Printer Friendly

LIFECORE BIOMEDICAL REPORTS FIRST QUARTER RESULTS; INCREASED ALCON ORDER

LIFECORE BIOMEDICAL REPORTS FIRST QUARTER RESULTS; INCREASED ALCON ORDER
 CHASKA, Minn., Nov. 3 /PRNewswire/ -- Lifecore Biomedical, Inc., (NASDAQ: LCBM) reported today net sales of $917,000 for the Sept. 30, 1992 quarter, a decrease of 32 percent from the same period last year. The company also reported a net loss of $1,571,000 or $.23 per share compared to a net loss of $866,000 or $.15 per share from the previous year's quarter.
 Oral Restorative Division sales increased 69 percent during the current period reflecting both the continuing benefit from reorganization of marketing and sales efforts last year as well as the recent introduction of Lifecore's newest product, HAPSET(R) Hydroxylapatite Bone Graft Plaster. The net decline in revenues for the current period was due to quarterly fluctuations in hyaluronate sales for ongoing development project clients.
 The increased net loss reflects both decreased sales and increased operating expenses. The latter include expanded sales and marketing activity as well as the ongoing relocation of manufacturing operations to Lifecore's Chaska headquarters facility.
 In a separate development related to Lifecore's hyaluronate business, the company's largest client, Alcon Surgical, Inc., in accordance with a recently revised hyaluronate supply agreement between the two firms, notified Lifecore of its intent to purchase $4,377,000 of hyaluronate over the next 13 months. Although shipment schedules could vary slightly due to operational demands, Lifecore estimates fiscal 1993 Alcon purchases will increase 89 percent to approximately $3,400,000. Lifecore's product is used as a component in Alcon's VISCOAT(R) Sodium Hyaluronate product for eye surgery.
 Lifecore develops, manufactures and markets sterile medical devices for a variety of surgical applications, through both direct sales and OEM supplier relationships.
 LIFECORE BIOMEDICAL, INC.
 Income Statement Data
 Three Months Ended
 9/30/92 9/30/91
 Net sales $917,000 $1,338,000
 Cost of goods sold 569,000 802,000
 Research and development 412,000 211,000
 Marketing and sales 734,000 517,000
 General and administrative 459,000 418,000
 Manufacturing relocation 394,000 179,000
 Other income (expense) 80,000 (77,000)
 Net income (loss) $(1,571,000) $(866,000)
 Net income (loss) per share $(0.23) $(0.15)
 BALANCE SHEET DATA
 9/30/92 6/30/92
 Working capital $8,026,000 $9,934,000
 Total assets 26,510,000 27,807,000
 Long-term debt 8,044,000 8,136,000
 Shareholders' equity 13,786,000 15,029,000
 -0- 11/3/92
 /CONTACT: James W. Bracke or John C. Heinmiller, 612-368-4300, both of Lifecore Biomedical/
 (LCBM) CO: Lifecore Biomedical, Inc. ST: Minnesota IN: MTC SU: ERN


AL -- MN003 -- 2031 11/03/92 11:28 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:Nov 3, 1992
Words:441
Previous Article:COHERENT ANNOUNCES RESULTS FOR FOURTH QUARTER AND YEAR ENDED SEPT. 26, 1992
Next Article:GE NAMES DOUGLAS A. WARNER III TO BOARD OF DIRECTORS
Topics:


Related Articles
LIFECORE BIOMEDICAL ANNOUNCES FIRST QUARTER RESULTS
LIFECORE REPORTS SECOND QUARTER RESULTS; POTENTIAL CONTRACT RENEWAL
LIFECORE BIOMEDICAL REPORTS THIRD QUARTER RESULTS
LIFECORE BIOMEDICAL REPORTS FISCAL 1992 RESULTS
LIFECORE REPORTS RECORD SECOND QUARTER RESULTS
LIFECORE REPORTS RECORD THIRD QUARTER REVENUES
LIFECORE REPORTS FIRST QUARTER FISCAL 1996 FINANCIAL RESULTS
LIFECORE REPORTS THIRD QUARTER FISCAL 1996 FINANCIAL RESULTS
Lifecore Reports First Fiscal Quarter Results
Lifecore Reports Second Fiscal Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters