Beacon Eye Institute Posts First Quarter Results; Revenue Growth Rate Exceeds 40% per Quarter.TORONTO--(BUSINESS WIRE)--April 22, 1997--BeaconEye Inc. (BEY-T), which operates as Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Eye Institute ("Beacon"), Tuesday Tuesday: see week. released results for the first quarter of 1997. Revenue of $2.3 million for the three-month period ended March 31, 1997 was more than four times the revenue of $0.5 million for the same period of the prior year and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 50% greater than revenue of $1.5 million for the prior three-month period ended December December: see month. 31, 1996. The increase in revenue primarily reflected the procedures performed in the first five U.S. centers which commenced operations around mid-year 1996. The three new centers (Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. and Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. and Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. ) which opened in early 1997 and a fourth (Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). ) which will commence operations in early May will make increasing contributions to revenue during the current quarter. The net loss for the period ended March 31, 1997 was $5.8 million ($0.83 per share) as compared with a net loss of $4.1 million ($2.05 per share) for the same period of the prior year. The net loss for the period included $2.4 million of development expense compared with $2.7 million of development expense in the same period of the prior year. The net loss in the three-month period ended December 31, 1996 was $6.8 million including development expense of $2.8 million. The net loss for the first quarter of 1997 was approximately 15% lower than the loss for the quarter ended December 31, 1996 and was slightly better than anticipated, despite a lower than expected number of procedures. Keith Moore
Keith Moore (born 12 October 1960) is the author and co-author of several IETF RFCs related to the MIME and SMTP protocols for electronic mail, among others: "Patient satisfaction levels remain very high, with 98% of patients responding to surveys indicating they would recommend Beacon to family and friends. The trends are positive and we remain excited about the potential. "We anticipate that our success in positioning Beacon as a leader in the emerging and exciting new industry for laser vision treatment will become increasingly evident in the remainder of 1997. "Our infrastructure, incorporating sophisticated quality control and business systems, will become increasingly valuable as volumes increase. Equipment financing transactions totaling $3.8 million have been completed in April. "With revenue contribution from the four recently opened centers and without the development expense of additional new centers, we expect to make considerable progress in 1997 in achieving positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. and in creating shareholder value." Beacon provides facilities and services for the performance of Laser-PRK(TM) is vision correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. . Laser-PRK is performed with an excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. which generates ultraviolet light Ultraviolet light A portion of the light spectrum not visible to the eye. Two bands of the UV spectrum, UVA and UVB, are used to treat psoriasis and other skin diseases. for gently reshaping the surface of the eye to improve natural vision and reduce the need to wear glasses or contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl . Over 130 million North Americans North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. may be candidates for Laser-PRK vision correction. Penetration of less than one percent of this potential market would create a market of $2 billion to $4 billion annually. U.S. Food and Drug Administration approval of the VISX STAR Excimer Laser System(TM) for the treatment of astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. is expected to contribute to an increase in the number of procedures performed in Beacon's U.S. Laser-PRK vision correction centers. (VISX received an approvable letter on February February: see month. 14, 1997 regarding treatment of astigmatism. Final approval is expected pending completion of labeling instructions.) The VISX laser, which is provided in all of Beacon's centers, is the only excimer laser near final approval for treatment of astigmatism. Furthermore, investigational treatment of farsightedness farsightedness or hyperopia, condition in which far objects can be seen easily but there is difficulty in near vision. It is caused by a defect of refraction in which the image is focused behind the retina of the eye rather than upon it, either , which was initiated in Beacon's Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing center in 1996, is now providing access to a market which is potentially even larger than that for nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the . The capability to treat farsightedness in Toronto will support continuing revenue growth, as such treatment may not be approved in the U.S. for some time. Beacon's Laser-PRK vision correction centers are located in Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. ; San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Dallas/Fort Worth, and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ; Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , Colo.; Fort Lauderdale and Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. , Fla.; Atlanta, Ga.; and Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif. Further expansion is planned as the market for laser vision treatment continues to grow. Visit the Beacon web site at www.beaconeye.com for a comprehensive view of the company and Laser-PRK vision correction. -0-
