Printer Friendly

CUSTOMEDIX REPORTS SECOND QUARTER FINANCIAL RESULTS

 CUSTOMEDIX REPORTS SECOND QUARTER FINANCIAL RESULTS
 BERKELEY HEIGHTS, N.J., Feb. 13 /PRNewswire/ -- Customedix Corporation (AMEX: CUS; Boston Stock Exchange: CUSB), a dental and medical products company, today announced operating results for the second quarter and six months ended Dec. 31, 1991.
 As a result of management's decision to discontinue the operations of the company's wholly owned subsidiary, Automatic Injection Molding (AIM), the company incurred a loss for the three month period ended Dec. 31, 1991 of $1,967,626, or $.60 per share, versus a net profit of $46,031, or $.01 per share, for the corresponding quarter in fiscal 1991. In the six month period ended Dec. 31, 1991, the company showed a net loss of $2,139,833, or $.66 per share, compared with a net profit of $477,496, or $.14 per share, for the first six months of fiscal 1991. Net sales for the second quarter were $8,941,873 versus $9,093,163 in the comparable period last year. For the first six months of fiscal 1992 net sales were $17,172,294, versus $17,765,110 for the first six months of fiscal 1991. The net sales figures above do not reflect any sales made by AIM.
 On an operating basis, the company remained profitable with $178,331 income from continuing operations for the second quarter ended Dec. 31, 1991 versus $203,307 for the corresponding three month period last year. The first six months of fiscal 1992 have shown income from continuing operations of $53,673 versus $641,283 for the same period last year.
 The company said that although the exact impact of the decision to terminate AIM's operations cannot be determined at this time, management has preliminarily estimated the write-down of AIM's net assets as of Dec. 31, 1991 and the costs of disposing of AIM's assets and operations to be $2,000,000.
 The company attributed the majority of the decline in revenues to the drop in certain product prices resulting from the decline in precious metal prices in the world markets. The company linked the drop in operating profits to increased health insurance expense, salary expense, and expenses associated with the marketing and manufacturing of a new dental product line.
 CUSTOMEDIX CORPORATION
 Consolidated Statement of Operations
 Period ended Quarter Six months
 Dec. 31 1991 1990 1991 1990
 (unaudited) (unaudited)
 Net sales $8,941,873 $9,093,163 $17,172,294 $17,765,110
 Income from
 cont. opers.
 before taxes 227,331 225,557 130,173 699,783
 Taxes on income (A) 49,000 22,250 76,500 58,500
 Loss from discont.
 opers. (C) (2,145,957) (157,276) (2,193,506) (163,787)
 Net income (loss) (1,967,626) 46,031 (2,139,833) 477,496
 Income per share from
 continuing operations .06 .06 .01 .19
 Net income (loss)
 per share (.60) .01 (.66) .14
 Weighted average shares
 outstanding (B) 3,264,300 3,272,600 3,264,600 3,305,700
 CUSTOMEDIX CORPORATION
 Condensed Consolidated Balance Sheet
 12/31/91 6/30/91
 (Unaudited) (Audited)
 Assets
 Cash and equivalents $ 858,163 $ 684,495
 Receivables 4,973,538 6,331,197
 Inventories 4,944,176 5,663,415
 Assets of discontinued operations 1,796,219 --
 Other 422,013 602,758
 Total current assets 12,994,109 13,281,865
 Property and equipment (net) 2,760,094 5,041,903
 Other 7,008,010 7,324,307
 Total assets 22,762,213 25,648,075
 Liabilities
 Payables and accrued expenses 2,907,685 3,469,218
 Accrued expenses for disposal of
 operations 404,399 --
 Current maturities of long term
 debt and capitalized lease
 obligations 2,061,092 829,644
 Total current liabilities 5,373,176 4,298,862
 Long term debt and capitalized
 lease obligations 10,376,006 12,011,921
 Other -- 108,571
 Total liabilities 15,749,182 16,419,354
 Stockholders' equity:
 Common stock and additional
 paid in capital 26,722,860 26,799,189
 Deficit (19,709,829) (17,570,468)
 Total stockholders' equity 7,013,031 9,228,721
 Total liabilities and stockholders'
 equity 22,762,213 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.
 (C) The results of the company's subsidiary, Automatic Injection Molding, Inc., have been discontinued as of Dec. 31, 1991 and have been excluded from the company's continuing operations for the periods compared.
 -0- 2/13/92
 /CONTACT: Gordon S. Cohen, chairman & CEO, or Barry Kosowsky, 203-265-7397, or Andrew Miller, CFO, 908-464-2214, both of Customedix/
 (CUS) CO: Customedix Corporation ST: New Jersey IN: HEA SU: ERN


SM-OS -- NY060 -- 9781 02/13/92 13:21 EST
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:Feb 13, 1992
Words:804
Previous Article:SIERRA CLUB RESPONSE TO CARPENTERS UNION AND AFL-CIO STUDY ON JOB LOSSES FROM SPOTTED OWL PROTECTION PLANS
Next Article:MAN ROWS ACROSS PACIFIC OCEAN AS 46 MILLION WATCH VIA SATELLITE VIDEO NEWS RELEASE
Topics:


Related Articles
CUSTOMEDIX REPORTS FIRST QUARTER FINANCIAL RESULTS
CUSTOMEDIX SUBSIDIARY'S LARGEST CUSTOMER TO CEASE ORDERS
CUSTOMEDIX DISCONTINUES OPERATION OF AUTOMATIC INJECTION MOLDING
CUSTOMEDIX REPORTS RESULTS
CUSTOMEDIX REPORTS RESULTS
CUSTOMEDIX REPORTS FISCAL FINANCIAL RESULTS FOR ITS FIRST QUARTER OF FISCAL 1993
CUSTOMEDIX CORPORATION REPORTS SETTLEMENT OF LITIGATION
CUSTOMEDIX CORP. ANNOUNCES POSSIBLE ENVIRONMENTAL LITIGATION AGAINST JENERIC/PENTRON, THE COMPANY'S DENTAL SUBSIDIARY
CUSTOMEDIX CORP. REPORTS FINANCIAL RESULTS FOR ITS FIRST QUARTER OF FISCAL 1994
CUSTOMEDIX EXTENDS EMPLOYMENT AGREEMENT AND REPURCHASES SHARES FORM SUBSIDIARY OFFICER

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