Bovie Medical Corporation Reports Record Revenues and Net Earnings for the Nine Month and Third Quarter Periods.MELVILLE, N.Y. -- Bovie Medical Corporation (the "Company") (Amex: BVX BVX Bulk Viscosity of Xenon ), a premier manufacturer and marketer of electrosurgical products, today announced its financial results for the nine months and third quarter, ended September September: see month. 30, 2004. Revenues for the nine-month period totaled a record $15.6 million, or a 26 percent increase over the $12.4 million recorded in the comparable period last year. The increased revenues resulted in a 24 percent increase in net income, which totaled $1,167,191 or $.07 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, versus net income of $944,324 or $.06 per diluted share in the same period a year earlier. Earnings per share were computed on 16,515,281 and 15,359,284 shares, respectively. Revenues for the third quarter reached a record $5.6 million, a 30 percent increase over the $4.3 million recorded for the same three month period in the prior year. Net earnings for the third quarter improved 23 percent to $522,815 or $.03 per diluted share versus $423,620 or $.03 per diluted share in last year's third quarter. Diluted per share earnings were based on 16,438,199 and 15,512,953, respectively. The improved performance was primarily a result of increased sales in 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. Bovie Medical continues to direct its efforts and resources at developing new products that will serve niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the medical markets. This document may contain some forward looking statements, particularly regarding operational prospects in 2004 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.
BOVIE MEDICAL CORPORATIONS
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30 September 30
2004 2003 2004 2003
----------- ----------- ----------- -----------
Revenues $ 5,616,662 $ 4,324,017 $15,629,483 $12,363,919
Cost of Sales $ 3,346,904 $ 2,524,953 $ 9,498,374 $ 7,183,850
----------- ----------- ----------- -----------
Gross Profit $ 2,269,758 $ 1,799,064 $ 6,131,109 $ 5,180,069
Total other Costs $ 1,743,095 $ 1,370,831 $ 4,952,733 $ 4,208,473
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Gain from
operations $ 526,663 $ 428,233 $ 1,178,376 $ 971,596
Interest expense (3,848) (4,613) (11,185) (27,272)
Net Income (loss) $ 522,815 $ 423,620 $ 1,167,191 $ 944,324
Earnings per share
Basic .04 .03 .09 .07
Diluted .03 .03 .07 .06
Weighted average
shares
outstanding 13,834,101 13,115,930 13,721,602 13,187,217
Weighted average
shares adjusted
for dilutive
securities 16,438,199 15,512,953 16,515,281 15,359,284
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