Medstone Reports Fiscal 2002 Results.Business Editors/Health/Medical Writers ALISO VIEJO, Calif.--(BUSINESS WIRE)--March 4, 2003 Medstone International Inc. (Nasdaq:MEDS meds A popular term for physician-prescribed medications ) today reported revenues of $23,297,451 with the resulting operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $966,643 for the fiscal year 2002 compared with revenues of $22,706,294 and operating profit of $2,413,524 for fiscal 2001. Because of the establishment of a reserve for the impairment of goodwill associated with the Zenith Medical Systems, Ltd. subsidiary, Medstone has included an operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. of $269,855 for fiscal 2002. This additional reserve resulted in a net income of $300,041, or $0.08 per share for the year ended Dec. 31, 2002 compared with a net loss of $657,892 or $0.16 per share for the year ended Dec. 31, 2001. "Our continued commitment and heightened investment in product development did impact our net operating profit in 2002. A number of new products will be introduced in the second half of fiscal year 2003. A new and enhanced version of our urotable and a unique and innovative imaging system developed in direct cooperation with Canon Medical System will contribute to revenue growth in the future," stated David V. Radlinski, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . For the quarter ending Dec. 31, 2002, Medstone reported a net loss of $175,523 or $0.05 per share on revenues of $4,993,766 compared with a loss of $1,553,519 or $0.37 per share on revenues of $6,132,978 for the 4th quarter of 2001. About Medstone International Inc. Medstone is the leading distributor, manufacturer and fee-per-procedure service provider of lithotripters in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Medstone's lithotripter lithotripter /litho·trip·ter/ (lith´o-trip?ter) an instrument for crushing calculi in lithotripsy. lith·o·trip·ter n. is the first device approved in the United States to treat kidney stones Kidney Stones Definition Kidney stones are solid accumulations of material that form in the tubal system of the kidney. Kidney stones cause problems when they block the flow of urine through or out of the kidney. and gallstones Gallstones Definition A gallstone is a solid crystal deposit that forms in the gallbladder, which is a pear-shaped organ that stores bile salts until they are needed to help digest fatty foods. . In addition, it manufactures and distributes urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. tables, patient handling tables and broad line of X-ray equipment, including state of the art direct digital systems. For more information, visit the company's Web site at www.medstone.com Forward-looking statements in this news release, including without limitation, statements relating to the company's intention to expand its Fee-For Service Program are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including those related to the company's ability to continue to expand its operations. Other risks and uncertainties related to the company's operations and financial condition are indicated in the company's most recent Annual Report on 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. Form 10-K See 10-K. and in the company's other filings with the Securities and exchange Commission
MEDSTONE INTERNATIONAL INC.
CONDENSED COMPARATIVE OPERATING RESULTS
For the three months ended
Dec. 31, 2002 Dec. 31, 2001
Revenues $ 4,993,766 $ 6,132,978
Operating profit (loss) $ (583,866) $ 692,802
Income/(loss) before provision
(benefit) for taxes $ 108,677 $(2,624,248)
Net income/(loss) $(175,523)(a) $(1,553,519)
Earnings/(loss) per share:
Basic $ (0.05) $ (0.37)
Diluted N/A N/A
Number of shares used in the
computation of income/(loss)
per share:
Basic 3,758,220 4,149,553
Diluted N/A N/A
For the year ended
Dec. 31, 2002 Dec. 31, 2001
Revenues $23,297,451 $22,706,294
Operating profit (loss) $ 966,643 $ 2,413,524
Income/(loss) before provision
(benefit) for taxes $ 1,081,541 $(1,088,841)
Net income/(loss) $ 300,041 $ (657,892)
Earnings/(loss) per share:
Basic $ 0.08 $ (0.16)
Diluted $ 0.08 N/A
Number of shares used in the
computation of income/(loss)
per share:
Basic 3,862,169 4,204,803
Diluted 3,862,169 N/A
(a) Included non-deductible foreign losses
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