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SALVATORI OPHTHALMICS REPORTS 1992 FIRST QUARTER RESULTS OF OPERATIONS

 SARASOTA, Fla., April 30 /PRNewswire/ -- Salvatori Ophthalmics today reported results of operations for the three months ended March 31, 1993. For the first quarter of 1993 the company experienced a net loss of $138,681 on sales of $935,255. This compares to a net loss of $216,033 on sales of 1,135,101 for the same period in 1992.
 The decrease in the net loss is a direct result of the changes made to the company's return policies during the second half of 1992, and the cost reduction programs initiated by management during 1992.
 Sales declined 18 percent for the first quarter of 1993 compared to the same period in 1992 contributing to the loss. Most of the sales decline was in the Sof-Form II lens as a result of the change in the return policies. That lens had been an extremely low gross margin product. Cost of sales for the current period totaled $506,799 of 54 percent of sales compared to $564,084 or 50 percent for the same period in 1992. Management believes the increase in cost of sales results from the sales decline, particularly in soft lens production. The fixed cost segment of cost of sales must be spread over a lower volume of production resulting in higher overall costs.
 Management believes the decline in sales experienced during the 1993 period compared to the 1992 period results from the continuing growth of disposable lenses, the only industry growth segment, which has had the effect of slowing the growth of sales of other market segments, including the market for the company's rigid gas permeable and specialty lenses.
 Salvatori Ophthalmics, Inc. is a manufacturer of specialty contact lenses sold principally to eye care professionals. The company has manufacturing facilities located at Sarasota, Fla. and Lincoln, Neb. It is a publicly owned company whose common stock trades over the counter.
 SALVATORI OPHTHALMICS, INC.
 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Sales $ 935,255 $1,135,101
 Gross Profit $ 428,476 $ 571,017
 Net loss $ (137,681) $ (216,033)
 Net loss per share $ (0.12) $ (0.18)
 Weighted average shares
 outstanding 1,146,686 1,095,972
 -0- 4/30/93
 /CONTACT: Joseph A. Arena or David J. Dougherty of Salvatori Ophthalmics, Inc., 813-753-0383/


CO: Salvatori Ophthalmics, Inc. ST: Florida IN: MTC SU: ERN

AW-JB -- FL011 -- 3372 04/30/93 16:08 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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