Sunrise Technologies International, Inc. Releases First Quarter Results.Business Editors/High-Tech Writers FREMONT, Calif.--(BW HealthWire)--April 27, 2000 Sunrise Technologies International, Inc. (Nasdaq:SNRS SNRS Securing Networks with Cisco Routers and Switches SNRS Southern Nursing Research Society ) today announced financial results for the first quarter ended March 31, 2000. Revenues and 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. for the first quarter of 2000 were $18,000 and $5,032,000, respectively, compared to $13,000 and $5,167,000, respectively, for the same period in 1999. This represents a small increase of $5,000 in revenues and a small decrease of $135,000 in operating expenses compared to the first quarter in 1999. Net loss was $16,033,000, or $0.35 per share, in the first quarter of 2000 compared to a net loss of $8,468,000, or $0.21 per share, in the same period in 1999. Approximately $10,328,000, or 64% of the net loss for the first quarter of 2000, or $0.22 per share, was primarily attributable to non-cash expenses associated with the financing costs for the January 2000 and January 1999 financings. Approximately $3,969,000 or 47% of the net loss for the first quarter of 1999, or $0.10 per share, was attributable to non-cash expenses. The Company closed the first quarter of 1999 with cash and cash equivalents of $13,646,000 and working capital of $11,576,000 as compared to $10,643,000 in cash and cash equivalents and working capital of $5,756,000 at December 31, 1999. "Our first quarter results were in line with our expectations as our company is expanding rapidly. In particular we have expanded operations, manufacturing and sales and marketing in anticipation of the Hyperion(TM) LKT LKT Lookout System launch," said C. Russell Trenary III, President and Chief Executive Officer of Sunrise. Sunrise achieved its most important regulatory milestone to date in January 2000 when the U.S. Food and Drug Administration (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. ) recommended that the Sunrise system be approved for the temporary reduction of hyperopia hyperopia (hī'pərō`pēə): see farsightedness. from +.75 to +2.5 diopters. "We are continuing discussion with the FDA regarding the completion of its consideration of our Pre-Market Approval application (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ). In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we have continued excellent progress in all phases of our business including the final preparations for manufacturing the Hyperion(TM) LTK system LTK™ system Ophthalmology A holmium laser-based system for noninvasive thermal keratoplasty–reshaping of the cornea based on the collagen-shrinking Sand process. See Keratoplasty. ," added Trenary. Sunrise Technologies International, Inc. is a Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: company that produces and markets high technology products revolutionizing treatment methods for eye care. The Company develops Holmium holmium (hōl`mēəm) [Lat.,=Stockholm], metallic chemical element; symbol Ho; at. no. 67; at. wt. 164.9304; m.p. about 1,474°C;; b.p. about 2,425°C;; sp. gr. 8.78 at 25°C;; valence +3. laser-based systems, which utilize a patented process for shrinking collagen developed by Dr. Bruce Sand (the 'Sand Process") in correcting ophthalmic conditions. These Systems(1) incorporate a non-contact simultaneous application for correction of hyperopia (farsightedness farsightedness or hyperopia, condition in which far objects can be seen easily but there is difficulty in near vision. It is caused by a defect of refraction in which the image is focused behind the retina of the eye rather than upon it, either ), presbyopia Presbyopia Definition The term presbyopia means "old eye" and is a vision condition involving the loss of the eye's ability to focus on close objects. (loss of focus due to natural aging), and over correction resulting from PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. and LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. treatments for myopia myopia: see nearsightedness. . The system is currently in use in Europe and the Americas, and is in clinical trials in the United States. Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties which may cause actual results to differ materially from the statements made, including market potential, regulatory clearances, business growth, and other risks listed from time to time in the Company's Securities and Exchange Commission (SEC) filings. These forward-looking statements represent the Company's judgment, as of the date of this release, and the Company disclaims any intent or obligation to update these forward-looking statements. (1) Caution-Investigational Device: Federal law restricts this device to investigational use in the U.S. Internet users can access Sunrise's World Wide Web site at http://www.sunrise-tech.com.
Sunrise Technologies International, Inc.
Condensed Consolidated Statement of Operations
(unaudited)
Three months ended March 31,
2000 1999
(In thousands except per share data)
Net revenues $ 18 $ 13
Gross loss (701) (371)
Total operating expenses (5,032) (5,167)
Operating loss (5,733) (5,538)
Interest expense, net (10,300) (2,930)
Net loss $(16,033) $ (8,468)
Net loss per share, basic and diluted $ (0.35) $ (0.21)
Shares used in calculation
of basic and diluted
net loss per share 46,406 40,392
Condensed Consolidated Balance Sheets
March 31, 2000 Dec. 31, 1999
(Unaudited) (Audited)
(In thousands)
Assets
Current assets:
Cash & cash equivalents $13,646 $10,643
Accounts and other receivables, net 466 327
Inventories, net 4,422 1,973
Other current assets, net 1,440 462
Total current assets 19,974 13,405
Property and equipment, net 1,451 1,280
Non-current assets 219 220
Total assets $21,644 $14,905
Liabilities and stockholders' equity
Current liabilities:
Current portion of capital leases
and notes payable $ 5,114 $ 5,028
Accounts payable 1,749 416
Other accrued liabilities 1,535 2,205
Total current liabilities 8,398 7,649
Long-term debt 7,170 5,065
Other long-term liabilities 102 90
Total stockholders' equity 5,974 2,101
Total liabilities
& stockholders' equity $21,644 $14,905
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