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SUMMIT TECHNOLOGY REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 1991

 SUMMIT TECHNOLOGY REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER
 AND FISCAL YEAR 1991
 WALTHAM, Mass., Feb. 11 /PRNewswire/ -- Summit Technology, Inc. (NASDAQ: BEAM) manufacturer and marketer of laser systems for medical applications, today announced that revenues for the fourth quarter ended Dec. 31, 1991 increased 79 percent to $6.8 million as compared to $3.8 million for the fourth quarter ended Dec. 31, 1990. For the year ended Dec. 31, 1991, revenues increased 89 percent to $22 million as compared to revenues of $11.6 million for the year ended Dec. 31, 1990. Net income for the fourth quarter ended Dec. 31, 1991 increased 70 percent to $342,000 or 2 cents per share as compared to net income of $201,000 or 1 cent per share for the fourth quarter ended Dec. 31, 1990. Net income for the year ended Dec. 31, 1991 was $980,000 or 7 cents per share as compared to a net loss of $(665,000) or (5 cents) per share for the year ended Dec. 31, 1990. 1991 marks the first full year of profitability for the company.
 The 89 percent increase in revenues from 1990 to 1991 is attributed to continuing international demand for Summit's laser system.
 Summit Technology, Inc. has established the leadership position in designing, manufacturing and marketing ophthalmic excimer laser systems. A major focus of the company's business is in ophthalmology 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. There are believed to be approximately 140 million people in the United States with refractive disorders. To date, over 10,000 patients have been treated worldwide by ophthalmologists using Summit's laser system.
 SUMMIT TECHNOLOGY, INC.
 Fourth Quarter and FY1991 Selected Financial Results
 (in thousands, except per share data)
 Three months ended
 12/31/91 12/31/90
 (unaudited) (unaudited)
 Total revenue $6,816 $3,801
 Net income (loss) 342 201
 Earnings (loss) per share 2 cents 1 cent
 Weighted average number of
 common shares and common
 share equivalents outstanding 15,371 14,258
 Year ended
 12/31/91 12/31/90
 (unaudited) (audited)
 Total revenue $22,018 $11,646
 Net income (loss) 980-(a) (665)
 Earnings (loss) per share 7 cents-(a) (5 cents)
 Weighted average number of
 common shares and common
 share equivalents outstanding 14,933 12,202
 ---
 Note (a)-Includes extraordinary credit of $456,288, or 3 cents per share, resulting from the utilization of tax loss carryforwards.
 Selected Balance Sheet Data
 (in thousands)
 12/31/91 12/31/90
 (unaudited) (audited)
 Cash and cash equivalents $17,085 $5,883
 Total current assets 31,006 11,445
 Total assets 35,494 13,666
 Total current liabilities 5,390 3,403
 Shareholders' equity 29,714 10,141
 -0- 2/11/92
 /CONTACT: Paula Rainville of Summit Technology, 617-890-1234/
 (BEAM) CO: Summit Technology, Inc. ST: Massachusetts IN: MTC SU: ERN


DH-SH -- NE005 -- 8689 02/11/92 09:50 EST
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Date:Feb 11, 1992
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