SCIMED ANNOUNCES FOURTH QUARTER AND FISCAL 1992 RESULTS
SCIMED ANNOUNCES FOURTH QUARTER AND FISCAL 1992 RESULTS MINNEAPOLIS, April 7 /PRNewswire/ -- SCIMED Life Systems, Inc.
(NASDAQ-NMS: SMLS) announced fourth quarter net earnings of $12,348,000, or 81 cents per fully diluted share, an increase of 53 percent, compared with $8,046,000, or 53 cents, for the same period last year. Fourth quarter net sales for fiscal year 1992 were $48,319,000, an increase of 47 percent over net sales of $32,788,000 for the fourth quarter for fiscal year 1991.
SCIMED also announced record net earnings of $34,338,000, or $2.25 per fully diluted share, for the fiscal year ending Feb. 29, 1992, an increase of 19 percent compared with earnings of $28,755,000, or $1.90 per fully diluted share, one year ago. Net sales for the year were $183,892,000, an increase of 65 percent over sales of $111,779,000 in fiscal 1991. SCIMED's fiscal 1992 earnings were negatively affected by expenses related to the settlement of patent litigation with ACS, including royalties and amortization of future cash payments, and also increased expenses due to an expanded sales force, new product launches, and increased staffing levels. These expenses were offset by the increase in sales, driven by the introduction of five new products during the year and a reduction in the effective tax rate due to the adoption of the Statement of Financial Accounting Standards No. 109 in the fourth quarter. Strong sales of new products contributed to the fourth quarter and full-year increase in sales, compared with the same periods last year. This was offset partially by the absence of revenues from SCIMED's surgical business, which was sold in June 1991. Fourth quarter sales, relative to the third quarter, were negatively affected by a decline in international sales. As previously disclosed, third quarter sales benefited from advance orders by international distributors who feared an interruption in supply related to the ACS litigation. Dale A. Spencer, president and chief executive officer, commented, "We are pleased with our over all progress. In fiscal year 1992, SCIMED achieved record sales and earnings, introduced two new coronary angioplasty catheters and three new ancillary products, strengthened its financial position, increased its market share, expanded its technological depth in both manufacturing and research and development, and strengthened its sales and marketing organization worldwide to better serve its customers. "In fiscal year 1993, we will strive to expand upon the achievements of 1992 as we continue to pursue innovative products and expanded technology that contribute to safer, faster and easier procedures, better patient outcomes, and lower total health-care costs." 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. STATEMENT OF EARNINGS (In thousands except per share data) (Unaudited) Three Months Ended Year Ended Feb. 29 (28) Feb. 29 (28) 1992 1991 1992 1991 Net sales $48,319 $32,788 $183,892 $111,779 Cost of sales 9,106 8,249 35,348 29,097 Gross profit 39,213 24,539 148,544 82,682 Operating expenses: Selling, general and administrative 15,872 10,738 57,073 34,426 Royalties 3,388 88 4,034 122 Research and development 3,525 1,905 11,353 5,752 Litigation settlement -- -- 28,000 -- Operating profit 16,428 11,808 48,084 42,382 Interest income 974 918 3,999 3,547 Interest expense 251 -- 256 167 Other income (expenses), net 69 (60) 105 (43) Earnings before income taxes 17,220 12,666 51,932 45,719 Income taxes 4,872 4,620 17,594 16,964 Net earnings $12,348 $8,046 $34,338 $28,755 Primary earnings per common share $.81 $.53 $2.27 $1.98 Fully diluted earnings per common share $.81 $.53 $2.25 $1.90 Weighted average number of common and common equivalent shares outstanding 15,290,000 15,134,000 15,126,000 14,536,000 -0- 4/7/92 /CONTACT: Karen J. Kelsey of Scimed Life Systems, 612-420-0329/ (SMLS) CO: Scimed Life Systems, Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN008 -- 5935 04/07/92 16:03 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 7, 1992|
|Previous Article:||POLL SHOWS PUBLIC WANTS HEALTH-CARE REFORM, BUT REJECTS HEALTHRIGHT'S STATE BUREAUCRACY AND CONTROL|
|Next Article:||ASICS(R) STRENGTHENS BASKETBALL CATEGORY WITH ROUNDBALL CLASSIC SPONSORSHIP|