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ATL REPORTS THIRD-QUARTER FINANCIAL RESULTS

 ATL REPORTS THIRD-QUARTER FINANCIAL RESULTS
 BOTHELL, Wash., Oct. 15 /PRNewswire/ -- Advanced Technology


Laboratories Inc. (ATL) (NASDAQ-NMS: ATLI) reported today its financial results for the third quarter and nine months of 1992. Revenues increased 10 percent to $78.2 million in the third quarter of 1992 over the same quarter of 1991. Income in the quarter, excluding extraordinary credits, rose to $1.3 million, or 11 cents per share, compared with $0.7 million, or 6 cents per share, for the third quarter of 1991.
 Net income in the third quarter, including extraordinary credits related to the utilization of tax loss carryforwards in the company's foreign operations, grew to $1.4 million, or 12 cents per share, compared with $1.1 million, or 10 cents per share in the third quarter of 1991.
 "We believe our Ultramark(R) 9 all-digital High Definition(TM) Imaging system continues to gain market share in both the U.S. high-end radiology and international markets," commented Dennis C. Fill, chairman and chief executive officer of ATL. "In the U.S. market, it continues to appear that hospitals and clinics have been more carefully scrutinizing capital equipment expenditures in light of the uncertain domestic economic outlook and health care legislative issues. We believe this close attention to capital spending will favor the use and growth of ultrasound over time given its cost-effectiveness and versatility as a leading diagnostic modality.
 "Our international business is maintaining a strong growth rate and is becoming an increasingly important segment of our revenue mix," Fill said.
 Gross margin in the third quarter of 1992 grew to 45.8 percent of revenues from 43.5 percent in the comparative quarter of 1991. Operating income increased to $1.2 million from break-even in the third quarter of last year. The company's strong capital position and liquidity continued to improve, resulting in cash and marketable securities of $73 million and shareholders' equity of $199 million at quarter end.
 For the first nine months of 1992, revenues grew 19 percent to $231 million, compared with $194 million in the first nine months of 1991. Gross margin increased to 46.2 percent of revenues from 43.6 percent. Income, excluding extraordinary credits, grew to $2.5 million, compared with $1.1 million for the same period in 1991. Net income for the first nine months of 1992, including extraordinary credits, increased to $3.1 million from $1.5 million in 1991.
 ATL also announced an important field upgrade to the Ultramark 4 ultrasound system. The Ultramark 4 system is a leading ultrasound system used in the evaluation of pregnancy and in other radiology applications. The new feature called Cineloop(R) Image Review uses proprietary technology to facilitate the evaluation of images such as detail of the fetal heart, brain, face, abdomen and spinal column by allowing image review on a frame-by-frame basis. The images are captured digitally so they are reproduced exactly as captured without the image deterioration of video. Previously available only on ATL's high-performance Ultramark 9 system, Cineloop Image Review permits easier, quicker measurements, thereby increasing patient throughput.
 ATL, with headquarters in Bothell, is a worldwide leader in the development, manufacture and distribution of diagnostic ultrasound systems. ATL stock is traded on the NASDAQ National Market System under the symbol ATLI. Prior to this quarter, ATL and SpaceLabs Medical Inc. (SpaceLabs) (NASDAQ-NMS: SLMD) were subsidiaries of Westmark International. On June 26, 1992, Westmark distributed the stock of SpaceLabs to Westmark's shareholders, creating two independent public companies, ATL and SpaceLabs. Concurrently, Westmark was renamed ATL. Therefore, the financial statements accompanying this release exclude the results of SpaceLabs. For the first six months ended June 26, 1992, the distribution date, SpaceLabs revenues and net income were $124.2 million and $6.4 million, respectively.
 ADVANCED TECHNOLOGY LABORATORIES INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, in thousands except per-share data)
 Three Months Nine Months
 Sept. 25, Sept. 27, Sept. 25, Sept. 27,
 Period Ended: 1992 1991 1992 1991
 Revenues:
 Product sales $63,719 $58,032 $188,481 $157,144
 Service 14,473 12,765 42,615 36,599
 Total 78,192 70,797 231,096 193,743
 Cost of Sales:
 Cost of product sales 33,645 31,457 97,506 83,868
 Cost of service 8,757 8,560 26,791 25,493
 Total 42,402 40,017 124,297 109,361
 Gross margin 35,790 30,780 106,799 84,382
 Operating expenses:
 Marketing and
 administrative 24,316 21,773 70,090 62,803
 Research and development 9,975 8,681 28,135 26,443
 Stock distribution expenses -- -- 1,195 --
 Reorganization charges -- -- 3,764 --
 Other expense (income), net 253 278 2,095 (3,772)
 Total 34,544 30,732 105,279 85,474
 Income (loss) from
 operations 1,246 48 1,520 (1,092)
 Investment income 898 1,040 3,281 2,740
 Interest expense (158) (191) (579) (501)
 Income before income taxes
 and extraordinary credit 1,986 897 4,222 1,147
 Provision for income taxes 735 210 1,689 50
 Income before
 extraordinary credit 1,251 687 2,533 1,097
 Extraordinary credit -
 realized tax benefit of
 international operating
 loss carryforwards 126 405 547 405
 Net income $ 1,377 $ 1,092 $ 3,080 $ 1,502
 Per-Share Data:
 Income before
 extraordinary credit $ 0.11 $ 0.06 $ 0.23 $ 0.11
 Extraordinary credit 0.01 0.04 0.05 0.04
 Net income $ 0.12 $ 0.10 $ 0.28 $ 0.15
 Weighted average common
 shares and equivalents
 outstanding 11,360 10,389 10,931 10,240
 ADVANCED TECHNOLOGY LABORATORIES INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Sept. 25, 1992 Dec. 27, 1991
 (Unaudited)
 ASSETS
 Current Assets:
 Cash and short-term
 marketable securities $ 73,084 $ 76,533
 Receivables 84,054 91,576
 Inventories 70,529 65,011
 Prepaid expenses 1,780 1,635
 Deferred income taxes 16,105 15,892
 Total 245,552 250,647
 Property, plant and equipment, net 41,885 42,329
 Other assets 4,488 5,532
 Total $291,925 $298,508
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Short-term borrowings $ 4,643 $ 7,985
 Accounts payable and accrued expenses 52,551 49,128
 Due to SpaceLabs -- 12,882
 Deferred revenue 25,432 24,691
 Taxes on income 5,889 3,361
 Total 88,515 98,047
 Deferred income taxes 3,675 3,640
 Other long-term liabilities 396 415
 Shareholders' equity 199,339 196,406
 Total $291,925 $298,508
 Common shares outstanding 11,242 9,924
 -0- 10/15/92
 /CONTACT: Anne Marie Bugge of Advanced Technology Laboratories, 206-487-7081/
 (ATLI SLMD) CO: Advanced Technology Laboratories Inc. ST: Washington IN: MTC SU: ERN


SW-LM -- SE008 -- 0613 10/15/92 16:16 EDT
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