ADVANCED MEDICAL, INC. REPORTS THIRD QUARTER RESULTS
ADVANCED MEDICAL, INC. REPORTS THIRD QUARTER RESULTS SAN DIEGO, Nov. 13 /PRNewswire/ -- Advanced Medical, Inc.
(AMEX: AMA) reported a net loss of $2,145,000 or ($.18) per share for the third quarter of 1992, compared with a net loss of $4,552,000 or ($.44) per share for the third quarter of 1991. The company had a loss of $4,696,000 or ($.44) per share before an extraordinary debt restructuring charge for the first nine months of 1992 compared with a net loss of $16,539,000 or ($1.55) per share for the first nine months of 1991.
The extraordinary charge of $8,898,000 or ($.64) per share was previously reported in the first quarter and resulted from the early extinguishment of debt in connection with the company's sale of securities and debt. Operating profit continued to improve over prior year in the third quarter and for the first nine months was up $8,372,000 from a loss of $2,857,000 in 1991 to an operating profit of $5,515,000 in 1992. Year-to-date sales in the U.S. were $74.1 million in 1992 compared to $71.6 million in 1991. For the quarter, sales were $27.1 million compared to 32.1 million in the third quarter of 1991. The quarterly sales decline was due in large part to the inclusion of Kabi Pharmacia's sales margin in last year's numbers, to a deferral of purchases in certain hospital purchases until Imed's new Gemini PC-4 infusion pump is ready for shipment (later this month), and to an unusually strong third quarter in 1991 domestically, driven by a sales promotion campaign which, for 1992, is planned for the fourth quarter. Advanced Medical's Chairman, Dr. Richard Propper, also announced today that Advanced Medical received $1.5 million from Kabi Pharmacia AB as payment for distribution rights to Imed Corporation's product line in the Nordic countries. This payment completes that sale of the territorial distribution rights encompassed in the agreement signed Oct. 29, 1991. In that agreement, Kabi has also agreed to pay Imed an additional $8 million upon the attainment of product development milestones in the future. Advanced Medical, through its subsidiaries, is a leading developer and manufacturer of infusion systems and related technologies for the health care industry. Imed Corporation, the company's major operating subsidiary, is one of the largest manufacturers of intravenous infusion instruments (which consist of pumps and controllers) and disposable administration sets in the United States. ADVANCED MEDICAL, INC. Condensed Consolidated Statement of Operations (In thousands except per share data - Unaudited) Periods ended Three Months Nine Months Sept. 30 1992 1991 1992 1991 Sales $27,067 $32,058 $87,346 $90,746 Income (loss) from operations 528 (44) 5,515 2,857 Interest income (exp.) (2,112) (4,045) (6,929) (10,984) Income (loss) before extraord. item (2,145) (4,552) (4,696) (16,539) Extraord. item (loss) -- -- (8,898)(A) -- Net income (loss) (2,145) (4,552) (13,594) (16,539) Dividends on preferred stock 434 637 1,370 1,857 Net income (loss) applicable to common stock (2,579) (5,189) (14,964) (18,396) Net loss per common share before extraord. item (.18) (.44) (.44) (1.55) Net loss per common share after extraord. item (.18) (.44) (1.08) (1.55) Weighted avgerage common shares outstanding 14,089 11,901 13,920 11,900 (A) Losses on early extinguishment of debt. -0- 11/13/92 /CONTACT: Stan Anders of Advanced Medical, Inc., 619-566-0426/ (AMA) CO: Advanced Medical, Inc. ST: California IN: MTC SU: ERN
SM-AH -- NY077 -- 0941 11/13/92 17:55 EST
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|Date:||Nov 13, 1992|
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