LIFECORE BIOMEDICAL REPORTS FISCAL 1992 RESULTS
LIFECORE BIOMEDICAL REPORTS FISCAL 1992 RESULTS CHASKA, Minn., Sept. 3 /PRNewswire/ -- Lifecore Biomedical, Inc.
(NASDAQ: LCBM) today reported net sales of $4,482,000 for the fiscal year ended June 30, 1992, a decrease of $1,402,000 or 24 percent over last year. The company also reported a net loss for the current year of $5,303,000 or $.81 per share, compared to a net loss of $2,569,000 or $.49 per share for the previous year.
The sales decrease was primarily attributable to reduced hyaluronate purchases by Alcon Surgical, Inc. Lifecore's hyaluronate supply agreement with Alcon did not allow for a scheduled shipment during the second quarter. Subsequently, Lifecore and Alcon have agreed to a new supply agreement which extends shipments through Dec. 31, 1995. The net loss for the year reflects the decrease in sales as well as an increase in operating expenses. The rise in operating expenses reflects expanded sales and marketing activities related to the company's oral restorative products. In addition, research and development expenses increased as a result of both the continuing human clinical trials on the Sustain(R) Dental Implant System and production development activities designed to enhance the company's hyaluronate manufacturing process technology. Similarly, additional expenses were related to establishing the increased manufacturing capability at Lifecore's new Chaska facility. The installation and validation of the new hyaluronate manufacturing equipment, a major component of the current activity, is proceeding on schedule. The loss for fiscal 1992 was within management's expectations and is indicative of the extensive investment that Lifecore is making in its manufacturing and marketing capabilities. 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. Statements of Operations (In thousands, except per share amounts) 6/30/92 6/30/91 Net sales $4,482 $5,884 Cost of goods sold 3,429 3,536 Gross profit 1,053 2,348 Operating expenses Research and development 1,555 622 Marketing and sales 2,592 1,853 General and administrative 1,540 1,276 Write down of building and equip. -- 1,200 Manufacturing relocation 714 -- -- 6,401 4,951 Earnings (loss) from operations (5,348) (2,603) Other income (expense) Interest expense (780) (30) Interest income 825 64 -- 45 34 Net loss $(5,303) $(2,569) Net loss per common share $(.81) $(.49) Weighted average shares outstanding 6,538,972 5,226,867 CONDENSED BALANCE SHEETS (In thousands) 6/30/92 6/30/91 ASSETS Current assets Cash and short-term investments $10,816 $2,352 Accounts receivable 953 1,462 Inventories 2,335 1,599 Other 472 286 -- 14,576 5,699 Property, plant and equipment, net 9,001 9,163 Other assets Intangibles 2,588 114 Security deposits 904 83 Other 738 685 -- 4,230 882 -- $27,807 $15,744 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $4,642 $3,496 Long-term debt 8,136 7,748 Shareholders' equity 15,029 4,500 -- $27,807 $15,744 -0- 9/3/92 /CONTACT: John C. Heinmiller or James W. Bracke, 612-368-4300, both of Lifecore Biomedical/ (LCBM) CO: Lifecore Biomedical, Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN004 -- 6374 09/03/92 11:32 EDT
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|Date:||Sep 3, 1992|
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