AORTECH ANNOUNCES THIRD QUARTER OPERATING RESULTS
AORTECH ANNOUNCES THIRD QUARTER OPERATING RESULTS ST. PAUL, Minn., Jan. 24 /PRNewswire/ -- AorTech, Inc.
(NASDAQ: AORT) announced today the results of operations for the third quarter ended Dec. 31, 1991. The company reported net sales of $773,000 compared to net sales of $1,262,000 reported one year ago. Net sales for the nine-month period ended Dec. 31, 1991 were $2,522,000 compared to $2,603,000 reported in 1990.
AorTech also reported a third quarter net loss of $448,000, or $.08 per share, this year compared to net income of $152,000, or $.04 per share last year. For the nine months ended Dec. 31, 1991, the company reported a net loss of $1,769,000, or $.31 per share, compared to a net loss of $436,000, or $.11 per share for the comparable period last year. Third quarter expenses reflect $92,000 for amortization of the unearned compensation related to the acquisition of A-1 Engineering, Inc. Greg Ruehle, AorTech's president and CEO, stated, "These results reflect AorTech's shift in European marketing strategy away from the previous master distributor concept and to a program of dealing directly with individual distributors in each country. We did, however, experience delays in finalizing negotiations with some of those distributors." He added, "The former European master distributor in Germany, which AorTech replaced effective Jan. 1, 1992, represented 75 percent of AorTech's valve sales during the third quarter last year compared to 16 percent during the same quarter this year. We're pleased to see this new strategy yielding better distribution of valve purchases from other countries which will benefit AorTech in the long term - short-term, we're working with each of the new European distributors to further increase sales." AorTech, Inc., based in St. Paul, manufactures and distributes the Ultracor prosthetic heart valve and the Arcas/AorTech Annuloplasty Prosthetic Ring. AorTech also distributes cardiovascular electrophysiology monitoring equipment developed by Biomedical Design Group, Inc. AORTECH, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended 12/31/91 12/31/90 Net sales $773,000 $1,262,000 Cost of goods sold 552,000 730,000 Gross margin 221,000 532,000 Operating expenses 724,000 423,000 Income/(loss) from operations (503,000) 109,000 Other income (expenses) - net 23,000 (11,000) -- (480,000) 98,000 Income taxes 8,000 (54,000) Net income/(loss) $(488,000) $152,000 Net income/(loss) per common share $(.08) $.04 Nine Months Ended 12/31/91 12/31/90 Net sales $2,522,000 $2,603,000 Cost of goods sold 1,654,000 1,645,000 Gross margin 868,000 958,000 Operating expenses 2,644,000 1,350,000 Income/(loss) from operations (1,776,000) (392,000) Other income (expenses) - net 64,000 ( 32,000) -- (1,712,000) (424,000) Income taxes 57,000 12,000 Net income/(loss) $(1,769,000) $(436,000) Net income/(loss) per common share $(.31) $(.11) CONDENSED BALANCE SHEETS 12/31/91 3/31/91 Assets Current assets Cash and cash equivalents $998,000 $2,401,000 Accounts receivable 817,000 1,030,000 Inventories 2,404,000 1,157,000 Other current assets 114,000 104,000 Total current assets 4,333,000 4,692,000 Property and equipment - net 824,000 739,000 Other assets 20,000 367,000 Total current assets $5,177,000 $5,798,000 Liabilities and Shareholders' Equity Current liabilities $535,000 $901,000 Long-term debt 35,000 244,000 Shareholders'equity 4,607,000 4,653,000 Total liabilities 5,177,000 5,798,000 -0- 1/24/92 R /CONTACT: Gregory J. Ruehle, president and CEO of AorTech, 612-481-1208; or Tom de Petra of de Petra & Associates, 612-338-7630, for AorTech/ (AORT) CO: Aortech, Inc. ST: Minnesota IN: MTC SU: ERN
GK -- MN013R -- 3368 01/24/92 14:35 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 24, 1992|
|Previous Article:||McDONALD'S AND YOUNG ASTRONAUT COUNCIL ANNOUNCE INTERNATIONAL SPACE YEAR EDUCATION INITIATIVE AT THE WHITE HOUSE|
|Next Article:||FORD ANNOUNCES SERVICE ACTIONS|