Printer Friendly

ENDOTRONICS, INC. REPORTS SECOND-QUARTER AND SIX-MONTHS RESULTS

 ENDOTRONICS, INC. REPORTS SECOND-QUARTER AND SIX-MONTHS RESULTS
 MINNEAPOLIS, May 21 /PRNewswire/ -- Endotronics, Inc. (NASDAQ: ENDO) announced results for the second quarter and six-month period ending March 31, 1992. In the quarter, revenues of $1,107,412 rose 7 percent compared to prior-year revenues of $1,035,741. The company incurred a net loss of $383,487 or ($0.02 per share) compared with a net loss of $392,259, or ($0.02 per share) in the 1991 period.
 For the six months, revenues of $2,040,000 rose 16 percent compared with revenues of $1,760,000 reported last year. The net loss declined to $808,000, or ($0.05 per share), compared with a net loss of $1,056,000, or ($0.06 per share), for last year.
 "As anticipated, R&D and marketing and administrative costs increased


during the second quarter, reflecting expenditures to develop the ACUMOUSE(tm) and the OXYCELL(tm) bioreactor," said Richard E. Sakowicz, president and chief operating officer of Endotronics.
 "We are encouraged by our progress to implement our growth plans which are predicated on product and market diversification to achieve profitability. We will begin shipment of the ACUMOUSE in June. We are very encouraged by initial orders and see this product becoming a significant revenue contributor within nine to 12 months. The ACUMOUSE fills a void in the marketplace at biotechnology and pharmaceutical companies, as well as research departments. Also during the quarter, Endotronics announced its receipt of $1 million pursuant to an exercise of warrants by INTEGRA Holding AG of Switzerland, a significant shareholder of the company. We view this additional investment as extremely positive and indicative of the solidification of Endotronics' relationship with INTEGRA and their confidence in our strategy."
 Grant revenue increased significantly during the three- and six-month periods. This reflects increased activity through a five-year National Institutes of Health ("NIH") grant, awarded in September 1990 and activity through a two-year Phase II Small Business Innovation Research grant awarded in August 1991 by the NIH. Contract production revenues were recognized for both periods, while media and related products revenues declined, reflecting the termination of a distribution agreement, effective December 1991.
 Endotronics, Inc., headquartered in Minneapolis, is dedicated to providing cell processing products and services to meet the needs of human health care and biotechnology markets worldwide. The company is a recognized leader in hollow fiber cell culture instrumentation with more than 675 instruments installed worldwide.
 ENDOTRONICS, INC.
 Condensed Statements of Operations
 (Unaudited and in thousands, except per-share amounts)
 For the Three Months For the Six Months
 Ended March 31, Ended March 31,
 1992 1991 1992 1991
 Revenues $1,107 $1,036 $2,040 $1,760
 Operating loss (366) (332) (744) (922)
 Net loss (383) (392) (808) (1,056)
 Net loss per
 common share ($.02) ($.02) ($.05) ($.06)
 Weighted average
 number of common
 shares outstanding 19,649 18,396 19,177 17,367
 -0- 5/21/92
 /CONTACT: Yvonne Marschner-Bova of Endotronics, Inc., 313-871-7350/
 (ENDO) CO: Endotronics, Inc. ST: Minnesota IN: MTC SU: ERN


JB -- DE016 -- 2824 05/21/92 12:17 EDT
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:May 21, 1992
Words:512
Previous Article:APRIL 24 TO 26 IS FINAL WEEKEND OF NEW YORK AUTO SHOW
Next Article:DEPRENYL RESEARCH ELECTS MARTIN BARKIN PRESIDENT, CHIEF OPERATING OFFICER AND DIRECTOR
Topics:


Related Articles
ENDOTRONICS, INC. REPORTS FOURTH-QUARTER PROFIT, LOSS FOR YEAR
ENDOTRONICS, INC. REPORTS RESULTS FOR FIRST QUARTER ENDED DEC. 31, 1991
ENDOTRONICS ANNUAL MEETING NOTICE
ENDOTRONICS HOLDS ANNUAL MEETING OF SHAREHOLDERS: UPDATES INVESTMENT COMMUNITY ON ACUMOUSE AND ARTIFICIAL LIVER PROGRAM
HENLEY INTERNATIONAL REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS
ENDOTRONICS, INC. ANNOUNCES RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED JUNE 30, 1992
ENDOTRONICS REPORTS FOURTH-QUARTER AND FISCAL 1992 YEAR-END RESULTS
ENDOTRONICS REPORTS RESULTS FOR ITS FIRST QUARTER ENDED DEC. 31, 1992
WILSHIRE TECHNOLOGIES ANNOUNCES SECOND QUARTER RESULTS AND SETTLEMENT OF NOTE RECEIVABLE
Epitope Announces Second Quarter Operating Results

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