Bovie Medical Corporation Announces Record Third Quarter and Nine Month Financial Results.Business Editors/Health/Medical Writers MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 3, 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 third quarter and nine months, ended September September: see month. 30, 2003. Revenues for the third quarter increased 42% to a record $4.3 million compared to $3.0 million recorded in the same period last year. Net income increased to $423,233 or $.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to a net loss of $64,549 or $(.00) per share for the third quarter of fiscal 2002. Revenues for the first nine months of fiscal 2003 totaled a record $12.4 million, representing an increase of 33% over the $9.3 million recorded in the comparable period last year. Net income increased to a record $944,324 or $.06 per diluted share compared to a net loss of $174,154 or $(.01) per share in 2002. "Our strong financial performance was again led by a continued increase in electrosurgery sales," said Andrew Makrides, president of Bovie Medical. He added, "Approaching the end of our fiscal year, we are enthused by our increasing product pipeline that will serve a variety of niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. within the medical industry. Furthermore, we are confident that the Company is well-positioned to meet its year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. financial objectives and to enter 2004 with growing sales momentum." 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.
BOVIE MEDICAL CORPORATIONS
CONDENSED STATEMENTS OF OPERATIONS
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 30,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenues $ 4,324,017 $ 3,045,994 $12,363,919 $ 9,277,461
Cost of Sales 2,513,335 1,935,732 7,018,704 5,624,097
----------- ----------- ----------- -----------
Gross Profit 1,810,682 1,110,262 5,345,215 3,653,364
Costs & Expenses 1,382,449 1,162,858 4,373,619 3,793,585
----------- ----------- ----------- -----------
Gain (Loss) from
operations 428,233 (52,596) 971,596 (140,221)
Other income
(expense):
Interest (4,613) (11,953) (27,272) (33,933)
----------- ----------- ----------- -----------
Net Income (loss) 423,620 (64,549) 944,324 (174,154)
Earnings per share
Basic $ 0.03 $ (0.01) $ 0.07 nil
Diluted $ 0.03 $ (0.01) $ 0.06 nil
Weighted average
shares
outstanding 13,115,930 13,204,755 13,187,217 13,204,755
Weighted average
shares adjusted for
dilutive
securities 15,638,212 N/A 14,946,001 N/A
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