SLT reports first quarter 1995 financial results.OAKS, Pa.--(BUSINESS WIRE)--May 2, 1995--Surgical Laser Technologies Inc. (NASDAQ/NMS:SLTI) Tuesday Tuesday: see week. announced its financial results for the first quarter of 1995. Sales for the first quarter of 1995 were $4,167,000 compared to $4,665,000 in the first quarter of 1994, a decrease of $498,000. Included in the first quarter of 1994 sales were $666,000 of sales to C.R. Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. for which there were no corresponding sales in 1995 given the litigative dispute between SLT SLT Salut (French) SLT Sri Lanka Telecom SLT Senior Leadership Team SLT Something Like That SLT Selective Laser Trabeculoplasty SLT South Lake Tahoe (California) SLT Single Line Telephone and C.R. Bard regarding a joint marketing, supply and limited license agreement to sell SLT's products. The net loss for the first quarter of 1995 was $1,261,000, or 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to a net loss in the prior year first quarter of $255,000, or 3 cents per share. Included in the first quarter of 1995 loss is a charge of $200,000 for legal, accounting and other expenses incurred by SLT in connection with a proposed business combination transaction. Commenting on the first quarter results, James R. Appleby Jr., SLT's president and chief executive officer, stated, "During the first quarter, our international sales remained strong, while sales to the U.S. hospital market weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. relative to the fourth quarter of
1994 sales levels, particularly in the demand for capital products."In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite this weakness, sales for the first quarter of 1995 were higher than for the same quarter of 1994 after adjusting for the $666,000 of laser and fiber sales to Bard in the first quarter of 1994. "Another factor affecting U.S. capital sales in the first quarter was the market confusion resulting from the introduction by certain companies of a new electrosurgical roller-ball product for use in 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. in performing TURPs and prostatectomies. "Though these products have not had widespread clinical use and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. clinical outcomes are not yet available, they have delayed the capital purchasing decisions of some hospitals from which SLT had anticipated sales in the first quarter." Continuing, Appleby stated, "Though the electrosurgical roller-ball products will have an impact on the prostate prostate /pros·tate/ (pros´tat) a gland surrounding the bladder neck and urethra in the male; it contributes a secretion to the semen.prostat´ic pros·tate n. The prostate gland. adj. market, SLT believes that the versatility of SLT's unique laser products and associated urologic laser procedures will be seen to provide a superior clinical and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. result than these new electrosurgical alternatives. "Based on information and reports we have received from surgeons using these new products, these products have produced varying results. Accordingly, we believe that lasers will continue to play a significantly role in urologic surgery." Further Appleby stated, "We recognize and have recognized for some time the need within the medical laser industry to consolidate and to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. . We have explored several transactions in this direction, although none has resulted in an agreement to date. "In addition to pursuing internal growth strategies, we will continue to actively seek out and pursue these types of outside strategic relationships and opportunities." SLT is a worldwide leader in the development, manufacture and marketing of lasers and Contact Laser(TM) Delivery Systems which can be used in virtually all general and specialty surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. . The company's proprietary Contact Laser(TM) Delivery Systems, which are designed and sold for use only with SLT-authorized lasers, provide the surgeon with precise and controlled cutting, vaporization vaporization, change of a liquid or solid substance to a gas or vapor. There is fundamentally no difference between the terms gas and vapor, but gas is used commonly to describe a substance that appears in the gaseous state under standard conditions of and coagulation coagulation (kōăg'y  lā`shən), the collecting into a mass of minute particles of a solid dispersed throughout a liquid (a sol), usually followed by the precipitation or of tissue. -0- Contact Laser is a trademark of Surgical
Laser Technologies Inc. -0-
Surgical Laser Technologies Inc.
Selected Consolidated Financial Information
(in thousands except per-share data)
Consolidated
Statement of For the quarter ended:
Operations: 4/2/95 4/3/94
(unaudited) (unaudited)
Net sales $ 4,167 $ 4,665
Cost of sales 1,664 1,832
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Gross profit 2,503 2,833
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Operating expenses:
Selling, general and administrative 2,965 2,489
Product development 683 462
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3,648 2,951
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Operating income (loss) (1,145) (118)
Equity income from joint venture 7 11
Interest expense, net (123) (148)
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Net income (loss) ($1,261) ($255)
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Shares used in calculation of earnings
(loss) per share 9,846 9,072
Earnings (loss) per share ($0.13) ($0.03)
As of:
Consolidated Balance Sheet Data: 4/2/95 1/1/95
(unaudited)
Cash, cash equivalents and
short-term investments $3,427 $4,143
Accounts receivable, net 4,157 4,468
Inventories 5,095 4,725
Property and equipment, net 8,766 8,869
Total assets 25,696 26,454
Current liabilities 4,607 4,202 Long-term debt 6,622 6,567 Stockholders' equity 14,467 15,685 CONTACT: Surgical Laser Technologies Inc., Oaks Michael R. Stewart, CFO See Chief Financial Officer. , 800/366-4758 |
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