Revenues increase by 144 percent for fourth quarter and by 225 percent for the fiscal year; Premier Laser Systems reports fourth quarter, year-end results.IRVINE, Calif.--(BUSINESS WIRE)--May 5, 1997--Premier Laser Systems (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 NM:PLSIA) Monday announced that sales for the fourth quarter ended March 31, 1997, were $1.6 million, an increase of 144 percent over the $673,704 in sales reported for the fourth quarter of the previous fiscal year. Sales for the fiscal year ended March 31, 1997 were $5.5 million, a gain of more than 225 percent from the $1.7 million reported for fiscal 1996. The increases were primarily a result of brisk sales of the company's dental lasers and related products, including its Multi-Operatory Dentalaser (argon argon (är`gŏn) [Gr.,=inert], gaseous chemical element; symbol Ar; at. no. 18; at. wt. 39.948; m.p. −189.2°C;; b.p. −185.7°C;; density 1.784 grams per liter at STP; valence 0. ) laser used for teeth whitening Teeth Whitening Definition Teeth whitening is the process of using bleach or other materials to make teeth look whiter. The materials remove stains or other discoloration from the tooth surface. and composite curing, and its Aurora (diode) laser used for soft-tissue (gum) procedures in periodontistry. The company also showed increased sales of its Erbium erbium (ûr`bēəm) [from Ytterby, a town in Sweden], metallic chemical element; symbol Er; at. no. 68; at. wt. 167.26; m.p. 1,529°C;; b.p. 2,863°C;; sp. gr. 9.05 at 25°C;; valence +3. :YAG YAG n. A hard synthetic yttrium aluminum garnet used in laser technology and as a gemstone. [y(ttrium) + a(luminum) + g(arnet)1.] and Neodymium neodymium (nē'ōdĭm`ēəm), metallic chemical element; symbol Nd; at. no. 60; at. wt. 144.24; m.p. about 1,021°C;; b.p. about 3,068°C;; sp. gr. 7.004 at 20°C;; valence +3. Neodymium is a lustrous silver-yellow metal. :YAG lasers for applications in surgery and 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 . The company reported net losses for the quarter and the fiscal year. For the quarter, the net loss was $2.9 million, or $0.41 loss per share, vs. a year-earlier fourth quarter loss of $2.2 million, or $0.46 loss per share. For the fiscal year ended March 31, 1997, the company reported a net loss of $5.6 million, or $0.96 loss per share, compared to a fiscal 1996 loss of $5.8 million, or $1.26 loss per share. The 1997 fourth-quarter and fiscal-year losses include a write-off of $881,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's investment in Mattan Corp. and $250,000 of acquired in-process R&D at Data.Site; also included in the fiscal-year loss is a $332,000 settlement reported last summer involving a discontinued joint venture relating to argon laser outsource manufacturing. The company now manufactures some of its argon lasers in its own factory due to mid-year problems with quality and reliability at outsourced vendors and plans to manufacture all of its lasers in-house beginning in the near future. Premier Laser Chairman, President 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. Colette Cozean commented: "Fiscal 1997 was a year of significant accomplishments for Premier Laser, and we believe that trend will accelerate in fiscal 1998. We received clearance to market from the U.S. FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for teeth whitening applications with our argon lasers; augmented our patent portfolio; and brought new products to market. We tripled revenue year-to-year and captured a market-share leading position in teeth whitening in the first six months of selling argon lasers. At the same time, we augmented our submittal to the FDA on hard-tissue dentistry and have been awaiting their determination in that regard. We look forward to being the broadest-spectrum dental laser company in the world." Cozean said that the company's acquisition of the majority interest in the Data.Site joint venture in January 1997 did not affect the results materially, contributing $93,000 in revenues and a $135,000 fourth quarter operating loss 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. , principally from start-up and selling/marketing activities and R&D costs. She said that Data.Site is expected to be a key part of the ophthalmology team beginning in the second half of calendar 1997. The company is planning a major introduction of ophthalmology lasers and disposables mid-year, and has recently announced the pending acquisition of an $8 million corneal topography Corneal topography, also known as photokeratoscopy or videokeratography, is a non-invasive medical imaging technique for mapping the surface curvature of the cornea, the outer structure of the eye. (diagnostic imaging) company, EyeSys Technologies, with significant synergies in ophthalmology. Chief Financial Officer Michael Hiebert said that the company's balance sheet is strong, with current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of over $10 million, working capital of $8 million, a current ratio of 4:1, essentially no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. other than $50,000 in capital lease obligations, and $16.6 million in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . Premier Laser Systems develops, manufactures and markets several lines of proprietary medical and dental lasers, fiber optic delivery systems and associated products for a variety of dental, ophthalmic and surgical applications. Premier owns 51 percent of Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Kan.-based Data.Site, a joint venture company with privately held Refractive refractive capacity to refract light. refractive error a difference between the focal length of the cornea and lens, and the length of the eye, resulting in myopia or hyperopia. Surgical Services. Data.Site provides physicians and researchers ophthalmic data collection and outcomes analyses for specific procedures. It has recently announced the pending acquisition, subject to certain conditions including shareholder approval, of privately held EyeSys Technologies, a leading supplier of corneal topography systems nationally and internationally. -0- The statements in this news release that relate to future plans, events or performance, including statements concerning anticipated future revenues, the introduction of products and technologies and the planned acquisitions of complementary business are forward-looking statements that involve risks and uncertainties, including those related to contract cancellations, manufacturing risks, competitive factors, regulatory actions, technological difficulties, demand for products and services, development of markets for the company's products and services and other risks identified in the company's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. -0-
PREMIER LASER SYSTEMS INC.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
1997 1996 1997 1996
Net sales $ 1,643,843 $ 673,704 $ 5,530,861 $ 1,704,390
Cost of sales 1,259,701 1,751,221 3,968,539 3,324,757
Gross profit (loss) 384,142 (1,077,517) 1,562,322 (1,620,367)
Selling and marketing
expenses 872,005 474,070 2,406,011 1,308,767
Research and development
expenses 1,028,504 199,865 1,813,227 1,213,471
Settlement of joint
marketing agreement -- -- 331,740 --
General and administrative
expenses 627,545 394,389 1,736,184 1,709,327
Write off of
investments 881,010 -- 881,010 --
Loss from operations (3,024,922) (2,145,841) (5,605,850) (5,851,932)
Interest (income)
expense, net (84,154) 18,031 (15,493) (99,037)
Net loss $(2,940,768)$(2,163,872)$(5,590,357)$(5,752,895)
Net loss per share $ (0.41)$ (0.46)$ (0.96)$ (1.26)
Weighted average number
shares outstanding 7,258,804 4,702,139 5,833,326 4,556,959
CONTACT: Allen & Caron Marty Tullio (investors) Owen Daley (media) 714/252-8440 |
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