AEQUITRON MEDICAL ANNOUNCES THIRD QUARTER EARNINGS
AEQUITRON MEDICAL ANNOUNCES THIRD QUARTER EARNINGS MINNEAPOLIS, Feb. 18 /PRNewswire/ -- Aequitron Medical, Inc.
(NASDAQ: AQTN) announced today net income of $22,700 on sales of $5,518,200 for the ?third quarter ended January 31, 1992. This compares with net income of $168,100, or $.04 per share, on sales of $6,078,100 for the third quarter last year.
For the nine months ended Jan. 31, 1992, Aequitron reported net income of $540,100, or $.11 per share, on sales of $18,043,100, compared with net income of $880,100, or $.19 per share, on sales of $19,974,000 for the same period a year ago. Numerous factors contributed to the slowdown during the quarter including customer cash flow uncertainty caused by reimbursement issues, the seasonal fluctuation of the industry and a lingering recession, according to Aequitron President and CEO Curtis J. Olson. He also cited a temporary reduction in demand from a major international distributor caused by economic conditions in Europe and delays in FDA approval of two new products as factors impacting revenues. In an effort to be proactive within the confines of a restrictive economy, Aequitron expects to announce the appointment of key sales, marketing and research and development professionals in the near term. "The economy is obviously outside of our control," said Olson, "but we are optimistic that we will find ways to overcome the difficulties we face by creating opportunities for expansion and diversification." In spite of reduced sales, expense controls have allowed us to remain profitable. "We are pleased that we have been able to control expenses to ensure the continued profitability of the company," Olson said. "Although the economy continues to be sluggish and the fourth quarter is not likely to achieve last year's levels, we remain optimistic about the future," Olson concluded. "We have sound fundamentals in place and we fully expect to be able to capitalize on this solid foundation in fiscal 1993. We expect to receive FDA approval on at least one new product in the very near future." Aequitron Medical, Inc. designs, manufactures and markets electronic products for home health care and hospital use; and wheelchair lifts and automobile hand controls for the mobility impaired. The company's common stock is traded on the National Market System under the NASDAQ symbol AQTN. AEQUITRON MEDICAL, INC. Third Quarter Ended January 31, 1992 1991 Net Sales $ 5,518,200 $ 6,078,100 Net Income $ 22,700 $ 168,100 Net Income Per Share $ .00 $ .04 Weighted Average Number of Shares Outstanding 4,741,100 4,694,800 Nine Months Ended January 31, 1992 1991 Net Sales $ 18,043,100 $ 19,974,000 Net Income $ 540,100(a) $ 880,100 Net Income Per Share $ .11(a) $ .19 Weighted Average Number of Shares Outstanding 4,734,100 4,694,800 (a) These numbers include $305,700, or $.065 per share, from the settlement of a vendor claim. -0- 2/18/92 /CONTACT: David Neuger, (Home) 612-699-6730, or Ed Neuger, (Home) 612-929-0945, both of Edwin Neuger & Associates, 612-333-6621, for Aequitron/ (AQTN) CO: Aequitron Medical, Inc. ST: Minnesota IN: MTC SU: ERN
KH -- MN015 -- 9991 02/18/92 13:37 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 18, 1992|
|Previous Article:||A&W BRANDS, INC. ANNOUNCES LICENSING AGREEMENT WITH TETLEY, INC. FOR READY-TO-DRINK ICED TEA|
|Next Article:||HADRON, INC., ANNOUNCES SECOND QUARTER FINANCIAL RESULTS|