AVECOR CARDIOVASCULAR REPORTS FIRST QUARTER PROFIT
AVECOR CARDIOVASCULAR REPORTS FIRST QUARTER PROFIT MINNEAPOLIS, May 15 /PRNewswire/ -- AVECOR Cardiovascular Inc.
(NASDAQ: AVEC) today reported net income of $36,325, equal to 1 cent per share, for the three months ended March 31, 1992. Net sales for the quarter were $2,768,071. The company, which acquired the Surgical Division of SCIMED Life Systems, Inc., in June of 1991, had no operations in the year-earlier quarter.
"Sales for the quarter were solid, reflecting increased sales of our blood reservoir products and the new cardioplegia system which reached the market late last year," said Anthony Badolato, president and chief executive officer. "However, we anticipate that our planned increase in research and development, aimed at expanding and improving our product line, will result in losses for the remainder of this year and next." AVECOR Cardiovascular Inc., headquartered in Minneapolis, develops, manufactures and markets specialty disposable medical devices for heart/lung bypass surgery and long-term respiratory support. The company's current products include membrane oxygenators, cardiotomy reservoirs and cardioplegia systems. AVECOR Cardiovascular Inc. Three Months Ended March 31, 1992 Net sales $2,768,071 Net income 36,325 Earnings per share $.01 Common and common equivalent shares outstanding 3,322,280 -0- 5/15/92 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for AVECOR Cardiovascular or Norm McGibbon of AVECOR Cardiovascular, 612-559-9504/ (AVEC) CO: AVECOR Cardiovascular Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN006 -- 0721 05/15/92 11:52 EDT
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|Date:||May 15, 1992|
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