Printer Friendly

LECTEC MAINTAINS SERIES OF PROFITABLE QUARTERS

 LECTEC MAINTAINS SERIES OF PROFITABLE QUARTERS
 MINNETONKA, Minn., Jan. 31 /PRNewswire/ -- LecTec Corporation


(NASDAQ: LECT) today released second quarter results. Sales for the quarter were $1,945,000, a 4 percent decrease from the same period of a year ago when sales totaled $2,027,000. Even with stable sales for the quarter, manufacturing efficiencies produced a 19 percent increase in operating profits from $289,000 for last year to $345,000 for the current quarter. Net earnings improved by approximately $19,000 from the second quarter of last year increasing from $234,000 to $253,000.
 Year-to-date, LecTec sales are up 9 percent, from $3,717,000 to $4,036,000, over the first six months of last year. For the same period operating profits also increased by 20 percent from $562,000 to $676,000. For the first six months earnings increased by 11 percent over last year from $454,000 to $503,000.
 The modest growth in sales and earnings were due, in part, to efforts to refine two new products before introducing to the market. "We have made a decision to delay the launch of two products that are very important to our sales goals. However, we believe the delays to further refine these products will be rewarded in the coming quarters," stated LecTec President and CEO George B. Ingebrand.
 To accelerate new product development activities, particularly in the medical tapes and transdermal drug delivery areas, the company announced that research and development activities increased to a level of 10 percent of sales. "New product ideas come from people in all areas of the company and, as a matter of corporate policy, we encourage all employees to devote time to creative product development," noted Ingebrand.
 During the quarter, agreements were signed for new transdermal product development projects. Included is a nicotine-free smoking cessation patch to be developed in collaboration with the University of Minnesota and the National Institute for Drug Abuse (NIDA).
 Also announced was a development project with UNIMED, Inc., of Somerville, N.J., for a transdermal delivery system to be used in the treatment of cancer patients. The active ingredient, used as an appetite stimulant, anti-emetic and analgesic, will be supplied by UNIMED for incorporation into a LecTec-manufactured transdermal system.
 LecTec Corporation is a medical products development and manufacturing company headquartered in Minnetonka. The company markets a variety of cardiac electrodes, conductive and adhesive membranes, medical tapes and transdermal drug delivery systems. LecTec is traded on NASDAQ under the symbol LECT.
 LECTEC CORPORATION
 (In thousands except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenues $1,945 $2,027 $4,036 $3,717
 Operating income 345 289 676 562
 Net earnings 253 234 503 454
 Earnings per common share:
 Primary $.08 $.08 $.15 $.15
 Fully diluted $.08 $.08 $.15 $.15
 Weighted average number of
 common shares outstanding
 Primary 3,267 3,041 3,248 3,082
 Fully diluted 3,271 3,041 3,264 3,082
 -0- 1/31/92
 /CONTACT: Jan Jachimowicz of LecTec Corporation, 612-933-2291/
 (LECT) CO: LecTec Corporation ST: Minnesota IN: MTC SU: ERN


DS -- MN001 -- 5510 01/31/92 09:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 31, 1992
Words:536
Previous Article:FOREST LABORATORIES FILES REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION
Next Article:USAIR EXPRESS TO BEGIN NEW NONSTOP SERVICE TO NEW YORK'S LAGUARDIA AIRPORT FROM MANCHESTER, N.H.
Topics:


Related Articles
LECTEC ESTABLISHES TECHNICAL AND MARKETING ALLIANCE WITH GERMAN MEDICAL DEVICE COMPANY
LECTEC REVIEWING POSSIBLE PATENT INFRINGEMENTS OF TRANSDERMAL NICOTINE TECHNOLOGY
LECTEC THIRD QUARTER RESULTS REFLECT INCREASED INVESTMENT IN NEW PRODUCT DEVELOPMENT
LECTEC TO LAUNCH NEW PRODUCT FOR TREATMENT OF BED SORES AND OTHER CHRONIC WOUNDS
LECTEC ANNOUNCES NEW WOUND CARE PRODUCT
LECTEC ANNOUNCES FIRST STOCK DIVIDEND IN COMPANY HISTORY; CITES CONFIDENCE FOR THE FUTURE AND BUSINESS EXPANSION
NATUS AND LECTEC SIGN INVESTMENT AND DEVELOPMENT PACTS
LECTEC AWARDED PATENT FOR NEW BIOACTIVE PRODUCT; SEEKS LICENSING OPPORTUNITIES
CEO INTERVIEW: RODNEY YOUNG - LECTEC CORPORATION (LECT).
Angeion Corporation Appoints New CEO.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters