Printer Friendly

HEALTHDYNE TECHNOLOGIES ANNOUNCES RECORD THIRD QUARTER RESULTS

 MARIETTA, Ga., Oct. 20 /PRNewswire/ -- Healthdyne Technologies, Inc. (OTC: HDTC) today announced record financial results for the third quarter of 1993.
 Revenues for the third quarter of $17 million increased 19 percent over the third quarter of 1992. Net earnings for the quarter of $1.4 million were 50 percent higher than the third quarter of 1992, while earnings per share increased 23 percent to $0.16 from $0.13 per share in the third quarter of 1992 in spite of an additional 1.75 million shares outstanding during the 1993 quarter as a result of the company's initial public offering in June 1993.
 Revenues for the nine months ended Sept. 30, of $48.4 million were 24 percent above the same period of 1992, while net earnings increased 27 percent to $3.6 million, or $0.44 per share, from $2.8 million, or $0.38 per share, for the first nine months of last year.
 Craig B. Reynolds, president and chief executive officer, stated: "We are pleased with our record performance in the third quarter. In particular, we are pleased with the strong performance of the Sleep Disorders and Respiratory Therapy product groups. The significant growth in these areas is the result of the continued expansion of our sales force, as well as the successful introduction of several new products during the year, including our Alliance(TM) oxygen concentrator introduced in September. We remain excited about our growth prospects in these markets and believe that cost effective home care products will play an ever increasing role in the health care environment of the future."
 Healthdyne Technologies designs, manufactures and markets technologically advanced medical devices primarily for use in the home, as well as in specialized clinical settings. The company's products include diagnostic and therapeutic devices for the evaluation and treatment of sleep disorders, oxygen concentrators and medication nebulizers for the treatment of respiratory disorders, monitors for infants at risk for SIDS and obstetrical home care products.
 HEALTHDYNE TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Earnings
 (Amounts in thousands, except per share amounts)
 (Unaudited)
 3 mos. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues $ 17,025 $ 14,315 $ 48,385 $ 39,138
 Cost of revenues 9,780 8,909 28,690 24,080
 Gross profit 7,245 5,406 19,695 15,058
 Selling and admin. expenses 4,158 3,194 11,323 8,703
 Research and dev. expenses 684 448 1,920 1,141
 Operating earnings 2,403 1,764 6,452 5,214
 Interest income 56 20 109 27
 Interest expense (67) (228) (686) (684)
 Other income (expense), net (10) --- (13) 2
 Earnings before income taxes 2,382 1,556 5,862 4,559
 Income tax expense 938 591 2,270 1,731
 Net earnings $ 1,444 $ 965 $ 3,592 $ 2,828
 Net earnings per common share
 and common share equivalent $.16 $.13 $.44 $.38
 Wtd. avg. number of common
 shares and common share
 equivalents 9,254 7,500 8,100 7,500
 Consolidated Condensed Balance Sheets
 (Amounts in thousands)
 9/30/93 12/31/92
 (Unaudited)
 ASSETS
 Current assets:
 Cash and short-term investments $ 2,191 $ 26
 Trade accounts and notes receivable 15,064 13,655
 Inventories 13,534 9,152
 Deferred income taxes 1,300 837
 Prepaid expenses and other current assets 330 334
 Total current assets 32,419 24,004
 Property and equipment, net 3,950 3,174
 Excess of cost over net assets of business
 acquired 3,186 ---
 Intangible assets 896 1,003
 Other assets 252 211
 Total $40,703 $28,392
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable, principally trade $ 4,631 $ 4,795
 Accrued liabilities 3,330 2,439
 Due to (from) affiliates (622) ---
 Total current liabilities 7,339 7,234
 Long-term debt 4,500 ---
 Advances from parent --- 10,601
 Total liabilities 11,839 17,835
 Redeemable preferred stock 6,000 6,000
 Shareholders' equity 22,864 4,557
 Total $40,703 $28,392
 -0- 10/20/93
 /CONTACT: Donald R. Millard of Healthdyne Technologies, Inc., 404-423-4529/
 (HDTC)


CO: Healthdyne Technologies, Inc. ST: Georgia IN: MTC SU: ERN

BN-BR -- AT001 -- 4378 10/20/93 08:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:696
Previous Article:CHILDREN'S DISCOVERY ANNOUNCES PROPOSED PUBLIC OFFERING
Next Article:GEORGIA GULF REPORTS $0.24 ON NET INCOME OF $10.1 MILLION AFTER TAX ADJUSTMENT
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters