Printer Friendly

EMPI REPORTS RECORD RESULTS FOR SECOND QUARTER AND FIRST HALF

 ST. PAUL, Minn., July 21 /PRNewswire/ -- Empi, Inc., (NASDAQ-NMS: EMPI) a medical device manufacturer, today announced strong gains in sales and earnings for the 1993 second quarter and first half, ended June 30, 1993.
 For the second quarter, Empi's net sales rose 141 percent to $17.1 million from $7.1 million in the year-earlier period. Net income increased to $2.3 million, up 184 percent from $.8 million in 1992. Net income per share rose to $.27 from $.10. Continuedirst half, net sales jumped t o $32.0 million from $13.3 million, up 141 percent. Net income of $4.3 million rose 177 percent from $1.5 million in the year-ago first half. Net income per share totaled $.50 versus $.18. Per share amounts for all periods have been restated for Empi's recent two-for-one stock split.
 Donald D. Maurer, Empi president and chief executive officer said, "We are pleased with Empi's continued strong performance. Empi's diversification strategy is showing positive results, with our newer, non-core products contributing to the second-quarter gains. All non- core lines posted dramatic percentage increases."
 Maurer said, "Further,sales base provided by the late 1992 acquisition of Medtronic's Nortech division." During the quarter, Empi announced its intention to acquire privately held Physical Health Devices (PHD). Stated Maurer: "PHD is an excellent strategic fit because the company has several biofeedback products that expand our incontinence, as well as rehabilitation, product offerings." Maurer said Empi anticipates approval by the PHD shareholders and closing the transaction in August. Maurer also noted that Empi and MedAmicus have not yet concluded a definitive agreement, but are continuing negotiations for Empi to market MedAmicus' incontinence diagnostic products.
 Maurer concluded, "The combined strength of Empi's core products and diversification strategy, coupled with our expanded domestic and international distribution, should lead to continued strong sales and income comparisons throughout 1993."
 Empi develops, manufactures and distributes non-invasive biomedical devices and accessories for electro-therapeutic applications in physical medicine, orthopedic, rehabilitation, urogynecology and neurology markets. The company's shares are traded on the NASDAQ national market system under the symbol EMPI.
 EMPI, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 (in thousands, except earnings per share)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 Percent 6/30/93 6/30/92 Percent
 Change Change
 Net Sales $17,072 $7,074 141 $32,043 $13,271 141
 Cost of Sales
 and Expenses 13,246 5,716 132 24,932 10,743 132
 Income Before
 Income Taxes 3,826 1,358 182 7,111 2,528 181
 Income Taxes 1,492 536 -- 2,833 986 --
 Net Income $2,334 $822 184 $4,278 $1,542 177
 Net Income Per
 Common Share $.27 $.10 170 $.50 $.18 178
 Weighted Average
 Shares
 Outstanding 8,657 8,403 -- 8,595 8,408 --
 -0- 7/21/93
 /CONTACT: Marion Briggs or Shawn Brumbaugh, both of Padilla Speer Beardsley, 612-871-8877, for Empi; or Timothy Briggs of Empi, 612-639-2330/
 (EMPI)


CO: Empi, Inc. ST: Minnesota IN: MTC SU: ERN

DB -- MN015 -- 4102 07/21/93 16:01 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:Jul 21, 1993
Words:505
Previous Article:VENEZUELAN FIRM SETS UP OPERATIONS FOR OFFICE SPACE FOR INTERNATIONAL BUSINESS PEOPLE ON BRICKELL AVENUE
Next Article:ECOLAB ANSWERS URGENT CALL FOR FLOOD CLEANUP
Topics:


Related Articles
EMPI ANNOUNCES STRONG GAINS IN SECOND-QUARTER SALES, EARNINGS
EMPI REPORTS STRONG FIRST-QUARTER SALES AND EARNINGS GAINS
EMPI ANNOUNCES RECORD SALES AND NET INCOME FOR 1993 FOURTH QUARTER AND FULL YEAR
EMPI EXPECTS FIRST-QUARTER SALES, EARNINGS TO BE BELOW ANALYSTS' ESTIMATES
EMPI ANNOUNCES FIRST-QUARTER SALES, EARNINGS
EMPI ANNOUNCES FINANCIAL RESULTS FOR 1994 FOURTH QUARTER AND FULL YEAR
EMPI ANNOUNCES HIGHER FIRST-QUARTER SALES, EARNINGS
EMPI ANNOUNCES IMPROVED RESULTS FOR SECOND QUARTER AND FIRST HALF
EMPI, INC. ANNOUNCES HIGHER FIRST QUARTER SALES AND STRONG EARNINGS GROWTH
EMPI ANNOUNCES CONTINUED GROWTH IN REVENUES AND EARNINGS FOR SECOND QUARTER 1996

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