BeaconEye Institute Posts Six Month Results - Expanding Services to Include LASIK - Beacon Completes $11.6 Million Equity Financing.TORONTO--(BUSINESS WIRE)--July 24, 1997--BeaconEye Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BEY bey (bā), general title of respect used by Turkish peoples since ancient times. Originally given to tribal leaders, it was later used by the Ottomans to denote a provincial ruler. At first the Ottoman beys were appointed, but by the 18th cent. .), 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"), today released results for the six months ended June June: see month. 27, 1997. Revenue of $5.2 million for the six-month period ended June 27, 1997 was more than three times the revenue of $1.7 million generated for the same period of the prior year. Revenue of $2.9 million for the three-month period ended June 27, 1997 was 28% greater than revenue of $2.3 million for the three-month period ended March 31, 1997. The increase in revenue, comparing the second quarter of 1997 to the first quarter of 1997, reflected a 13% increase in the total number of procedures performed and the provision of services to Beacon Medical Group, Inc., a 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). professional corporation which operates independently of the Company (see note No. 3 to the attached Financial Statements). The net loss for the six-month period ended June 27, 1997 was $11.1 million ($1.53 per share) as compared with a net loss of $9.5 million ($4.28 per share) for the same period of the prior year. The net loss for the three-month period ended June 27, 1997 was $5.3 million as compared with a net loss of $5.8 million for the three-month period ended March 31, 1997. Operating costs operating costs npl → gastos mpl operacionales and development expenses totaling $15.8 million for the six months ended June 27, 1997 were as expected and included the start-up Start-up The earliest stage of a new business venture. of the four U.S. laser vision correction centers in 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 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). . Beacon also announced today that it is expanding its services to include LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. , or laser-assisted in situ keratomileusis laser-assisted in situ keratomileusis n. LASIK. Laser-assisted in situ keratomileusis (LASIK) A type of refractive eye surgery using a laser and another instrument to change the shape of the cornea. . LASIK is an alternative to PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. , or photorefractive keratectomy Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. Mentioned in: Myopia, Radial Keratotomy photorefractive keratectomy , that is offered by some of Beacon's competitors. 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: "Although revenue increased in the second quarter, the number of procedures performed was not up to our expectations. We expect to see a significant increase in the number of laser vision correction procedures, both Laser-PRK and LASIK, performed in the second half of 1997. "In addition to the introduction of LASIK services, we are making other near-term near-term adj. Of, for, or involving a short period of time in the near future. adjustments to satisfy the preferences of ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. surgeons and interested consumers and their primary eye care doctors. We are already seeing positive trends resulting from the anticipation of these changes. In the last two weeks, 394 Laser-PRK procedures have been scheduled. That average, approaching 200 procedures booked per week, is a substantial improvement over the average of about 115 procedures per week performed during the second quarter." Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. added, "Industry experts are generally forecasting that the laser vision correction market in the U.S. will exceed 200,000 procedures in 1997. While this number of procedures is more than double the number of procedures performed in 1996, the industry is only beginning to emerge. More than 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 vision correction. "Ten world-class laser vision correction centers, sophisticated administrative and quality control systems, excellent surgical outcomes, a superb level of patient satisfaction, and a referral service network of more than 7,000 eye care professionals all establish Beacon as a leader in the laser vision correction industry. Judging from the satisfaction of patients treated in Beacon facilities since inception of the Company, greater consumer awareness and significantly increasing demand for laser vision correction is only a matter of time. Beacon has the resolve, organizational flexibility, and business expertise to be a major player in the continuing development of the laser vision correction industry." In connection with Beacon's recently completed $10.5 million fund raising transaction with Yorkton Securities Inc., Beacon Eye Centre Inc., a Beacon subsidiary, this week issued 280,700 special shares at $3.75 per special share to a third-party investor for aggregate gross proceeds of $1.1 million. In connection with the purchase of the special shares, the investor is also entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to exercise 140,350 special share warrants until December 21, 1998 at $4.65 per special share warrant. Beacon provides facilities and services for the performance of laser vision correction including Laser-PRK and LASIK. Both procedures are 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 reshaping the cornea cornea: see eye. of the eye to correct 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 , 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 , and 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. and improve natural vision reducing 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 . Beacon's Laser-PRK vision correction centers are located in Toronto, Ontario; 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, 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, Colorado; Fort Lauderdale and Tampa, Florida; Atlanta, Georgia; and Irvine, California. Further expansion is planned as the market for laser vision correction 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 statements of operations and deficit
