CompuMed announces results for second quarter of fiscal year.MANHATTAN BEACH Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. , Calif.--(BUSINESS WIRE)--May 3, 1996--CompuMed Inc. (Nasdaq Small Cap: CMPD CMPD Charlotte-Mecklenburg Police Department (Charlotte, NC) CMPD Compound CMPD Chronic Myeloproliferative Disorder CMPD Campomelic Dysplasia CMPD Custom Microcomputer Program Design ) today announced its results for the second quarter of its fiscal year ended March 31, 1996. Total revenues for the second quarter ended March 31, 1996 were $609,000, as compared to $677,000 for the same period in 1995. The 1995 period included lease income of $106,000 from real estate property and $95,000 in OsteoGram(R) service revenue that was licensed to Merck during the last quarter of the 1995 fiscal year. Net loss for the second quarter was $560,000, or $0.06 per share (based on 8,408,200 average shares outstanding), compared to $455,000, or $0.08 per share (based on 5,599,600 average shares outstanding), for the same period last year. The cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has balance as of March 31, 1996 was $4,300,000. The second quarter results included legal expenses of $130,000 associated with CompuMed's defense of a shareholder lawsuit filed in 1995. CompuMed maintains that the lawsuit is without merit and will defend itself vigorously. For the first six months of the fiscal year, total revenues were $1,017,000, compared to $930,000 for the same period the previous year. Net loss for the first six months was $1,209,000, or $0.14 per share (based on 8,376,200 average shares outstanding), compared to $784,000, or $0.15 per share (based on 5,204,400 average shares outstanding), for the same period last year. "During the second quarter, CompuMed began to receive royalty payments from Merck for the use of our OsteoGram(R) test," said Rod N. Raynovich, president and chief executive officer of CompuMed. "Although these revenues were only $8,000 for the quarter, Merck did not commence marketing until late January. We believe we will be able to forecast market share for the OsteoGram(R) after it has been on the market for three more quarters." "Merck has made a substantial investment in preparing to market the OsteoGram(R) and just recently moved into a new 16,000-square-foot facility in El Segundo, California
El Segundo is a city in Los Angeles County, California on the Santa Monica Bay, incorporated on January 18, 1917. The population was 16,033 at the 2000 census. ," said Raynovich. "This facility also will be the headquarters of the OsteoGram(R) Analysis Center (OAC OAC On Approved Credit OAC Online Archive of California (California Digital Library) OAC Ohio Athletic Conference OAC Ontario Arts Council (Canada) OAC Ontario Agricultural College )." "In the second quarter, CompuMed increased research and development spending to $140,000, as compared to $58,000 for the same period in 1995," said Raynovich. "We are also actively pursuing the development of our second-generation OsteoGram(R) and the expansion of cardiac monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. . Cardiac monitoring service revenues were up 13.5 percent from the same period of 1995, and we are now considering more aggressive approaches to growing this business. In addition, we are continuing our research collaboration with the University of Georgia Organization The President of the University of Georgia (as of 2007, Michael F. Adams) is the head administrator and is appointed and overseen by the Georgia Board of Regents. on our Detoxahol(TM) program." This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based upon current expectations that involve a number of business risks and uncertainties that are described in the Prospectus, dated March 13, 1996, to CompuMed's Registration Statement filed with the Securities and Exchange Commission (SEC) on Form SB-2 (Reg. No. 333-01453). CompuMed, based in Manhattan Beach, develops solutions to important medical problems through the use of computer technology. In addition to the OsteoGram(R), for osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia detection, CompuMed is focused on telemedicine ("long distance" medicine) Using a videoconferencing link to a large medical center in order that rural health care facilities can perform diagnosis and treatment. A specialist can monitor the patient remotely taking cues from the general practitioner or nurse who is actually examining services for cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. and currently provides on-line computer interpretation of medical tests, such as electrocardiograms (ECGs), to physicians and healthcare providers. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : This release is available on the Internet at http://www.nooonanrusso.com. -0-
COMPUMED, INC.
SELECTED FINANCIAL DATA
$ in thousands (except share data)
For the Three Months For the Six Months
Ended March 31, Ended March 31,
1996 1995 1996 1995
Revenues:
Cardiac Monitoring $ 538 $ 474 $ 1,017 $ 930
OsteoGram(R) 8(a) 95(a) 8(a) 269(a)
Real estate leases -- 106 99 238
Other 63 2 137 3
Total revenues $ 609 $ 677 $ 1,261 $1,440
Net loss $ (560) $ (455) $(1,209) $ (784) Net loss per share $(0.06) $(0.08) $ (0.14) $(0.15) Average shares outstanding 8,408,200 5,599,600 8,376,200 5,204,400 -0-(a) OsteoGram(R) revenues for the current fiscal year reflect the beginning of royalty payments from Merck, compared to actual service revenues for the prior fiscal year. CONTACT: CompuMed Inc., Manhattan Beach Rod N. Raynovich, 310/643-5106 ext. 119 or Noonan/Russo Communications Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212/696-4455 Investor: Jonathan Fassberg, ext. 248 Media: Rich Tammero, ext. 222 e-mail: news@noonanrusso.com |
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