OPTICAL RADIATION CORP. REPORTS RESULTS
OPTICAL RADIATION CORP. REPORTS RESULTS AZUSA, Calif., Sept. 17 /PRNewswire/ -- Optical Radiation Corp.
(NASDAQ: ORCO) today reported net income of $4,002,000, equal to $.62 per share, for the fiscal year ended July 31, 1992. This compares with net income of $12,880,000, or $1.95 per share, for the prior year. Included in results for the most recent fiscal year were one-time, pre-tax charges of approximately $5.1 million associated with the recall and related write-off of Orcolon, an ophthalmic surgery product, and cancellation of the company's Cinema Digital Sound (CDS) project. Sales for fiscal 1992 rose to $159,699,000 from $145,744,000 last year.
For the fourth quarter ended July 31, 1992, net income amounted to $39,000, equal to $.01 per share, which included pre-tax write- downs on Orcolon and CDS amounting to $1.7 million. The company earned $3,572,000, or $.54 per share, a year ago. Sales for the fourth quarter rose modestly to $40,689,000 from $40,046,000 for the corresponding prior-year period. Richard D. Wood, president and chief executive officer, said, on an operating basis, results for the year were impacted primarily by the company's ophthalmic surgical products division, which posted lower sales and profits and continued to experience pricing pressures for intraocular lenses. He said the consumer optical group posted higher sales volume for the year despite a general industry slowdown, although profits for the group were modestly below the prior year, due principally to recent expansions. Wood also stated that the scientific/industrial group had somewhat lower sales for the year, and without the drain from CDS, would have shown improved profits. "Although the current economic environment presents challenges, we are continuing to build for the future, with new product introductions and vigorous research and development programs," said Wood. "Moreover, ORC's financial strength, leadership positions in selected markets and dedicated management team position us well for the long-term." Optical Radiation designs and manufactures a wide range of precision optical components and systems for medical, industrial and scientific applications. OPTICAL RADIATION CORP. Statement of Income (In thousands, except per share data) Three months ended Fiscal Year Ended July 31, July 31, 1992 1991 1992 1991 Sales $40,689 $40,046 $159,699 $145,744 Income before provision for income taxes 39 4,891 5,254 17,687 Provision for income taxes 0 1,319 1,252 4,807 Net income $39(a) $3,572 $4,002(a) $12,880(b) Net income per share $0.01(a) $0.54 $0.62(a) $1.95(b) Weighted average number of shares outstanding 6,369 6,610 6,491 6,604 (a) Includes special after-tax charge of $3.9 million, or $.60 per share, for fiscal year 1992 and $1.3 million, or $.21 per share, for the fourth quarter relating to the cancellation of the Cinema Digital Sound project and Orcolon related charges. (b) Includes litigation related, special, after-tax gain of $1.1 million, or $.17 per share. -0- 9/17/92 /CONTACT: Richard D. Wood of Optical Radiation, 818-969-3344; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Optical Radiation/ (ORCO) CO: Optical Radiation Corp. ST: California IN: MTC SU: ERN
JL-JB -- LA024 -- 0730 09/17/92 14:04 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 17, 1992|
|Previous Article:||MEDCHEM PRODUCTS, INC. NAMES JONATHAN D. DONALDSON CEO; PROMOTIONS FILL KEY EXECUTIVE MANAGEMENT POSITIONS|
|Next Article:||ALLEGHENY & WESTERN CORPORATION ANNOUNCES FINAL YEAR END RESULTS|