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SALVATORI OPHTHALMICS REPORTS RESULTS

 SARASOTA, Fla., March 31 /PRNewswire/ -- Salvatori Ophthalmics, Inc. today reported results of operations for the full year, and the fourth quarter, ended Dec. 31, 1992. For the full year the company experienced a net loss of $1,078,778 on sales of $4,468,662. This represented a decline from 1991 sales which were $5,296,568, and a decrease from 1991's loss which was $1,250,097. Of the 1992 loss of $1,078,778, $687,247 represented a loss from operations, while $427,087 represented the write-off of acquisition costs. The 1991 loss from operations totaled $1,164,163.
 For the fourth quarter the company lost $424,046 on net sales of $1,050,636. However, the company had a profit of $3,041 for the fourth quarter before the write-off of acquisition costs of $427,087. The sales of $1,050,636 represented an increase of $77,996 or 8 percent over the fourth quarter of 1991. The loss of $424,086 represented an improvement of $358,722 over the 1991 fourth quarter loss.
 Management attributed the decline in sales from 1991 to a number of factors including (1) the general economic climate, and (2) the continuing increase in the popularity of disposable contact lenses, which the company does not produce.
 The 1992 operating results of the company improved by $476,916 compared to 1991 as a result of the cost reduction programs initiated by management during the fourth quarter of 1991, and the efficiencies achieved by the fully automatic lathes purchased during the latter part of 1991.
 David Dougherty, the chairman and president of the company, noted that "While we are disappointed by the losses in 1992, we are encouraged by the improvement which has been made over 1991, in particular, the fact that the company's operations were profitable during the fourth quarter. We look forward to continuing improvement in 1993."
 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. Salvatori, headquartered in Sarasota, manufactures and markets RGP and soft contact lenses for daily and extended wear. The company's stock is traded over the counter.
 SALVATORI OPHTHALMICS, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 Unaudited
 1992 1991 1992 1991
 Sales $1,050 $972 $4,469 $5,207
 Gross Profit 603 133 2,170 2,042
 Operating loss (47) (733) (687) (1,164)
 Other expenses 378 40 392 83
 Income Taxes --- --- --- 3
 Net loss (425) (773) (1,079) (1,250)
 Net loss
 per share $(0.39) $(0.72) $(0.99) $(1.16)
 -0- 3/31/93
 /CONTACT: Dave Dougherty or Joe Arena of Salvatori Ophthalmics, 813-753-0383/


CO: Salvatori Ophthalmics ST: Florida IN: MTC SU: ERN

JB-AW -- FL002 -- 1621 03/31/93 15:28 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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