COLUMBUS, Ohio, May 20 /PRNewswire/ -- The Wendt-Bristol Health Services Corporation (Amex: WMD), today reported a net loss (before the write off of start-up costs) of $(419,400) or $(.07) per share for the first quarter of 1999 as compared to $(107,700) or $(.02) per share for the first quarter of 1998. Additionally, in accordance with newly promulgated accounting principle changes, a net of tax write off of start-up costs in the amount of $(234,100) or $(.04) per share was charged in the first quarter 1999. Net loss for 1999, including the write off of start-up costs, was $(653,500) or $(.11) per share as compared to $(107,700) or $(.02) per share for 1998. Marvin D. Kantor, Chairman stated that the consolidated pre-tax (loss) before the cumulative effect of a change in accounting principle (write off of start-up costs) and exclusive of depreciation of $173,900 and interest of $193,800, was $(267,700) in 1999 as compared to $(30,500) (exclusive of $59,600 of depreciation and $19,200 of interest) in the first quarter of 1998. Mr. Kantor further indicated that Management does not believe that the results of the first quarter are indicative of the full year results. The continuing focus on the expansion of Diagnostic and Radiology, including radiation therapy, along with the economies of size and cost control are expected to generate profits upon the completion of the start-up mode later in 1999. The new medical complex located on Jasonway Avenue in Columbus was completed in October 1998. This major facility includes the Company's second Radiation Oncology facility as well as an advanced Diagnostic Center including the first Positron Emission Tomography (PET) scanning unit in Central Ohio. The Company also anticipates the opening of its Women's Health Center on Kenny Road in the second quarter of 1999 which will focus on women's health and imaging services and will include an outpatient surgical suite for breast surgery. Except for historical information contained herein, certain matters discussed herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events of performance (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, estimated, projection, outlook) are not statements of historical facts and may be forward-looking. Forward-looking statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, including but not limited to, economic, competitive, regulatory, growth strategies, available financing and other factors discussed elsewhere in this press release and in documents filed by the Company with the SEC. Many of these factors are beyond the Company's control. Actual results could differ materially from the forward-looking statements made. In light of these risks and uncertainties, there can be no assurance that the results anticipated in the forward-looking information contained in this press release will, in fact, occur. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. THE WENDT-BRISTOL HEALTH SERVICES CORPORATION COMPARATIVE RESULTS OF OPERATIONS Three months ended March 31, 1999 1998 Revenues: Net Sales $ -- $ 287,000 Service Income 1,940,400 1,241,600 Total 1,940,400 1,528,600 Operating income (loss) before depreciation (194,000) (83,600) Depreciation 173,900 59,600 Operating income (loss) (367,900) (143,2OO) (Loss) before income taxes (635,400) (109,300) Income tax benefit (expense) 216,000 1,600 Loss before cumulative effect of a change in accounting principle (419,400) (107,700) Cumulative effect of writing off start-up costs, net of tax (234,100) -- Net income (loss) $(653,500) $(107,700) Loss per common share -- basic and diluted: Loss before cumulative effect of a change in accounting principle $(0.07) $(O.02) Cumulative effect of writing off start-up costs, net of tax (0.04) -- Net loss $(0.11) $(0.02) Weighted average shares outstanding: Basic 6,056,255 6,138,6O9 Diluted 6,056,255 6,138,609  