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LASERSCOPE ANNOUNCES FOURTH QUARTER AND YEAR-END 1991 FINANCIAL RESULTS

 LASERSCOPE ANNOUNCES FOURTH QUARTER AND YEAR-END
 1991 FINANCIAL RESULTS
 SAN JOSE, Calif., Jan. 28 /PRNewswire/ -- Laserscope (NASDAQ: LSCP) today announced financial results for the fourth quarter and year ended Dec. 31, 1991.
 The company reported revenues of $9.8 million for the fourth quarter of 1991, compared to $18.5 million in the same quarter of 1990. The company incurred a net loss of $1.9 million (28 cents per share), compared to net income of $2.4 million (36 cents per share) in the fourth quarter of 1990.
 Revenues for the year ended Dec. 31, 1991, were $41.9 million, compared to $54.1 million in 1990. The company reported a net loss of $5.2 million (79 cents per share), compared to net income of $7.4 million ($1.09 per share) in 1990.
 Commenting on the results, Robert V. McCormick, Laserscope president and chief operating officer said, "While our industry faced a number of difficulties in 1991, we are pleased with several aspects of our business. Orders increased in both Europe and the Pacific Rim during the fourth quarter of the year relative to the third quarter, and we experienced traditionally strong year end orders in the United States.
 "In addition, revenues in the fourth quarter from the sale of delivery devices, disposables and service also showed good sequential growth," said McCormick. The company reported these recurring revenues rose 15 percent in the fourth quarter from the third quarter and accounted for approximately 47 percent of net revenues in the fourth quarter.
 "Despite the current economic recession in the United States and an overcapacity in the market which caused 1991 revenues to be lower by 23 percent than in 1990," said McCormick, "Laserscope has nonetheless recorded a 45 percent average compound growth rate since our initial public offering at the end of 1989.
 "The company's after tax loss of $1.9 million in the fourth quarter, while reduced from those in the preceding quarters, still reflects heavy internal spending in engineering and marketing," said McCormick.
 "To position us for a return to profitability," McCormick added, "we took several key steps in 1991. We reduced our workforce, instituted expense controls, realigned management, continued to strategically invest internally, and introduced a number of important new products."
 Commenting on the longer-term outlook, McCormick said: "The current economic and competitive environment remains extremely difficult. However, we are optimistic about our future prospects. The company has a sound balance sheet and ended the year with $13 million in cash and virtually no long-term debt."
 Included in the year-end results for 1991 were two previously announced special charges. One charge was taken in the third quarter to establish a reserve against a high level of inventories. The other charge was taken in the second quarter for the settlement costs (including legal fees) of a shareholder suit. The two charges were approximately 20 cents and 27 cents per share, respectively. In the aggregate, these charges accounted for approximately 60 percent of the net loss per share for the year.
 Laserscope, a leading provider of innovative and minimally- invasive surgical systems, designs and markets an advanced line of KTP/532(TM) and KTP/YAG(TM) surgical laser systems, surgical delivery devices and disposables. It markets its products to hospitals and outpatient surgical centers in the United States and United Kingdom through its own direct sales force and through exclusive distributor arrangements in Europe, Taiwan, South Korea, Australia, Singapore and Japan.
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 /CONTACT: (media) Richard Wood of Laserscope, 408-943-0636; Steve Dunn of Halsted Communications, 213-937-4000, for Laserscope; or (investors) Alfred Merriweather of Laserscope, 408-943-0636/
 (LSCP) CO: Laserscope ST: California IN: MTC SU: ERN


RM -- SJ006 -- 4386 01/28/92 16:06 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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