FISCHER IMAGING ANNOUNCES FINAL THIRD QUARTER RESULTS
FISCHER IMAGING ANNOUNCES FINAL THIRD QUARTER RESULTS DENVER, Oct. 29 /PRNewswire/ -- Fischer Imaging Corp.
(NASDAQ-NMS: FIMG) reported final results for the third quarter ended Oct. 4, 1992. Revenues were $14.1 million compared to $14.7 million for the like quarter of one year ago. Earnings were reported at break even compared to 22 cents reported for the quarter one year ago.
As previously reported, $2.5 million in shipments were delayed until the fourth quarter. "Fourth quarter operating margins are expected to be negatively impacted by incremental expenses related to a provision established for product installations not completed in the quarter, as well as operating expenses of the recent Bloom acquisition," said Roberto A. Cascella, chief financial officer and executive vice president. "Costs associated with the introduction of several new products will also impact profitability. We would look for profitability comparable to but not above results reported for the fourth quarter of 1991." Morgan W. Nields, chairman and chief executive officer, commented that, "Markets for the company's MAMMOTEST(R) stereotactic breast biopsy system and electrophysiology systems remain strong. The acceptance by medical professionals of core needle biopsy for diagnosing non-palpable breast lesions has advanced considerably during 1992. But we estimate that about 200 MAMMOTEST systems are currently used for only 20,000 procedures a year out of the 600,000 surgical breast biopsies performed." Nields added that, "Our order rate is 23 percent ahead of last year for the first nine months of 1992. The majority of the increase in orders relates to the company's MAMMOTEST stereotactic breast biopsy system and electrophysiology systems." The company also has recently received 510(k) clearance from the FDA to market two new products that will be introduced at the Radiological Society of North America (RSNA) at the end of November 1992. The company designs, manufactures and markets specialty and general purpose x-ray imaging systems for the diagnosis and treatment of disease. The company's newest product lines are directed toward medical specialties in which minimally invasive surgical techniques are replacing open surgical procedures. FISCHER IMAGING CORP. SELECTED FINANCIAL DATA (Unaudited) Third Quarter Ended Nine Months Ended Oct. 4, Sept. 29, Oct. 4, Sept. 29, 1992 1991 1992 1991 Net Revenue $14,128,336 $14,698,813 $46,083,039 $41,781,809 Gross profit 4,973,311 5,664,491 17,474,983 15,845,035 Operating expenses 4,980,509 4,422,925 15,140,161 12,834,354 Earnings from operations (7,198) 1,241,566 2,334,822 3,010,681 Earnings before income taxes 847 1,107,963 2,202,546 2,298,394 Provision for income taxes --- 141,000 748,577 240,000 Net earnings 847 966,963 1,453,970 2,058,394 Dividends and costs related to Series A Preferred Stock --- --- --- 314,230 Net earnings attributable to common and common equivalent shares $847 $966,963 $1,453,970 1,744,164 Net earnings per common and common equivalent share --- $.22 $.26 $.44 Weighted average common and common equivalent shares outstanding 5,514,802 4,454,231 5,521,982 3,923,099 Oct. 4, 1992 Dec. 31, 1991 Current assets $37,855,290 $35,616,985 Total assets 47,933,504 39,039,334 Total liabilities 22,194,570 14,870,412 Stockholders' investment 25,738,934 24,168,922 -0- 10/29/92 /CONTACT: Roberto A. Cascella of Fischer Imaging, 303-452-6800; or Carl Thompson of Carl Thompson Associates, 303-494-5472, for Fischer Imaging/ (FIMG) CO: Fischer Imaging Corp. ST: Colorado IN: HEA MTC SU: ERN
BB-MC -- DV006 -- 6825 10/29/92 17:27 EST
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|Date:||Oct 29, 1992|
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