Printer Friendly

MEDICAL GRAPHICS CORPORATION REPORTS RECORD THIRD QUARTER SALES AND EARNINGS

 ST. PAUL, Minn., Oct. 19 /PRNewswire/ -- Medical Graphics Corporation (NASDAQ: MGCC) announced today record sales and earnings for the quarter ended Sept. 30, 1993. Sales reached $5.0 million, a 16 percent increase from the $4.3 million recorded in the third quarter of 1992. Net income rose to $290,310, or $.12 per share, compared to $174,108, or $.07 per share. This represents a 71 percent increase per share over the same period in 1992.
 Year-to-date sales for the first nine months of 1993 were $13.3 million, a 6 percent increase from the $12.5 million reported for the same period in 1992. Net income was $461,813, or $.19 per share, compared to $391,032, or $.16 per share. This represents a 19 percent increase per share over the same period in 1992.
 "A strengthened regional sales management team and a solid focus on increasing market share in the pulmonary market allowed us to achieve the strongest quarterly sales and earnings in our history," said Catherine A. Anderson, president, chairman, and chief executive officer. "The company's strategic plan to focus distribution and marketing efforts on increasing market share in the pulmonary diagnostics market, while pursuing other promising market segments, is working very well, and we will continue this strong focus throughout the year," concluded Anderson.
 Medical Graphics Corporation designs, manufactures and markets non- invasive diagnostic systems for the prevention, early diagnosis and cost-effective treatment of heart and lung disease. The company's products are sold worldwide to hospitals, clinics, and physicians' offices.
 MEDICAL GRAPHICS CORPORATION
 CONSOLIDATED STATEMENTS OF EARNINGS
 THIRD QUARTER AND NINE MONTHS 1993
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 Pct. 9/30/93 9/30/92 Pct.
 Equipment
 sales $4,151,309 $3,600,447 15.3 $10,783,499 $10,466,515 3.0
 Service and
 supply revenue 855,185 718,433 19.0 2,489,786 2,069,430 20.3
 Total revenue 5,006,494 4,318,880 15.9 13,273,285 12,535,945 5.9
 Cost of
 equipment
 sales 2,006,425 1,788,295 12.2 5,377,264 5,224,921 2.9
 Cost of
 service and
 supply
 revenue 386,974 327,326 18.2 1,181,560 945,187 25.0
 Cost of goods
 sold 2,393,399 2,115,621 13.1 6,558,824 6,170,108 6.3
 Gross margin 2,613,095 2,203,259 18.6 6,714,461 6,365,837 5.5
 Gross margin
 as a percent
 of sales 52.2 51.0 -- 50.6 50.8 --
 Expenses:
 Selling 1,334,191 1,133,274 17.7 3,635,470 3,451,595 5.3
 Administrative
 and general 450,415 444,817 1.3 1,307,237 1,349,207(3.1)
 Research and
 development 400,642 387,156 3.5 1,098,035 1,076,015 2.0
 -- 2,185,248 1,965,247 11.2 6,040,742 5,876,817 2.8
 Operating
 income 427,847 238,012 79.8 673,719 489,020 37.8
 Interest
 income 5,463 3,096 76.5 15,594 43,012(63.7)
 Income before
 income taxes 433,310 241,108 79.7 689,313 532,032 29.6
 Income taxes 143,000 67,000 113.4 227,500 141,000 61.3
 Net income $290,310 $174,108 66.7 $461,813 $391,032 18.1
 Net income
 per share
 of common
 stock $0.12 $0.07 71.4 $0.19 $0.16 18.8
 Weighted
 average
 common and
 common
 equivalent
 shares
 outstanding 2,427,977 2,453,228 -- 2,434,643 2,485,700 --
 -0- 10/19/93 R
 /CONTACT: Catherine A. Anderson, chairman, president, and CEO; or Brian King, vice president, finance; both of Medical Graphics, 612-484-4874/
 (MGCC)


CO: Medical Graphics Corp ST: Minnesota IN: MTC SU: ERN

CP-DB -- MN022 -- 4077 10/19/93 14:45 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:Oct 19, 1993
Words:658
Previous Article:FORD UNVEILS NEW PRODUCTS AND ANNOUNCES FORD CREDIT COMPANY OPENING IN JAPAN
Next Article:LIVING CENTERS OF AMERICA ANNOUNCES CREATION OF PROGRESSIVE CARE CENTERS AND ALLIANCE WITH VENCOR, INC.
Topics:

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