DR Systems Continues Impressive Roll!
Announces Investor Distribution
SAN DIEGO, CA – September 26, 2001 – DR Systems, Inc., a private, San Diego-based provider of PACS and Radiology reporting systems announced today an estimated investor distribution of $0.43 per share for 2001. Most DR Systems’ investors initially purchased shares for $1 per share in 1993, and the company estimates that the value per share has increased to approximately $5.50.
In a joint statement, CEO Richard C. Porritt and Chairman Murray A. Reicher, M.D., note,
“DR Systems has achieved unprecedented success for a company in the PACS arena. We have maintained and grown profitability continuously since Q1-1995, and have amassed sufficient capital to provide our investors a great distribution, while still maintaining a large cash reserve that amounts to roughly two years of our entire core operating budget.”
Earlier this year, DR Systems converted from a “C” corporation to a Subchapter “S” corporation, providing further credence to management’s claim that the company will remain private and closely held.
Dr. Reicher and Mr. Porritt add, “Since delivering our first PACS in 1993, we’ve seen many of our large and small competitors exit the PACS arena permanently, or exit and then re-enter leaving old customers behind. As a result, customers are legitimately concerned about the security and longevity of any vendor, and the paradox in PACS is that the large vendors have offered even less continuity than the smaller vendors. We remain one of the only private and profitable companies ever in the PACS arena. Our formula for success is simple—provide real value, great service, and clear, straightforward communication with our customers.”
In a related statement, DR Systems announced the development of a fully integrated RIS plus PACS. States Mr. Porritt, “DR entered the marketplace with a uniquely efficient PACS invented by our founding radiologists, Dr. Reicher and Dr. Evan Fram. We now also offer a complete dictation, transcription, and reporting product, including voice recognition. We also offer a complete array of advanced image processing tools, and in the next 18 months, we will release our complete RIS+PACS.”
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