Printer Friendly


 LAS VEGAS, Nev., Nov. 15 /PRNewswire/ -- INAMED Corporation (NASDAQ: IMDC; PSE: INA), headquartered here, today reported net income of $4,478,761, or $.58 per share, on sales of $17,568,961 for the third quarter ended Sept. 30, 1993, as compared to net income of $426,595, or $.05 per share, on sales of $13,019,971 in the like year-ago quarter.
 For the first nine months of 1993, the company reported net income of $7,817,247, or $.99 per share, on sales of $60,172,451. This compares to net income of $2,675,343, or $.33 per share, on sales of $51,187,192 in the same period of last year.
 The company said $4,041,024 of its reported $6,614,371 and $11,287,200 in pretax income for 1993 third quarter and first nine- month periods, respectively, was attributable to a gain on the sale of its wholly owned subsidiary, Specialty Silicone Fabricators, Inc. (SSF), of Paso Robles and Santa Ana, Calif. The gain on sale accounted for $.35 per share in net income. Thus, net income from operations was a record $.23 per share in the current year's third quarter and a record $.64 per share for the first nine months of 1993.
 According to INAMED chairman Donald K. McGhan, the company continues to maintain strong sales performance with growing profitability in both domestic and international implant markets. "With the sale of SSF," he said, "we hope to maintain higher profit margins and remain focused primarily on the development and worldwide marketing of proprietary products." He noted that the company's gross profit margin in the third quarter of 1993 was 70 percent vs. 66 percent in last year's third quarter.
 Mr. McGhan added that the sale of SSF and strong operating results in the first nine months have enabled INAMED to reduce bank debt and improve the company's net worth to $13,288,655, or $1.77 per share, from $6,545,891, or $.82 per share, at the end of calendar/fiscal 1992. However, he cautioned that "unresolved claims related to breast implants have increased significantly from prior years, and the outcome of pending litigation cannot be predicted. We expect legal costs to be a continued substantial draw on liquidity for the foreseeable future, or until the company or the industry in general concludes global settlement of the breast implant litigation."
 INAMED Corporation is a medical and surgical device company with 14 operating subsidiaries in the U.S. and Europe. The company develops, manufactures and markets medical devices for the plastic and reconstructive, bariatric and general surgery markets. The company reported calendar/fiscal 1992 sales of $64.3 million.
 Earnings Recap
 Period ended Three months Nine months
 Sept. 30, 1993 1992 1993 1992
 Net sales $17,568,961 $13,019,971 $60,172,451 $51,187,192
 Gain/sale of
 subsidiary 4,041,024 -- 4,041,024 --
 Pretax income 6,614,371 927,382 11,287,200 5,815,964
 Net income $ 4,478,761 $ 426,595 $ 7,817,247 $ 2,675,343
 Profit per share from
 sale of subsidiary $.35 -- $.35 --
 Profit per share from
 continuing operations $.23 $.05 $.64 $.33
 Total profit per share $.58 $.05 $.99 $.33
 Weighted average number
 of shares outstndg. 7,760,325 8,090,315 7,864,221 8,164,785
 -0- 11/15/93
 /CONTACT: Michael D. Farney, CEO of INAMED, 702-791-3388, or Jimmy Caplan of Market Makers, 805-569-0076/

CO: INAMED Corporation ST: Nevada IN: MTC SU: ERN

TW-MP -- NY017 -- 4252 11/15/93 09:16 EST
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:Nov 15, 1993

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters