ATS Finishes Record Year With Record Quarter.MINNEAPOLIS--(BUSINESS WIRE)--Feb. 12, 1998--Manny Villafana, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ATS Medical, announced fiscal 1997 sales totaled $14,515,915 compared to $11,859,765 for the year ended December December: see month. 31, 1996. Net income for the year ended December 31, 1997 totaled $2,102,667 or $.12 per share compared to $1,321,602 or $.08 per share for 1996. Sales in the fourth quarter 1997 reached a record total of $3,907,035 and net income totaled $559,986. Fourth quarter 1996 sales totaled $3,434,240 and net income totaled $390,967. "Revenue grew 22% in 1997 compared to 1996 and net income grew 59%," Mr. Villafana stated. "Most of the sales increases came from penetration The successful unauthorized breach of a security perimeter. See penetration test. in existing international markets so we are pleased that despite the strong U.S. Dollar in 1997, we were able to grow. Despite the growth in sales, gross margins declined due to pricing pressures, which also resulted in declines in 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. in 1997. The dollar is expected to remain strong at least during the first half of 1998 so the Company will face a very significant challenge to continue this rate of sales growth," Mr. Villafana said. Mr. Villafana continued, "We began the U.S. clinical study of the valve in 1997; by year end we had 154 implants at 9 centers. We are pleased with the progress thus far and expect to continue implants through 1998. Worldwide we estimate that over 20,000 ATS valves have been implanted im·plant v. im·plant·ed, im·plant·ing, im·plants v.tr. 1. To set in firmly, as into the ground: implant fence posts. 2. ." Portions of this press release contain forward looking statements. Actual results could differ materially from those projected in the forward looking statements as a result of a number of important factors, including regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. actions, competition, pricing pressures, supplier actions and management of growth. For discussion of these and other important factors that could affect the Company's activities and results, please refer to the Company's Form 10-Q Form 10-Q See 10-Q. for the quarter ended September September: see month. 30, 1997. ATS Medical, Inc. manufactures and markets a pyrolytic carbon Pyrolytic carbon is a material similar to graphite, but with some covalent bonding between its graphene sheets. Generally it is produced by heating a hydrocarbon nearly to its decomposition temperature, and permitting the graphite to crystallise (pyrolysis). open pivot mechanical heart valve. The Company's common stock is traded on the Nasdaq National Market under the symbol "ATSI ATSI Aboriginal and Torres Strait Islander (Australia) ATSI Association of Thai Software Industry ATSI Association of TeleServices International ATSI American Transmission Systems, Inc. ". -0-
ATS Medical, Inc.
Consolidated Condensed Statement of Operations
Three months ended Year ended
December 31, December 31,
Revenues 1997 1996 1997 1996
Net sales $3,907,035 $3,434,240 $14,515,915 $11,859,765
Less cost of
goods sold 2,706,742 2,264,965 9,428,959 7,474,065
Gross profit 1,200,293 1,169,275 5,086,956 4,385,700
Operating expenses
Research, development
and engineering 277,506 150,939 1,058,318 617,571
Selling, general and
administrative 854,284 739,584 3,339,488 3,065,402
Total expenses 1,131,790 890,523 4,397,806 3,682,973
Income from
operations 68,503 278,752 689,150 702,727
Interest income 477,816 146,715 1,427,363 641,375
Net income before
income taxes 546,319 425,467 2,116,513 1,344,102
Income taxes (13,667) 34,500 13,846 22,500
Net Income for
the period $559,986 $390,967 $2,102,667 $1,321,602
Net Income per share:
Basic $0.03 $0.03 $0.12 $0.09
Diluted $0.03 $0.02 $0.12 $0.08
Weighted average number of shares
outstanding during the period:
Basic 17,569,878 15,177,080 17,284,784 15,168,958
Diluted 18,128,062 15,967,096 17,872,989 16,303,317
Consolidated Statement of Financial Position
December 31, December 31,
Current assets 1997 1996
Cash and marketable
securities $25,550,508 $10,187,629
Accounts receivable 4,446,834 3,139,559
Inventory 22,686,273 18,242,066
Other current assets 555,570 468,249
Total current assets 53,239,185 32,037,503
Furniture, machinery & equipment,
less accumulated depreciation 776,187 894,564
Other assets, less accumulated
amortization 370,659 388,233
Total assets $54,386,031 $33,320,300
Current liabilities $863,292 $1,393,561
Long-term debt 0 0
Shareholders' equity 53,522,739 31,926,739
Total liabilities &
shareholders' equity $54,386,031 $33,320,300
CONTACT: ATS Medical Inc., Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. Manny Manny may refer to: In nobility:
or Rich Kramp, President/COO or Jack Jungbauer, VP/Finance or Russ n. sing. & 1. A Russian, or the Russians. 2. The language of the Russians. a. 1. Of or pertaining to the Russians. Felkey, Exec. V.P./Reg. Affairs (612) 553-7736 (612) 553-1492 (Fax) |
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