SCIMED ANNOUNCES FIRST QUARTER RESULTS
SCIMED ANNOUNCES FIRST QUARTER RESULTS MINNEAPOLIS, June 18 /PRNewswire/ -- SciMed Life Systems, Inc.
(NASDAQ-NMS: SMLS) announced net earnings of $10,678,000, or 70 cents per fully diluted share, for the first quarter of Fiscal 1993, ended May 31, 1992, compared with $11,903,000, or 78 cents per share, for the same period last year. Excluding royalties and the amortization of cash payments to Advanced Cardiovascular Systems (ACS), a subsidiary of Eli Lilly, first quarter earnings would have been 95 cents per share.
Net sales for the quarter were a record $51,265,000, an increase of 22 percent, compared with net sales of $41,950,000 last year. Excluding sales of the surgical business sold in June 1991, net sales increased 29 percent. Expenditures for research and development for the first quarter of Fiscal 1993 increased 59 percent to $4,048,000, compared with the same period last year. SciMed expects to invest at least 50 percent more on research and development in Fiscal 1993 compared with last year. SciMed's financial position is strong and demonstrates continued improvement as cash balances grew to $85,747,000 from $71,464,000 at the end of Fiscal 1992, reflecting continued cash generated from operations. Dale A. Spencer, president and chief executive officer, commented, "SciMed continues to strengthen its coronary angioplasty business worldwide. Our recent agreement with American Home Products Corporation to begin manufacturing in Europe enhances our commitment to our growing international customer base. "The continued expansion of SciMed's technology base and new product development programs, backed by significantly increased investments in research and development, will be instrumental in SciMed's development of a broader line of products for catheter-based procedures. Our commitment to develop products for the larger overall market for disposable devices to treat vascular disease is an exciting challenge which we believe will provide long-term value for SciMed's shareholders, customers and employees." SciMed Life Systems, Inc. develops, manufactures, and markets disposable medical devices, principally coronary angioplasty catheters, for interventional treatment of coronary artery disease. SciMed's shares are traded on the NASDAQ National Market System under the symbol SMLS. SCIMED LIFE SYSTEMS, INC. Statements of Earnings (Unaudited) Three Months Ended May 31 1992 1991 Net Sales $51,265,000 $41,950,000 Cost of Sales 10,942,000 9,136,000 Gross Profit 40,323,000 32,814,000 Operating Expenses: Selling, General and Administrative 15,182,000 12,299,000 Royalties 5,181,000 143,000 Research and Development 4,048,000 2,546,000 Operating Profit 15,912,000 17,826,000 Interest Income 875,000 896,000 Interest Expense 254,000 -- Other Income, net 22,000 22,000 Earnings Before Income Taxes 16,555,000 18,744,000 Income Taxes 5,877,000 6,841,000 Net Earnings $10,678,000 $11,903,000 Earnings Per Common Share $.70 $.78 Weighted Average Number of Common and Common Equivalent Shares Outstanding 15,238,000 15,166,000 -0- 6/18/92 /CONTACT: Karen J. Kelsey of SciMed, 612-420-0329/ (SMLS) CO: SciMed Life Systems, Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN001 -- 1350 06/18/92 08:31 EDT
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|Date:||Jun 18, 1992|
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