Six months ended
Year June 27, June 30,
1996 ($ 000) 1997 1996
Operations
$ 4,991 Revenues...........................$ 5,165 $ 1,700
14,376 Operating expenses.. ...............11,837 4,516
------- ----------------------
(9,385) Operating loss before development
expenses...........................(6,672) (2,816)
15,222 Development expenses.................4,001 6,708
------- -------------------------
(24,607)Operating loss....................(10,673) (9,524)
68 Interest income (expense)............(395) 53
------- -------------------------
(24,539)Loss before income taxes..........(11,068) (9,471)
- Income taxes...........................30 -
------- -------------------------
$(24,539)Net loss for the period.........$(11,098) $(9,471)
------- -------------------------
$ (7.27) Loss per share..................$ (1.53) $ (4.28)
------- -------------------------
-------------------------------------------------------------------
Deficit
$(12,531)Balance - beginning of period...$(37,070) $(12,531)
(24,539) Net loss for the period..........(11,098) (9,471)
-------
$(37,070)Balance - end of period.........$(48,168) $(22,002)
Consolidated balance sheets
December 31, June 27, June 30,
1996 ($ 000) 1997 1996
Assets
Current assets
$ 8,669 Cash..............................$ 9,720 $19,919
637 Accounts receivable...................934 309
1,167 Prepaid expenses....................1,913 594
------- ----------------------
10,473 12,567 20,822
Capital assets
25,705 Cost...............................28,434 12,397
(1,972)Depreciation......................(3,767) (654)
------- -----------------------
23,733 24,667 11,743
------- -----------------------
Other assets
1,281 Cash collateral deposits...........1,291 -
863 Deposit on excimer lasers.......... - 1,271
51 Deferred charge.................... 55 -
------- ---------------------
2,195 1,346 1,271
------- ---------------------
$36,401 $38,580 $33,836
Liabilities
Current liabilities
$ 8,759 Accounts payable and accrued
liabilities $ 3,492 $ 6,220
665 Current portion - capital leases
& notes payable 1,487 -
68 Current portion of deferred
income 68 -
------- ---------------------
9,492 5,047 6,220
- Shareholder advances............. - 2,750
3,579 Capital leases & notes payable
less current portion 7,670 -
203 Deferred income less current
portion 170 -
------- ---------------------
13,274 12,887 8,970
------- ----------------------
Shareholders' equity/(deficiency)
Capital stock
57,697 Issued and fully-paid common
shares 61,697 17,482
- Special warrants............ 9,664 29,386
2,500 Special shares.............. 2,500 -
(37,070) Deficit......................(48,168) (22,002)
------- ------------------------
23,127 25,693 24,866
------- ------------------------
$36,401 $38,580 $33,836
------- ------------------------
Consolidated statements of changes in financial position
Six months ended
Year June 27, June 30,
1996 ($ 000) 1997 1996
------- -------------------------
Operating activities
$(24,539)Net loss for the period....$(11,098) $ (9,471)
2,068 Depreciation................. 1,762 298
------- ------------------------
(22,479) (9,336) (9,173)
------- ------------------------
Changes in non-cash working capital:
(557) Accounts receivable........ (297) (229)
(1,069) Prepaid expenses...............(746) (496)
8,135 Accounts payable and accrued
liabilities (5,267) 5,596
------- ------------------------
6,509 (6,310) 4,871
------- ------------------------
(15,970) Cash used in operating
activities.............. (15,646) (4,302)
------- -------------------------
Financing activities
- Shareholder advances.............- (13,762)
- Change in notes payable...... 4,010 -
(16,512) Issuance of special warrants.. 9,664 29,386
4,244 Capital leases................ 902 -
(1,281) Cash collateral deposits..... (10) -
60,197 Change in capital stock...... 4,000 17,482
------- ------------------------
46,648 Cash provided by financing
activities.......... 18,566 33,106
------- ------------------------
Investing activities
(27,427) Capital assets purchased or
leased....... (3,869) (9,169)
Sale of fixed assets leased
back on capital and
4,098 operating leases........... 1,140 -
Unamortized portion of gain
271 on sale of assets leased back - -
408 Other fixed asset disposals..... - -
549 Deposit on excimer lasers..... 863 141
-------
(22,101) Cash used in investing
activities........... (1,866) (9,028)
------- ------------------------
Unrealized net foreign currency
translation loss on long-term
monetary net assets of foreign
(51) subsidiary (3) -
------- -----------------------
8,526 Cash flow of period....... 1,051 19,776
Cash
143 Beginning of period........ 8,669 143
$ 8,669 End of period............ $ 9,720 $ 19,919
------- ------------------------
Notes:
(1) Figures for the six month periods are unaudited.
(2) On June 20, 1997, the Corporation completed a financing,
pursuant to which Special Warrants of the Corporation
were issued entitling holders thereof to convert, without
payment of any additional consideration, each such Special
Warrant into one unit of the Corporation (a "Unit"), each Unit
consisting of one common share of the Corporation (a "Unit
Share") and one-half of one common share purchase warrant (a
"Purchase Warrant"), for aggregate gross proceeds to the
Corporation of approximately $10.5 million ($3.75 per Special
Warrant). Each whole Purchase Warrant entitles the holder
to purchase one common share of the Corporation for $4.65 at
any time prior to December 21, 1998.
(3) In June, 1997, the Corporation opened a laser vision
correction facility in Irvine, California. The Corporation
provides the use of the facility and certain other services to
Beacon Medical Group, Inc., a California professional
corporation ("PC") which operates independently of the
Corporation. In addition to payment of a service fee for the
use of facilities and certain other services, the PC purchases
marketing, advertising, and administrative services from the
Corporation. During the six-month period ended June 27, 1997,
these services purchased by the PC and reflected as revenue by
the Corporation totaled $0.33 million, or 6.5% of the total
revenue for the Corporation.
CONTACT: Keith Moore Chairman, President & CEO Phone: 905/897-7161 Fax: 905/897-6130 E-mail: kmoore@beaconeye.com |
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