SurgiLight Announces First Quarter 2001 Results.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--May 15, 2001 SurgiLight, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SRGL SRGL Statement of Recognised Gains and Losses (UK) ) today announced financial results for the first quarter ended March 31, 2001. Revenues for the first quarter were $647,000 compared to $761,000 in the first quarter of 2000 and $243,000 for the fourth quarter of 2000. The lower revenues during the first quarter of 2001 were primarily the result of the Company's spin-off of the EMX EMX - A programming environment for OS/2 by Eberhard Mattes <mattes@azu.informatik.uni-stuttgart.de>. EMX supports programming in C, C++ and Objective C. It works with gcc, g++, gdb, libg++, .obj linkage, DLL and headers. Version 0.8g. Europe. US. division in December, 2000 and the decrease in system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. . The IR-3000 systems delivered in this quarter were for clinical trial uses only. The total current asset increases to approximate $5.0 million from $3.35 million of the quarter ended March 31, 2000 attributed mainly to the system asset acquired from Premier Laser Systems, Inc. by the Company. For the first quarter ended March 31, 2001, the Company reported a net loss of 136,000 or $0.01 per share, compared to a net loss of $30,000 or $0.001 per share for the same period of 2000. The average common shares outstanding were 21,663,000 during the first quarter of 2001 compared to 21,191,000 in the first quarter of 2000. 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 2001 was $678,000, compared with $481,000 of the same period of 2000. The increase in operating expenses is mainly attributed to the increase of expenses in R&D, clinical trials and legal. The Company is currently conducting a Phase I human study in Spain with its IR-3000 laser for 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. correction. The Company is also completing its final study of cataract treatment using the IR-laser acquired from Premier. The net cash decreased to $507,000 as of March 31, 2001, compared with $1,774,000 of December 31, 2000. This decrease in current net cash is mainly attributed to the additional payment of about $1,250,000 to Premier Laser Systems, Inc. To support the working capital, the Company obtained an inventory loan of $500,000 from Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. . The inventory was valued at $3,744,000 based upon the actual acquisition cost of Premier. The Company believes that its inventory fair market value shall be over $10 millions based on a 50% of the sale price of the 150 finished IR-3000 systems. In January, 2001, the Company concluded an Agreement for a $30 million standby equity based financing from an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Details of this Agreement was filed in the Company's SEC 8K filing. The Company anticipates that its current cash, cash equivalents, as well as anticipated cash flows from operations and additional capital contribution from private placements, will be sufficient to meet its working capital and capital equipment needs at least through the next six months. The Company expects to raise additional funds via private placements during the second quarter of 2001. However there will be no assurance that the Company will be success in raising additional capitals as scheduled. Clinical Trials and Technology Up-date The Company completed the base-line study at the University of Utah The University of Utah (also The U or the U of U or the UU), located in Salt Lake City, is the flagship public research university in the state of Utah, and one of 10 institutions that make up the Utah System of Higher Education. and began the Phase I human study in Spain using its IR-3000 laser for presbyopia correction. The Company is also completing its final study of cataract treatments using the IR-laser acquired from Premier. The Company exhibited the IR-3000 laser at the European Society of Cataract and 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. Surgeons (ESCRS ESCRS European Society of Cataract and Refractive Surgeons ) Winter Conference (January 25-28, 2001, Cannes, France). In March, 2001 the Company received a Notice of Allowance from the U.S. Patent Office for a broad patent right for the method and apparatus of presbyopia correction using various lasers. This is the Company's first US patent issued for a new laser technology for the correction of presbyopia. The allowed 609-patent covers a very broad range of laser spectra, from ultraviolet (150-320) nm to infrared of (0.9-3.6) microns, the use of scanning devices and fiber-coupled lasers. The Company currently has additional 6 pending patents directly related to the use of laser for presbyopia correction. The Company has recently submitted the second 510(K) premarket notification for its EX-308 excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. for the phototherapy Phototherapy Definition Phototherapy, or light therapy, is the administration of doses of bright light in order to normalize the body's internal clock and/or relieve depression. treatment of the skin disorder known as vitiligo vitiligo or leukoderma Skin disorder manifested by smooth, white spots on various parts of the body. Though the pigment-making cells of the skin, or melanocytes, are structurally intact, they have lost the ability to synthesize the pigment. . The EX-308 laser received its first clearance for the treatment of psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the in August of last year. Psoriasis and vitiligo affect a worldwide population of about 2%-3% or 100 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the report by Dr. Spencer at Mt. Sinai Hospital Sinai Hospital is a Baltimore, Maryland hospital originally founded in 1866 as the Hebrew Hospital and Asylum. It is now a Jewish-sponsored teaching hospital that provides care for all people. , NY. SurgiLight is a world leader for new infrared laser technologies for vision correction, a pioneer and inventor of scanning lasers and patented technology for laser presbyopia reversal. The Company continues to receive royalty income from its Laser Eye Centers and the Cosmetic Mobile Laser Centers. This press release may contain forward-looking statements regarding but not limited to financial information, patents, patent rights, market size, marketing, clinical trials, 510(K) approval, future events and performance of the Company which involves risks and uncertainties that could materially affect actual results. Investors should refer to documents that the Company files with the SEC for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this press release.
SURGILINGHT, INC. Financial Highlights (Unaudited)
CONDENSED STATEMENT OF OPERATION
(in 000s except per share data)
Three Months Ended
3/31/01 3/31/00
(un-audited) (audited)
Total Revenue $ 647 $ 761
Cost of Revenue 119 280
Gross Profit 528 481
Total Operating Expenses 678 481
Operating Income (Loss) (150) 0
Other Income (Expenses) 14 (30)
Net Income(Loss) (136) (30)
Net Income(Loss) (0.01) (0.001)
per share
Weighted Average
Share outstanding 21,663 21,191
SELECTED BALANCE SHEET DATA (in 000s)
3/31/01 12/31/00
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Cash and Cash Equivalents $ 520 1,774
Accounts Receivables, Net 517 533
Inventory 3,745 3,730
Other Assets 211 246
Total Current Assets 4,993 6,283
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Total Assets 8,226 9,548
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Total Current Liabilities 1,188 2,568
Long-term Liabilities 310 115
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Total Liabilities 1,498 2,683
Convertible Debenture 2,689 2,689
Total Stockholders' Equity 4,039 4,176
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Total Liabilities & Equity 8,226 9,548
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