American Electromedics announces results of operations for first quarter of fiscal 1996 and market introduction of Race Car Tympanometer.AMHERST, N.H.--(BUSINESS WIRE)--Jan. 8, 1996--American Electromedics Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AECO AECO Aeromedical Evacuation Control Officer AECO Advance Engineering Change Order AECO Architecture, Engineering, Construction and Owner-operated ) announced today that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter ended Oct. 28, 1995 were $664,000 compared to $561,000 for the same period in the prior year. The increase in net sales is a result of the company continuing to aggressively market its Pilot Audiometer au·di·om·e·ter n. An electrical instrument for measuring the threshold of hearing for pure tones of normally audible frequencies generally varying from 200 to 8000 hertz and recorded in decibels. , introduced last fiscal year, in addition to its current tympanometry product line. Net income for the three-month period ended Oct. 28, 1995 was $22,000, or $.00 per share, compared to $77,000, or $.01 per share, for the same period in fiscal 1995. Net income for the first quarter of fiscal 1996 was not significant primarily as a result of $60,000 of internally funded research and development expenditures. These costs were incurred for work performed in preparation for the release of the new Race Car Tympanometer product. The company also recently received approval from the U.S. Food and Drug Administration ("FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ") to begin marketing its Race Car Tympanometer and has already begun shipping product to customers. This represents the second new product introduction in the past year. Noel A. Wren wren, small, plump perching songbird of the family Troglodytidae. There are about 60 wren species, and all except one are restricted to the New World. The plumage is usually brown or reddish above and white, gray, or buff, often streaked, below. , president and chief executive officer of American Electromedics Corp. said, "We are pleased to have received marketing approval from the FDA and are excited about our customers' response to the new Race Car Tympanometer. We will continue to pursue opportunities to aggressively grow the business and create additional value for our stockholders." American Electromedics Corp. currently manufactures and sells Tympanometers which detect middle ear diseases and Audiometers which are used in auditory auditory /au·di·to·ry/ (aw´di-tor?e) 1. aural or otic; pertaining to the ear. 2. pertaining to hearing. au·di·to·ry adj. screening. The Race Car Tympanometer tests for middle ear disease in young children using up-dated graphics for visual distraction Distraction Divination (See OMEN.) Porlock a “person from Porlock” interrupted Coleridge while he was recollecting the dream on which he based “Kubla Khan”. [Br. Lit.: Poems of Coleridge in Magill IV, 756] of the child during testing. The Pilot Audiometer accurately and easily screens pre-school children for hearing loss. Because children enjoy the "gamelike" quality of this system, the test is non-threatening and fun. The company's goal is to create, acquire and develop products and services which effectively eliminate anxiety of children in the medical setting. These new products and services are intended to provide solutions to current unmet un·met adj. Not satisfied or fulfilled: unmet demands. healthcare needs. -0-
AMERICAN ELECTROMEDICS CORP.
CONDENSED FINANCIAL STATEMENTS
FOR THE FIRST QUARTERS ENDED
Oct. 28, Oct. 29,
1995 1994
Net Sales $ 664,000 $ 561,000 Gross Profit 273,000 240,000 Net Income 22,000 77,000 Net Income Per Share $ .00 $ .01 Weighted Average Shares Outstanding 12,195,639 9,193,333 CONTACT: American Electromedics Corp. Michael T. Pieniazek, 603/880-6300 |
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