed consolidated financial statements on or after Aug. 1, 2007 are not comparable to InSight’s condensed consolidated financial statements prior to that date. The adoption of fresh-start reporting primarily affected depreciation and amortization and interest expense in the condensed consolidated statements of operations.