Despite a significant drop in revenue, Chicago-based Merge Healthcare, a developer of imaging and interoperability software systems, turned a modest profit for the first quarter of 2014 thanks to lowered interest expenses and other cost-cutting, the company reports.
Merge reported net sales of $50.9 million for the first quarter of 2014 compared with $63.6 million for the same period a year earlier, a fall of nearly 20%. But by trimming sales and other costs, Merge eked out $323,000 in net income for the first quarter this year, compared with a $6.5 million net loss in the same period in 2013.
Calculated against nearly 94.7 million shares, earnings per share was reported as $0.00 for the quarter—it works out to about three-tenths of a cent per share—compared with a loss of $0.07 for the first quarter in 2013.
Merge reported losses in all four quarters in 2013 for a net loss of nearly $39 million, or $0.42 per share.