Advanced NMR Systems Inc. reports third quarter revenues.WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , Mass.--(BUSINESS WIRE)--Nov. 11, 1994--Advanced NMR NMR: see magnetic resonance. Systems Inc. (NASDAQ/NM:ANMR ANMR Acoustic Nuclear Magnetic Resonance ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant reported revenues of $835,408 for the third quarter ended Sept. 30, 1994. For the nine months ended Sept. 30, 1994 the company reported consolidated revenues of $5,174,310 and a loss of $1,341,788, or 6 cents loss per share, which includes the company's share of losses in its majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. Advanced Mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MAMO), a development stage company. For the nine months ended Sept. 30, 1993 (prior year), ANMR reported revenues of $1,419,900 with a net loss of $3,713,611, or 21 cents loss per share. For the year ended Dec. 31, 1993, the company reported total revenues of $1,895,000. The increase in revenues for the first nine months in 1994 reflects sales under the company's March 1993 agreement with GE Medical Systems (GEMS). In July July: see month. 1994, the company entered into an arrangement with GEMS to supply high field 3T and 4T MR systems to research institutions. This arrangement replaced the prior GEMS agreement which terminates at the end of 1994. In October 1994, the company announced the receipt of two purchase orders for these systems. The company has a current backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of orders totalling $3 million. -0-
Advanced NMR Systems Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
REVENUES
System sales $ 835,408 $ 728,000 $5,174,310 $1,419,900
Service and other 38,000 16,099 50,500 28,599
TOTAL REVENUES 873,408 744,099 5,224,810 1,448,499
COST OF SALES 326,000 280,663 1,956,611 634,729
GROSS MARGIN 547,408 463,436 3,268,199 813,770
OPERATING EXPENSES
Research & development 768,476 364,206 2,187,291 1,537,249
Sales, gen'l & admin. 1,066,033 1,599,921 3,115,186 3,233,666
TOTAL OPERATING
EXPENSES 1,834,509 1,964,127 5,302,477 4,770,915
INCOME (LOSS)
FROM OPERATIONS (1,287,101)(1,500,691)(2,034,278)(3,957,145)
Amortization of debt
issuance costs -- -- -- ( 51,825)
Interest expense (4,428) -- (74,806) (99,999)
Interest and other income 67,781 33,526 278,497 70,698
Minority interest in net
loss of subsidiary 224,096 104,770 488,799 324,660
NET INCOME (LOSS) $(999,652)(1,362,395)(1,341,788)(3,713,611)
EARNINGS (LOSS)/SHARE (4 cents) (7 cents) (6 cents) (21 cents)
Weighted average number
of common shares
outstanding 23,665,912 19,567,773 23,543,842 17,622,327
CONTACT: Advanced NMR Systems Charles Moche, 201/592-8838 |
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