BIOLASE Technology announces fourth quarter and fiscal 1996 results.SAN CLEMENTE, Calif.--(BW HealthWire)--April 2, 1997--BIOLASE Technology 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 :BLTI BLTI Blonder Tongue Laboratories, Inc. ) Wednesday announced fourth quarter and fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. results for the periods ended Dec. 31, 1996. Sales for the fourth quarter of 1996 were $254,979, compared with $119,495 reported in the same period a year earlier, resulting in a net loss of $787,291, or $0.06 a share, compared with a net loss of $593,912, or $0.05 a share, in 1995. For the fiscal year ended Dec. 31, 1996, sales were $691,829, compared with $1,152,182 in 1995, resulting in a net loss of $2,463,259, or $0.21 a share, compared with last year's net loss of $2,023,822, or $0.21 a share. "Our 1996 fiscal results were right in line with expectations," said Donald A. La Point, president 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 BIOLASE. "With two major products -- our Millennium HydroKinetic hydrokinetic /hy·dro·ki·net·ic/ (hi?dro-ki-net´ik) relating to movement of water or other fluid, as in a whirlpool bath. hy·dro·ki·net·ic or hy·dro·ki·net·i·cal adj. Tissue Cutting System and our LaserBrush -- under development for market introduction in 1997, this past year was a transitional one for us. "In retrospect, BIOLASE met or exceeded all of its operational goals for the year. We completed the design, engineering, and initial marketing for both of our new products, initiated clinical testing with respected medical and dental specialists in the U.S. and successfully completed our dental clinical studies in Europe. "Equally important, we successfully completed a $5 million equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. which substantially strengthened the company's balance sheet. We ended the year with close to $4 million in cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , and with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ." La Point continued, "In what was undoubtedly the most significant business development to date for BIOLASE, we signed a three-year minimum purchase agreement worth $12 million for the distribution of Millennium in Germany with Orbis High Tech Dental GmbH, the country's largest high-tech dental distributor. In Germany, Millennium is approved for both hard and soft tissue cutting applications. Millennium systems are currently being manufactured at our facility in San Clemente and shipments will commence in 1997." BIOLASE Technology Inc. manufactures and markets advanced medical, dental and surgical products, including specialized biomaterials for dentistry and other medical specialties, and products for use in endodontic Endodontic Pertaining to the inside structures of the tooth, including the dental pulp and tooth root, and the periapical tissue surrounding the root. Mentioned in: Root Canal Treatment endodontic applications. The company's Millennium system Millennium™ system Dentistry An erbium laser system that uses high-speed water particles to cut hard and soft tissues, as an alternative to a conventional dental drill and surgical scalpel. See Dentistry. incorporates a unique patent-pending technology that utilizes electromagnetic energy laser pulses to rapidly energize en·er·gize v. en·er·gized, en·er·giz·ing, en·er·giz·es v.tr. 1. To give energy to; activate or invigorate: "His childhood and transform small atomized water droplets into smaller high-speed cutting particles. This technology provides for efficient cutting of enamel, bone and soft tissue, and has applications in general and surgical dentistry, dermatology, and orthopedic and other surgery. LaserBrush, the company's innovative consumer dental maintenance system, uses light transmitted around the toothbrush bristles to interact with its proprietary toothpaste to whiten teeth and neutralize bacteria in the mouth. The matters discussed in this news release include forward looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include, but are not limited to, the effect of actions of third parties, including governmental officials, the timely development and acceptance of new products, the impact of competitive products and pricing, and other risks detailed from time-to-time in the company's filings with the Securities and Exchange Commission, including the reports on Forms 10-KSB and 10-QSB. Actual results may differ materially from those projected. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements. CONTACT: BIOLASE Technology Inc. Donald A. La Point, Chief Executive Officer 714/361-1200 |
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