FISCHER IMAGING REPORTS STRONG FIRST QUARTER RESULTS
FISCHER IMAGING REPORTS STRONG FIRST QUARTER RESULTS DENVER, April 23 /PRNewswire/ -- Fischer Imaging Corp.
(NASDAQ: FIMG) today reported earnings for the first quarter ended April 4, 1992 of $482,000, or 9 cents per share, on revenues of $15.4 million. This reflected a significant increase when compared to equivalent fully taxed earnings of $113,000 or 3 cents per share on revenues of $13.2 million for the first quarter of 1991.
The company's reported earnings for the first quarter of 1991 were $249,000, or 7 cents per share, which reflected a 4 cent per share benefit from the utilization of Net Operating Loss (NOL) carryforwards. Fischer has since exhausted its NOL's, causing reported earnings for 1992 to be fully taxed. Roberto A. Cascella, executive vice president and chief financial officer, said "Increased revenues and profitability were largely attributed to a significant volume shift of products sold through our direct sales organization, partially offset by declining dealer sales, as some full line dealers were replaced by direct sales personnel. Sales of our MAMMOTEST(TM) Stereotactic breast biopsy system experienced a significant increase over the same quarter of a year ago." Fischer Imaging designs, manufactures and markets specialty and general purpose x-ray imaging systems for the diagnosis and treatment of breast cancer, heart and vascular disease. The company's newest products are directed toward medical specialties in which minimally invasive surgical techniques are replacing open surgical procedures. FISCHER IMAGING CORP. Selected Financial Data (Unaudited) First Quarter Ended April 4, March 31, 1992 1991 Net revenue $15,371,700 $13,165,173 Gross profit 5,804,047 4,745,613 Operating expenses 4,994,314 4,006,857 Earnings from operations 809,733 738,756 Earnings before income taxes 873,337 436,552 Provision for income taxes 390,985 30,000 Net earnings 482,352 406,552 Dividends and costs related to Series A Preferred Stock --- 157,115 Net earnings attributable to common and common equivalent shares $482,352 $249,437 Net earnings per common and common equivalent share $.09 $.07 Weighted average common and common equivalent shares outstanding 5,517,289 3,667,293 April 4, Dec. 31, 1992 1991 Current assets $36,009,083 $35,616,985 Total assets 39,799,579 39,039,334 Total liabilities 15,116,597 14,870,412 Stockholders' investment 24,682,982 24,168,922 -0- 4/23/92 /CONTACT: Roberto A. Cascella of Fischer Imaging, 303-452-6800; or Scott Brooks of Carl Thompson Associates, 303-494-5472, for Fischer Imaging/ (FIMG) CO: Fischer Imaging Corp. ST: Colorado IN: HEA MTC SU: ERN
MC -- DV002 -- 1814 04/23/92 11:17 EDT
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|Date:||Apr 23, 1992|
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