CHERNE MEDICAL, INC. REDUCES THIRD QUARTER LOSS BY 25 PERCENT
AND LOSS FOR NINE-MONTH PERIOD ENDED SEPT. 30, 1991 BY 33 PERCENT
MINNEAPOLIS, Nov. 15 /PRNewswire/ -- Cherne Medical, Inc. (NASDAQ: CHNE), reported a 25 percent decrease in loss for the three months ended Sept. 30, 1991; $435,060 loss versus $627,615 loss, or $(.03) per share versus $(.04) per share for the same period last year and a 33 percent decrease in loss for the nine months ended Sept. 30, 1991; $1,483,925 loss versus $2,080,271, or $(.08) per share versus $(.12) per share for the same period last year. Revenue growth for the three-month and nine-month periods are also significantly improved; $15,848 compared to $1,720, and $85,552 compared to $2,640, respectively.
"While improving our revenue generation, I am pleased that our expense control has also contributed to our commitment to reducing our losses," said David L. Printy, chairman, president and CEO. "Major improvements in the cost of sales and decreases in cost of goods will accelerate the opportunity for profitability as our anticipated sales growth increases over the next 12-month period."
Most recently the company announced its second contract with The London Clinic and the placement of the Cherne Digital Cardiac Diagnostic System with 100 Medical Plaza Imaging Medical Corp. on the UCLA campus in Los Angeles. These are responses to the continued exposure and acceptance of Cherne's innovative technology to detect coronary artery disease at rest.
Earlier this week during a presentation at the 64th Scientific Sessions of the American Heart Association, internationally respected cardiologist of the University of California-San Francisco, Dr. Deedwania, said, "The analysis of electrical disorganization by the electrical heterogeneity index obtained by this 22-lead ECG system provides a new and reliable stress-free test for the detection of clinically important coronary artery disease."
Cherne Medical manufactures and markets the Cherne Digital Cardiac Diagnostic System (DCDS), a resting, non-invasive, stress-free diagnostic instrument capable of identifying coronary artery disease even when no systems are present. The common stock of Cherne Medical, Inc. is traded on the national over-the-counter market under the NASDAQ symbol CHNE.
CHERNE MEDICAL, INC.
CONDENSED STATEMENT OF OPERATIONS
Three Months Ended Nine Months Ended
9/30/91 9/30/90 9/30/91 9/30/90
Revenues $15,848 $1,720 $85,552 $2,640
Cost of sales
and expenses 439,176 706,273 1,601,980 2,233,285
(loss) (423,328) (704,553) (1,516,428) (2,230,645)
expenses 29,732 (76,938) 79,500 (150,374)
operations -- -- 112,003 --
Net income (loss) $(453,060) $(627,615) $(1,483,925) $(2,080,271)
Net income (loss)
per common share $(.03) $(.04) $(.08) $(.12)
Weighted average shares
outstanding 17,623,899 17,596,616 17,613,640 17,596,616
/CONTACT: David L. Printy of Cherne Medical, 612-933-2838/
(CHNE) CO: Cherne Medical, Inc. ST: Minnesota IN: MTC SU: ERN KH-JS -- MN013 -- 1741 11/15/91 16:57 EST