Printer Friendly

OSTEOTECH ANNOUNCES RECORD 1992 REVENUES

 SHREWSBURY, N.J., March 15 /PRNewswire/ -- Osteotech, Inc. (NASDAQ: OSTE), announced today it had achieved record revenues in 1992, which increased by 51 percent to $14,651,000 from $9,686,000 in 1991. Revenues in the fourth quarter of 1992 increased 43 percent to $3,889,000 from $2,721,000 in 1991. The 1992 revenue increases were primarily attributable to the continued growth in sales of Grafton(TM) Allogenic Bone Matrix and revenues contributed by the company's Dutch subsidiary, HC Implants BV, acquired in the second quarter of 1992.
 Net income in the fourth quarter of 1992 was $270,000 or 3 cents per share compared to net income of $55,000 or 1 cent per share in the same period in 1991. Net income for 1992 was $414,000 or 5 cents per share (including a $670,000 one-time pre-tax benefit from the settlement of a joint development agreement reported during the first quarter of 1992) compared to net income of $606,000 or 9 cents per share in 1991.
 As expected, earnings for the full year declined as a result of the investment the company made to expand its direct marketing force earlier in the year and its accelerated investment in research and development.
 "The expansion of our direct sales force has resulted in increased revenues of Grafton," said Patrick A. McBrayer, president and chief executive officer of Osteotech. "In addition, this dedicated sales organization will serve as a vehicle for further product introductions to our targeted muscoloskeletal market."
 In Europe, Osteotech's subsidiary, HC Implants BV, has provided the company an ongoing business in ceramic coating of orthopaedic prosthesis as well as opportunities for the development and licensing of an array of new biomaterials for orthopaedic and general surgical applications.
 "We continue to be pleased with the research and development progress from our biomaterials operations as they prepare to introduce new products in Europe in 1993. Our Polyactive(TM) polymer technology will complement our biologics operations and provide new opportunities for revenue and profit for the company through product development and licensing activities," Mr. McBrayer stated.
 Osteotech, Inc., headquartered in Shrewsbury, is a leading processor of human bone and bone connective tissue for transplantation and an innovator in the development of biologic and biomaterial products for musculoskeletal surgery.

 OSTEOTECH, INC.
 Consolidated Summary of Financial Information
 (In thousands, except per share data)
 Periods ended Three Months Twelve Months
 Dec. 31 1992 1991 1992(A) 1991
 (Unaudited)
 Revenues:
 Service $3,376 $2,542 $12,807 $ 9,013
 Product 324 179 1,509 673
 Grant 189 -- 335 --
 Total 3,889 2,721 14,651 9,686
 Costs and expenses:
 Cost of services 1,724 1,323 6,593 4,990
 Cost of products 190 130 847 467
 Marketing, general and
 administrative 1,743 1,107 6,440 3,290
 Research and development 644 392 2,560 1,354
 Total 4,301 2,952 16,440 10,101
 Other income (expense):
 Interest income, net 123 298 883 1,040
 Gain on termination of
 joint development
 agreement -- -- 670 --
 Recovery of principal
 on note from a
 significant customer 555 -- 575 --
 Other 29 (4) 103 (4)
 Total 707 294 2,231 1,036
 Income before income taxes
 and cumulative effect
 of accounting change 295 63 442 621
 Provision for income taxes 25 8 43 15
 Income before cumulative
 effect of a change
 in accounting principle 270 55 399 606
 Cumulative effect of change
 in accounting for income
 taxes -- -- 15 --
 Net income $ 270 $ 55 $ 414(B) $ 606
 Net income per share $.03 $.01 $.05 $.09
 Shares used in computing
 net income per share 8,081,534 8,247,093 8,168,371 6,967,597
 (A) -- Includes the results of operations of HC Implants BV since April 1, 1992.
 (B) -- Includes a one-time benefit of $670,000 before income taxes from the gain on termination of a joint development agreement.
 -0- 3/15/93
 /CONTACT: Michael J. Jeffries of Osteotech, 908-542-2800/
 (OSTE)


CO: Osteotech, Inc. ST: New Jersey IN: MTC SU: ERN

GK-TS -- NY014 -- 5928 03/15/93 10:06 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:Mar 15, 1993
Words:677
Previous Article:GTECH AWARDED FULL FACILITIES MANAGEMENT CONTRACT FOR THE NATIONAL LOTTERY OF IRELAND
Next Article:UNITED ASSET MANAGEMENT CORPORATION INCREASES QUARTERLY DIVIDEND
Topics:


Related Articles
OSTEOTECH ANNOUNCES PROFITABLE YEAR END RESULTS AND 28.6 PERCENT REVENUE INCREASE
OSTEOTECH REPORTS 46 PERCENT INCREASE IN SIX MONTH REVENUES
OSTEOTECH REVENUES UP 71 PERCENT FOR QUARTER ENDED SEPT. 30, 1992
OSTEOTECH ANNOUNCES 35 PERCENT REVENUE INCREASE FOR SIX-MONTH PERIOD; EARNINGS ALSO INCREASE SIGNIFICANTLY
OSTEOTECH ANNOUNCES RECORD REVENUES AND EARNINGS; REVENUES INCREASE 31% to $19 MILLION
OSTEOTECH REPORTS THIRD CONSECUTIVE QUARTER OF RECORD REVENUES
OSTEOTECH ACHIEVES 27% INCREASE IN REVENUES FOR FIRST SIX MONTHS; REPORTS EIGHTH CONSECUTIVE PROFITABLE QUARTER
OSTEOTECH ANNOUNCES FIRST QUARTER 1995 REVENUE INCREASE OF 21%
OSTEOTECH REPORTS 19% REVENUE GROWTH IN FIRST SIX MONTHS OF 1995
OSTEOTECH REPORTS RECORD THIRD QUARTER REVENUES AND EARNINGS

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