Printer Friendly

SOMANETICS CORPORATION ANNOUNCES FISCAL SECOND-QUARTER RESULTS

 SOMANETICS CORPORATION ANNOUNCES FISCAL SECOND-QUARTER RESULTS
 TROY, Mich., July 14 /PRNewswire/ -- Somanetics Corporation (NASDAQ: SMTS) reported net losses of $1,362,151 ($0.17 per common share) and $2,237,552 ($0.32 per common share) for the second fiscal quarter and six-month period ending May 31, 1992. These results compare to net losses of $412,348 ($0.09 per common share) and $855,835 ($0.25 per common share) for the same periods of 1991, respectively. The second fiscal quarter results include a non-recurring expense of $250,000 related to an agreement with the company's former underwriter, and reflect Somanetics' efforts to prepare its operations for commercial shipments of its medical device, the INVOS 3100(R) Cerebral Oximeter. Margins are expected to improve as the company accelerates its production and expenses initial manufacturing costs.
 On July 6, 1992, Somanetics announced that its INVOS 3100 Cerebral Oximeter and disposable SomaSensor(TM) had been cleared for marketing, promotion and commercial sales.
 During the second quarter, the exercise of Class A Warrants was completed. Through the first six months of fiscal 1992, Somanetics received $12,545,080 in proceeds from the exercise of 4,139,000 Class A Warrants and 32,020 Class B Warrants, and issued 4,171,020 Common Shares and 4,139,000 Class B Warrants as a result of the exercises. As of May 31, 1992, there were 4,106,980 Class B Warrants outstanding.
 Somanetics Corporation, headquartered in Troy, develops, markets and manufactures computer-based medical diagnostic and monitoring equipment using In Vivo Optical Spectroscopy (INVOS(R)) technology. The company has developed the Somanetics INVOS 3100 Cerebral Oximeter which uses INVOS technology to measure noninvasively, directly and continuously, oxygen saturation of the blood in portions of an adult's brain. The Cerebral Oximeter is intended for use in a hospital's operating room, intensive care unit, recovery room and emergency room. Somanetics Common Shares and Class B Warrants are publicly traded on NASDAQ under the symbols SMTS and SMTSZ, respectively.
 SOMANETICS CORPORATION
 (A development stage company)
 SELECTED INCOME STATEMENT DATA
 For the fiscal quarters and six-month periods
 ended May 31, 1992 and 1991
 (In thousands, except share and per-share data)
 Three Months Six Months
 Ended May 31 Ended May 31
 1992 1991 1992 1991
 Total revenues $50 --- $50 ---
 Gross margin 2 --- 2 ---
 Net (loss) (1,362) (412) (2,238) (856)
 Net (loss) per share ($0.17) ($0.09) ($0.32) ($0.25)
 Weighted average no.
 of shares
 outstanding 7,788,373 4,778,163 7,019,503 3,396,570
 SOMANETICS CORPORATION
 (A development stage company)
 SELECTED BALANCE SHEET DATA
 May 31, 1992 and Nov. 30, 1991
 (in thousands)
 May 31, 1992 Nov. 30, 1991
 Total current assets $13,233 $3,546
 Total assets 13,732 3,903
 Total current liabilities 1,086 854
 Long-term debt and redeemable
 convertible preferred shares 90 100
 Shareholders' equity 12,556 2,949
 -0- 7/14/92
 /CONTACT: Mary Ann Robb of Somanetics, 313-689-3996/
 (SMTS) CO: Somanetics Corporation ST: Michigan IN: MTC SU: ERN


KR-ML -- DE019 -- 9087 07/14/92 12:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 14, 1992
Words:509
Previous Article:THE FLORIDA EMPLOYERS INSURANCE COMPANY ANNOUNCES LIQUIDATING DIVIDEND OF $16.0743 PER SHARE
Next Article:MILACRON REPORTS HIGHER SALES AND EARNINGS IN SECOND QUARTER; NEW ORDERS UP OVER FIRST QUARTER LEVELS
Topics:


Related Articles
SOMANETICS ANNOUNCES THIRD-QUARTER RESULTS
SOMANETICS ANNOUNCES THIRD-QUARTER RESULTS
SOMANETICS CORPORATION ANNOUNCES YEAR-END RESULTS
SOMANETICS' SECOND QUARTER RESULTS INCLUDE FIRST REVENUES FROM COMMERCIAL SALES OF CEREBRAL OXIMETER
SOMANETICS ANNOUNCES THIRD-QUARTER RESULTS
SOMANETICS ANNOUNCES SECOND QUARTER RESULTS
Somanetics Announces Third Quarter Results
Somanetics Corporation Announces Year-End Results
Somanetics Announces First Quarter Results
Somanetics Announces First Quarter 2000 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters