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TAMPA — SRI/Surgical Express Inc. will “explore and evaluate strategic alternatives” to increase the value of its business, including a possible sale or merger, the company says in a statement.
The announcement pushed shares of SRI's stock (symbol: STRC) up 19% in early Thursday trading.
The Tampa-based surgical instrument processor has generated more than $94 million in revenues in each of the past four years, including nearly $101 million in business in 2010. Despite the high volume of business, SRI posted more than $10 million in combined operating losses since 2007.
SRI has not set a timetable for the completion of any deal, and the company says that there is still a possibility that no deal takes place. The board retained McColl Partners LLC, chaired by commercial banking veteran Hugh McColl, to evaluate its options.
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