BIOPLASTY ANNOUNCES THIRD QUARTER RESULTS OF OPERATIONS
BIOPLASTY ANNOUNCES THIRD QUARTER RESULTS OF OPERATIONS ST. PAUL, Minn., June 12 /PRNewswire/ -- Bioplasty, Inc.
(NASDAQ-NMS: BIOP) announced sales of $1,594,000 for the three months ended April 30, 1992, or a 54 percent decrease compared to the three months ended April 30, 1991. Operating loss for the three months ended April 30, 1992, was $3,028,000 compared to operating income of $575,000 for the three months ended April 30, 1991. Sales and operating loss for the nine months ended April 30, 1992, was $5,971,000 and $8,773,000 respectively, compared to sales of $8,983,000 and operating income of $1,363,000 for the nine months ended April 30, 1991.
The company attributes the decreases in net revenues to the cessation of sales of MISTI silicone gel-filled and MISTI GOLD mammary prostheses in the United States and overseas markets, and to the credits granted to customers for returned breast implant product. Operating losses in fiscal 1992 have further resulted from the non-recurring charges associated with inventory write-downs totaling $1.4 million and various lawsuit costs and settlements totaling another $4.4 million. Worldwide sales of the company's wound care products are continuing, and upon submission of an IDE on MISTI GOLD Mammary Implants, the company will immediately request export approval for commercial distribution of the product to foreign markets. Upon approval by the FDA of the MISTI GOLD IDE, clinical studies will begin in the United States. The company also expects sales of Bioplastique and Macroplastique Macro Implants to resume in foreign markets. Such sales will be supplied from inventories manufactured in foreign locations. 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 (In thousands, except per-share data) Three Months Ended Nine Months Ended 4/30/92 4/30/91 4/30/92 4/30/91 Net revenue $1,594 $3,463 $5,971 $8,983 Operating income (loss) (3,028) 575 (8,773) 1,363 Income tax expense (benefit) 210 170 (359) 359 Net income (loss) $(3,254) $280 $(8,092) $845 Earnings (loss) per share $(.81) $.08 $(2.01) $.26 -0- 6/12/92 /CONTACT: Timothy P. Lawin or Donald A. Major, 612-636-4112, both of Bioplasty/ (BIOP) CO: Bioplasty, Inc. ST: Minneapolis IN: MTC SU: ERN
KH -- MN008 -- 9874 06/12/92 17:30 EDT
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|Date:||Jun 12, 1992|
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