Printer Friendly

DANNINGER MEDICAL TECHNOLOGY, INC. THIRD QUARTER LOSS

 DANNINGER MEDICAL TECHNOLOGY, INC. THIRD QUARTER LOSS
 COLUMBUS, Ohio, Nov. 5 /PRNewswire/ -- Danninger Medical Technology,


Inc. (NASDAQ: DANN) today announced net income of $17,946 for the first nine months of 1992, compared to $132,763 a year ago. Year-to-date revenues were $5,574,364 versus $6,018,376, or 7 percent lower than the same period in 1991. Net income per share was 0 cents for the nine months ended Sept. 30, 1992 compared to 3 cents a year ago.
 Total revenues were $1,466,064 for the three months ended Sept. 30, 1992 versus $2,085,566 a year ago, a decrease of 30 percent. Current economic conditions resulted in the deferral of purchases by dealers and hospitals. The net loss for the three months ended Sept. 30, 1992 totaled ($170,686), or ($0.04) per share, compared to net income of $126,984, or 3 cents per share a year ago.
 Joseph A. Mussey, president and chief executive officer, stated, "We are disappointed with the results for the most recent quarter. The specific exclusive dealer program which was initiated for Danninger's recovery products approximately one year ago has not achieved the expected results. We have re-focused our efforts to significantly expand distribution of all the company's recovery devices. These actions were taken in response to changes in market conditions and are expected to result in increased volumes."
 Solid progress was achieved in Cross Medical Products, Inc., a subsidiary of Danninger, during the third quarter of 1992. Clinical procedures for the company's PWB spinal implant device were concluded and all patients will be monitored for a two-year period in accordance with the U.S. FDA requirements. In addition, the company continues to expand the number of agents to sell the previously approved lumbosacral system.
 Danninger Medical Technology, Inc. designs, manufactures and markets medical devices that assist patients in their recovery following surgery or trauma. Danninger is a leader in Continuous Passive Motion devices for the knee, hip and hand. Cross Medical Products, Inc. manufactures and markets orthopedic surgical devices and instrumentation, as well as a spinal implant subject to an FDA Investigational Device Exemption.
 FINANCIAL HIGHLIGHTS
 Nine Months Ended Nine Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Total Revenues $5,574,364 $6,018,376
 Net Income $ 17,946 $ 132,763
 Earnings Per Share $ 0.00 $ 0.03
 Weighted Average Shares
 Outstanding Including
 Common Stock Equivalents 4,458,963 4,396,245
 Three Months Ended Three Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Total Revenues $1,466,064 $2,085,566
 Net (Loss)/Income $ (170,686) $ 126,984
 Earnings (Loss) Per Share $ (0.04) $ 0.03
 Weighted Average Shares
 Outstanding Including
 Common Stock Equivalents 4,399,550 4,479,062
 Sept. 30, 1992 Dec. 31, 1991
 Total Assets $7,902,617 $6,955,027
 Working Capital $3,917,877 $3,386,279
 Shareholders' Equity $3,780,989 $3,745,193
 -0- 11/5/92
 /CONTACT: Joseph A. Mussey, president of Danninger Medical Technology, Inc., 614-276-8267/
 (DANN) CO: Danninger Medical Technology, Inc. ST: Ohio IN: MTC SU: ERN


BM -- CL017 -- 7810 11/05/92 14:41 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:520
Previous Article:CHRIS-CRAFT REPORTS 40 PERCENT INCREASE IN THIRD QUARTER EARNINGS
Next Article:QUARTERLY DIVIDEND DECLARED BY THE ST. PAUL COMPANIES, INC.
Topics:


Related Articles
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES HIGHER SECOND QUARTER AND FIRST HALF RESULTS
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES RECORD FIRST QUARTER SALES
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES IMPROVED SECOND QUARTER RESULTS
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES HIGHER THIRD QUARTER REVENUES AND IMPROVED RESULTS
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES RECORD SALES FOR 1993; NET LOSS DUE TO PROVISIONS FOR CERTAIN INVENTORY AND ACCOUNTS RECEIVABLE
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES IMPROVED SECOND QUARTER RESULTS
DANNINGER MEDICAL TECHNOLOGY, INC. REPORTS HIGHER SALES, NET LOSS DUE TO SYNERGY SPINAL IMPLANT SYSTEM INTRODUCTION
DANNINGER MEDICAL TECHNOLOGY, INC. REPORTS RECORD FOURTH QUARTER SALES
IMAGYN Medical Technologies Reports Third Quarter Results In Line with Previously Announced Range
Bioject Announces Revised Third Quarter Fiscal 2000 Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters