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EVEREST MEDICAL REPORTS QUARTER RESULTS, SIGNS EXCLUSIVE JAPAN DISTRIBUTION CONTRACT AND RAISES OVER $4.4 MILLION IN DEBT AND EQUITY

 EVEREST MEDICAL REPORTS QUARTER RESULTS, SIGNS EXCLUSIVE JAPAN DISTRIBUTION CONTRACT AND RAISES OVER $4.4 MILLION IN DEBT AND EQUITY
 MINNEAPOLIS, April 21 /PRNewswire/ -- Everest Medical Corporation (NASDAQ: EVMD) reported net sales of $611,772 for the quarter ended March 31, 1992, compared with $289,218 for the first quarter 1991, an increase of 112 percent. The company also reported a loss of $691,187, or $.19 per share, for first quarter 1992, compared with a loss of $683,159 or $.20 per share, for first quarter 1991. For the preceding quarter ended Dec. 31, 1991 revenues were $506,085, with losses of $879,393, or $.25 per share.
 The company has just completed the execution of a two-year distribution contract with its Japan distributor, K.I.I. Under the terms of the agreement, K.I.I. has estimated that it will purchase $1,000,000 of Everest Medical products in 1992 and $1,600,000 in 1993.
 The company has also announced the completion of debt and equity offerings over the past several months which have raised net proceeds of $4,457,000.
 Increased revenues reflect the growing acceptance of Everest Medical's bipolar electrosurgical technology by physicians specializing in gastrointestinal surgery, general surgery and gynecology. First quarter results also reflect ongoing expenses for new product development and additional sales personnel to support the independent distributor network.
 Everest Medical Corporation designs, manufactures and markets instruments for less-invasive gallbladder removal, hernia repair, polyp removal and gynecological procedures.
 EVEREST MEDICAL CORPORATION
 RESULTS OF OPERATIONS
 First Quarter Ended
 3/3/92 3/3/91
 Net sales $661,772 $289,218
 Net income $(691,187) $(683,159)
 EPS $(0.19) $(0.20)
 Weighted average shares 3,646,392 3,503,339
 CONDENSED BALANCE SHEET
 3/31/92 12/31/91
 Current assets $1,824,444 $1,526,047
 Other assets $739,341 $705,643
 Total assets $2,563,785 $2,231,690
 Current liabilities $584,224 $512,676
 Long-term liabilities $1,097,743 $153,243
 Shareholders' equity $881,818 $1,565,771
 Total liabilities & shareholders'
 equity $2,563,785 $2,231,690
 -0- 4/21/92
 /CONTACT: Michael J. Hollenhorst of Everest Medical, 612-473-6262/
 (EVMD) CO: Everest Medical Corporation ST: Minnesota IN: MTC SU: ERN


AL -- MN020 -- 0870 04/21/92 16:34 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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