NightHawk Radiology shows steep slide in Q1

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NightHawk Radiology Holdings, a provider of radiology solutions to U.S. radiology groups, has released its 2009 fiscal first quarter results, reflecting a reduction in scan volume that led to losses.

The company booked a net loss of $52.6 million, compared with a net income of $700,000 in the year-ago quarter. Also, revenue was $38.8 million compared with $41.7 million in the year-ago quarter, attributed to a reduced scan volume of 722,321 exams, compared with 745,075 exams in the year-ago quarter.

"During the quarter we had a non-cash charge relating to the impairment of our goodwill, however, we are pleased with our adjusted operating results for the first quarter and our strong cash flow, even in a quarter that is typically one of our slowest and in a challenging economy," said David Engert, NightHawk's president and CEO.

The company also said it expects "scan volume and revenue for the second quarter of 2009 to increase sequentially from the first quarter, with revenue expected to be in the range of $39 million to $41 million."