Bovie Medical Corporation Announces Record First Quarter as Revenues Increased 23 Per Cent: Company Returns to Profitablity.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--May 13, 2003 Bovie Medical Corporation ("the Company")(OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BOVI), a premier manufacturer and marketer of electrosurgery electrosurgery /elec·tro·sur·gery/ (-ser´jer-e) surgery performed by electrical methods; the active electrode may be a needle, bulb, or disk.electrosur´gical e·lec·tro·sur·ger·y n. products today announced its financial results for the first quarter ended March 31, 2003. Revenues increased to $3.7 million representing a 23% increase over the $3.0 million recorded in the comparable period last year. The increase in revenues resulted in a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. to profitability, as the Company reported net income of $56,000 compared to a net loss of $(54,456) for the first quarter of fiscal 2002. Commenting on the results, Andrew Makrides, president of Bovie Medical, stated, "Our strategy of developing a full line of electrosurgical generators continues to drive our revenue growth. Sales from the previously announced FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. cleared IDS-300 electrosurgical generator began to have a positive impact on overall sales towards the end of the first quarter. The first quarter marked the highest revenue quarter in Company history and we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that revenues will continue to grow over the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." He added, "The double-digit increase in revenues allows us to continue to invest in new product development, while generating improved bottom line performance." This document may contain some forward looking statements, particularly regarding operational prospects in 2003 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company's SEC filings. For additional information visit the Bovie Medical web site at www.boviemedical.com. |
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