BEI Medical Systems Reports Fiscal 2001 First-Quarter Results.Business/Health & Medical Editors TETERBORO, N.J.--(BUSINESS WIRE)--Feb. 13, 2001 BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. Medical Systems Company, 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 :BMED BMED British Mediterranean Airways BMed Bachelor of Medicine BMEd Bachelor of Mathematics Education ), reported today that revenues for the fiscal 2001 first quarter ended December 30, 2000, were $31,000 versus $1,234,000 in the comparable period of fiscal 2000. The net loss was $1,053,000, or $0.14 per share, compared to a net income of $513,000, or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, in the first quarter of last year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Richard W. Turner, president and chief executive officer. "The first quarter of fiscal 2000 results include a gain on the sale of certain product lines to CooperSurgical Acquisition Corp., a subsidiary of The Cooper Companies, of $1,913,000," Turner said. "The sale involved product lines utilized by gynecologists and a product line used by gastroenterologists that accounted for almost all of the company's revenue in the first quarter of fiscal 2000. International revenues from shipments to distributors of the company's Hydro ThermAblator(R) ("HTA HTA Health Technology Assessment HTA Hipertension Arterial (Spanish: Hypertension) HTA HTML Application HTA Help the Aged HTA Human Tissue Authority (UK) HTA Hochschule für Technik und Architektur (R)") system for endometrial ablation Endometrial ablation is a medical procedure that is used to remove (ablate) or destroy the endometrial lining of a woman's uterus. This technique is most often employed for women who suffer from excessive or prolonged bleeding during their menstrual cycle but can not or do not wish were $30,000 in the first quarter of fiscal 2001 versus $50,000 in the comparable quarter of fiscal 2000, reflecting reduced shipments of HTA control units, partially offset by higher shipments of disposable sterile procedure kits." During the quarter, the company continued to work with the 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. ") as required to facilitate the review of the premarket approval premarket approval Medical devices A scientific and regulatory review by the FDA to ensure the safety and effectiveness of a Class III device, before its approval for marketing. See Advisory panel, Medical device. ("PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ") application seeking authorization to market the HTA technology in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company continues to anticipate approval of the PMA application in early 2001. BEI Medical Systems Company, Inc., is a development-stage company focused on gynecology gynecology (gīn'əkŏl`əjē), branch of medicine specializing in the disorders of the female reproductive system. Modern gynecology deals with menstrual disorders, menopause, infectious disease and maldevelopment of the . The company has completed clinical trials and is awaiting marketing approval from the FDA for its sole product, the Hydro ThermAblator, or HTA, a proprietary system that is intended to treat menorrhagia menorrhagia /men·or·rha·gia/ (men?ah-ra´jah) hypermenorrhea. men·or·rha·gia n. See hypermenorrhea. , or excessive uterine bleeding uterine bleeding Abnormal bleeding from the uterus not related to menstruation. Most common in the first few years after menarche and as menopause approaches, it is thought to occur when malfunctioning ovaries reduce blood estrogen levels. . BEI Medical Systems(R), Hydro ThermAblator(R) and HTA(R) are registered trademarks of BEI Medical Systems Company, Inc., in the United States and certain foreign countries. For more information, please visit the company's web site at www.beimedical.com. Except for historical information, this news release may be deemed to contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including statements with respect to: timely development; acceptance and pricing of the HTA system; whether the HTA proves to be safe and effective in U.S. and international clinical trials under applicable regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; receipt of required FDA approval; the impact of competitive products and pricing; and general economic conditions as they affect BEI Medical's customers, as well as other risks detailed from time to time in the company's reports to the Securities and Exchange Commission, including the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. annual report.
BEI MEDICAL SYSTEMS COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
Three Months Ended
December 30, January 1,
2000 2000
(Unaudited) (Unaudited)
----------- -----------
Revenues $ 31 $ 1,234
Cost of revenues 133 824
-------------- -------------
Gross profit (loss) (102) 410
Selling, general and
administrative expenses 713 1,254
Research, development and
related expenses 294 418
Gain on asset sale -- (1,913)
-------------- ------------
1,007 (241)
-------------- ------------
Income (loss) from operations (1,109) 651
Interest income 57 42
Interest expense (1) (50)
--------------- ------------
Income (loss) before
income taxes and
extraordinary item (1,053) 643
Income taxes -- --
--------------- ------------
Income (loss) before
extraordinary item (1,053) 643
Extraordinary loss on
extinguishment of debt -- (130)
--------------- -----------
Net income (loss) $ (1,053) $ 513
=============== ===========
Income(loss) per common share
Income (loss) before
extraordinary loss per
common share,
Basic $ (0.14) $ 0.08
============ ==========
Diluted $ (0.14) $ 0.08
============ ==========
Extraordinary loss on
extinguishment of debt,
Basic $ -- $ (0.01)
============== ===========
Diluted $ -- $ (0.02)
============== ===========
Net income (loss) per
common share
Basic $ (0.14) $ 0.07
============ ==========
Diluted $ (0.14) $ 0.06
============ ==========
Weighted average
shares outstanding 7,636 7,596
=========== ==========
BALANCE SHEET HIGHLIGHTS
(Dollars in thousands)
December 30, September 30,
2000 2000
(Unaudited) (Audited)
----------- ---------
Cash and cash equivalents $ 3,499 $ 4,228
Working capital 3,232 4,285
Total assets 5,054 6,138
Stockholders' equity 3,697 4,771
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