Printer Friendly

NAMIC U.S.A. CORPORATION REPORTS SECOND QUARTER RESULTS

 GLENS FALLS, N.Y., Dec. 14 /PRNewswire/ -- NAMIC U.S.A. Corporation (NASDAQ: NUSA) reported its financial results for the 13 weeks ended Nov. 26, 1993. The company is a manufacturer and marketer of single- patient use medical products.
 (All figures in thousands except per share)
 Thirteen Weeks Ended Twenty-six Weeks Ended
 26-Nov-93 27-Nov-92 26-Nov-93 27-Nov-92
 unaudited unaudited
 Net Sales $14,678 $13,517 $27,433 $26,622
 Gross Profit 7,088 7,062 13,143 13,918
 Operating Income 1,963 2,243 3,221 4,241
 Earnings Before Taxes 1,943 2,172 3,179 4,183
 Net Earnings 1,274 1,368 2,476 2,635
 Earnings per Share 0.14 0.15 0.28 0.28
 Weighted Average Common
 Shares Outstanding 8,913 9,351 8,971 9,355
 Net sales for the 13 weeks ended Nov. 26, 1993, were $14.68 million, an increase of $1.16 million or 8.6 percent over the comparable period in the 1993 fiscal year. The increase was primarily due to strong sales of the company's export subsidiary, NAMIC International, as well as increased market acceptance of certain of the company's new products, including the ARIA inflation device, SELECTOR Angiographic Catheters and the CONTRAST CONTROLLER product line. Sales of NAMIC International were $2.63 million, an increase of $1.21 million or 85.3 percent over the comparable thirteen week period in the 1993 fiscal year. These increases were partially offset by the cumulative effect of price reductions to selected customers as a result of increased competition and customer concern about pending United States health care reform proposals. In the first twenty-six weeks of fiscal year 1994, net sales grew by 3.0 percent. The company achieved sales increases in its core worldwide healthcare business of 9.4 percent and 4.5 percent in the thirteen and twenty-six weeks ended Nov. 26, 1993, respectively.
 Net earnings for the thirteen weeks ended Nov. 26, 1993, were $1.27 million, a decrease of $94,600 or 6.9 percent from the comparable period last fiscal year. The decrease in net earnings was primarily due to the effect on gross margins of price reductions given to selected customers, increased contribution of sales of NAMIC International at lower gross margins than the company's United States sales, and 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. These effects were partially offset by control of operating expenses and continued implementation of manufacturing cost reduction programs. Net earnings for the twenty-six weeks ended Nov. 26, 1993, decreased $159,500 or 6.1 percent to $2.48 million compared with the same period last year. In addition to the factors affecting net earnings for the thirteen week period, earnings for the twenty-six week period were influenced by a change in method of accounting for income taxes resulting from the adoption of FASB No. 109. Net earnings for the twenty-six weeks ended Nov. 26, 1993, included $422,600 in income as a result of this change in accounting method.
 Chief Executive Officer Cynthia L. Morris commented, "NAMIC's sales results for the quarter show tangible positive effects of the sales force revectoring we've been implementing. The focus in the revectoring has been on preserving market share in core products and on selling our new products. We're pleased to be seeing improved results in sales, and will press on with the aggressive pricing strategy we've been employing in the United States to regain the market share in core products we lost to competitors over the past two years, and an aggressive expansion strategy overseas."
 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. Corporate headquarters is located in Glens Falls, N.Y. The company's stock is traded on the NASDAQ National Market System under the symbol "NUSA."
 -0- 12/14/93
 /CONTACT: Jeanne Wehnau, investor relations coordinator, of NAMIC U.S.A., 518-798-0067/
 (NUSA)


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

KL-BM -- CL010 -- 3714 12/14/93 13:57 EST
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:Dec 14, 1993
Words:715
Previous Article:CULP DECLARES 3-FOR-2 STOCK SPLIT ANNOUNCES REGULAR QUARTERLY CASH DIVIDEND OF $0.02 PER SHARE
Next Article:KIMBALL DECLARES REGULAR DIVIDEND
Topics:

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