Printer Friendly

AMERICAN MEDICAL ELECTRONICS REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS; REVENUES REACH RECORD LEVEL

 DALLAS, April 20 /PRNewswire/ -- American Medical Electronics, Inc. (NASDAQ: AMEI), a manufacturer and distributor of advanced devices for orthopaedics and neurosurgery, today reported that revenues for the first quarter ended March 31, 1993, reached the highest level of any quarter in the company's history.
 Revenues were $8,656,000, up 12 percent from $7,705,000 for the first quarter of 1992. Net income of $1,198,000, or 16 cents per share, including a non-recurring gain of $375,000, or 5 cents per share, from the cumulative effect of the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," was up 19 percent from $1,005,000, or 13 cents per share, for the first quarter of 1992. Income before the cumulative effect of the accounting change was $823,000, or 11 cents per share, compared with $1,005,000, or 13 cents per share, a year ago.
 "We were pleased by the record performance of AME's sales force following the significant changes that it underwent during the third quarter of last year," said Joseph Mooibroek, president and chief executive officer. "This performance was paced by a 13 percent increase in stimulation product sales compared with a year ago.
 "Despite completion of our royalty obligation to Biomet, Inc., our gross margin decreased compared with a year ago, contributing to the operating income decrease," Mooibroek noted. "This was principally due to higher research and development and quality assurance expenditures allocated to manufacturing as we continue to work toward expansion of our product offering, increased sales of lower-margin products, higher per-unit refurbishment costs, and equipment and personnel expenditures related to preparations for the manufacture of our implantable stimulator.
 "AME maintained a strong emphasis on new product development during the first quarter, especially the implantable stimulator and spine fixation products," Mooibroek said. "We are not letting the lengthening Food and Drug Administration medical device review process dictate our product development program. AME currently has seven separate applications pending FDA review, including three submitted during the first quarter of this year.
 "AME continues to enjoy a very strong financial position, with negligible long-term debt and approximately $20 million in cash and easily converted investments," Mooibroek added. "We have repurchased approximately 300,000 shares of AME's common stock under the 1,000,000- share open market repurchase program we announced in mid-March. Because we continue to believe our stock is undervalued, we expect to continue repurchasing shares as market conditions permit."
 AME produces and distributes medical devices used primarily by orthopaedic and neurosurgical professionals. The company's product lines include: the Spinal-Stim(R) System to enhance the healing of spinal fusions, Physio-Stim(R) bone growth stimulators for the healing of non-union fractures, the AME(R) Universal Bone Plate, the Halifax(R) Clamp cervical spine fixation system, and the Carbon-One(TM) Halo System for patients suffering trauma or deteriorating cervical spine conditions.
 AMERICAN MEDICAL ELECTRONICS, INC. AND SUBSIDIARY
 Consolidated Statements of Income
 (Thousands except EPS)
 Three months ended March 31 1993 1992
 Revenues $8,656 $7,705
 Cost of revenues 2,090 1,612
 Gross profit 6,566 6,093
 Expenses:
 Selling, general and administrative 4,625 4,051
 Research and development 806 740
 Income from operations 1,135 1,302
 Other income (expenses):
 Interest income 181 248
 Interest expense (13) (29)
 Income before income taxes and cumulative
 effect of change in accounting for
 income taxes 1,303 1,521
 Provision for income taxes 480 516
 Income before cumulative effect of
 accounting change 823 1,005
 Cumulative effect as of Dec. 31,
 1992, of change in method of accounting
 for income taxes 375 --
 Net income $1,198 $1,005
 Earnings per share:
 Income before cumulative effect of
 accounting change $ .11 $ .13
 Cumulative effect of accounting change .05 --
 Net income $ .16 $ .13
 Weighted average shares outstanding for
 the period 7,605 7,925
 -0- 4/20/93
 /CONTACT: Joseph Mooibroek, president and CEO, 214-918-8383, or Wesley Johnson, VP-finance and CFO, 214-918-8477, both of AME/
 (AMEI)


CO: American Medical Electronics, Inc. ST: Texas IN: HEA SU: ERN

GK -- NY051 -- 7944 04/20/93 10:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:682
Previous Article:AIR CANADA OFFERS LOW SPRING FARES TO ATLANTIC CANADA
Next Article:RECOGNITION INTERNATIONAL INC. OFFERS 2 MILLION SHARES OF COMMON STOCK
Topics:


Related Articles
AMERICAN MEDICAL ELECTRONICS REPORTS THAT FOURTH QUARTER AND FULL YEAR 1991 FINANCIAL RESULTS REACH RECORD LEVELS
AMERICAN MEDICAL ELECTRONICS REPORTS RECORD FINANCIAL RESULTS FOR SECOND QUARTER, FIRST SIX MONTHS OF 1992
AMERICAN MEDICAL ELECTRONICS REPORTS FINANCIAL RESULTS FOR THIRD QUARTER, FIRST NINE MONTHS OF 1992
SURVIVAL TECHNOLOGY, INC. ANNOUNCES 100 PERCENT EARNINGS INCREASE FOR FIRST QUARTER FISCAL 1993
DANNINGER MEDICAL TECHNOLOGY, INC. ANNOUNCES RECORD FIRST QUARTER SALES
AMERICAN MEDICAL ELECTRONICS SECOND QUARTER 1993 FINANCIAL RESULTS INCLUDE RECORD REVENUES, STRONG BALANCE SHEET
AMERICAN MEDICAL ELECTRONICS EARNINGS UP 66 PERCENT FOR 1993 THIRD QUARTER; REVENUES EXCEED $10 MILLION FOR FIRST TIME
AMERICAN MEDICAL ELECTRONICS REPORTS RECORD 1993 RESULTS; EPS FOR 4TH QUARTER UP 133 PERCENT ON 26 PERCENT REVENUE GAIN
AMERICAN MEDICAL ELECTRONICS 1994 FIRST QUARTER FINANCIAL RESULTS INCLUDE IMPACT OF CONTRACT RESOLUTION WITH FORMER CEO
AMERICAN MEDICAL ELECTRONICS REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters