HOLOGIC, INC. ANNOUNCES FIRST QUARTER 1992 RESULTS
HOLOGIC, INC. ANNOUNCES FIRST QUARTER 1992 RESULTS WALTHAM, Mass., Jan. 30 /PRNewswire/ -- Hologic, Inc.
(NASDAQ: HOLX) today announced its results for the first quarter ended Dec. 31, 1991, reporting net income of $311,154 or 8 cents per share, compared with a loss of $78,162, or 2 cents per share, for the first quarter of fiscal 1991. First quarter revenues increased 42 percent to $5,468,367 from $3,862,859 for the first quarter of fiscal 1991 and increased 5 percent from $5,214,654 for the fourth quarter of fiscal 1991.
"We are pleased with the growing acceptance of our new model, the QDR-2000 Supine Lateral Bone Densitometer, for both research and clinical applications," said S. David Ellenbogen, president and CEO. "The QDR-2000 represented over one-half of our total revenue for the quarter." Ellenbogen said that U.S. sales activity accounted for 40 percent of this quarter's total revenue. This represented an increase over previous quarters due in part to a growing awareness of osteoporosis, an increase in sales to pharmaceutical companies interested in developing new drug therapies for osteoporosis, and the continued strong efforts and expansion of Hologic's U.S. direct sales force. "In the months ahead," Ellenbogen continued, "the company should see additional benefits from our new European headquarters, opened this past October in Brussels. This operation is already increasing our direct presence in Europe and improving our post-sales support. We are in the process of opening two additional direct sales and service operations in France and Spain." Hologic, Inc. develops, manufactures and markets proprietary X-ray systems. With more than 850 installations worldwide, the company's QDR X-ray bone densitometers are used for the precise measurement of bone density to assist in the diagnosis and monitoring of osteoporosis and other metabolic bone diseases. Osteoporosis, a condition characterized by decreased bone density and increased risk of fractures, occurs in at least one of three women over the age of 65. HOLOGIC, INC. AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) Three months ended Dec. 31, 1991 1990 Revenues: Product sales $5,316,443 $3,070,517 Research and development contract ---- 551,156 Interest income 151,924 241,186 Total 5,468,367 3,862,859 Costs and Expenses: Cost of product sales 2,655,127 1,997,278 Research and development 777,200 1,061,889 Selling and marketing 953,230 578,976 General and administrative 638,656 335,878 Total 5,024,213 3,974,021 Income (loss) before provision for income taxes 444,154 (111,162) Provision (benefit) for income taxes 133,000 (33,000) Net income (loss) $311,154 $(78,162) Net income (loss) per common and common equivalent share: Primary 8 cents (2 cents) Weighted average number of common and common equivalent shares outstanding Primary 4,049,004 3,832,613 HOLOGIC, INC. AND SUBSIDIARIES Consolidated Balance Sheet 12/31/91 9/30/91 (Unaudited) (Audited) ASSETS Current Assets: Cash and cash equivalents $4,835,014 $9,032,209 Short-term investments 6,699,997 2,833,745 Accounts receivable, net of allowance for doubtful accounts of $125,000 3,692,873 3,431,287 Inventories 2,811,707 2,894,246 Prepaid expenses and other current assets 620,445 446,531 Total current assets 18,660,036 18,638,018 Property and Equipment, at cost: Equipment 1,281,549 1,211,037 Furniture and fixtures 336,744 295,654 Leasehold improvements 158,075 158,075 Total 1,776,368 1,664,766 Less-Accumulated depreciation and amortization 629,364 561,220 Total 1,147,004 1,103,546 Other assets, net 72,152 67,914 Total $19,879,192 $19,809,478 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $954,693 $1,129,450 Accrued expenses 1,542,363 1,632,475 Deferred revenue 390,693 373,354 Total current liabilities 2,887,749 3,135,279 Stockholders' Equity: Common stock, 1 cent par value - Authorized - 10,000,000 shares Issued and outstanding - 3,872,267 and 3,866,317 shares at Dec. 31, 1991 and Sept. 30, 1991, respectively 38,723 38,663 Capital in excess of par value 13,789,862 13,783,832 Retained earnings 3,162,858 2,851,704 Total stockholders' equity 16,991,443 16,674,199 Total $19,879,192 $19,809,478 -0- 1/30/92 /CONTACT: S. David Ellenbogen, president, or Glenn Muir, controller, 617-890-2300, of Hologic, Inc./ (HOLX) CO: Hologic, Inc. ST: Massachusetts IN: MTC SU: ERN
DD-DH -- NE001 -- 5046 01/30/92 07:46 EST
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|Date:||Jan 30, 1992|
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