LIFECORE BIOMEDICAL ANNOUNCES FIRST QUARTER RESULTS
LIFECORE BIOMEDICAL ANNOUNCES FIRST QUARTER RESULTS CHASKA, Minn., Nov. 7 /PRNewswire/ -- Lifecore Biomedical, Inc.
(NASDAQ: LCBM) today announced revenues of $1,338,000 for the first quarter, a decrease of 8 percent from the same quarter last year. The company also reported a net loss of $866,000 or $.15 per share, compared to a net loss of $267,000, or $.05 per share, for the first quarter last year.
Lifecore indicated that overall financial results were in line with management's expectations. The decrease in revenues was due to a reduction in oral restorative product sales. Such quarterly fluctuations are anticipated and not expected to impact the long term growth trend. Sales of hyaluronate-based products increased from the quarterly period of a year ago. The net loss reflects continuing investment in marketing and sales support for the company's Oral Restorative Products Division, as well as costs associated with relocation of the company's manufacturing capability and increased interest expense. The Sept. 30, 1991, balance sheet reflects working capital of $15,869,000, including $15,746,000 in cash and cash equivalents. The improvement in working capital and cash is directly attributable to a public offering of the company's common stock which was completed during the quarter ended Sept. 30, 1991. Lifecore develops, manufactures and markets sterile medical devices for surgical applications. The company's common stock is traded on the NASDAQ National Market System under the symbol LCBM. LIFECORE BIOMEDICAL, INC. INCOME STATEMENT DATA Three Months Ended 9/30/91 9/30/90 Net sales $1,338,000 $1,451,000 Cost of goods sold 835,000 811,000 Research and development 211,000 128,000 Marketing and sales 517,000 451,000 General and administrative 385,000 341,000 Manufacturing relocation 179,000 -- Other income (expense) (77,000) 13,000 Net loss $(866,000) $(267,000) Net loss per share $(.15) $(.05) BALANCE SHEET DATA 9/30/91 6/30/90 Working capital $15,869,000 $2,203,000 Total assets 29,558,000 15,744,000 Long-term debt 7,563,000 7,748,000 Shareholder's equity 19,074,000 4,500,000 -0- 11/07/91 /CONTACT: Colleen M. Olson or James W. Bracke, both of Lifecore Biomedical, 612-368-4300/ (LCBM) CO: Lifecore Biomedical ST: Minnesota IN: MTC SU: ERN JS-KH -- MN010 -- 2289 11/07/91 14:08 EST
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|Date:||Nov 7, 1991|
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