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SUMMIT TECHNOLOGY, INC. REPORTS SECOND QUARTER 1993 FINANCIAL RESULTS

 WALTHAM, Mass., July 29 /PRNewswire/ -- Summit Technology, Inc. (NASDAQ: BEAM), manufacturer and marketer of ophthalmic refractive laser systems, today announced that revenues for the second quarter ended June 30, 1993 were $8,655,000 as compared to $8,573,000 in the second quarter of 1992. Net loss for the quarter ended June 30, 1993 was $803,000 or 5 cents per share as compared to net income of $476,000, or 3 cents per share, for the second quarter of 1992. For six months ended June 30, 1993, revenues were $14,858,000, as compared to revenues of $15,061,000 for six months ended June 30, 1992. Net loss for six months ended June 30, 1993 was $1,859,000 or 12 cents per share, as compared to net income of $557,000, or 4 cents per share , for the six months ended June 30, 1992.
 On July 27, 1993, the company received proceeds of $19,561,500 from the sale of 1,150,000 shares of its common stock.
 Statement of Operations
 (In Thousands Except For Per Share Data)
 Three months ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 (unaudited) (unaudited)
 Total revenue $8,655 $8,573 $14,858 $15,061
 Net income (loss) (803) 476 (1,859) 557
 Net income (loss)
 per share (5 cents) 3 cents (12 cents) 4 cents
 Weighted average
 number of common
 shares & common
 share equivalents 15,089 15,393 15,073 15,412
 Selected Balance Sheet Data as of
 6/30/93 12/31/92
 (Unaudited)
 Cash, cash equivalents
 and short term
 investments $6,675 $8,611
 Total current assets 30,152 32,725
 Total assets 37,962 38,772
 Total current liabilities 9,214 8,189
 Shareholders' equity 28,280 29,854
 Summit Technology, Inc. has established a leadership position in designing, manufacturing and marketing ophthalmic refractive laser systems where applications have been developed for the treatment of common vision disorders such as nearsightedness, farsightedness, astigmatism, glaucoma and certain corneal irregularities due to disease or injury.
 -0- 7/29/93
 /CONTACT: Paula Rainville of Summit Technology, 617-890-1234/
 (BEAM)


CO: Summit Technology ST: Massachusetts IN: MTC SU: ERN

DJ -- NE022 -- 7337 07/29/93 15:18 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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