THERAGENICS ANNOUNCES 1992 RESULTS; SALES INCREASE 58 PERCENT AND PROFITS DOUBLE; 1993 FORECAST SHOWS PROFITS UP 167 PERCENT
ATLANTA, Feb. 16 /PRNewswire/ -- Theragenics Corporation (NASDAQ: THRX), an Atlanta-based cancer therapy company, announced today that, for the year ended Dec. 31, 1992, it had a net profit of $1,492,000, or 13 cents per share, a 109 percent improvement on the net profit of $715,000, or 7 cents per share, for the preceding year. Theragenics' revenues for fiscal 1992 was $4,379,000, a 58 percent gain on the $2,769,000 in revenue recorded in fiscal 1991. For the quarter ended Dec. 31, 1992, Theragenics had a net profit of $239,000, or 2 cents per share, compared to a net profit of $250,000, or 2 cents per share, for the fourth quarter of fiscal 1991. The company's revenue for the fourth quarter of fiscal 1992 was $972,000, versus $746,000 compiled for the same period last year. Chairman and CEO John V. Herndon stated, "In the fourth quarter of 1992, we sold every seed we could make and we still could not keep up with the demand. This will continue to be true until the end of the first quarter 1993, when the new cyclotron will be on stream." Mr.
Herndon went on to say that costs and expenses during the fourth quarter of 1992 were on budget but, due to the cyclotron installation, were higher than historical quarters. This again will be true of the first quarter in 1993 for the same reason.
With the added production capability from the cyclotron. Mr. Herndon forecasted that revenues for 1993 would reach $8 million, which should translate into a profit of $4 million or approximately 33 cents per share after taxes and allowance for tax loss carryforward. He stated further, "We believe our forecasted revenues and profits for 1993 are realistic, but we expect our new manufacturing facility to allow us to exceed even those significant increases." Theragenics also developed and licensed TheraSphere(R), a new therapy for the treatment of liver cancer. TheraSphere is being marketed in Canada by Nordion, one of the world's largest suppliers of radioisotopes. THERAGENICS CORPORATION Consolidated Statement of Operations (Unaudited) Three months ended Dec. 31: 1992 1991 Revenues $ 972,424 $ 746,000 Net profit before tax loss carryforward 161,566 152,504 Net profit 238,635 249,504 Earnings per common share $.02 $.02 Fiscal year ended Dec. 31: 1992 1991 Revenues $4,379,300 $2,769,413 Net profit before tax loss carryforward 974,942 445,370 Net profit 1,492,011 715,370 Earnings per common share $.13 $.07 1993 Quarterly Forecast (In millions) 1st 2nd 3rd 4th Total Revenues $1.0 $1.5 $2.5 $3.0 $8.0 Net profit before tax loss carryforward 0.1 0.3 0.9 1.2 2.5 Net profit 0.1 0.5 1.5 1.9 4.0 Earnings per common share $.01 $.04 $.12 $.16 $.33 -0- 2/16/93 /CONTACT: Bruce Smith, CFO of Theragenics Corporation, 404-381-8338, or Rick Eisenberg of Eisenberg Communications, 212-496-6828, for Theragenics Corporation/ (THRX)
CO: Theragenics Corporation ST: Georgia IN: MTC SU: ERN
PS-TS -- NY021 -- 6699 02/16/93 08:32 EST
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|Date:||Feb 16, 1993|
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