BioLase Technology announces audited fiscal year results.SAN CLEMENTE, Calif--(BUSINESS WIRE)--May 24, 1995--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 Symbol: BLTI BLTI Blonder Tongue Laboratories, Inc. ) today announced that the audited results of its operations for the fiscal year ended Dec. 31, 1994. Sales were $1,135,728, down 53% from $2,415,508 reported in 1993 due to the company shifting its efforts towards the design of a low-cost neodymium neodymium (nē'ōdĭm`ēəm), metallic chemical element; symbol Nd; at. no. 60; at. wt. 144.24; m.p. about 1,021°C;; b.p. about 3,068°C;; sp. gr. 7.004 at 20°C;; valence +3. Neodymium is a lustrous silver-yellow metal. laser system, the design of its Elmer(TM) erbium erbium (ûr`bēəm) [from Ytterby, a town in Sweden], metallic chemical element; symbol Er; at. no. 68; at. wt. 167.26; m.p. 1,529°C;; b.p. 2,863°C;; sp. gr. 9.05 at 25°C;; valence +3. laser system and a restructuring of its distribution channels to increase market access in the future. The net loss for the fiscal year ending Dec. 31, 1994 was $3,050,333, or $0.40 per share, versus $7,549,262, or $1.57 per share, incurred during the prior year. Included in the 1994 results was a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $958,850 reflecting the company's decision to provide for the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its patients, due to uncertainties related to their future recoverability. Accordingly, such carrying value will not be amortized in future periods. A portion of this charge was the principal cause of the increase in the 1994 loss from the preliminary $2,539,268 or $0.33 per share, previously reported on an unaudited basis. Stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. at Dec. 31, 1994 was $1,683,603. The company's year-end balance sheet included $1,162,041 of cash and cash equivalents, and $1,169,849 of working capital. BioLase Technology Inc. manufactures and markets advanced laser products, the Canal Finder System(TM) for use in root canal root canal n. 1. The chamber of the dental pulp lying within the root portion of a tooth. Also called pulp canal. 2. procedures, and specialized biomaterials for dentistry and other medical specialties. The company's proprietary Tissue Cooling Irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. System(TM) (TCIS TCIS Thai Chinese International School TCIS Taejon Christian International School (Korea) TCIS Teacher Certification Information System TCIS Tidewater Conference of Independent Schools TCIS Treasury Check Information System (TM)) covers the use of a cooling medium (such as water) on human tissue during the application of laser energy. The cooling of the target tissue prevents thermal damage and the coolant coolant (kōō´l  nt),n facilitates the establishment of a photo-acoustic effect which aids in the removal of tissue. Biomaterials are novel, patented compounds that are used in the reconstruction of tooth and bone structures. Biomaterials extend the company's business into the lucrative medical and dental consumables market. -0-
BIOLASE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31 December 31
1994 1993 1994 1993
Sales $117,246 $779,171 $1,135,728 $2,415,508
Costs of sales 199,494 1,335,833 1,192,305 2,906,878
Gross Profit (loss) (82,248) (556,662) (56,577) (491,370) Operating Expenses: Selling, general and administrative 10,666 1,486,261 1,496,155 5,470,093 Engineering and development 444,310 404,414 1,351,320 1,544,242 Litigation and settlement costs 111,618 -- 111,618 -- Provision for patents 958,850 -- 958,850 -- Total Operating expenses 1,525,444 1,890,675 3,917,943 7,014,335 Loss from operations (1,607,692) (2,447,337) (3,974,520) (7,505,705) Other income (expense): Interest income (expense) 9,878 21,924 (1,500) (43,557) Loss on dissolution of foreign subsidiary -- -- (1,697,032) -- Gain on reversal of SET's accumulated deficit -- -- 2,201,437 -- Total other income (expense) 9,878 21,924 502,905 (43,557) Net loss before extraordinary item (1,597,814) (2,425,413) (3,471,615) (7,549,262) Extraordinary gain on extinguishment of debt -- -- 421,282 -- Net loss $(1,597,814) $(2,425,413) $(3,050,333) $(7,549,262) Loss per share of common stock: Net loss before extraordinary item $(0.19) $(0.40) $(0.45) $(1.57) Extraordinary gain -- -- 0.05 -- Net loss per share of common stock $(0.19) $(0.40) $(0.40) $(1.57) Weighted average shares outstanding 8,405,337 6,001,100 7,671,118 4,794,130 BIOLASE TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS Dec. 31, 1994 Dec. 31, 1993 Assets: Current Assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and cash equivalents $1,162,041 $1,968,481 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , less allowance of $99,566 in 1994 and $248,135 in 1993 50,270 243,757 Inventories, net of reserves of $577,132 in 1994 and $839,445 in 1993 644,092 567,008 Prepaid expenses and other current assets 34,079 164,537 Total current assets 1,890,482 2,943,783 Property, plant and equipment, less accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( of $782,597 in 1994 and $846,845 in 1993 398,694 731,203 Patents, less accumulated amortization of $300,891 in 1994 and $219,271 in 1993 26,723 1,124,273 Other Assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 110,661 94,974 Total Assets $2,426,560 $4,894,233 Liabilities and Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities: Current portion of notes payable and long-term debt $21,533 $177,901 Current portion of royalties payable to related party -- 12,881 Current portion of amount due under research grant -- 264,513 Accounts payable 79,441 322,429 Accrued expenses 421,385 543,228 Other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. 198,274 253,315 Total current liabilities 720,633 1,574,267 Notes payable and long-term debt, less current portion 22,324 43,857 Royalties payable to related party, less current portion -- 585,443 Total liabilities 742,957 2,203,567 Stockholders' equity: Preferred stock, par value $.001, 1,000,000 shares authorized, none issued -- -- Common stock, par value, $.001, 50,000,000 shares authorized, issued 8,412,112 in 1994 and 7,381,053 in 1993 8,412 7,381 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 22,016,913 20,064,376 Receivable from stockholders (29,374) (296,154) Accumulated deficit (20,312,348) (17,262,015) Foreign currency translation adjustment -- 177,078 Net stockholders' equity 1,683,603 2,690,666 Total liabilities and stockholders' equity $2,426,560 $4,894,233 CONTACT: BioLase Technology Inc., San Clemente Donald A. La Point 714/361-1200 |
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