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EYE TECHNOLOGY, INC., ANNOUNCES SECOND QUARTER SALES AND INCREASED STOCKHOLDERS' EQUITY

 ST. PAUL, Minn., Sept. 9 /PRNewswire/ -- Eye Technology, Inc., today announced its sales and earnings for the second quarter ended, June 30, 1993. Net sales of $1,446,313 represented a decrease of $206,738 (12 percent) below sales of $1,653,051 reported for the second quarter last year. Net sales for the six month period ended were $2,944,305 a decrease of $288,013 (9 percent) below sales of $3,232,318 for the six month period ended June 30, 1992.
 During the second quarter, the company restructured its debt and stockholders' deficit of $123,022 at March 31, 1993, to a positive net worth of $783,650 at June 30, 1993. In connection with this restructuring, the company raised $450,000 through equity investments, retired certain obligations and negotiated a discounted settlement of certain obligations for cash payments totaling $343,124, resulting in an extraordinary gain of $397,097 on the extinguishment of debt.
 Sales of intraocular lenses to domestic customers during the second three months of 1993 decreased 11 percent compared to sales to domestic customers for the second three months of 1992, despite a 3 percent increase in the average selling price. "The decrease in unit sales may be attributed to the sluggish economic environment and government pressure to reduce cataract surgeries and Medicare reimbursement of all kinds," reported Robert J. Fitzsimmons, president and chief executive officer.
 Eye Technology, Inc., based in St. Paul, manufactures and markets intraocular lenses used by ophthalmic surgeons during cataract surgery. The company is currently quoted on the over-the-counter market via the National Quotation Service "Pink Sheets."
 EYE TECHNOLOGY, INC.
 Condensed Consolidated Statement of Earnings
 Second Quarter Results
 (Unaudited)
 Three Months Ended
 3/31/93 3/31/92
 Net sales $1,497,992 $1,579,267
 Net income $78,507 $83,215
 Net income per share $.03 $.03
 Weighted average shares outstanding 2,462,070 2,384,298
 Three Months Ended
 6/30/93 6/30/92
 Net sales $1,446,313 $1,653,051
 Income before extraordinary item 55,200 66,250
 Extraordinary item -- gain on
 extinquishment of debt 397,097 --
 Net income $452,297 $66,250
 Net income per share:
 Income before extraordinary item .02 .03
 Extraordinary item .14 --
 Net income $.16 $.03
 Weighted average shares outstanding 2,843,487 2,479,103
 Six Months Ended
 6/30/93 6/30/92
 Net sales $2,944,305 $3,232,318
 Income before extraordinary item 133,707 149,465
 Extraordinary item -- gain on
 extinguishment of debt 397,097 --
 Net income $530,804 $149,465
 Net income per share:
 Income before extraordinary item .05 .06
 Extraordinary item .15 --
 Net income $.20 $.06
 Weighted average shares outstanding 2,650,517 2,431,700
 -0- 9/9/93
 /CONTACT: Debra J. McCoy, vice president -- marketing and communications of Eye Technology, 612-774-9060, or 800-328-9060/


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

DB-DS -- MN009 -- 0285 09/09/93 11:30 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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