ADVANCED MEDICAL REPORTS FIRST QUARTER RESULTS
ADVANCED MEDICAL REPORTS FIRST QUARTER RESULTS SAN DIEGO, Calif., May 14 /PRNewswire/ -- Advanced Medical, Inc.
(AMEX: AMA) reported a loss of $3,504,000 or $(.25) per share before an extraordinary debt restructuring charge of $8,898,000 or $(.66) per share for the first quarter of 1992, compared with a loss of $4,947,000 or $(.42) per share for the first quarter of 1991.
The extraordinary charge resulted from the early extinguishment of debt in connection with the company's sale of securities and debt in January 1992. In the first quarter of 1992, Advanced Medical had an operating profit of $817,000, compared with an operating loss of $996,000 in the first quarter of 1991. Revenues were $27,450,000 versus $26,891,000 in the like period of 1991, even though IMED's European distribution business was sold in November of 1991. Advanced Medical's Chairman Dr. Richard Propper, stated that he was pleased with the company's continued improvement at the operating level. While the company's first quarter has traditionally been its weakest, reflecting the traditional seasonal slowdown in hospital buying, first quarter results were slightly better than anticipated. ADVANCED MEDICAL, INC. Condensed Consolidated Data (In thousands, except per share data -- Unaudited) Three months ended March 31 1992 1991 Sales $27,450 $26,891 Income (loss) from operations 817 (996) Interest (expense), net (2,637) (3,349) Loss before extraordinary item (2,886) (4,363) Extraordinary item (loss) (8,898) -- Net loss (11,784) (4,363) Dividends on preferred stock 618 584 Net loss applicable to common stock (12,402) (4,947) Net loss per common share before extraordinary item (.25) (.42) Net loss per common share after extraordinary item (.91) (.42) Weighted average common shares outstanding 13,582 11,861 -0- 5/14/92 /CONTACT: Stanley S. Anders, chief financial officer of Advanced Medical, 619-566-0426/ (AMA) CO: Advanced Medical, Inc. ST: California IN: HEA SU: ERN
SM-OS -- NY084 -- 0275 05/14/92 13:19 EDT
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|Date:||May 14, 1992|
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