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NAMIC U.S.A. CORPORATION REPORTS FIRST QUARTER RESULTS

 GLENS FALLS, N.Y., Sept. 23 /PRNewswire/ -- NAMIC U.S.A. Corporation (NASDAQ: NUSA) reported its financial results for the 13 weeks ended Aug. 27, 1993. The company is a manufacturer and marketer of single- patient use medical devices, catheters and customized kits for interventional cardiology and radiology.
 Unaudited results; all figures in thousands except per share data
 Thirteen Weeks Ended
 27-Aug-93 28-Aug-92
 Net Sales $12,756 $13,106
 Operating Income 1,258 1,999
 Earnings Before Taxes 1,237 2,011
 Net Earnings 1,202 1,267
 Earnings per Share 0.13 0.14
 Weighted Average Common
 Shares Outstanding 9,042 9,359
 Net sales for the 13 weeks ended Aug. 27, 1993, were $12.76 million, a decrease of $349,800 or 2.7 percent from the comparable period in the 1993 fiscal year. The decrease was primarily due to the elimination of sales of the company's former Electronics Systems Division due to a planned downsizing, the cumulative effect of price reductions to customers and start-up difficulties associated with the introduction of the EPIC Introducer Sheath line. These effects were partially offset by sales of the ARIA Inflation Device and SELECTOR Angiographic Catheter product lines, and strong sales growth of the company's export subsidiary, NAMIC International. Sales of NAMIC International were $1.92 million, an increase of $626,100, or 48.6 percent over the comparable 13-week period in the 1993 fiscal year.
 Net earnings for the thirteen weeks ended Aug. 27, 1993 were $1,201,900, a decrease of $64,900 or 5.1 percent from the comparable period last fiscal year. Net earnings for the thirteen weeks ended Aug. 27, 1993 included income of $422,600 due to a change in accounting for income taxes resulting from the adoption of FASB No. 109. The decrease in net earnings for the thirteen weeks ended Aug. 27, 1993 compared to the comparable period in the prior fiscal year was primarily due to the effect on gross margins of price reductions given to customers and increased sales of the new SELECTOR, ARIA, and EPIC product lines at lower gross margins than the company's average gross margins for its other product lines. These effects were partially offset by close control of operating expenses and successful implementation of cost containment programs.
 Chief Executive Officer Cynthia L. Morris commented, "We continue to make progress in revectoring our U.S. sales organization, although it is not yet reflected in our results for the August quarter. Roughly 40 percent of our U.S. sales territories posted a 10 percent or greater sales increase in the first quarter over the comparable period in last fiscal year, 25 percent had a 15 percent or greater increase, and 10 percent had a 30 percent or greater increase. These results indicate it is possible to achieve strong sales growth selling both new and existing NAMIC products in spite of our keenly competitive market. However, another 30 percent of sales territories showed a net sales decrease in the first quarter, and we see a similar disparity in performance between sales territories with respect to new product line sales. In most cases, the underperforming territories have been newly- staffed, with a new NAMIC sales associate replacing one who may have been unwilling or unable to make the transition to the increased competition and customer restraint that is now the rule in our market. We are very pleased with these new sales associates, as well as with our veterans who have sharpened their skills and renewed their intensity. Senior management and sales management continue to focus substantial effort on ongoing training, strategy development and strategy implementation for the sales force, and on international expansion."
 NAMIC U.S.A. Corporation designs, manufactures and markets a broad range of single-patient use medical products used in angiography and angioplasty. The company's stock is traded on the NASDAQ National Market System under the symbol "NUSA."
 -0- 9/23/93
 /CONTACT: Jeanne Wehnau, investor relations coordinator, NAMIC U.S.A., 518-798-0067/
 (NUSA)


CO: NAMIC U.S.A. Corporation ST: New York IN: MTC SU: ERN

AR -- CL006 -- 5092 09/23/93 10:06 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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