Printer Friendly

NAMIC U.S.A. CORPORATION (NUSA) REPORTS FOURTH QUARTER RESULTS

 GLENS FALLS, N.Y., July 7 /PRNewswire/ -- NAMIC U.S.A. Corporation (NASDAQ: NUSA) reported its financial results for the 13 weeks ended May 31, 1993. The company is a manufacturer and marketer of single-patient-use medical devices and customized kits for interventional cardiology and radiology.
 (All figures in thousands, except per share data)
 Thirteen Weeks Ended
 31 May 93 31 May 92
 (unaudited) (unaudited)
 Net Sales $ 14,484 $ 13,946
 Gross Profit 7,244 7,446
 Operating Income 2,721 2,933
 Earnings Before Taxes 2,733 3,063
 Net Earnings 1,750 1,998
 Earnings per Share 0.19 0.22
 Weighted Average Common Shares
 Outstanding 9,122,570 9,434,650
 Fiscal Year Ended
 31 May 93 31 May 92
 (unaudited) (audited)
 Net Sales $ 54,153 $ 52,126
 Gross Profit 27,985 27,039
 Operating Income 9,726 10,249
 Earnings Before Taxes 9,643 9,671
 Net Earnings 6,103 6,161
 Earnings per Share 0.66 0.74
 Weighted Average Common Shares
 Outstanding 9,292,990 8,167,679
 Net sales for the 13 weeks ended May 31, 1993, were $14.48 million, an increase of $538,300 or 3.9 percent over the comparable period in the 1992 fiscal year. The increase was primarily due to sales of the company's new ARIA Inflation Device, EPIC Introducer Sheath and SELECTOR Angiographic Catheter product lines, as well as continued strong demand for the MORSE Y-Adaptor, Closed System and PERCEPTOR Transducer product lines. The increase in sales in these product lines was offset by the elimination of sales of the company's former Electronics Systems Division due to a planned downsizing, the cumulative effect of price reductions to customers, a decline in the growth rate of procedures served and delays in new product introductions. Sales of the company's export subsidiary, NAMIC International, were $1.95 million, an increase of $515,900 or 36.0 percent over the comparable 13-week period in the 1992 fiscal year. For the fiscal year ended May 31, 1993, the company achieved sales in its worldwide healthcare businesses (excluding the former Electronics Systems Division) of $53.77 million, an increase of $3.85 million or 7.7 percent over the comparable period in the 1992 fiscal year. Net sales of the company including the Electronics Systems Division for the fiscal year ended May 31, 1993, were $54.15 million, an increase of $2.03 million or 3.9 percent.
 Net earnings for the 13 weeks ended May 31, 1993 were $1.75 million, a decrease of $248,500 or 12.4 percent from the comparable period last fiscal year. The decrease in net earnings was primarily due to increased sales of the new SELECTOR, ARIA and EPIC product lines at lower gross margins than the company's average gross margins for its other product lines, the effect on gross margins of price reductions given to customers, amortization expense associated with the company's May 1992 acquisition of the former Novoste Puerto Rico Inc., and increased marketing expenses for the introduction of new products. These effects were partially offset by close control of operating expenses and successful implementation of cost containment programs. Net earnings for the fiscal year ended May 31, 1993 were $6.10 million, a decrease of $58,200 or 0.9 percent from the comparable period last fiscal year. Net earnings for the full fiscal year were influenced by the same factors as the 13 week period.
 NAMIC's President and Chief Executive Officer Cynthia L. Morris stated, "This fiscal year has been a year of much change for NAMIC. We've been fighting intense price competition since the year began, the effects of which dampened our sales growth and have made it more difficult to see the effects of cost improvements in our gross margin.
 "The competition has caused us to sharpen our sales skills and intensity for all our product lines. We're seeing strong momentum in sales of new products, especially during the fourth quarter, and also see signs that our new products are helping us solidify our competitive position with respect to core business. It's a bit too early to tell how this will affect our sales growth in the near term, but we have no doubt it will be positive for the next fiscal year as a whole. We've made more new product introductions this year than in any year in the company's history, and have the broadest product line of single-patient use medical devices for angiography and angioplasty."
 NAMIC U.S.A. Corporation designs, manufactures and markets a broad range of single-patient-use medical products used in angiography and angioplasty. Hospital customers in North America are served by a direct sales force and elsewhere by medical products distributors. The company's stock is traded on the NASDAQ National Market System under the symbol "NUSA."
 -0- 7/7/93
 /CONTACT: Jeanne Wehnau, investor relations coordinator, NAMIC U.S.A. Corporation, 518-798-0067/
 (NUSA)


CO: NAMIC U.S.A. Corporation ST: New York IN: MTC SU: ERN

AR -- CL005 -- 8956 07/07/93 09:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 7, 1993
Words:839
Previous Article:NEW BOOK SHARES WOMEN'S PERSONAL DECISIONS ABOUT ABORTION
Next Article:PROPERTY TRUST OF AMERICA ANNOUNCES 11 MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $75.6 MILLION
Topics:


Related Articles
NAMIC U.S.A. CORPORATION (NUSA) ANNOUNCES FOURTH QUARTER PERFORMANCE
NAMIC U.S.A. CORPORATION (NUSA) ANNOUNCES FOURTH QUARTER PERFORMANCE
NAMIC U.S.A. CORPORATION REPORTS FIRST QUARTER RESULTS
NAMIC U.S.A. CORPORATION REPORTS SECOND QUARTER RESULTS
NAMIC U.S.A. CORPORATION (NUSA) REPORTS THIRD QUARTER RESULTS
NAMIC U.S.A. CORPORATION REPORTS FIRST QUARTER RESULTS
NAMIC U.S.A. CORPORATION REPORTS SECOND QUARTER RESULTS
NAMIC U.S.A. CORPORATION (NUSA) REPORTS FIRST QUARTER RESULTS
NAMIC U.S.A. CORPORATION (NUSA) REPORTS FIRST QUARTER RESULTS
NAMIC U.S.A. CORPORATION REPORTS SECOND QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters