Printer Friendly

COMPUMED ANNOUNCES RESULTS FOR FOURTH QUARTER AND FISCAL YEAR

 MANHATTAN BEACH, Calif., Dec. 30 /PRNewswire/ -- CompuMed, Inc. (NASDAQ: CMPD) today announced earnings results for the fourth quarter and the fiscal year ended Sept. 30, 1993. The company has requested, however, an extension until Jan. 13, 1994 for filing its Form 10K. The extension was requested in order to properly reflect the effect of CompuMed's recent acquisition of an option for the new developmental drug, Detoxahol(TM), which is designed to facilitate the rapid lowering of the blood alcohol level in people who have been drinking alcohol.
 Total revenues for the fourth quarter of the fiscal year ended Sept. 30, 1993 were $630,000, down 8 percent from $687,000 in the fourth quarter of 1992. Net loss for the fourth quarter was $691,000, or $0.02 per share (based on 32,628,000 average shares outstanding), compared to $566,000, or $0.02 per share (based on 25,977,000 average shares outstanding) for the same period of 1992.
 For the full year, ended Sept. 30, 1993, total revenues were $3 million, down 16 percent from $3.5 million in fiscal year 1992. Net loss for the fiscal year was $2.2 million, or $0.07 per share (based on 30,620,000 average shares outstanding), compared to $2 million or $0.10 per share (based on 20,559,000 average shares outstanding).
 "These figures are in line with what we expected," said Robert Stuckelman, President and Chief Executive Officer of CompuMed. "Despite total revenues being down, however, sales from our OsteoGram(TM) bone density test for osteoporosis increased fivefold, from $180,000 in fiscal year 1992 to $916,000 in fiscal year 1993. In fact, our overall loss in revenue is largely due to the terminations of our Healthcare Services (nurses' registry) business in January, which was done to enable us to better concentrate our efforts on the OsteoGram."
 Increased net loss in fiscal year 1993 was also due, in part, to a $755,000 decline in revenues from CompuMed's electrocardiogram (ECG) services, most of which was a noncash occurrence, resulting from notes due from franchises sold over 10 years ago. The net loss figure also includes about $260,000 in depreciation and write down of assets.
 "Although the numbers are down somewhat, CompuMed is in a much better position than it was at this time last year," said Mr. Stuckelman. "We are exceedingly pleased with the performance of our promising OsteoGram, and we are extremely excited about the potential of Detoxahol. CompuMed is in the process of raising funds to exercise its option for Detoxahol. If successful the planned investment in the development of Detoxahol could result in 1994 losses, but we believe that Detoxahol represents a significant new product opportunity for CompuMed. Detoxahol addresses an important problem in our society, and its potential market is enormous."
 CompuMed, based in Manhattan Beach, is focused on providing solutions to important medical problems through the use of computer technology. The company currently markets the OsteoGram, a bone density test that uses X-ray technology to determine a patient's risk of developing osteoporosis, and it provides computer interpretation of electrocardiograms (ECGs) to about 1,800 doctors and healthcare facilities. CompuMed also recently announced its acquisition of an option for the rights to Detoxahol, a new developmental pharmaceutical system that is designed to rapidly reduce the blood alcohol level of people who have been drinking alcohol.
 COMPUMED, INC.
 Selected Financial Data
 $ in Thousands (except loss per share)
 Three Months Ended Fiscal Year Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenues:
 ECG $ 453 $ 558 $1,881 $2,636
 OsteoGram 190 54 916 180
 Other (13) 75 170 712
 Total revenues 630 687 2,967 3,528
 Net loss ($691) ($566) ($2,202) ($2,015)
 Net loss per share ($0.02) ($0.02) ($0.07) ($0.10)
 Average shares
 outstanding 32,628,000 25,977,000 30,620,000 20,559,000
 -0- 12/30/93
 /CONTACT: Anthony J. Russo, Ph.D., 212-696-4455, Ext. 202, or Rich Tammero, 212-696-4455, Ext. 222, both of Noonan/Russo Communications/
 (CMPD)


CO: CompuMed, Inc. ST: California IN: HEA CPR SU: ERN

JG-SP -- NY012 -- 8064 12/30/93 12:49 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 30, 1993
Words:695
Previous Article:CASINO RESOURCE CORPORATION ANNOUNCES RESULTS
Next Article:/NYSE CLOSING, THURSDAY, DEC. 30 /PRN/
Topics:

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