Printer Friendly

SPACELABS MEDICAL INC. REPORTS SECOND QUARTER 1993 RESULTS

 REDMOND, Wash., July 13 /PRNewswire/ -- SpaceLabs Medical Inc. (NASDAQ: SLMD) today reported financial results for the second quarter ended June 25, 1993. Net income for the second quarter of 1993 was $4.6 million or 41 cents per share compared to $2.9 million or 27 cents per share for the same quarter in 1992. Year-to-date net income was $8.9 million or 79 cents per share compared to $6.4 million or 60 cents per share for the same period in 1992. Net income last year, excluding certain nonrecurring charges relating to the spin-off from its former parent company, Westmark International Inc., was $4.3 million or 40 cents per share for the second quarter and $7.8 million or 73 cents per share year-to-date.
 Revenue for the second quarter of 1993 was $62.7 million compared to $62.6 million for the same period last year. Year-to-date revenue was $127.9 million compared to $124.1 million in 1992. The slower growth of revenue is attributed to delays in hospital capital equipment purchases due to the continuing uncertainty in the U.S. marketplace regarding healthcare reform and weak economic conditions in some overseas markets. Reported Income from Operations was $7.1 million compared to $7.4 million (excluding nonrecurring charges) in the same period last year. Improvements in selling, general and administrative expenses as a percentage of revenue were offset by increases in research and development expenses and unfavorable currency movements.
 Carl Lombardi, chairman and chief executive officer, commented, "We are pleased with our results given today's difficult market conditions. We have not yet seen evidence of an upturn in the U.S. market, and it is not clear when the underlying market uncertainties will be resolved. We continue to intensify our efforts to control costs and expenses to meet the evolving business conditions." Lombardi emphasized that decreased spending is not expected to affect research and development investment in key areas that are important for the company's future growth.
 On June 24, 1993, the company announced that its Board of Directors authorized a share repurchase program of up to one million shares subject to certain limitations and conditions. Repurchase will occur in the open market from time to time, and the repurchased shares will be used in conjunction with the company's employee stock option, stock purchase and other benefit plans.
 SpaceLabs Medical Inc., founded in 1958, is a worldwide developer, manufacturer and distributor of patient monitoring products and clinical information systems with corporate offices in Redmond.
 SPACELABS MEDICAL INC.
 Condensed Consolidated Statements of Income
 (Unaudited; In Thousands, Except Per Share Data)
 Three Months Ended Six Months Ended
 June 25, June 26, June 25, June 26,
 1993 1992 1993 1992
 Revenue $ 62,714 $ 62,608 $127,922 $124,157
 Cost of sales 29,970 30,018 61,118 59,755
 Gross margin 32,744 32,590 66,804 64,402
 Operating expenses
 Selling, general 17,520 17,864 36,145 36,162
 and administrative
 Research and 7,750 7,339 15,940 14,462
 development
 Stock distribution --- 1,299 --- 1,299
 expenses
 Reorganization charges --- 181 --- 181
 Other expenses 365 27 497 441
 Total 25,635 26,710 52,582 52,545
 Income from operations 7,109 5,880 14,222 11,857
 Interest income 349 (158) 514 (374)
 (expense), net
 Income before income 7,458 5,722 14,736 11,483
 taxes
 Provision for income 2,865 2,783 5,830 5,041
 taxes
 Net income $ 4,593 $ 2,939 $ 8,906 $ 6,442
 Net income per share $ 0.41 $ 0.27 $ 0.79 $ 0.60
 Weighted average 11,273 10,772 11,299 10,669
 common shares and
 equivalents outstanding
 Condensed Consolidated Balance Sheets
 (in thousands) June 25, Dec. 25,
 1993 1992
 (Unaudited)
 ASSETS
 Currents assets
 Cash and cash equivalents $ 53,421 $ 38,481
 Receivables 55,196 55,286
 Inventories 45,371 44,451
 Prepaid expenses 1,272 2,454
 Deferred income taxes 17,951 17,292
 Total 173,211 157,964
 Property, plant and equipment 37,631 38,095
 Other assets 12,127 12,521
 Total $222,969 $208,580
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Short-term borrowings $ --- $ 405
 Current portion of long-term debt 700 700
 Accounts payable and accrued 31,092 27,611
 expenses
 Deferred revenue 3,906 3,342
 Taxes on income 4,391 1,972
 Total 40,089 34,030
 Long-term debt 12,250 12,600
 Deferred income taxes 966 1,024
 Shareholders' equity 169,664 160,926
 Total $222,969 $208,580
 Common shares outstanding 11,135 11,119
 -0- 7/13/93
 /CONTACT: Alex Lenke, investor relations manager, of SpaceLabs Medical, 206-867-7345/
 (SLMD)


CO: SpaceLabs Medical Inc. ST: Washington IN: MTC SU: ERN

JH-SB -- SE006 -- 1044 07/13/93 16:39 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 13, 1993
Words:790
Previous Article:PROGRESS FINANCIAL CORPORATION REPORTS SIXTH CONSECUTIVE QUARTER OF EARNINGS; 20 PERCENT REDUCTION IN NON-PERFORMING ASSETS
Next Article:CHARTER FEDERAL ANNOUNCES EFFECTIVENESS AND RECORD DATE FOR RIGHTS OFFERING
Topics:


Related Articles
WESTMARK REPORTS RECORD EARNINGS, RECOMMENDS DISTRIBUTION OF SPACELABS SHARES AS STOCK DIVIDEND
WESTMARK'S FINAL QUARTER REPORTED; EARNINGS 64 CENTS PER SHARE BEFORE SPIN-OFF CHARGES
SPACELABS MEDICAL REPORTS THIRD-QUARTER RESULTS; NET INCOME UP 36 PERCENT
SPACELABS MEDICAL INC. REPORTS RECORD 1992 RESULTS; FOURTH-QUARTER NET INCOME UP 31.6 PERCENT
ATL REPORTS RECORD REVENUES
SPACELABS MEDICAL INC. REPORTS FIRST-QUARTER 1993 RESULTS; NET INCOME UP 23 PERCENT
SPACELABS MEDICAL INC. ANNOUNCES STOCK REPURCHASE PROGRAM
ATL REPORTS PRELIMINARY SECOND QUARTER RESULTS
ATL REPORTS SECOND QUARTER FINANCIAL RESULTS
ATL REPORTS 1993 RESULTS AND ANNOUNCES PLANS TO ACQUIRE INTERSPEC INC.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters