EXHIBIT 99.1(c)
MOBILE IMAGING CONSORTIUM
COMBINED CONDENSED BALANCE SHEETS
March 31, 1997 and December 31, 1996
March 31, December 31,
1997 1996
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(Unaudited)
ASSETS
Cash and cash equivalents $ 955,706 $ 381,591
Accounts receivable, net 1,170,840 1,350,324
Prepaid expenses and other current assets 262,142 177,340
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Total current assets 2,388,688 1,909,255
Property and equipment, net 1,397,057 1,690,650
Other assets, net 9,910 12,386
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$3,795,655 $3,612,291
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LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 158,839 $ 247,415
Current portion of long-term debt 105,922 131,017
Current portion of obligations under capital leases 1,085,475 1,077,732
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Total current assets 1,350,236 1,456,164
Long-term debt, less current portion 45,517 67,555
Obligations under capital leases, less current portion 191,767 454,245
Partners' capital 2,208,135 1,634,327
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$3,795,655 $3,612,291
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MOBILE IMAGING CONSORTIUM
COMBINED CONDENSED STATEMENTS OF INCOME
Three Months Ended March 31, 1997 and 1996
(Unaudited)
1997 1996
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Revenues
Net scan revenue $1,741,837 $1,851,044
Interest 1,711 3,548
Other 2,935 26,205
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Total revenue 1,746,483 1,880,797
Total operating expenses 1,172,675 1,040,442
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Net income $ 573,808 $ 840,355
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MOBILE IMAGING CONSORTIUM
COMBINED CONDENSED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
1997 1996
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Cash flows from operating activities:
Net income $ 573,808 $ 840,355
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 296,069 330,585
Changes in current assets and liabilities:
(Increase) decrease in accounts receivable 179,484 (551,233)
(Increase) decrease in prepaid expenses and
other current assets (84,802) 143,040
Decrease in accounts payable and
accrued expenses (88,576) (259,951)
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Net cash provided by operating activities 875,983 502,796
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Cash flows from financing activities:
Principal payments of long-term debt (47,133) (125,590)
Principal payments on capital lease obligations (254,735) (184,108)
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Net cash used in financing activities (301,868) (309,698)
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Net increase in cash 574,115 193,098
Cash, at beginning of period 381,591 972,134
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Cash, at end of period $ 955,706 $1,165,232
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MOBILE IMAGING CONSORTIUM
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997 AND 1996
1. BASIS OF PRESENTATION
In the opinion of management, the financial information reflects all
adjustments which are necessary to a fair presentation of the financial
position, results of operations and cash flows for the interim periods
presented and are of a normal recurring nature. The statements should be
read in conjunction with the notes to the financial statements of Mobile
Imaging Consortium as of and for the years ended December 31, 1996 and
1995.