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EYE TECHNOLOGY, INC., ANNOUNCES 1992 YEAR END SALES AND PROFITS

 ST. PAUL, Minn., April 1 /PRNewswire/ -- Eye Technology, Inc., today announced its sales and earnings for the year ended Dec. 31, 1992. Net sales of $6,397,004 represented an increase of $1,526,173 (31 percent) over $4,870,831 reported for 1991. Sales of intraocular lenses to domestic customers during 1992 increased 26 percent over sales to domestic customers for 1991. The company attributes its increase in unit sales to increased product recognition and acceptance in the marketplace brought about by continued expansion of the company's sales force. Sales to international customers during 1992 increased 10 percent over fiscal 1991 due primarily to an emphasis placed on new markets with higher gross margins and recruitment of experienced, industry-recognized distributors.
 In August 1992, Eye Technology entered the kerato-refractive market which involves surgically re-shaping or sculpting the cornea. This market addresses approximately 140 million people in the United States who wear either eyeglasses or contact lenses. "To complement its existing intraocular lens product line, Eye Technology has added a number of new products which include a laser, holographic corneal mapping system, a microlamellar keratoplasty unit, radial keratotomy diamond knives and hand-held instruments, pachymeters and diamond knife calibrators," reported Robert J. Fitzsimmons, president and chief executive officer.
 Eye Technology, Inc., based in St. Paul, Minn., manufactures and markets introacular lenses used by ophthalmic surgeons during cataract surgery. In addition, Eye Technology has obtained exclusive distribution rights to surgical equipment in both the cataract and kerato-refractive industries. The company is currently quoted on the over-the-counter market via the National Quotation Service "Pink Sheets."
 EYE TECHNOLOGY
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 FISCAL RESULTS
 Fiscal 1992 Fiscal 1991
 Net sales $6,397,004 $4,870,831
 Net income 374,478 140,889
 Net income per share $.15 $.06
 Weighted average
 shares outstanding(a) 2,451,436 2,281,011
 (a) Giving effect to a 1-for-10 reversed stock split, effective April 2, 1993.
 -0- 4/1/93
 /CONTACT: Debra J. McCoy, vice president-marketing and communications, 612-774-9060 or 800-328-9060/


CO: Eye Technology, Inc. ST: Minnesota IN: MTC SU: ERN

DS -- MN011 -- 2301 04/01/93 18:23 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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