Beacon Eye Institute announces results for the nine months ended Sept. 30, 1996.TORONTO--(BUSINESS WIRE)--Oct. 31, 1996--BeaconEye Inc. announced results for the nine months ended September September: see month. 30, 1996. Revenues were $3.5 million compared with revenues of $0.5 million for the nine months ended September 30, 1995. Net loss for the nine months ended September 30, 1996 was $17.7 million compared with $8.7 million for the same period of the prior year. Business development expenses amounted for $12.4 million of the net loss for the nine months ended September 30, 1996 compared with $6.5 million for the same period of the prior year. For the three months ended September 30, 1996, revenues were $1.8 million compared with revenues of $0.3 million for the three months ended September 30, 1995. Net loss for the three months ended September 30, 1996 was $8.2 million compared with $2.5 million for the same period of the prior year. Business development expenses accounted for $5.7 million of the net loss for the three months ended September 30, 1996 compared with $1.1 million for the same period of the prior year. BeaconEye Inc., operating 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"), provides facilities and services for the performance of Laser-PRK(TM) 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. . Beacon is progressing with its expansion plan. In addition to its 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 facility, five U.S. centers -- 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, 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 ; and 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. , Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. -- have been opened. Five additional 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. ; 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. ; and Orange County and Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). -- are scheduled to open in the fourth quarter of 1996 and early 1997. 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 or eliminate 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 . -0-
Consolidated statements of operations and deficit
Year Nine months ended September 30
1995 ($ 000) 1996 1995
-------------------------------------------------------------------
Operations
$ 1,009 Revenues $ 3,497 $ 462
4,313 Operating expenses 8,943 2,671
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Operating loss before
(3,304) development expenses (4,446) (2,209)
8,322 Development expenses 12,409 6,537
------------ -------------------
(11,626) Operating loss (17,855) (8,746)
3 Interest income 168 3
------------- ------------------
(11,623) Loss before income taxes (17,687) (8,743)
- Income taxes - -
------------- ------------------
Net loss for the period
$(11,623) (per share - note 3) $ (17,687) $ (8,743)
============= =====================
-------------------------------------------------------------------
Deficit
$ (908) Balance - beginning of period $ (12,531) $ (908)
(11,623) Net loss for the period (17,687) (8,743)
------------ -----------------------
$(12,531) Balance - end of period $ (30,218) $ (9,651)
============= =======================
Consolidated statements of changes in financial position
Year Nine months ended September 30
1995 ($ 000) 1996 1995
Operating activities
$(11,623) Net loss for the period $ (17,687) $ (8,743)
356 Depreciation 873 271
------------ --------------------
(11,267) (16,814) (8,472)
------------ -------------------
Changes in non-cash working capital:
(80) Accounts receivable (151) (72)
(68) Prepaid expenses (1,098) (163)
205 Accounts payable and accrued
liabilities 4,434 431
------------- -----------------
57 3,185 196
------------- -----------------
(11,210) Cash used in operating activities (13,629) (8,276)
------------- -------------------
Financing activities
14,594 Shareholder advances (14,012) 10,019
(1) Change in capital stock 47,118 -
------------- -------------------
Cash provided by financing
14,593 activities 33,106 10,019
-------------- -------------------
Investing activities
(3,228) Purchase of capital assets (14,629) (3,113)
(1,412) Deposit on excimer lasers 353 -
------------- ------------------
(4,640) Cash used in investing activities (14,276) (3,113)
------------ -------------------
(1,257) Cash flow of period 5,201 (1,370)
Cash
1,400 Beginning of period 143 1,400
------------ -------------------
$ 143 End of period $ 5,344 $ 30
============ ====================
Consolidated balance sheets
December September September
30 30
1995 ($ 000) 1996 1995
-------------------------------------------------------------------
Assets
Current assets
$ 143 Cash $ 5,344 $ 30
80 Accounts receivable 231 72
98 Prepaid expenses 1,196 193
-------------- ---------------------
321 6,771 295
-------------- --------------------
1,412 Deposit on excimer lasers 1,059 -
-------------- --------------------
Capital assets
3,228 Cost 17,857 3,113
(356) Depreciation (1,229) (271)
--------------- --------------------
2,872 16,628 2,842
--------------- --------------------
$ 4,605 $ 24,458 $ 3,137
--------------- --------------------
Liabilities
Current Liabilities
Accounts payable and
$ 624 accrued liabilities $ 5,058 $ 850
16,512 Shareholder advances 2,500 11,937
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17,136 7,558 12,787
-------------- -------------------
Shareholders' deficit
Capital stock
Issued and full-paid
common shares 47,118 1
(12,531) Deficit (30,218) (9,661)
--------------- ------------------
(12,531) 16,900 (9,650)
--------------- ------------------
$ 4,605 $ 24,458 $ 3,137
---------------- ------------------
Notes:
(1) Figures for the nine month periods are unaudited,
(2) Figures for the nine months ended September 30, 1996 and 1995
reflect the accounting periods ended September 27, 1996 and
September 29, 1995, respectively.
(3) Loss per share has been calculated on an adjusted basis using
the weighted average of the aggregate of common shares issued,
special warrants outstanding and the common share equivalent of
shareholder advances outstanding prior to conversion into
common shares.
- nine months ended September 30, 1996 $ (14.75)
- nine months ended September 30, 1995 $ (37.76)
- year ended December 31, 1995 $ (38.30)
CONTACT: BeaconEye Inc. Keith Keith may refer to: People with the given name Keith:
kmoore@beaconeye.com |
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