Printer Friendly

BOSTON PACIFIC MEDICAL REPORTS FIRST QUARTER 1992 RESULTS; SALES INCREASE 148 PERCENT; GROSS PROFITS ACHIEVED

 BOSTON PACIFIC MEDICAL REPORTS FIRST QUARTER 1992 RESULTS;
 SALES INCREASE 148 PERCENT; GROSS PROFITS ACHIEVED
 BOSTON, May 22 /PRNewswire/ -- Boston Pacific Medical Inc. (NASDAQ: BPMDU) today reported that for the first quarter ended March 31, sales were $659,079, more than double the company's sales of $265,450 for the comparable quarter last year. BP Medical achieved a gross profit of $20,111 for the 1992 quarter, compared with a loss of $48,817 for the first quarter of 1991. The company reported a net loss for the 1992 quarter of $601,274, or 49 cents per share, vs. $376,638, or 36 cents per share in the first quarter 1991.
 "We are extremely pleased with the company's sales increase during the quarter, which represents a 148 percent advance over the first quarter of last year, as well as a 10 percent increase over the fourth quarter of 1991," said Gio Ortiz, Boston Pacific Medical president and chief executive officer. "This sales increase is due to the expansion of our customer base and rising orders from our existing clients. Increased demand for our products has allowed BP Medical to increase production in our Malaysian manufacturing site by adding a third shift, establishing around-the-clock production for the first time in the company's three-year history."
 Management noted that in keeping with the company's commitment to maximizing operating margins, BP Medical has decided to initiate in-house manufacturing of several of its core urological products, including disposable urinary drainage bags, that are now purchased from external sources. At the same time, the company will continue to distribute latex gloves purchased form manufacturers that produce high- quality, low-cost gloves, in lieu of manufacturing such products in-house. This decision has resulted in a charge of $150,000 (12 cents per share) for the 1992 quarter.
 Ortiz concluded, "With the successful completion of our initial public offering on April 29, we now have the resources to continue developing new products and increase our manufacturing and distribution capabilities."
 Boston Pacific Medical Inc., headquartered in Boston, manufactures, distributes and sells in the United States and in international markets, disposable medical products designed to facilitate safe medical treatment of urological conditions and prevent cross-contamination during exposure or transfer of bodily fluids.
 BOSTON PACIFIC MEDICAL, INC.
 Consolidated Statements of Operations
 (Unaudited)
 Three Months ended
 March 31
 1992 1991
 Sales $659,079 $265,450
 Cost of Sales 638,968 314,267
 Gross profit (loss) 20,111 (48,817)
 Selling and
 marketing expenses 197,440 137,293
 General and administrative
 expenses 185,934 125,013
 Research and development
 expenses 39,794 56,403
 Loss from discontinuance of
 glove manufacturing-(a) 150,000 ---
 Loss from operations (553,057) (367,526)
 Other expenses (14,371) ---
 Interest expense, net (33,846) (9,112)
 Net loss $(601,274) $(376,638)
 Pro forma weighted
 average net loss
 per share (49 cents) (36 cents)
 Pro forma weighted average
 common shares
 outstanding 1,227,159 1,035,843
 Note (a)-The company provided $150,000 (12 cents per share) in connection with its decision to discontinue manufacturing latex gloves, choosing instead to distribute gloves produced by outside suppliers.
 -0- 5/22/92
 /CONTACT: Marcia A. Kean or Chris Taylor of Feinstein Partners, 617-577-8110, for Boston Pacific Medical/
 (BPMDU) CO: Boston Pacific Medical, Inc. ST: Massachusetts IN: MTC SU: ERN


CN-TM -- NE006 -- 3356 05/22/92 13:50 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 22, 1992
Words:558
Previous Article:CAMPBELL'S BAUM DELIVERS RUTGERS BUSINESS SCHOOL ADDRESS
Next Article:MARYLAND CERTIFICATES OF PARTICIPATION RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
ST. JUDE MEDICAL ANNOUNCES SECOND QUARTER EARNINGS
CIRCON ANNOUNCES SECOND QUARTER 1992 NET INCOME UP 236 PERCENT
BOSTON SCIENTIFIC CORPORATION REPORTS INCREASED SALES AND EARNINGS FOR SECOND QUARTER
STRYKER PROFITS UP 47 PERCENT FOR QUARTER ENDED SEPT. 30, 1992
ST. JUDE MEDICAL, INC. REPORTS THIRD QUARTER RESULTS
BOSTON SCIENTIFIC CORPORATION REPORTS INCREASED SALES AND EARNINGS FOR THIRD QUARTER
MEDICAL DEVICES ANNOUNCES FIRST QUARTER RESULTS
SUNRISE MEDICAL REPORTS RECORD FIRST QUARTER EARNINGS
STRONG SECOND QUARTER SALES AND EARNINGS REPORTED BY ST. JUDE MEDICAL
UTAH MEDICAL PRODUCTS ANNOUNCES RECORD SECOND QUARTER 1995 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters