Printer Friendly

CORDIS REPORTS RECORD FISCAL 1992 RESULTS

 CORDIS REPORTS RECORD FISCAL 1992 RESULTS
 MIAMI, Aug. 25 /PRNewswire/ -- Cordis Corporation (NASDAQ-NMS: CORD)


today reported net earnings of $24 million, or $1.67 a share, on revenues of $223 million for the fiscal year ended June 30.
 The results reflect record highs for the company, which was incorporated in 1959.
 Annual income from continuing operations increased 24 percent while earnings per share rose 21 percent. Net amounts were up 152 percent and 146 percent respectively, reflecting a prior-year fourth-quarter charge to discontinued operations of $9.8 million, or 70 cents a share, related to a sublease on the company's former corporate headquarters. Cordis said its 1992 net income reflects the resolution of a disputed tax assessment involving its Netherlands-based subsidiaries, which it reported in a SEC Form 10-Q filing for the period ending March 31, 1992.
 Worldwide revenues for 1992 increased 12 percent, including gains of 11 percent in the U.S. and 13 percent foreign. Foreign sales accounted for 54 percent of the total. Angiography revenues, which made up 92 percent of total sales, advanced 13 percent while neuroscience product revenues declined 2 percent.
 Fourth quarter revenues ran 14 percent ahead of the prior-year period: $58.5 million vs. $51.3 million, respectively. Income from continuing operations, $7.2 million vs. $6.0 million, and earnings per share, 50 cents vs. 42 cents, were up 21 percent and 19 percent respectively.
 (Separately, the company said that Hurricane Andrew did not cause any damage to its Miami production facilities, although these facilities are presently without electricity and telephones. Once electricity is restored, production and normal operations will resume.)
 Robert Strauss, president and chief executive officer, called the performance "financially and strategically significant. Our core business, diagnostic coronary angiography, continued to grow in sales and profitability throughout the year, and we made substantial progress in angioplasty, a business with the potential to help fuel our future growth."
 Strauss said he was especially heartened by continued market share gains, which he attributed to an increasingly productive R&D program and invigorated marketing efforts. "In diagnostic coronary catheters," he emphasized, "our U.S. share is approaching 70 percent with our European and worldwide market shares closely following. This represents a seven percentage point gain over the past three years, including three share points in the past 12 months. For a company already positioned as the market leader, as Cordis is, these gains denote a major accomplishment, especially within today's highly competitive global marketplace. Also noteworthy is the fact they occurred at a time when we were introducing new products in the three major segments of angioplasty -- dilatation (balloon) catheters, guiding catheters, and steerable guidewires."
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets. Shares of the company's stock are traded on the NASDAQ National Market under the symbol CORD.
 CORDIS CORPORATION
 Condensed Statements of Operations
 Three Months and 12 Months Ended June 30, 1992 and 1991
 (dollars in thousands, except per share amounts)
 (unaudited)
 3 months 1992 1991
 Net sales $ 58,478 $ 51,261
 Income before income taxes --
 continuing operations $ 9,761 $ 8,201
 Provision for income taxes 2,537 2,240
 Income from continuing operations 7,224 5,961
 Loss from discontinued operations --- (9,800)
 Net income (loss) $ 7,224 $ (3,839)
 Earnings (loss) per share:
 Income from continuing operations $ 0.50 $ 0.42
 Loss from discontinued operations --- (0.70)
 Net income (loss) $ 0.50 $ (0.28)
 Wtd. average shares outstanding 14,271,000 14,292,000
 (audited)
 12 months 1992 1991
 Net sales $ 222,959 $ 198,907
 Income before income taxes --
 continuing operations $ 32,289 $ 25,970
 Provision for income taxes 8,275 6,638
 Income from continuing operations 24,014 19,332
 Loss from discontinued operations --- (9,800)
 Net income (loss) $ 24,014 $ 9,532
 Earnings (loss) per share:
 Income from continuing operations $ 1.67 $ 1.38
 Loss from discontinued operations --- (0.70)
 Net income (loss) $ 1.67 $ 0.68
 Wtd. average shares outstanding 14,340,000 14,006,000
 -0- 8/25/92
 /CONTACT: Chick McDowell, vice president, Corporate Relations and assistant secretary of Cordis Corporation, 305-824-2821/
 (CORD) CO: Cordis Corporation ST: Florida IN: MTC SU: ERN


EA-BN -- AT010 -- 3104 08/25/92 14:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1992
Words:708
Previous Article:LITTLE CAESARS PIZZA OPENS 4,000th RESTAURANT IN CANADA
Next Article:YES, HOME CANNERS, THE BALL JAR LIVES, CONTRARY TO PRESENT RUMORS OF ITS DEMISE
Topics:


Related Articles
HENLEY INTERNATIONAL REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS
CORDIS REPORTS SHARPLY HIGHER FIRST QUARTER RESULTS
CORDIS' SECOND QUARTER EARNINGS UP 24 PERCENT
CORDIS' THIRD QUARTER NET INCOME UP 19 PERCENT
CORDIS REPORTS RECORD QUARTER, FISCAL 1993 RESULTS
CORDIS REPORTS STRONG FIRST QUARTER RESULTS; CONTRIBUTION FROM ANGIOPLASTY PRODUCTS CITED
CORDIS REPORTS SHARPLY HIGHER SALES AND EARNINGS
CORDIS REPORTS RECORD SALES AND IMPROVED EARNINGS FOR QUARTER, FISCAL 1994
CORDIS REPORTS SHARPLY IMPROVED FIRST-QUARTER RESULTS
TARGET THERAPEUTICS ANNOUNCES SECOND QUARTER RESULTS; REVENUES INCREASE 36%; OPERATING INCOME INCREASES 54%

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