Audiotech Healthcare has disclosed profitable nine-month results.

Chief executive officer Ozzie Iadarola says: "At the end of fiscal 2001, we established objectives to reduce G&A and operating costs, and renew our focus on profitability and efficiency at our clinics. I am pleased to report that these steps resulted in a turnaround to profitable operations.

"For the first nine months of fiscal 2002 (ended June 30, 2002), revenues were $2,279,442 and operating profit (earnings before amortization) was $96,299. Net income was $11,281, up from a loss of ($296,431) in the same period last year. Revenues for the third quarter reached a record $830,536, up 19 per cent over the same period last year, the result of further growth at existing clinics.

"Our Idaho operations contributed substantially to revenue growth, posting revenues of $825,046 (U.S.) for the nine months, up over 23 per cent. In light of this success, we are expanding our recruiting efforts to expand in key markets.

"Our gross margins increased to 64.0 per cent from 60.1 per cent last year, and 58.5 per cent in fiscal 2000. At June 30, 2002, our cash balance was $663,875 compared to $324,691 at March 31, 2002. We are confident that the trend towards increasing profitability will continue.