Printer Friendly

CONMED ANNOUNCES FIRST QUARTER 1993 EARNINGS

 UTICA, N.Y., April 22 /PRNewswire/ -- CONMED Corporation (NASDAQ: CNMD) today announced net income of $451,000 for the quarter ended March 26, 1993. This compares to net income of $1,257,000 for the three months ended March 27, 1992. Earnings per share were $.11 compared to $.29 in the first quarter of 1992. Sales for the 1993 first quarter were $10,608,000 compared to sales of $10,498,000 recorded in the first quarter of 1992.
 During the first quarter of 1993, the company launched three new products for laparoscopic surgery. While sales of these new products were nominal in the first quarter, higher production, sales and marketing costs were incurred.
 Eugene R. Corasanti, president and chairman of the board, said, "We are disappointed by these reduced earnings, but believe that the expenses incurred in the launch of these new products will be justified. Initial response to the February 1, 1993, product introductions from surgeons who have been evaluating the products has been positive."
 CONMED is a manufacturer of electrosurgery and other medical products used primarily in hospital operating rooms and other critical care areas. The company distributes its products worldwide from manufacturing and warehousing facilities in Utica, N.Y., and Denver.
 CONMED CORPORATION
 Earnings Report - March 26, 1993
 (In thousands, except per share data)
 For the three months ended
 March 26, March 27,
 1993 1992
 (unaudited) (unaudited)
 Net sales $10,608 $10,498
 Cost and expenses:
 Cost of sales 5,761 5,537
 Selling and administrative 3,671 2,790
 Research and development 534 353
 Total 9,966 8,680
 Income from operations 642 1,818
 Interest income, net 42 87
 Income before income taxes 684 1,905
 Provision for income taxes 233 648
 Net income $ 451 $ 1,257
 Weighted average common shares
 and equivalents 4,275 4,398
 Earnings per share and
 common equivalents $ .11 $ .29
 -0- 4/22/93
 /CONTACT: Robert D. Shallish of CONMED Corporation, 315-797-8375, ext. 2219/
 (CNMD)


CO: CONMED Corporation ST: New York IN: MTC SU: ERN

AR -- CL012 -- 9280 04/22/93 10:07 EDT
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:Apr 22, 1993
Words:345
Previous Article:EARNINGS AND PROFITABILITY AT CBSI ACHIEVE RECORDS
Next Article:WOLOHAN LUMBER COMPANY ANNOUNCES MAJOR ACQUISITION
Topics:


Related Articles
CONMED CORP. ANNOUNCES 91 PERCENT INCREASE IN NET INCOME FOR FOURTH QUARTER 1991; 62 PERCENT INCREASE IN NET INCOME FOR YEAR
CONMED ANNOUNCES SECOND QUARTER 1992 EARNINGS
CONMED ANNOUNCES EARNINGS ESTIMATE
CONMED CORPORATION ANNOUNCES 1992 EARNINGS
CONMED ANNOUNCES EARNINGS ESTIMATE
CONMED ANNOUNCES SECOND QUARTER EARNINGS
CONMED CORPORATION ANNOUNCES 1993 RESULTS
CONMED EARNINGS PER SHARE IMPROVES 145 PERCENT
CONMED INCREASES NET INCOME 77.8%
CONMED CORPORATION ANNOUNCES EARNINGS ESTIMATES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters