Escalon reports third-quarter results.SKILLMAN, N.J.--(BUSINESS WIRE)--May 3, 1996--Escalon Medical Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ESMC ESMC Eastern Space & Missile Center ESMC Electronics Supply & Manufacturing China ESMC Explosive Standoff Minefield Clearer ESMC Enterprise System Management Console ESMC Eastern Switch Maintenance Center (Sprint) ), formerly Intelligent Surgical Lasers Inc. (ISLS ISLS Interrogator Side Lobe Suppression ), Friday announced results for the third quarter and nine-month period ended March 31, 1996. For the quarter ended March 31, 1996, the company reported revenues of $964,424, as compared with $170,000 for the same period of fiscal 1995. The net loss for the quarter ended March 31, 1996, amounted to $1,972,331, or 24 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. . This compares with a net loss of $784,048, or 14 cents per share, during the same period of fiscal 1995. The increase in revenues is attributable to the previously announced acquisition of Escalon Ophthalmics Inc. (EOI EOI Expression Of Interest EOI End of Image EOI Evidence of Insurability EOI End of Interrupt EOI Escuela de Organización Industrial (Spain) EOI Economic Opportunity Institute EOI End of Input EOI End Or Identify ) on Feb. 12, 1996. Losses in the quarter reflect one-time charges of $1,248,100 associated with the accounting treatment of the acquisition and the restructuring costs related to the former ISLS facility in San Diego. Without these charges, the loss for the quarter would have been $724,231, or 9 cents per share. For the nine-month period ended March 31, 1996, the company reported a net loss of $3,611,658, or 55 cents per share, compared with $3,015,394, or 52 cents per share, for the same period in fiscal 1995. Excluding the one-time charges of $1,248,100, the loss for the nine-month period ended March 31, 1996, would have been $2,363,558, or 36 cents per share. "Escalon's product revenues are expected to continue to grow as new products are added. Losses on operations are expected to decrease as a result of the restructuring of the combined companies," said Sterling C. Johnson, 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. . "Investment in new technologies such as the ISL Picosecond One trillionth of a second. Pronounced "pee-co-second." See space/time and ohnosecond. (unit) picosecond - 10^-12 seconds. Laser System for refractory surgery and the Ocufit SR drug delivery system is being evaluated to determine how to bring these exciting new technologies to market. In addition, the company will continue to seek strategic partnerships to achieve its goals." Founded in 1987, Escalon develops, markets and distributes ophthalmic medical devices and pharmaceuticals and is developing ophthalmic lasers and drug delivery systems. Escalon has headquarters in Skillman, manufacturing operations in Milwaukee and laser laboratories in San Diego. CONTACT: Escalon Medical Corp., Skillman Sterling C. Johnson, 609/497-9141 or Keatinge & Associates Richard W. Keatinge, 619/625-2100 |
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