LEECO ANNOUNCES FIRST QUARTER RESULTS
LEECO ANNOUNCES FIRST QUARTER RESULTS SOUTHFIELD, Mich., May 14 /PRNewswire/ -- Leeco Diagnostics, Inc.
(OTC: LECO) announced today the following first quarter 1992 results.
Three months ended March 31 1992 1991 Total revenues $4,863,357 $5,858,771 Net income (loss) 93,809 (397,791) Net income (loss) per share 0.02 (0.07) Weighted avg. no. of shares 5,711,041 5,729,074 Leeco's first quarter revenues ending March 31, 1992 were $4,863,357, a decrease of 17 percent from the corresponding period of 1991. All product revenues for 1992 relate exclusively to Technogenetics product sales, which increased 7.5 percent compared to the same first quarter period of last year. The operating results for the quarter ended March 31, 1992 include all operating activities of Technogenetics and only those Leeco Southfield expenses necessary to seek new business opportunities and to complete the phasing out of the company's current U.S. business. The operating income for the quarter was $475,510 compared to $114,941 in the corresponding period of 1991. Net interest expense in this period was $188,035 compared to net interest expenses of $233,905 in the same period of the prior year. The decrease in interest expense is related to the reduced short term borrowings of Technogenetics. The company experienced a net income of $93,809 in this period compared to a net loss of ($397,791) in the corresponding period of 1991, due mainly to the improvement in operating income and the decrease in net interest expenses and provision for income taxes. In December, 1991, the company announced its intention to withdraw from the diagnostic markets traditionally served by it and to discontinue its current non-profitable manufacturing operations located in Southfield, in order to preserve the company's ability to seek new business opportunities. In that connection, the company curtailed operations and incurred a $5 million charge to earnings in 1991. -0- 5/14/92 /CONTACT: Rod N. Raynovich, president and CEO of Leeco Diagnostics, 313-353-2620/ (LECO) CO: Leeco Diagnostics Inc. ST: Michigan IN: AUT SU: ERN
SM-AH -- NY098 -- 0379 05/14/92 15:49 EDT
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|Date:||May 14, 1992|
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