Medstone Reports Results for Q1 2003.Business Editors/Health/Medical Writers ALISO VIEJO, Calif.--(BUSINESS WIRE)--May 12, 2003 Medstone International, Inc. (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 : MEDS meds A popular term for physician-prescribed medications ) today reported a net loss of $121,665 or $0.03 per share for the quarter ending March 31, 2003, compared to net income of $167,208 or $0.04 per basic and diluted share for the same quarter of 2002. Revenues for the first quarter 2003 were $4,828,051, a decrease of 24%, compared to $6,316,001 for the first quarter of 2002. "The decrease in revenues is a direct result of the decrease in equipment sales and a decrease in average price per procedure charged for lithotripsy Lithotripsy Definition Lithotripsy is the use of high-energy shock waves to fragment and disintegrate kidney stones. The shock wave, created by using a high-voltage spark or an electromagnetic impulse, is focused on the stone. mobile service," 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. . "The decreases in lithotripsy equipment sales and lithotripsy procedure fees reflect a mature business with slow growth. This is the pattern that this market segment has been experiencing for several years. Medstone has been expanding its market offerings into urological and patient handling tables. Meanwhile, the balance sheet remains strong with substantial cash and no debt," concluded Mr. Radlinski. About Medstone International, Inc. Medstone is the leading distributor, manufacturer and fee-per-procedure service provider of lithotripters in the U.S. 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 U.S. 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 a broad line of X-ray equipment, including state of the art direct digital systems. For more information, visit the Company's website at www.medstone.com. Forward-looking statements in this press 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
March 31, 2003
(Unaudited)
For the three months ended
March 31, 2003 March 31, 2002
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Revenues $4,828,051 $6,316,001
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Operating income (loss) $(26,825) $523,499
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Income (loss) before taxes $(151,865) $325,008
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Net income (loss) $(121,665) $167,208
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Net income (loss) per share:
Basic $(.03) $.04
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Diluted N/A $.04
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Number of shares used in the
computation of earnings per share:
Basic 3,758,220 3,954,553
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Diluted N/A 3,954,553
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Selected Balance Sheet Data:
March 31, 2003 March 31, 2002
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Cash and short-term investments $6,282,163 $6,065,468
Working capital $16,569,532 $15,662,379
Total assets $26,146,647 $27,520,838
Stockholders' Equity $23,072,278 $23,907,258
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