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STAAR SURGICAL POSTS CONTINUED PROFITS IN THIRD QUARTER; SALES INCREASED 96 PERCENT

 MONROVIA, Calif., Nov. 4 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA) today reported third quarter profits of $605,000, or 5 cents per share, compared to a loss of ($1,840,000), or a ($.19) per share loss for the previous year's third quarter.
 Sales for the period rose 96 percent to $4,702,000 from $2,404,000 a year ago.
 Production efficiencies continue to be realized with the Cost of Goods Sold reduced to 21 percent of sales, from 25 percent of sales a year ago, contributing to operating profits of $482,000, compared with a loss of ($1,686,000) for the third quarter 1992. Other income of $123,000 reported for the period was derived from the company's CANON- STAAR (Japan) joint venture subsidiary.
 "STAAR's sales for the nine months have already exceeded 1992 record sales for the full year by nearly $4.0 million," said John R. Wolf, president of STAAR. "At the same time we have strengthened our balance sheet, while increasing expenditures for research and development by 38 percent.
 "We are obviously very pleased with these results and look forward to an even better fourth quarter comparison, which is traditionally the best quarter for STAAR," Wolf added.
 STAAR Surgical Company, a publicly traded company founded in 1982, develops, manufactures and markets products for small incision ophthalmic surgery, primarily for use in cataract procedures. All of STAAR's primary products are approved by the FDA.
 STAAR SURGICAL COMPANY
 Condensed Consolidated Statement of Operations
 (Unaudited)
 (in 000s except per share data)
 3 mos. ended 9 mos. ended
 10/1/93 10/2/92 10/1/93 10/2/92
 Revenues $ 4,702 $ 2,404 $13,941 $ 6,705
 Cost of goods sold 990 606 3,235 2,091
 Gross income 3,712 1,798 10,706 4,614
 Costs and expenses 3,230 3,484 9,618 9,347
 Operating income (loss) 482 (1,686) 1,088 (4,733)
 Total other income (expense) 123 (153) 481 2,180
 Income tax provision (benefit) --- 1 --- 3
 Net income (loss) 605 (1,840) 1,569 (2,556)
 Primary income (loss) per share 0.05 (0.19) 0.12 (0.26)
 Shares for fully diluted EPS 12,920 9,942 12,920 9,942
 Condensed Consolidated Balance Sheet
 (in 000s)
 10/1/93 1/1/93
 (unaudited) (audited)
 Current assets $11,262 $ 9,043
 Investment in joint venture 922 672
 Property, plant and equip. 2,401 2,091
 Patents and licenses, net 1,093 924
 Other assets 244 96
 Total assets $15,922 $12,826
 Current liabilities $ 4,595 $ 4,803
 Deferred gain on sale of license 566 706
 Total liabilities 5,161 5,509
 Equity 10,761 7,317
 Total liabilities & equity $15,922 $12,826
 -0- 11/4/93
 /CONTACT: Bill Roberts or Jeanne Bernish of Cameron Towey Central, 513-469-0202, for STAAR Surgical Company/
 (STAA)


CO: STAAR Surgical Company ST: California IN: MTC SU: ERN

BR-BN -- AT005 -- 0552 11/04/93 09:16 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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