Bovie Medical Corporation Reports Financial Results for First Quarter 2007.MELVILLE, N.Y. -- Bovie Medical Corporation (the "Company") (Amex: BVX BVX Bulk Viscosity of Xenon ), a manufacturer and marketer of electrosurgical products, today announced its financial results for the first quarter ended March 31, 2007. Revenues for the first three months increased 11.5% to a first quarter record $6.7 million versus $6.0 million recorded for the first quarter 2006. Net income for the first quarter was $580,187 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 (including additional income tax benefit of approximately $160,000) on 17,844,626 shares compared to $690,130 or $.04 per diluted share on 16,602,713 shares for the comparable period last year. The decrease in net income was due to increased costs related to acquiring and establishing the Bovie Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of operation as well as new product development. Research and development expenses increased $239,693, costs related to salaries attributable to the hiring of additional employees needed to foster future growth increased $176,114 and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. increased $60,658 due to patent related filings and development contracts. Andrew Makrides, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bovie Medical Corp., stated, "Although we have experienced a reduced earnings impact on our first quarter bottom line as a result of costs related to Bovie Canada and increased research and development costs, we are confident that the acquisition will be of great benefit to our future long term growth. We anticipate new products like the MEG Shorthand for "mega." For example, 10 megs means 10 megabytes. It generally refers to bytes, not bits. See mega. Meg (Maggie) Tam O’Shanter’s gray mare that lost her tail to the witch. [Scot. and Polaris Polaris (pōlâr`ĭs) or North Star, star nearest the north celestial pole (see equatorial coordinate system). [TM] instrument lines together with other innovative products such as J-Plasma and the ICON GI will significantly increase revenues and earnings going forward. It is our belief that new technologies and product introductions will transform Bovie into a more prominent player in the medical device industry." This document may contain some forward looking statements, particularly regarding operational prospects in 2007 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. [TABLE OMITTED] |
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