CUSTOMEDIX REPORTS FIRST QUARTER FINANCIAL RESULTS
CUSTOMEDIX REPORTS FIRST QUARTER FINANCIAL RESULTS BERKELEY HEIGHTS, N.J., Nov. 11 /PRNewswire/ -- Customedix
Corporation (AMEX: CUS, CUS WI), a medical and dental products company, announced today operating results for the first quarter of its 1992 fiscal year.
Net sales for the quarter ended Sept. 30, 1991 were $10,117,500 versus $10,284,800 in the comparable quarter in 1990. In the three month period ending Sept. 30, 1991, the company showed a net loss of $172,200, or $.05 per share, compared with a net income of $431,500, or $.13 per share, in last year's corresponding quarter. In the three months ended Sept. 30, 1991, Customedix reduced debt by approximately $416,000, of which approximately $304,000 was bank debt and the balance was capitalized lease obligations. The company attributed the majority of the decline in revenues to the drop in certain product prices from the dental segment, resulting from the decline in precious metal prices in the world markets. The company said the persistent national recession has also adversely affected the dental/medical industry, by directing consumer preference towards lower margin "staple items," further negatively impacting the company's gross margins. Two other items impacted the company's earnings relative to last year. First, compared to the previous year, this first quarter of 1992 did not benefit from large one-time export sales of high margin products, or insurance refunds, as did the first quarter of fiscal 1991. These one-time benefits combined with the previously discussed reduction in precious metals prices accounted for a significant portion of the difference between the quarterly results. The remaining factor impacting the first quarter's earnings was the expenditure of approximately $150,000 associated with the startup of two new marketing/manufacturing divisions. Management anticipates these new divisions will generate increased revenues later this year. CUSTOMEDIX CORPORATION Consolidated Statement of Operations (Unaudited) Quarter ended Sept. 30 1991 1990 Net sales $10,117,477 $10,284,751 Income (loss) before taxes (144,707) 467,715 Taxes on income (A) 27,500 36,250 Net income (loss) $ (172,207) $ 431,465 Income (loss) per share $(.05) $.13 Weighted average shares outstanding(B) 3,264,600 3,321,200 Condensed Consolidated Balance Sheet 9/30/91 6/30/91 (Unaudited) (Audited) ASSETS Cash and equivalents $ 1,475,649 $ 684,495 Receivables 5,873,719 6,331,197 Inventories 5,160,033 5,663,415 Other 663,151 602,758 Total current assets 13,172,552 13,281,865 Property and equipment (net) 4,893,492 5,041,903 Other 7,207,343 7,324,307 Total assets 25,273,387 25,648,075 LIABILITIES Payables and accrued expenses 3,762,555 3,469,218 Current maturities of long term debt and capitalized lease obligations 974,644 829,644 Total current liabilities 4,737,199 4,298,862 Long term debt and capitalized lease obligations 11,450,767 12,011,921 Other 102,857 108,571 Total liabilities 16,290,823 16,419,354 STOCKHOLDERS' EQUITY: Common stock and additional paid in capital 26,725,239 26,799,189 Deficit (17,742,675) (17,570,468) Total stockholders' equity 8,982,564 9,228,721 Total liabilities and stockholders' equity $ 25,273,387 $ 25,648,075 (A) -- Taxes on income are less than the statutory rate. (B) -- On Nov. 4, 1991, the shareholders voted to decrease the number of shares outstanding by effecting a one-for-ten reverse split of common stock. This action was given retroactive effect for all periods presented. -0- 11/11/91 /CONTACT: Gordon S. Cohen, chairman and CEO, or Barry L. Kosowsky, assistant treasurer, 203-265-7397, or Andrew A. Miller, chief financial officer, 908-464-2214, all of Customedix/ (CUS) CO: Customedix Corporation ST: New Jersey IN: HEA SU: ERN GK-OS -- NY033 -- 2992 11/11/91 11:10 EST
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|Date:||Nov 11, 1991|
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