BIOPLASTY ANNOUNCES SECOND QUARTER RESULTS OF OPERATIONS
BIOPLASTY ANNOUNCES SECOND QUARTER RESULTS OF OPERATIONS ST. PAUL, Minn., March 13 /PRNewswire/ -- Bioplasty, Inc.
(NASDAQ-NMS: BIOP) announces sales of $1,778,862 for the three months ended Jan. 31, 1992, or a 42 percent decrease compared to the three months ended Jan. 31, 1991. Operating loss for the three months ended Jan. 31, 1992 was $4,916,266 compared to operating income of $554,437 for the three months ended Jan. 31, 1991. Sales and operating loss for the six months ended Jan. 31, 1992 was $4,377,288 and $5,744,846 respectively, compared to sales of $5,519,503 and operating income of $788,084 for the first six months of fiscal 1991.
The company attributes the decreases in net revenues to the cessation of sales of silicone gel-filled mammary prostheses in the United States marketplace, and the establishment in the second quarter of 1992 of reserves for future returns of silicone gel-filled breast implants. Operating losses have resulted further from the establishment of reserves for inventory write-downs and for various legal matters including the proposed settlement of the shareholder lawsuit for cash and warrants totaling $3.3 million. Although the IDE for MISTI GOLD mammary implants was withdrawn, the company intends for it to be resubmitted and is hopeful that clinical studies will eventually be initiated in the United States. Bioplasty, Inc. has more than 20 years of experience in the development, manufacturing and marketing of plastic surgery products worldwide. Bioplasty's stock is currently traded on NASDAQ National Market System under the symbol "BIOP." BIOPLASTY, INC. SUMMARY OF OPERATIONS Three Months Ended Six Months Ended 1/31/92 1/31/91 1/31/92 1/31/91 Net revenue $1,778,862 $3,068,391 $4,377,288 $5,519,503 Operating income (loss) (4,916,266) 554,437 (5,744,846) 788,084 Income tax expense (benefit) (403,215) 103,013 (569,000) 188,500 Net income (loss) $(4,368,963) $423,833 $(4,838,365) $564,894 Earnings (loss) per share $(1.09) $.13 $(1.21) $.18 -0- 3/13/92 /CONTACT: Timothy P. Lawin or Donald A. Major, 612-636-4112, both of Bioplasty (BIOP) CO: Bioplasty, Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN012 -- 7996 03/13/92 18:01 EST
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|Date:||Mar 13, 1992|
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