Q-MED REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Q-MED REPORTS FOURTH QUARTER AND YEAR-END RESULTS LAURENCE HARBOR, N.J., Feb. 20 /PRNewswire/ -- Q-Med, Inc.
(NASDAQ: QEKG) today reported that net sales for the fourth quarter ending Nov. 30, 1991 increased 12 percent to $2,210,104 compared to net sales of $1,976,453 for the corresponding period of the prior year. Net profits for the fourth quarter were $61,195 or $0.01 cents per share, compared to a net profit of $35,917 or $0.01 cents per share during the corresponding period of the prior year. Year-end net sales increased 10 percent to $7,739,885 compared to net sales of $7,024,294 for the corresponding year-end. Net profits for the year ending November 1991 were $101,473 or $0.02 cents per share, compared to a loss of ($142,690) or a loss of ($0.02) per share for the corresponding year end.
Michael W. Cox, CFO of Q-Med, commented that both fourth quarter and year-end results were in line with the company's expectations. Cox said, "Sales activity for the year was very encouraging. Gross margins increased to 76 percent vs. 72 percent last year, while at the same time expenses declined approximately 8 percent compared to a year ago." Cox further stated that he expected continued growth and improved operating results because of recent expansion of Q-Med's salesforce and the expected introduction of new products during 1992. Q-MED, INC. FINANCIAL RESULTS Year End Nov. 30 Quarter End Nov. 30 1991 1990 1991 1990 Net Sales $7,739,885 $7,024,294 $2,210,104 $1,976,453 Income (loss) from cont. operations $ 101,473 ($1,419,098) $ 61,195 $ 35,917 Income (loss) from discont. operations -- $1,276,408 -- -- Net income (loss) $ 101,473 ($ 142,690) $ 61,195 $ 35,917 Average shares 6,640,315 6,640,315 6,640,315 6,640,315 Income (loss) per share $ 0.02 $ (0.02) $ 0.01 $ 0.01 -0- 2/20/92 /CONTACT: Michael W. Cox, president of Q-Med, 1-800-237-2039/ (QEKG) CO: Q-Med, Inc. ST: New Jersey IN: HEA SU: ERN AH -- NY001 -- 0773 02/20/92 08:32 EST
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|Date:||Feb 20, 1992|
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