Printer Friendly

Advanced Orthopedic Technologies Announces Record Second Quarter Results; Second Quarter Net Income Increases 95.7% on 32.2% Increase in Revenues.

WEST HEMPSTEAD, N.Y.--(BUSINESS WIRE)--July 31, 1996--Advanced Orthopedic Technologies, Inc. (Nasdaq Small Cap Issues: AOTI) ("AOTI"), a leading national provider of orthotic and prosthetic ("O&P") patient care services, today announced financial results for the three and six month periods ended June 30, 1996.

For the three months ended June 30, 1996, sales increased 32.2% to a record $4,525,000 from $3,422,000 for the same period in 1995. Operating income for the quarter rose 64.9 % to $638,000 compared to $387,000 for the comparable 1995 period. Net income for the second quarter increased 95.7% to $315,000, or $.06 per share, versus net income of $161,000, or $.04 per share, for the same period in 1995.

For the six months ended June 30, 1996, sales increased 25.1% to a record $8,455,000 from $6,759,000 for the same period in 1995. Operating income for the six month period rose 58.9 % to $1,041,000 from $655,000 for the comparable 1995 period. Net income for the first half of 1996 increased 96.0 % to $494,000, or $.10 per share, versus net income of $252,000, or $.06 per share, for the same period last year.

Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "We are very encouraged by the results for the first half of 1996, and believe that they reflect our commitment to the growth of AOTI both internally and through strategic acquisitions. Our record sales for the three and six month periods primarily reflect the inclusion of sales from Med-Tech O&P Services, whose operating assets were acquired by AOTI in January, and increased patient volume. The pursuit of managed care agreements as an avenue to expand our internal growth remains a high priority. During the second quarter we entered into 14 national and/or regional specific managed care agreements, bringing to 101 the total number of such agreements entered into by AOTI. Management's ongoing commitment to achieving improved operating efficiencies is reflected in an overall gross margin of 51.3% for the 1996 second quarter, up from 50.6% in the prior year period. Selling, general and administrative expenses as a percentage of revenues in the 1996 second quarter decreased to 37.2 % from 39.3% in the second quarter of 1995."

Mr. Meyers concluded, "We continue to believe that the O&P marketplace offers significant opportunities for growth, and that AOTI is well-positioned to continue to expand its industry presence."

Advanced Orthopedic Technologies is one of the nation's leading providers of patient care services to the orthotic (design, fabrication and fitting of custom-made braces and other devices) and prosthetic (design, fabrication and fitting of artificial limbs) rehabilitation markets. Currently, the Company operates 35 patient care centers in California, New Mexico, New Jersey, New York, Virginia and West Virginia.

This press release contains forward looking statements which involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. -0-
ADVANCED ORTHOPEDIC TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


 Three Months Ended Six Months Ended
 June 30, June 30,
 1996 1995 1996 1995


Sales $4,525,000 $3,422,000 $8,455,000 $6,759,000


Gross Profit 2,322,000 1,730,000 4,240,000 3,443,000


Operating income 638,000 387,000 1,041,000 655,000


Income before provision
 for income taxes 556,000 294,000 874,000 465,000


Provision for income
 taxes 241,000 133,000 380,000 213,000


Net income $ 315,000 $ 161,000 $ 494,000 $ 252,000


Earnings per
 common share $.06 $.04 $.10 $.06


Shares used in earnings
 per common share
 computation 4,931,067 4,465,089 4,931,067 4,465,089


CONTACT: Advanced Orthopedic Technologies

Andrew H. Meyers, Chief Executive Officer

(516) 481-9670

or

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.

Devin Sullivan, (212) 836-9608

Robert Goldstein, (212) 371-8660
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jul 31, 1996
Words:684
Previous Article:Granite Construction Awarded $11 Million Contract in California.
Next Article:NCR enhances scalability of Windows NT 4.0 with introduction of SMP Utilization Manager.
Topics:


Related Articles
ADVANCED ORTHOPEDIC TECHNOLOGIES REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS; Post Effective Amendment Declared Effective.
ADVANCED ORTHOPEDIC TECHNOLOGIES REPORTS FIRST QUARTER RESULTS.
Orthopedic Technology, Inc. Reports Record Second Quarter and Six Month Results; Second Quarter Net Income Up 74% on 22% Sales Increase; Tenth...
ADVANCED ORTHOPEDIC TECHNOLOGIES REPORTS SECOND QUARTER AND SIX MONTH RESULTS.
ORTHOPEDIC TECHNOLOGY, INC. REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS; Third Quarter Net Income Up 20% on 14% Sales Increase Eleventh...
Contour Medical announces record first quarter results.
Orthopedic Technology, Inc. reports record first quarter results; First Quarter Net Income Up 31% on 12% Sales Increase.
Orthopedic Technology, Inc. reports fourth quarter and year end financial results.
Guidant posts record third quarter sales, all-time record earnings.
Guidant Announces Third Quarter Sales Growth of 57 Percent; Excluding Special Charges, Earnings Rise 96 Percent to $0.54 per Share.

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