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STAAR REPORTS SECOND QUARTER SALES INCREASED 119 PERCENT; THIRD CONSECUTIVE QUARTER RECORD SALES AND PROFITS

 MONROVIA, Calif., Aug. 2 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA) reported a second quarter net profit of $555,000 or 4 cents per share compared to a loss of $1,593,000 posted in the second quarter of 1992.
 Sales increased 119 percent to $4,953,000 from $2,259,000 for the same period last year.
 Operating income rose to $363,000 for the end of the second quarter compared to an operating loss of $1,508,000 for the second quarter of 1992. Operating income increases were due mainly to record sales and a 32 percent reduction in G&A costs as part of an ongoing cost control effort by the company.
 "We are pleased to report our third consecutive quarter of increasing profits," said John R. Wolf, president and CEO of STAAR Surgical Company. "Increased efficiencies, the demand for STAAR Surgical products both here and abroad, and the commitment of STAAR's employees to improving the bottom line all contributed to our continued uptrend and profitability," Wolf said.
 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 000's)
 3 mos. ended 6 mos. ended
 7/2/93 7/3/92 7/2/93 7/3/92
 Revenues $ 4,953 $ 2,259 $ 9,239 $ 4,301
 Cost of goods sold 1,111 540 2,245 1,485
 Gross margin 3,842 1,719 6,994 2,816
 Costs and expenses 3,479 3,227 6,387 5,863
 Operating income (loss) 363 (1,508) 607 (3,047)
 Total other income (exp.) 192 (85) 358 2,333
 Pre-tax income (loss) $ 555 $(1,593) $ 965 $ (714)
 Primary income per share:
 Net income $ 0.04 $ (.12) $ 0.075 $ (.05)
 Shares for primary EPS
 (000s) 12,800 9,419 12,800 9,419
 CONDENSED CONSOLIDATED BALANCE SHEET
 (in 000's)
 7/2/93 1/1/93
 (unaudited)
 Current assets $ 10,607 $ 9,043
 Investment in joint venture 820 672
 Property, plant and equipment 2,442 2,091
 Patents and licenses, net 1,160 924
 Other assets 96 96
 Total assets $ 15,125 $12,826
 Current liabilities $ 5,036 $ 4,803
 Deferred gain on sale of license 613 706
 Total liabilities 5,649 5,509
 Equity 9,476 7,317
 Total liabilities and equity $ 15,125 $12,826
 -0- 8/2/93
 /CONTACT: William Roberts, investor relations of Cameron Towey Central, 513-469-0202, for STAAR Surgical, or Jane Ingalls, media relations of Sawyer/Miller Group, 212-484-7558/
 (STAA)


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

BR-BN -- AT005 -- 8231 08/02/93 09:33 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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