ST. JUDE MEDICAL REPORTS YEAR-END EARNINGS
ST. JUDE MEDICAL REPORTS YEAR-END EARNINGS ST. PAUL, Minn., Feb. 12 /PRNewswire/ -- St. Jude Medical, Inc.
(NASDAQ: STJM) today reported record fourth quarter net sales and net income as well as record annual net sales and net income for the period ending Dec. 31, 1991.
For the quarter ended Dec. 31, 1991, St. Jude Medical reported net income of $22.1 million or 46 cents per share compared to net income of $15.9 million or 33 cents per share for the fourth quarter of 1990, an increase of 39 percent. Net sales for the fourth quarter of 1991 were $52.8 million compared to $42.6 million in net sales for the fourth quarter of 1990, an increase of 24 percent. For the year ended Dec. 31, 1991, net income reached $84.0 million or $1.75 per share compared to net income of $64.7 million or $1.35 per share for the year ended 1990, an increase of 30 percent. St. Jude Medical reported 1991 net sales of $209.8 million compared to net sales of $175.2 million for 1990, an increase of 20 percent. Lawrence A. Lehmkuhl, St. Jude Medical's president and chief executive officer, stated, "Fiscal year l99l was another strong year for our company as the superior design of our mechanical heart valve continues to be well recognized in the marketplace. For the sixth consecutive year net sales growth exceeded 18 percent and net income growth exceeded 27 percent. Lehmkuhl went on to say, "The fourth quarter results reflected improving performance by our International Division in the Western European market and the full impact of a price reduction which we obtained from our supplier of the principal components used in our mechanical heart valve. The fourth quarter was the first quarter to reflect the full extent of this price reduction which was effective at the beginning of the year. Consequently, gross margins improved significantly in the quarter." St. Jude Medical, Inc., a multi-national manufacturer of the world's most preferred mechanical heart valve with over 380,000 implantations since l977, serves physicians worldwide with the highest quality products for cardiovascular and vascular care. ST. JUDE MEDICAL, INC. CONSOLIDATED INCOME STATEMENT (DATA IN THOUSANDS EXCEPT EPS) Three Months Ended December 31 1991 1990 Net Sales $52,843 $42,648 Cost of Sales 14,186 14,286 Gross Profit 38,657 28,362 Operating Expenses Sales & Marketing 5,864 4,134 General & Administrative 4,781 4,363 Research & Development 2,158 1,562 Total Operating Expenses 12,803 10,059 Operating Profit 25,854 18,303 Other Income 3,279 2,757 Income Before Taxes 29,133 21,060 Income Tax Provision 7,011 5,171 Net Income 22,122 15,889 Earnings per common share $.46 $.33 Primary shares outstanding 48,101 47,920 Twelve Months Ended December 31 1991 1990 Net Sales $209,837 $175,160 Cost of Sales 60,794 60,430 Gross Profit 149,043 114,730 Operating Expenses Sales & Marketing 21,532 14,660 General & Administrative 18,754 16,399 Research & Development 8,110 6,356 Total Operating Expenses 48,396 37,415 Operating Profit 100,647 77,315 Other Income 12,062 9,715 Income Before Taxes 112,709 87,030 Income Tax Provision 28,741 22,350 Net Income 83,968 64,680 Earnings per common share $1.75 $1.35 Primary shares outstanding 48,058 47,852 -0- 2/12/92 R /CONTACT: John Buske, 612-481-7670, or Steve Wilson, 612-481-7542, both of St. Jude Medical/ (STJM) CO: St. Jude Medical, Inc. ST: Minnesota IN: MTC SU: ERN
AL -- MN019R -- 9375 02/12/92 16:09 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 12, 1992|
|Previous Article:||NACCO INDUSTRIES DECLARES QUARTERLY DIVIDEND|
|Next Article:||NASH FINCH BOARD DECLARES REGULAR QUARTERLY DIVIDEND|