AVECOR CARDIOVASCULAR REPORTS SECOND QUARTER RESULTS
AVECOR CARDIOVASCULAR REPORTS SECOND QUARTER RESULTS MINNEAPOLIS, Aug. 6 /PRNewswire/ -- AVECOR Cardiovascular Inc.
(NASDAQ: AVEC) today reported net income of $11,658, or less than 1 cent per share, for the three months ended June 30, 1992, compared with a loss of $5,859, also less than 1 cent per share, in the year-ago quarter. Net sales were $2,981,642, compared with sales of $569,425 in the 1991 quarter when the company had only three weeks of operations.
For the first six months, the company reported net income of $47,983, or 1 cent per share, on net sales of $5,749,713. For the first half of 1991, the company had a loss of $5,859, or less than 1 cent per share, on net sales of $569,425. "All of our existing products continued to perform well," said Anthony Badolato, president and chief executive officer. "Unit sales were about in line with the first quarter, and a 7 percent price increase in certain product lines contributed to dollar sales growth. "We continue to expand our research and development efforts, with second quarter spending up 55 percent over the first quarter. As this effort accelerates, we continue to expect losses for 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. 3 months ended June 30 6 months ended June 30 1992 1991 1992 1991 Net sales $2,981,642 $ 569,425 $5,749,713 $ 569,425 Net income (loss) 11,658 (5,859) 47,983 (5,859) Earnings (loss) per share $.00 $(.00) $.01 $(.00) Common and common equivalent shares outstanding 6,197,848 1,922,959 4,760,064 1,922,959 -0- 8/6/92 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000 or Norm McGibbon of AVECOR Cardiovascular, 612-559-9504/ (AVEC) CO: AVECOR Cardiovascular, Inc. ST: Minnesota IN: MTC SU: ERN
KH -- MN005 -- 7583 08/06/92 12:08 EDT
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|Date:||Aug 6, 1992|
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