Circon announces record second-quarter 1995 results.SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--July 20, 1995--Richard A. Auhll, chairman and president, Thursday announced that Circon Corp. (NASDAQ/NMS:CCON CCON Call Control ) set new highs for sales, gross profit, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , net income and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. over all second-quarter and first-half periods. Net income increased 76 percent to $3.0 million in the first half of 1995 and grew 106 percent to $1.8 million in the second quarter over the comparable 1994 periods. Operating income for the first half grew 76 percent to $4.0 million, and was up 120 percent to $2.5 million for the second quarter. Earnings per share for the first six months of 1995 are up 67 percent to 35 cents, compared with 21 cents for the 1994 period. Earnings per share for the second quarter are up 100 percent to 22 cents from 11 cents for the 1994 period. Gross profit set new Circon highs by growing 15 percent and 21 percent over the respective 1994 first-half and second-quarter periods. Pricing has stabilized and manufacturing efficiencies are being achieved with higher production volumes. Total sales growth of 13 percent and 18 percent for the first half and second quarter of 1995 reflects that the new VaporTrode electrode electrode, terminal through which electric current passes between metallic and nonmetallic parts of an electric circuit. In most familiar circuits current is carried by metallic conductors, but in some circuits the current passes for some distance through a and Rotating Resectoscope resectoscope /re·sec·to·scope/ (-sek´to-skop) an instrument with a wide-angle telescope and an electrically activated wire loop for transurethral removal or biopsy of lesions of the bladder, prostate, or urethra. System are being well accepted by urologists since their February 1995 introduction. Sales of $48.5 million for the first half and $26.0 million for the second quarter are both new record highs for Circon. Moreover, these growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. are the highest for these respective periods in three years. The results show Circon has returned to its record-setting pace which existed before the Clinton health-care reform efforts began in 1993. The results do not include the merger with Cabot Medical, which should be consummated at the end of August. Circon's management has targeted improving sales growth in its international markets as a major objective. The company is pleased that total international sales are up 26 percent in both the first half and second quarter of 1995, primarily due to its outstanding new products and increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" . Also, Circon has signed a new agreement with Matsumoto, its longstanding video distributor in Japan, to begin distributing its full line of urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. and gynecology gynecology (gīn'əkŏl`əjē), branch of medicine specializing in the disorders of the female reproductive system. Modern gynecology deals with menstrual disorders, menopause, infectious disease and maldevelopment of the products. This new agreement should result in sales to Japan increasing several-fold beginning in the third quarter and beyond. Circon develops, manufactures and markets advanced endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. and video systems for minimally invasive surgical applications. Circon is the largest U.S. producer of medical endoscope and video systems. -0-
CIRCON CORP.
Comparative Summary of Income
Unaudited, in millions, except per-share data
Second Quarter Six Months
1995 1994 1995 1994
Sales $ 26.0 $ 21.9 $ 48.5 $ 42.7 Gross profit 14.0 11.6 25.9 22.5 Operating income 2.5 1.2 4.0 2.3 Income before taxes 2.7 1.3 4.4 2.5 Net income taxes 0.9 0.4 1.4 0.8 Net income $ 1.8 $ 0.9 $ 3.0 $ 1.7 Shares outstanding 8,496 8,066 8,466 8,105 Earnings per share 22 cents 11 cents 35 cents 21 cents
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Condensed Balance Sheet
Unaudited, in millions
June 30,
1995 1994
Cash and equivalent $ 19.6 $ 20.4 Total current assets 64.1 57.6 All other assets, net 35.6 32.0 Total assets $ 99.7 $ 89.6 Total current liabilities $ 12.1 $ 9.7 Total debt 0 0 All other liabilities, net 5.6 4.2 Shareholders' equity 82.0 75.7 Total liabilities and shareholders' equity $ 99.7 $ 89.6 CONTACT: Circon Corp., Santa Barbara R. Bruce Thompson, 805/685-5100 |
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