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SALVATORI OPHTHALMICS REPORTS 1993 THIRD QUARTER RESULTS

 SARASOTA, Fla., Oct. 14 /PRNewswire/ -- Salvatori Ophthalmics, Inc. today reported results of operations for the period ended Sept. 30. For the third quarter of 1993, the company earned a net profit of $103,576 on sales of $1,025,978. This compares to a net loss of $146,543 on sales of $1,162,186 for the same period in 1992. For the nine months ended Sept. 30 the company incurred a net loss of $25,709 on sales of $2,956,843. This compares to a net loss of $654,732 on sales of $3,417,986 for the first nine months of 1992.
 Management believes the third quarter profit and reduced year-to- date loss are the result of cost reduction measures initiated by the company during 1992 and continued into 1993. The company's operating expenses have been reduced from $700,000 for the 1992 third quarter to $397,000 for the 1993 period. Year to date operating expenses for 1993 total $1,408,000 compared to 1992 operating expenses of $2,207,000.
 In addition to reduced operating expenses the company has increased its gross margins from 45 percent for the 1992 nine month period to 48.5 percent for the 1993 period.
 The reduced sales volume for 1993 is attributed to a decline in sales of soft lenses and solutions. The Sof-Form II product line has experienced a reduction in sales volume as a result in changes made to the return or exchange policy offered the customer on that lens. The exchange policy currently in force results in a higher gross margin on that lens. Sales of the company's Allvue lens have fallen from 1992 levels. That lens was introduced in 1992 and has not met anticipated sales volumes. Disposable lenses offered by the major manufacturers continue to take market share from the company. Sales of the company's soft toric lens increased significantly during the third quarter. This increase is in line with reported industry trends.
 Salvatori Ophthalmics, Inc. is a manufacturer of specialty contact lenses sold principally to eye care professionals. The company has manufacturing and administrative facilities located in Sarasota, Fla. and Lincoln, Neb. The company's common stock is traded on the over-the- counter market under the symbol EYES.
 SALVATORI OPHTHALMICS, INC.
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Sales $1,025,978 1,162,186 $2,956,843 3,417,986
 Gross Profit $517,568 563,930 $1,436,579 1,567,233
 Net income
 (loss) $103,576 (146,543)$ (25,709) (654,732)
 Net income (loss)
 per share $ 0.09 (0.13)$ (0.02) (0.59)
 Weighted average
 shares 1,146,686 1,095,972 1,146,686 1,095,972
 -0- 10/14/93
 /CONTACT: Joseph A. Arena of Salvatori Ophthalmics, 813-753-0383/


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

RK-AW -- FL012 -- 2406 10/14/93 16:10 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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