Consolidated statement of operations and deficit
Year Three months ended March 31
1996 ($000) 1997 1996
----------------------------------------------------------------
Operations
$4,991 Revenues $2,265 $538
14,376 Operating expenses 5,505 1,914
------- ------- -------
(9,385) Operating loss before development (3,240) (1,376)
expenses
15,222 Development expenses 2,376 2,724
------- ------- -------
(24,607) Operating loss (5,616) (4,100)
68 Interest income (expense) (164) -
------- ------- -------
(24,539) Loss before income taxes (5,780) (4,100)
- Income taxes - -
------- ------- -------
$(24,539) Net loss for the period $(5,780) $(4,100)
------- ------- -------
$(7.27) Loss per share $(0.83) $(2.05)
----------------------------------------------------------------
Deficit
$(12,531) Balance - beginning of period $(37,070) $(12,531)
(24,539) Net loss for the period (5,780) (4,100)
------- ------- -------
$(37,070) Balance - end of period $(42,850) $(16,631)
------- -------- -------
Consolidated balance sheets
December 31, March 31 March 31
1996 ($000) 1997 1996
----------------------------------------------------------------
Assets
Current assets
$8,669 Cash $4,478 $145
637 Accounts receivable 575 132
1,167 Prepaid expenses 1,630 572
------- ------- -------
10,473 6,683 849
------- ------- -------
Capital assets
25,705 Cost 27,946 4,438
(1,972) Depreciation (2,877) (508)
------- ------- -------
23,733 25,069 3,930
------- ------- -------
Other assets
1,281 Cash collateral deposits 1,291 -
863 Deposit on excimer lasers - 1,412
51 Deferred charge 48 -
------- ------- -------
2,195 1,339 1,412
------- ------- -------
$36,401 $33,091 $6,191
------- ------- -------
Liabilities
Current liabilities
$8,759 Accounts payable and accrued $6,187 $2,649
liabilities
665 Current portion of capital lease 904 -
obligations
68 Current portion of deferred income 68 -
------- ------- -------
9,492 7,159 2,649
- Shareholder advances - 20,173
3,579 Capital lease obligations less current4,398 -
portion
203 Deferred income less current portion 187 -
------- ------- -------
13,274 11,744 22,822
------- ------- -------
Shareholders' equity/(deficiency)
Capital stock
57,697 Issued and full-paid common shares 61,697 -
2,500 Special shares 2,500 -
(37,070) Deficit (42,850) (16,631)
------- ------- -------
23,127 21,347 (16,631)
------- ------- -------
$36,401 $33,091 $6,191
------- ------- -------
Consolidated statements of changes in financial position
Year Three months ended March 31
1996 ($000) 1997 1996
------- ------- -------
Operating activities
$(24,537) Net loss for the period $(5,780) $(4,100)
2,060 Depreciation 889 152
------- ------- -------
(22,479) (4,891) (3,948)
------- ------- -------
Changes in non-cash working capital:
(557) Accounts receivable 62 (52)
(1,069) Prepaid expenses (463) (474)
8,135 Accounts payable and accrued (2,572) 2,025
liabilities
------- ------- -------
6,509 (2,973) 1,499
------- ------- -------
(15,970) Cash used in operating activities (7,864) (2,499)
------- ------- -------
Financing activities
(16,512) Shareholder advances - 3,661
4,244 Capital leases 1,058 -
(1,281) Cash collateral deposits (10) -
60,197 Changes in capital stock 4,000 -
------- ------- -------
46,648 Cash provided by financing activities 5,048 3,661
------- ------- -------
Investing activities
(27,427) Capital assets purchased or leased (3,381) (1,210)
4,098 Sale of fixed assets leased back on 1,140 -
capital and operating leases
271 Unamortized portion of gain on sale of - -
assets leased back
408 Other fixed asset disposals - -
549 Deposit on excimer lasers 863 -
------- ------- -------
(22,101) Cash used in investing activities (1,378) (1,210)
------- ------- -------
(51) Unrealized net foreign currency 3 -
translation loss on long-term monetary
net assets of foreign subsidiary
------- ------- -------
8,526 Cash flow of period (4,191) 2
Cash
143 Beginning of period 8,669 143
------- ------- -------
$8,669 End of period $4,478 $145
------- ------- -------
Notes:
(1) Figures for the three month periods are unaudited.
(2) Losses per share in 1996 have been calculated (after adjusting
for the conversion of shareholder advances and for the three-for-
one stock split which tool place in November 1996) using the
weighted average of the aggregate of the common shares issued and
the common share equivalent of shareholder loans outstanding.
CONTACT: Keith Moore, chairman, president & CEO, 905/897-7161 Fax: 905/897-6130 e-mail: kmoore@beaconeye.com |
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