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STAAR RELEASES CORRECTED FIRST QUARTER FIGURES; COMPANY POSTS PROFITABLE FIRST QUARTER

 MONROVIA, Calif., April 22 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA) reported a first quarter net profit of $409,000, or 3 cents per share, compared to last year's earnings of $877,000, or 9 cents per share, which included substantial non-operating income due to licenses.
 Sales for the period of $4,285,000 were up 110 percent above last year's $2,042,000 first-quarter sales. Operating income for the first quarter of 1993 was $243,000, compared to a loss of $1,539,000 for the first quarter of 1992.
 The company stated that its last year's first quarter included non- operating income of $2,418,000 from licensing arrangements with Chiron Ophthalmics, Inc., and IOLAB Corporation. Non-operating income in the first quarter of 1993 includes $100,000 of license revenue from a domestic licensee and $66,000 of non-operating income which represents the company's portion of its CANON-STAAR subsidiary's earnings.
 The company also stated that todays earlier release was incomplete and contained an incorrect comparison of this year's first quarter net income with an incorrect 1992 first quarter operating loss figure. 1992's first-quarter operating loss was actually $1,539,000 rather than the $1,400,000 loss earlier reported, and 1992's first-quarter net income was a gain of $877,000 due mainly to non-operating income due to licensees.
 "STAAR's fully injectable IOL's continue to be eagerly received in the marketplace and our market share expansion reflects this fact," stated John R. Wolf, president and CEO. "During the ensuing year, we plan to broaden STAAR's product offerings and expand our global presence to add to sales and earnings."
 STAAR Surgical Company, a publicly traded company founded in 1982, develops, manufactures and markets products for small incision ophthalmic surgery, primarily for use in cataract procedures. All of STAAR's primary products are approved by the FDA.
 STAAR SURGICAL COMPANY
 Condensed Consolidated Statement of Operations
 (Unaudited in 000s)
 Three months ended
 April 2, 1993 April 3, 1992
 Revenues $4,285 $2,042
 Cost of Goods Sold 1,134 945
 Gross Margin 3,151 1,097
 Costs and Expenses 2,908 2,636
 Operating Income (Loss) 243 (1,539)
 Other Income (Expense)
 Sale of license to Chiron 100 1,125
 Transfer of license to IOLAB -- 1,250
 Other 66 43
 Total other income (expense) 166 2,418
 Income tax provision (benefit) -- 2
 Net Income (Loss) $409 $877
 Primary Income per share:
 Net Income $0.03 $0.09
 Shares for Primary EPS (000s) 12,113 9,332
 April 2, 1993 January 1, 1993
 (Unaudited)
 Current assets $9,935 $9,043
 Investment in joint venture 695 672
 Property, plant and equipment 2,308 2,091
 Patents and licenses, net 967 924
 Other assets 95 96
 Total assets $14,000 $12,826
 Current liabilities $4,681 $4,803
 Deferred gain on sale of
 license 659 706
 Total liabilities 5,340 5,509
 Equity 8,660 7,317
 Total liabilities & equity $14,000 $12,826
 -0- 4/22/93
 /CONTACT: William Roberts of Cameron Towey Central (investor), 513-891-1818; or Jane Ingalls of Sawyer/Miller Group (media), 212-484-7434; both for STAAR Surgical Company/
 (STAA)


CO: STAAR Surgical Company ST: California IN: MTC SU: ERN

AR -- CL027 -- 9576 04/22/93 14:39 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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