ADVANCED ORTHOPEDIC TECHNOLOGIES REPORTS FIRST QUARTER RESULTS.WEST HEMPSTEAD West Hempstead, uninc. city (1990 pop. 17,689, including Lakeview), Nassau co., SE N.Y., on Long Island. It is chiefly residential. , N.Y.--(BUSINESS WIRE)--May 18, 1995--Advanced Orthopedic Technologies, Inc. (Nasdaq:AOTI AOTI Association of Occupational Therapists of Ireland ) ("AOTI") today announced financial results for the first quarter ended March 31, 1995. (See attached table). For the three months ended March 31, 1995, sales increased 22.4% to $3,337,000 from $2,727,000 for the same period in 1994. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 32.0% to $268,000 from $203,000 reported in the first quarter of 1994, while net income rose at a faster rate, up 33.8% to $91,000, or $.02 per share, compared to $68,000, or $.02 per share, for the prior year period. Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "The improvement in sales, operating income and net income is due primarily to the Company's 11% internal growth for the quarter, as well as the inclusion of sales from Clayton Prosthetics and Orthotics orthotics /or·thot·ics/ (-iks) the field of knowledge relating to orthoses and their use. or·thot·ics n. which was acquired in April 1994. AOTI's strong regional presence and penetration has positioned the Company as an attractive provider of prosthetic pros·thet·ic adj. 1. Serving as or relating to a prosthesis. 2. Of or relating to prosthetics. prosthetic serving as a substitute; pertaining to prostheses or to prosthetics. and orthotic orthotic /or·thot·ic/ (or-thot´ik) serving to protect or to restore or improve function; pertaining to the use or application of an orthosis. or·thot·ic adj. Of or relating to orthotics. care services for managed care organizations. Looking forward, we expect that the cost-containment measures implemented during the first quarter of this year will continue to positively impact the Company's results, and we also anticipate favorable revenue and earnings comparisons for the remainder of the year." Advanced Orthopedic Technologies is one of the nation's leading providers of patient care services to the orthotic (design, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and fitting of custom-made braces and other devices) and prosthetic (design, fabrication and fitting of artificial limbs) rehabilitation markets. Currently, the Company operates 31 patient care centers in California, New Mexico, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Virginia and West Virginia. -0-
ADVANCED ORTHOPEDIC TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
1995 1994
Sales $3,337,000 $2,727,000 Operating income 268,000 203,000 Interest expense 99,000 70,000 Income before provision for income taxes 171,000 136,000 Provision for income taxes 80,000 68,000 Net income $ 91,000 $ 68,000 Earnings per common share $ .02 $ .02 Shares used in earnings per per common share computation 4,453,000 4,356,000 CONTACT: Advanced Orthopedic Technologies Andrew H. Meyers, Chief Executive Officer (516) 481-9670 -or- INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Inc. Devin Sullivan, (212) 836-9608 Robert Goldstein, (212) 371-8660 |
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