Avitar, Inc. Reports Second Quarter Revenue Rises 153%.CANTON Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , MA--(BUSINESS WIRE)--May 18, 1998--Avitar, Inc. (Nasdaq OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :AVIT AVIT Aarupadai Veedu Institute of Technology AVIT Audiovisual Instructional Technology ) today reported financial results for its second quarter ended March 31, 1998. Sales for the three months ended March 31, 1998, were $507,580 compared to $200,375 for the second quarter of fiscal 1997, representing approximately a 153% increase. For the six months ended March 31, 1998, sales were approximately 102% higher than the first half of fiscal 1997; $939,794 compared to $466,316. Increased sales of wound dressing products were primarily responsible for the higher sales levels for both the three and six months ended March 31, 1998. For the three months ended March 31, 1998, the Company lost $552,717, or $.03 per share, compared to a net loss of $1,004,227 or $.10 per share, for the three months ended March 31, 1997. Net income for the six months ended March 31, 1998, including income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , was $115,062, or $.01 per share, compared to a net loss, including discontinued operations, of $1,789,266, or $.21 per share, for the corresponding period of last fiscal year. The improvement of $451,510 for the three months ended March 81, 1998, was primarily the result of the significant increase in sales for this period. For the six months ended March 31, 1998, the improvement of $1,904,320 reflects the gain of $1,208,084 from the sale of a subsidiary and increased sales for the period. Peter Phildius, Avitar's 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. , commented, "Increases in the sales of our wound dressing products as well as our other polyurethane foam Noun 1. polyurethane foam - a foam made by adding water to polyurethane plastics polyfoam polyurethan, polyurethane - any of various polymers containing the urethane radical; a wide variety of synthetic forms are made and used as adhesives or plastics or based products have enabled our Company to experience substantially improved results for the third consecutive quarter, as incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. profit on these sales is substantial. "Sales of products made from our platform foam technology should continue to increase as our existing customers grow their business and as we expand our customer base. In addition we are continuing our development program for point-of-care, oral fluids diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler with our initial focus on point-of-contact drugs-of-abuse tests. As previously announced, we have successfully completed our heroin/morphine/opiates test clinical trials. This test, which is currently available in the forensic Belonging to courts of justice. forensic 1) adj. from Latin forensis for "belonging to the forum," ancient Rome's site for public debate, and currently meaning pertaining to the courts. market, received a very enthusiastic response at the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Occupational Health Conference in Boston in April. We currently are in the development stage of additional drugs of abuse tests which when completed, will allow us to offer a full line of point-of-care oral fluids-based drugs of abuse tests." Avitar, Inc. designs, develops, manufactures and markets healthcare products and services including a proprietary line of polyurethane polyurethane Any of a class of very versatile polymers that are made into flexible and rigid foams, fibres, elastomers (elastic polymers), surface coatings, and adhesives. wound care dressings and rapid diagnostic test products. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including the development of new applications, and are detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
AVITAR, INC.
SUMMARY OF FINANCIAL RESULTS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
1998 1997 1998 1997
Revenue $508 $200 $940 $466
Operating (Loss) (539) (949) (971) (1,754)
(Loss) from Continuing
Operations (553) (965) (1,021) (1,794)
Income (Loss) from
Discontinued Operations -- (39) 1,136 5
Net Income (Loss) $(553) $(1,004) $115 $(1,789)
Net Income (Loss) Per Share:
Continuing Operations $(0.03) $(0.10) $(0.06) $(0.21)
Discontinued Operations -- -- 0.07 --
Net Income (Loss) Per Share $(0.03) $(0.10) $0.01 $(0.21)
Weighted Average Number of
Common Equivalent Shares
Outstanding 16,001,172 9,612,447 15,879,305 8,561,137
CONTACT: AVITAR, INC., Canton Peter Phildius, Chairman of the Board Jay Leatherman, Chief Financial Officer (781) 821-2440 |
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