ADVANCED ORTHOPEDIC TECHNOLOGIES REPORTS SECOND QUARTER AND SIX MONTH 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. , NY--(BUSINESS WIRE)--August 16, 1995--Advanced Orthopedic Technologies, Inc. (Nasdaq Small Cap Issues: AOTI AOTI Association of Occupational Therapists of Ireland ) ("AOTI") today announced financial results for the second quarter and six months ended June 30, 1995. (See attached table). Sales for the second quarter of 1995 were $3,422,000 compared to $3,430,000 in same period in 1994. Net income for the quarter was $161,000, or $.04 per share, compared to net income of $172,000, or $.04 per share, for the prior year period. Sales for the six-month period ended June 30, 1995 rose to $6,759,000 from the $6,157,000 reported in the comparable period last year. Net income for this period was $252,000, or $.06 per share, compared to net income of $240,000, or $.06 per share, reported in the same period last year. Increased sales for the six month period was due primarily to internal growth, as well as the inclusion of sales added by the acquisition of Clayton Prosthetics & Orthotics orthotics /or·thot·ics/ (-iks) the field of knowledge relating to orthoses and their use. or·thot·ics n. , Inc. completed in April 1994. Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "We are very pleased with the sequential increases in revenue and earnings over the first quarter of 1995. Looking forward, as a result of our recently announced preferred provider agreement with Health Insurance Plan of 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 ("HIP"), we expect to experience increased patient flow at our Nassau, Suffolk and Queens offices. Other managed care plans with which AOTI has an existing relationship are increasing their referrals through our three new locations. In addition, as a result of our recently introduced post-mastectomy care services, we also anticipate an increased number of patients visiting the Company's outpatient care centers in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. ." Advanced Orthopedic Technologies is one of the nation's leading providers of patient care services to the 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. (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 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. (design, fabrication and fitting of artificial limbs) rehabilitation markets. Currently, the Company operates 34 patient care centers in California, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , New Jersey, New York, Virginia and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . -0-
ADVANCED ORTHOPEDIC TECHNOLOGIES
SELECTED FINANCIAL DATA
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Net sales $ 3,422,000 $ 3,430,000 $ 6,759,000 $ 6,157,000 Operating income 387,000 387,000 655,000 590,000 Income before provision for income taxes 294,000 302,000 465,000 438,000 Provision for income taxes 133,000 130,000 213,000 198,000 Net income $ 161,000 $ 172,000 $ 252,000 $ 240,000 Net income per common share $ .04 $ .04 $ .06 $ .06 Shares used in net income per common share computation 4,465,000 4,381,000 4,465,000 4,362,000 -0- CONTACT: Advanced Orthopedic Technologies Andrew H. Meyers, Chief Executive Officer 516/481-9670 or The Equity Group Inc. Devin Sullivan, 212/836-9608 Robert Goldstein, 212/371-8660 |
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