LaserSight reports narrowed first quarter loss; improved operating cash flow.ST. LOUIS, Mo.--(BW HealthWire)--May 8, 1997--(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 :LASE) LaserSight Incorporated announced today that, as anticipated, its first quarter loss was narrowed considerably from the first quarter of 1996.
The Company reported a loss of $648,000, or $0.07 per share for the first quarter of 1997 compared with a net loss of $1.2 million, or $0.19 per share in the same quarter last year. Revenues for the three months ended March 31, 1997 increased 41 percent to $6.5 million from $4.6 million the year before, while selling, general and administrative expenses increased only four percent.
LaserSight's Technology segment reported $3.5 million in revenues compared to $2.0 million in the same period of 1996. The Health Services health services Managed care The benefits covered under a health contract segment had first quarter revenues of $3.0 million compared to $2.6 million for the first quarter of 1996. The Northern New Jersey Eye Institute's assets were acquired by the Company in July 1996, and was not an operating unit operating unit
A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of the Company in the first quarter of 1996.
"MEC MEC Ministério da Educação (Ministry of Education)
MEC Ministerio de Educación y Ciencia (Spain: Ministry for Education and Science)
MEC Mountain Equipment Co-Op Health Care and Northern New Jersey Eye Institute posted increased revenues and an operating profit Operating profit (or loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.
See operating income. during the first quarter of 1997," said Michael R. Farris, president and chief executive officer. "However, The Farris Group posted substantially decreased revenues and an operating loss operating loss
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . As promised, we are allocating additional resources to our Health Services segment to expand our base of covered lives and HMO HMO health maintenance organization.
A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, contracts."
Laser Systems Sold
The Company reported it sold 15 laser systems in the first quarter of 1997 compared with 10 in the same period last year. No systems were returned during the first quarter of this year compared with three returns in the first quarter of 1996. "As I have stated, those returns were a primary factor to last year's weak performance," said Farris. "We are seeing results from our more stringent terms, stronger marketing team and improved customer service.
Operating Cash Flow Operating cash flow
Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements.
"As expected, the company reported cash used in operating activities of $26,000 compared to $1.8 million during the first quarter last year. Cash used in operations has continued to decrease over the last five quarters," Farris said.
Farris said, "LaserSight is on the right track in terms of more efficient operations. We are excited about the progress we have made in building an infrastructure to carry our company forward. We have begun to see results in this first quarter and we are committed to continuing those efforts in both our Technology and Health Services segments."
LaserSight Incorporated is a holding company with operating subsidiaries engaged in the business of laser manufacturing and international sales, third-party managed vision care administration, ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1).
Of or relating to the eye; ocular.
Pertaining to the eye. practice management, and health and vision care consulting services.
This press release contains forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events and future performance of the Company that involve risks and uncertainties that could materially affect actual results, including risks and uncertainties relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the introduction of a new product, such as unforeseen product delays and the need for unanticipated corrections or improvements. Investors should refer to documents that the Company files from time to time with the Securities and Exchange Commission for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this press release. Such filings include, without limitation, the Company's Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. , Form 10- Q and Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. reports. -0-
Following are selected financial results: Three Months Ended (In 000's Except Per Share Data) 3/31/97 3/31/96 Total Revenues $ 6,518 $ 4,584 Cost of Sales/Provider Payments 2,449 1,569 Gross Profit 4,069 3,015 Research, Development and Regulatory 362 736 Selling, General and Administrative Expenses 4,343 4,187 Operating Loss (636) (1,908) Other Income (Expense) (12) 28 Income Tax Benefit - 648 Net Loss (648) (1,232) Preferred Dividends (10) (130) Loss applicable to Common Shareholders (658) (1,362) Earnings (Loss) Per Common Share - Primary $ (0.07) $ (0.19) Weighted Average Number of Common Shares and Equivalents Outstanding - Primary 8,821 7,020 Selected Balance Sheet Data: March 31, 1997 December 31, 1996 (In 000's) (In 000's) Cash and Cash Equivalents $ 1,762 $ 2,004 Accounts and Notes Receivable (Current), Net 7,607 8,618 Total Current Assets 14,223 15,643 Total Current Liabilities 5,306 5,622 Stockholders' Equity 29,457 26,769
CONTACT: LaserSight Incorporated
Marti Benfield, Manager, Investor Relations Investor relations
The process by which the corporation communicates with its investors.