Paradigm Medical Industries Sees Improvement in Second-Half and Full-Year 2006 Financial Results.SALT LAKE CITY -- Paradigm Medical Industries, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :PMED/PMEDW), a leading innovative producer of ultrasound devices for the ophthalmic and medical industries, disclosed today it expects improvement in its second-half 2006 financial results, compared with the year-ago period. Full-year 2006 results are also expected to be ahead of the 2005 performance.
"Our cost reduction program continues to bear fruit and our streamlined, high-tech, proprietary product portfolio is gaining global customer acceptance, helping to drive revenues higher," said Paradigm Medical's Chief Executive Officer, Raymond Cannefax. "The Company's internal and external efforts should enable us to surpass last year's second-half results, when revenues totaled $788,000 and operating losses operating loss
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. approached $1.4 million."
Paradigm Medical recently reported second-quarter 2006 sales of $718,000 and an operating loss of $202,000. The operating loss in the second quarter of 2005 was $421,000. First-half 2006 revenues were $1.2 million versus $1.4 million in the year-ago period. However, the first-half 2006 operating loss was $413,000, compared with an operating loss of $755,000 a year earlier. For 2005, the Company reported revenues of $2.2 million and an operating loss of $2.2 million.
"Our 'Continuous Improvement' corporate slogan has been translated into a steadily improving performance, Mr. Cannefax noted. "Our accomplishments this year have been dramatic. Specifically:
--We downsized our physical space, but enhanced our efficiencies, resulting in a 25% reduction in costs.
--We received Canadian approval for our Ultrasound BioMicroscope (UBM UBM United Business Media Plc (London)
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The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and parts of Asia. We are the only company currently supplying a complete line of ultrasound devices for ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for , including four different UBMs.
--We completed $1.5 million in financing through the sale of convertible notes, providing us with adequate funds to expand our global presence.
--We strengthened our senior management and marketing structure.
--We signed a definitive agreement with MEDA Co. Ltd. of Tianjin, China, to jointly develop Paradigm Medical's next generation of ultrasound and other medical products. This collaboration has already resulted in orders in Europe."
Mr. Cannefax added that the Company's rising quarterly revenue "run rate" and stabilized level of quarterly operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have substantially narrowed the "threshold" level of profitability. "We will need to incur additional expenses for sales and marketing to meet our projected revenue goals, but believe we have the proper discipline to continue to control our costs and grow the enterprise."
Paradigm Medical Industries, Inc. (Salt Lake City, UT), currently develops, manufactures and markets high-tech, proprietary diagnostic equipment and consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" products for the medical industry. The Company is a leading developer of Ultrasound devices, and has been dubbed dub 1
tr.v. dubbed, dub·bing, dubs
1. To tap lightly on the shoulder by way of conferring knighthood.
2. To honor with a new title or description.
3. "The UBM Company" (Ultrasound BioMicroscope). Contact us at 801-977-8970 or visit us at www.paradigm-medical.com
This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.