Printer Friendly

LUMEX REPORTS INCREASED FIRST QUARTER SALES AND EARNINGS

 BAY SHORE, N.Y., April 20 /PRNewswire/ -- Lumex, Inc. (AMEX: LUM) today reported increased revenues and earnings for the first quarter ended March 31, 1993.
 Net income for the first quarter rose 23.6 percent to $1,021,000 from $826,000 in the same period last year, while earnings per share increased 26.3 percent to $0.24 per share from $0.19 a year ago. Net sales rose 8.6 percent to $26.9 million, compared to $24.8 million in the first quarter of 1992. Improved margins contributed to higher earnings, with gross margins reaching 41.9 percent in the first quarter of 1993, compared to 41.4 percent in the same period a year ago.
 Sales growth resulted from the continued strong performance of the LUMEX division in each of its four core product categories and increased sales of CYBEX strength training and cardiovascular exercise products. Growth at the LUMEX division was driven by sharply higher sales in the specialty patient seating category and in pressure management products, including the new AkroTech 4000 low air loss system. The CYBEX division experienced rapid growth in sales of THE BIKE, CYBEX's new cardiovascular exercise cycle, along with solid growth in sales of its market leading CYBEX Strength Systems product line.
 Lawrence N. Cohen, chairman and chief executive officer, commented, "We are pleased with the improved sales and profitability growth rates in the first quarter. As expected, new products are making significant contributions to our results. At the LUMEX division, the AkroTech 4000 air support system is proving to be a major new product for the home health care market, delivering hospital-standard low air loss therapy in a portable, less costly system. At CYBEX, THE BIKE is quickly establishing a strong market position for us in the cardiovascular exercise equipment category. In the second half of the year, we expect to expand our position in this category with the introduction of a CYBEX treadmill and a CYBEX semi-recumbent exercise cycle. CYBEX also continues to move ahead with its entry into the upscale consumer fitness market and has established its initial network of distributors for the new CYBEX Personal Strength System, which is scheduled to begin shipments in the third quarter."
 Mr. Cohen added, "We expect earnings growth to continue to rise at a higher rate than sales growth for the remainder of 1993 as we benefit from improved efficiencies in all of our operations, and better leveraging of our overhead expenses. With continued growth in our four major product categories at the LUMEX division and strong contributions from new products at CYBEX, the company expects to reach double digit sales growth as the year progresses."
 Lumex, Inc. is a leading manufacturer of health care products through its LUMEX and CYBEX Divisions, serving extended care, home health care, physical therapy/sports medicine and fitness market segments.
 LUMEX, INC.
 CONSOLIDATED SUMMARY OF OPERATIONS
 (in thousands, except per share data)
 Three Months Ended
 March 31 Pct Increase
 1993 1992 (decrease)
 Net sales g and administrative expenses 8,776 8,306 5.7
 Product development expenses 1,149 841 36.6
 Other (income) (241) (141)
 Income before income taxes 1,571 1,252 25.5
 Income tax provision 550 426 29.1
 Net Income $ 1,021 $ 826 23.6
 Net Income per share $ 0.24 $ 0.19 26.3
 Average Shares 4,280 4,370
 -0- 4/20/93
 /CONTACT: June Filingeri or Bernie Kilkelly of Morgen-Walke Associates, 212-986-5900, for Lumex/
 (LUM)


CO: Lumex, Inc. ST: New York IN: HEA SU: ERN

KD -- NY036 -- 7878 04/20/93 09:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:598
Previous Article:TI TO BECOME LICENSED DISTRIBUTOR OF PEERLOGIC, INC. PRODUCTS; TI BUYS MINORITY EQUITY POSITION IN PEERLOGIC
Next Article:MATLACK SYSTEMS, INC. REPORTS HIGHER REVENUE AND EARNINGS FOR THE SECOND FISCAL QUARTER
Topics:


Related Articles
LUMEX REPORTS STRONG INCREASE IN FOURTH QUARTER AND FULL YEAR EARNINGS
UPJOHN REPORTS SALES AND EARNINGS GREW IN FIRST QUARTER
LUMEX, INC. ANNOUNCES RESIGNATION OF CYBEX DIVISION PRESIDENT
LUMEX, INC. REPORTS SECOND QUARTER AND SIX MONTHS RESULTS; CYBEX DIVISION APPOINTS NEW HEAD OF CONSUMER FITNESS BUSINESS
LUMEX, INC. REPORTS FIRST QUARTER PROFIT
LUMEX, INC. REPORTS SUBSTANTIAL GROWTH IN SECOND QUARTER SALES AND EARNINGS
LUMEX, INC. REPORTS STRONG GROWTH IN THIRD QUARTER
LUMEX, INC. REPORTS 1994 YEAR-END RESULTS
LUMEX, INC. REPORTS FIRST QUARTER RESULTS
LUMEX, INC. REPORTS 1996 FIRST QUARTER RESULTS

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