MEDIVATORS REPORTS FIRST QUARTER SALES
MEDIVATORS REPORTS FIRST QUARTER SALES CANNON FALLS, Minn., May 5 /PRNewswire/ -- MediVators, Inc.
(NASDAQ: MVAT) reported sales for the first quarter of 1992 were $443,855 compared to $578,169 for the first three months of 1991. In the first quarter of 1992, the company generated a net loss of $159,450 or $.06 per share versus net income of $119,626 or $.11 per share in the comparable 1991 quarter.
"In January of 1992 we completed the acquisition of the assets of Disposal Sciences, Inc. and its operations generated a net loss of $132,632 in the quarter. The loss included many non-recurring expenses associated with the move and relocation of Disposal Sciences' operation to MediVators' facility in Cannon Falls and continuing development on Disposal Science's patented sharps disposal system," said Curtis D. Luebke, chairman of the board of MediVators. Gross profit margin for the first quarter of 1992 was 54.9 percent compared to 66.2 percent for the first three months of 1991. "The decrease in gross profit margin was attributable to the reduced price on the sale of components for eight demonstrator Dual Scope Disinfector ("DSD-91") sold to and assembled by international distributors in the 1992 quarter," stated Luebke. "We continue to expect that 1992 will be an excellent year for the company. We are preparing the information requested by the FDA for the 510(k) pre-market notification on the DSD-91 and expect to submit the responses in the second quarter. In April, MedFab, the company's custom plastic machining and assembly division began operations, which will substantially lower the cost on the plastic enclosures for the disinfectors," stated Donald L. Sturtevant, president and CEO. MediVators, Inc. designs, manufactures and markets infection control and medical waste disposal equipment and supplies. MEDIVATORS, INC. AND WHOLLY OWNED SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended 3/31/92 3/31/91 Sales $443,855 $578,169 Cost of sales 200,009 195,324 Gross profit 243,846 382,845 Operating expenses Marketing 129,129 110,182 Research and development 21,235 4,209 General and administrative 288,486 140,996 Operating income (loss) $(195,004) $127,458 Nonoperating income (expense) 35,554 (7,832) Income (loss) before income taxes and extraordinary item $(159,450) $119,626 Federal and state income taxes --- 30,000 Income (loss) before extraordinary item $(159,450) $89,626 Extraordinary item - tax benefit of net operating loss carryforward --- 30,000 Net income (loss) $(159,450) $119,626 Net income (loss) per share: Income (loss) before extraordinary item $(.06) $.08 Extraordinary item --- .03 --- $(.06) $.11 Weighted average common shares outstanding 2,846,494 1,087,983 -0- 5/5/92 /CONTACT: Curtis D. Luebke or Donald L. Sturtevant, both of MediVators, 507-263-4721/ (MVAT) CO: MediVators, Inc. ST: Minnesota IN: MTC SU: ERN
KH -- MN018 -- 6815 05/05/92 17:52 EDT
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|Date:||May 5, 1992|
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