HEALTHWATCH REPORTS THIRD QUARTER RESULTS
HEALTHWATCH REPORTS THIRD QUARTER RESULTS BROOMFIELD, Colo., April 29 /PRNewswire/ -- HealthWatch Inc.
(NASDAQ: HEAL) today reported results of operations for the third quarter ended March 31, 1992. Sales of $2,246,704 for the three months were off 7 percent compared to sales of $2,419,029 for the prior year third quarter. HealthWatch's net loss for the quarter was $393,432 compared to a net loss of $476,369 in third quarter of fiscal 1991.
Sales of $6,503,771 for the nine months ended March 31, 1992 represent a 32 percent increase over sales of $4,923,541 for the like nine month period in the previous year. Results of operations for both periods were similar with a net loss of $1,381,757 being reported during the first nine months of the current year compared to a net loss for the like period last year of $1,342,338. "HealthWatch is pleased with the progress made during the past quarter," said Sanford L. Schwartz, chairman and CEO. "Compared to the second quarter of the current fiscal year, revenues increased by 21 percent, loss from operations decreased 61 percent and net loss decreased 45 percent. The company further strengthened its sales organization through the addition of an independent sales force to address the office-based physician market. We are very optimistic about our prospects for the fourth quarter and beyond from this new distribution channel. Also, we recently completed the consolidation of our New Hampshire Life Sciences operations with our Broomfield operations. This will result in increased operating efficiencies and decreased operating expenses." The company's results of operations continued to be negatively impacted by write downs in company investments, primarily the investment in Discovery Technologies Inc. "The negative impact of the Discovery Technologies' investment is substantially behind us," stated Schwartz, "with the book value of this investment being approximately $65,000 at March 31, 1992." HEALTHWATCH INC. Financial Summary Quarter Ended Nine Months Ended March 31, March 31, 1992 1991 1992 1991 Revenue $2,246,704 $2,419,029 $6,503,771 $4,923,541 Net (loss) $(393,432) $(476,369) $(1,381,757) $(1,342,338) Net (loss) per share $(0.08) $(0.15) $(0.34) $(0.47) Weighted average number of shares outstanding 4,839,833 3,195,497 4,082,004 2,871,082 Based in Broomfield, HealthWatch is a developer, manufacturer and distributor of medical instrumentation used in screening, diagnosis and management of human cardiovascular disease, the leading cause of death in the United States. -0- 4/29/92 /CONTACT: Sanford L. Schwartz of HealthWatch, 303-465-2000/ (HEAL) CO: HealthWatch Inc. ST: Colorado IN: HEA SU: ERN
BB -- DV003 -- 4189 04/29/92 09:01 EDT
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|Date:||Apr 29, 1992|
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