Printer Friendly

ATL REPORTS RECORD REVENUES

 BOTHELL, Wash., Feb. 8 /PRNewswire/ -- Advanced Technology Laboratories Inc. (ATL) (NASDAQ-NMS: ATLI) reported today its financial results for the fourth quarter and the full year of 1992 and also announced a share repurchase program. Fourth-quarter revenues grew 8 percent over the fourth quarter of 1991 to reach a quarterly record of $92.6 million. Net income was $5.1 million, or 45 cents per share, compared with $5.7 million, or 54 cents per share, in the fourth quarter of 1991.
 Annual revenues for 1992 also achieved a record of $323.7 million, climbing 16 percent over 1991 levels. Net income grew to $7.4 million, or 67 cents per share, compared to $6.4 million, or 62 cents per share, in 1991. Excluding the onetime, nonrecurring charges of $5.0 million before tax in the second quarter of 1992 caused by the separation of the subsidiaries of Westmark International (Westmark), ATL's net income rose to $11.4 million, or $1.03 per share.
 ATL also announced that its board of directors has authorized management to repurchase up to 1,000,000 shares of its common stock in the open market subject to certain conditions and limitations.
 "We are pleased with ATL's results for the year," said Dennis C. Fill, chairman and chief executive officer. "We began 1992 as a subsidiary of Westmark International and concluded the year with record revenues as an independent medical ultrasound company. We believe ATL gained significant radiology market share in a highly competitive and uncertain U.S. market, as well as in our international markets."
 Financial results reflect the company's adoption of Financial Accounting Standards Board Statement No. 109 (FAS 109) "Accounting for Income Taxes" for 1992 and prior years, which among other things eliminates the separate reporting of the tax benefit of foreign operating loss carryforwards. Excluding the charges related to the Westmark separation, ATL earned 90 cents per share in 1992 before tax benefits of an additional 13 cents per share from foreign loss carryforwards.
 Gross margin in the fourth quarter grew to 45.7 percent of revenues, compared to 45.0 percent in the fourth quarter of 1991. Research and development expenses increased 16 percent over the prior year's quarter to $10.2 million, or 11 percent of revenues, compared to $8.8 million and 10.2 percent of revenues in the fourth quarter of 1991. Although fourth-quarter revenues and gross margins were higher in 1992 than in 1991, pretax income declined 10 percent due to the combination of foreign exchange losses of $0.5 million versus a gain of $0.6 million in 1991, decreased investment income of $0.4 million and higher onetime miscellaneous expenses of $0.8 million. For the full year, gross margin increased to 46.1 percent of revenues, compared with 44.0 percent in 1991. Improved gross margins reflect both a higher product mix of Ultramark(R) 9 HDI(TM) systems and improved service margins. Excluding the onetime charges of the Westmark separation, ATL's pretax income grew to $14.5 million in 1992, compared to $7.2 million in 1991.
 ATL, with headquarters in Bothell, is a worldwide leader in the development, manufacture and distribution of medical ultrasound systems. Prior to the third quarter of 1992, ATL and SpaceLabs Medical Inc. (SpaceLabs) were subsidiaries of Westmark. On June 26, 1992, Westmark distributed the stock of SpaceLabs to Westmark's shareholders creating two independent public companies. ATL stock is traded on the NASDAQ National Market System under the symbol ATLI.
 ADVANCED TECHNOLOGY LABORATORIES INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands)
 Dec. 31, Dec. 27,
 1992 1991
 ASSETS
 Current Assets:
 Cash and short-term investments $ 77,445 $ 76,533
 Receivables 90,836 91,576
 Inventories 69,404 65,011
 Prepaid expenses 1,297 1,635
 Deferred income taxes 10,406 8,992
 Total 249,388 243,747
 Property, plant and equipment, net 41,302 42,329
 Other assets 4,921 5,532
 Total $295,611 $291,608
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Short-term borrowings $ 4,528 $ 7,985
 Accounts payable and accrued expenses 53,698 49,543
 Due to SpaceLabs -- 12,882
 Deferred revenue 27,667 24,691
 Taxes on income 2,729 3,361
 Total 88,622 98,462
 Deferred income taxes 2,853 2,800
 Shareholders' equity 204,136 190,346
 Total $295,611 $291,608
 Common shares outstanding 11,250 9,924
 ADVANCED TECHNOLOGY LABORATORIES INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, in thousands, except per-share data)
 Three Months Year
 Ended Dec. 31, Dec. 27, Dec. 31, Dec. 27,
 1992 1991 1992 1991
 Revenues:
 Product sales $77,459 $72,844 $265,940 $229,988
 Service 15,156 13,129 57,771 49,728
 Total 92,615 85,973 323,711 279,716
 Cost of Sales:
 Cost of product sales 39,572 37,798 137,078 121,666
 Cost of service 10,702 9,524 37,493 35,017
 Total 50,274 47,322 174,571 156,683
 Gross margin 42,341 38,651 149,140 123,033
 Operating Expenses:
 Marketing and
 administrative 25,253 24,627 95,343 87,430
 Research and development 10,178 8,763 38,313 35,206
 Stock distribution
 expenses -- -- 1,195 --
 Reorganization charges -- -- 3,764 --
 Other expense (income),
 net 1,541 (387) 4,454 (3,475)
 Total 36,972 33,003 143,069 119,161
 Income from operations 5,369 5,648 6,071 3,872
 Investment income 943 1,333 4,224 4,073
 Interest expense (211) (196) (790) (697)
 Income before income
 taxes 6,101 6,785 9,505 7,248
 Provision for income
 taxes 984 1,133 2,098 877
 Net income $ 5,117 $ 5,652 $ 7,407 $ 6,371
 Net income per share $ 0.45 $ 0.54 $ 0.67 $ 0.62
 Weighted average common
 shares and equivalents
 outstanding 11,479 10,545 11,086 10,220
 -0- 2/8/93
 /CONTACT: Anne Marie Bugge of ATL, 206-487-7081/
 (ATLI)


CO: Advanced Technology Laboratories Inc. ST: Washington IN: MTC SU: ERN

SW-LM -- SE009 -- 4255 02/08/93 16:11 EST
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:Feb 8, 1993
Words:1003
Previous Article:HUMPHREY INC. ANNOUNCES ROCKWELL INTERNATIONAL HAS EXERCISED CONTRACT OPTION FOR GYROSCOPES
Next Article:PLM PROMOTES HORNER TO SENIOR V.P. INTERNATIONAL DIVISION
Topics:


Related Articles
WESTMARK REPORTS RECORD EARNINGS, RECOMMENDS DISTRIBUTION OF SPACELABS SHARES AS STOCK DIVIDEND
ATL OPENS SUBSIDIARY IN ITALY
ATL BEGINS CUSTOMER DELIVERIES OF ESP OPTION
ATL REPORTS PRELIMINARY SECOND QUARTER RESULTS
ATL REPORTS SECOND QUARTER FINANCIAL RESULTS
ATL REPORTS THIRD QUARTER FINANCIAL RESULTS
ATL REPORTS 1993 RESULTS AND ANNOUNCES PLANS TO ACQUIRE INTERSPEC INC.
ATL NET INCOME TRIPLES IN SECOND QUARTER BEFORE NON-RECURRING LEGAL CHARGE
ATL Net Income Triples in Third Quarter
ATL Announces Record Financial Results and New Breakthrough Product

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters