SLT reports third quarter financial results.OAKS, Pa.--(BUSINESS WIRE)--Nov. 14, 1995--Surgical Laser Technologies Inc. (NASDAQ/NMS:SLTI) Tuesday announced its financial results for the third quarter of 1995. Sales for the third quarter of 1995 were $3,082,000 compared to $5,833,000 in the third quarter of 1994. The net loss for the third quarter of 1995 was $996,000 or 10 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. . This compares with net income in the third quarter of 1994 of $203,000 or 2 cents per share. Sales for the first nine months of 1995 were $11,055,000 compared to $15,803,000 in the first nine months of 1994. The net loss for the first nine months of 1995 was $3,941,000, or 40 cents per share, including a charge of $390,000 for severance and other costs accrued in connection with a workforce reduction at the end of the second quarter. This compares to net income in the first nine months of 1994 of $898,000, or 10 cents per share, which also included a one-time net benefit of $966,000 from the settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Advanced Laser Systems Technology Inc., offset in part by a settlement of litigation with a former distributor. Commenting on the third quarter results, James R. Abbleby Jr., SLT's president and chief executive officer, stated: "The difficult market conditions that affected sales in the first half of 1995 continued with the same intensity in the third quarter. "The U.S. hospital market continued to suffer from the restriction and postponement of capital purchases while the urologic market for laser TURPs continued to be negatively affected by confusion over the clinical efficacy of electrosurgical roller-ball versus laser surgery. "Third quarter sales relative to the first two quarters of 1995 were further affected by the normal and anticipated slowdown in elective surgeries elective surgery Surgery Any operation that can be performed with advanced planning–eg, cholecystectomy, hernia repair, colonic resection, coronary artery bypass in the summer months. "Although the difficult market conditions are expected to continue, sales to date in the fourth quarter have shown improvement and we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that fourth quarter sales levels will be more consistent with the first half of 1995." Continuing, Appleby stated: "At the end of the second quarter, we down-sized our organization to manage our 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. and cash flows to a level which is consistent with our sales performance during the first three quarters of 1995. "In addition, during the third quarter, we were successful in establishing deferred payment arrangements with respect to a substantial portion of the fees to be incurred in the litigation with Sharplan/Laser Industries, 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. and Trimedyne. These arrangements will reduce the near-term cash flow impact of aggressively pursuing the resolution of these lawsuits." Further Appleby stated, "In spite of the continuing difficult market conditions, 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 has made significant progress in programs which we believe will provide future sales opportunities. As announced in an October press release, we have made significant strides with Tenet Healthcare Tenet Healthcare Corporation (THC) is an operating company that owns and operates 57 hospitals in the United States [1]. It is based in Dallas, Texas. Its stock ticker symbol on the New York Stock Exchange is NYSE: THC. in establishing cooperative efforts in the areas of Ear, Nose and Throat (ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology ), Urologic and Thoracic surgery Thoracic Surgery Definition Thoracic surgery is the repair of organs located in the thorax, or chest. The thoracic cavity lies between the neck and the diaphragm, and contains the heart and lungs (cardiopulmonary system), the esophagus, trachea, pleura, . "In addition, we have received several new 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. 510(k) clearances 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. , ENT and Neurology neurology (n  rŏl`əjē, ny–), study of the morphology, physiology, and pathology of the human nervous system. which expand the surgical application of
SLT's products and technologies."In the fourth quarter, we will be introducing a new urology product called the VaporMax(TM) probe which we believe will provide the urologist Urologist A physician who deals with the study and treatment of disorders of the urinary tract in women and the urogenital system in men. Mentioned in: Congenital Bladder Anomalies, Lithotripsy, Men's Health, Overactive Bladder urologist significant surgical versatility and clinical benefit over electrosurgical roller-ball products. "This new product is a multi-directional tissue 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 tool, it can vaporize va·por·ize v. To convert or be converted into a vapor. Vaporize To dissolve solid material or convert it into smoke or gas. when being used in a backward (pulling) motion, in a forward (pushing) motion or in a side-to-side (windshield wiper or arcing) motion. We believe the addition of the VaporMax probe to SLT's existing broad array of urologic products positions SLT with an unmatched product offering in urology." In a separate news release, SLT and Heraeus Surgical today announced that they had settled their outstanding litigation. As part of the settlement, Heraeus has entered into a Supply Agreement under which Heraeus will purchase from SLT its requirements of orb-tipped and conical-tipped contact fiber delivery systems, commonly known in the market place as sculpted sculpt v. sculpt·ed, sculpt·ing, sculpts v.tr. 1. To sculpture (an object). 2. To shape, mold, or fashion especially with artistry or precision: or sharpened fibers. In addition, Heraeus will pay SLT an undisclosed sum of money. SLT is a worldwide leader in development, manufacture and marketing of lasers and disposable 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 markets proprietary Contact Laser(TM) Delivery Systems which provide the surgeon with precise and controlled cutting, vaporization 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-
Surgical Laser Technologies Inc.
Selected consolidated financial information
(in thousands except per share data)
Consolidated
Statement of For the quarter ended: For the nine months ended:
Operations: 10/1/95 10/2/94 10/1/95 10/2/94
(unaudited) (unaudited)
Net sales $ 3,082 $ 5,833 $ 11,055 $ 15,803
Cost of sales 1,333 2,191 4,639 5,940
--------- ------- -------- ---------
Gross profit 1,749 3,642 6,416 9,863
--------- ------- -------- ---------
Operating expenses:
Selling, general and
administrative 2,179 2,695 7,815 7,851
Product development 417 606 1,768 1,520
--------- ------- -------- ---------
Operating income (loss)
before non-recurring
charges (credits) (847) 341 (3,167) 484
Non-recurring
charges (credits) 0 0 390 (1) (892) (2)
--------- -------- --------- ---------
Operating income
(loss) (847) 341 (3,557) 1,376
Equity income (loss)
from joint venture (8) 5 (2) 19
Interest expense, net (141) (137) (382) (471)
Income taxes 0 (6) 0 (26)
--------- -------- -------- ---------
Net income (loss) ($996) $ 203 ($3,941) $ 898
======== ======== ======== ========
Shares used in
calculation of
primary earnings
(loss) per share 9,851 9,255 9,851 9,211
Primary earnings (loss) per share ($0.10) $0.02 ($0.40) $0.10
----------------------------------------------------------------------
As of:
-------
Consolidated Balance Sheet Data: 10/1/95 1/1/95
(unaudited)
Cash, cash equivalents and
short-term investments $ 1,546 $ 4,143
Accounts receivable, net 3,092 4,468
Inventories 5,143 4,725
Property and equipment, net 8,412 8,869
Total assets 22,655 26,454
Current liabilities 4,065 4,202 Long-term debt 6,795 6,567 Stockholders' equity 11,795 15,685 (1) Includes $390,000 charge for severance and other costs accrued in connection with a workforce reduction. (2) Includes $966,000 benefit from the settlement of litigation with ALST offset in part by a charge and interest expense related to the settlement of litigation with a former distributor. CONTACT: Surgical Laser Technologies Inc., Oaks Michael R. Stewart, VP/CFO, 610/650-0700 |
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