Criticare Systems announces operating results for 1995 fiscal year.MILWAUKEE--(BUSINESS WIRE)--Aug. 4, 1995--Criticare Systems Inc. (NASDAQ/NMS:CXIM), a manufacturer and marketer of medical monitoring equipment, today announced sales and earnings for its 1995 fiscal year. For the twelve months ended June 30, 1995, the company reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $28.7 million, compared with $30.1 million in the previous year. Net income for the most recent fiscal year improved to $105,643, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , versus $64,141, or 1 cent per share, in fiscal year 1994. The number of common shares outstanding during the 1995 fiscal year averaged 6,764,236, compared with 6,719,979 in the fiscal year ended June 30, 1994. Net sales for the quarter ended June 30, 1995 approximated $7.4 million, versus $8.5 million in revenues for the corresponding period of the previous fiscal year. The company incurred a net loss of $215,849 (3 cents per share) in the fourth quarter of fiscal year 1995, compared with prior-year net income of $667,890 (10 cents per share). ``While we continued to increase sales of our patient monitors into the alternate care marketplace and our international sales held constant during fiscal 1995, Criticare experienced a decline in product sales to the domestic hospital market, particularly in the fourth quarter,'' commented Gerhard Von der Ruhr, president and chief executive officer of Criticare Systems Inc. ``Although there are signs that the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. debate regarding health care reform is subsiding sub·side intr.v. sub·sid·ed, sub·sid·ing, sub·sides 1. To sink to a lower or normal level. 2. To sink or settle down, as into a sofa. 3. To sink to the bottom, as a sediment. 4. , we continue to be impacted by `managed care' pressures and consolidation trends within the domestic hospital industry.'' ``Management has responded to these trends with an intensive cost control program and with the development of a series of low-cost monitors which should appeal to alternate care providers and the growing demand for state-of-the-art health care technology in developing nations throughout the world,'' noted Von der Ruhr. ``We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that sales and earnings from our monitoring business will improve during fiscal 1996. Looking farther into the future, we also hope to participate in the growing market for therapeutic drugs which can hasten has·ten v. has·tened, has·ten·ing, has·tens v.intr. To move or act swiftly. v.tr. 1. To cause to hurry. 2. the recovery of hospital patients, as evidenced by our recently announced agreement to acquire an additional 34 percent equity interest in Immtech International Inc. Headquartered in Chicago, Immtech is a biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. company which has successfully completed European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. human clinical trials of its proprietary therapeutic protein, mCRP. This form of an acute phase protein Acute-phase proteins are a class of proteins whose plasma concentrations increase (positive acute phase proteins) or decrease (negative acute phase proteins) in response to inflammation. This response is called the acute-phase reaction (also called acute phase response). exhibits the potential to reinforce patients' natural immune defense systems, and we are optimistic regarding its prospects as a treatment for AIDS and certain types of cancer.'' Criticare Systems Inc. designs, manufactures and markets cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. patient monitoring systems and noninvasive non·in·va·sive adj. 1. Not penetrating the body, as by incision. Used especially of a diagnostic procedure. 2. Not invading healthy tissue. sensors
For further information, please contact Gerhard Von der Ruhr, president and 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. , at 414/798-8282. -0-
Criticare Systems Inc.
Consolidated Income Statement
Three Months Ended June 30,
1995 1994
Net sales $7,435,559 $8,455,875 Cost of goods sold 3,857,499 4,047,355 Gross profit 3,578,060 4,408,520 Total operating expenses 3,776,474 3,597,848 Operating profit (loss) (198,414) 810,672 Non-operating expenses 154,435 92,782 Income (loss) before income taxes (352,849) 717,890 Income tax provision (137,000) 50,000 Net income (loss) (215,849) 667,890 Earnings per share (0.03) 0.10 Average shares outstanding 6,764,236 6,719,979
Twelve Months Ended June 30,
1995 1994
Net sales $28,660,275 $30,114,679 Cost of goods sold 14,419,179 14,908,372 Gross profit 14,241,096 15,206,307 Total operating expenses 13,723,594 14,701,878 Operating profit (loss) 517,502 504,429 Non-operating expenses 341,859 390,288 Income (loss) before income taxes 175,643 114,141 Income tax provision 70,000 50,000 Net income (loss) 105,643 64,141 Earnings per share 0.02 0.01 Average shares outstanding 6,764,236 6,719,979 CONTACT: Criticare Systems Inc., Milwaukee Gerhard Von der Ruhr, 414/798-8282 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion