MINNTECH CORPORATION REPORTS SECOND QUARTER EARNINGS
MINNEAPOLIS, Oct. 19 /PRNewswire/ -- Minntech Corporation (NASDAQ: MNTX) announced today net earnings of $1,070,000 or $.17 per common share for the second quarter ended Sept. 30, 1993, down 10 percent compared to net earnings of $1,184,000 or $.18 per common share for the second quarter last year. Revenues for the second quarter were $11,206,000, up 2 percent from revenues of $11,013,000 for the same period last year. For the six months ended Sept. 30, 1993, the company reported net earnings of $2,194,000 or $.34 per common share, down 4 percent compared to net earnings of $2,295,000 or $.35 per common share for the first six months one year ago. Revenues for the six-month period were $22,527,000, a 7 percent increase from revenues of $21,113,000 for the first six months last year. Dr. Louis C. Cosentino, chief executive officer and president, reported, "As we previously announced on October 11, revenues and earnings for the second quarter were slightly less than plan. FDA regulatory delays have impeded our ability to introduce new products to offset flattening sales in our cardiosurgery business. because of continuing regulatory delays, we have reduced our sales growth expectations for the last half of the current fiscal year. We have also scaled down our operating expenses to a level that should improve profitability in the last six months. We view this slow down in growth as a temporary condition and we believe that we remain fundamentally strong. Each of our business segments offers favorable prospects for long-term growth."
Minntech Corporation is a leading medical device manufacturer with advanced technology in electronics, solutions, fibers and plastics. The company's core technologies are being applied to the businesses of dialysis, reprocessing/sterilants, cardiosurgery and water purification. Minntech Corporation's common stock is traded on the National Over-The- Counter market under the NASDAQ symbol MNTX.
MINNTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In thousands except per share amounts) Three months ended Six months ended 9/30/93 9/30/92 9/30/93 9/30/92 REVENUES Net sales -- products $11,131 $10,938 $22,377 $20,963 Contract revenues 75 75 150 150 Total revenues 11,206 11,013 22,527 21,113 OPERATING COSTS AND EXPENSES Cost of product sales 6,162 6,284 12,257 11,978 Research and development 771 636 1,501 1,194 Selling, general, and administrative 2,570 2,295 5,214 4,397 Total operating costs and expenses 9,503 9,215 18,972 17,569 EARNINGS FROM OPERATIONS 1,703 1,798 3,555 3,544 Income from settlement of litigation, net of expenses -- 99 -- 99 Other income (expense), net 21 (17) -- (18) EARNINGS BEFORE INCOME TAXES 1,724 1,880 3,555 3,625 Income tax expense 654 696 1,361 1,330 NET EARNINGS 1,070 1,184 2,194 2,295 NET EARNINGS PER SHARE $.17 $.18 $.34 $.35 Weighted average common and common equivalent shares 6,463 6,544 6,402 6,534 -0- 10/19/93 /CONTACT: Robert M. Rosner, executive vice president and treasurer of Minntech, 612-553-3300/ (MNTX)
CO: Minntech Corporation ST: Minnesota IN: MTC SU: ERN
CP-DB -- MN025 -- 4153 10/19/93 16:09 EDT
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|Date:||Oct 19, 1993|
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