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SUMMIT TECHNOLOGY REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS

 SUMMIT TECHNOLOGY REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS
 WALTHAM, Mass., April 29 /PRNewswire/-- Summit Technology, Inc. (NASDAQ: BEAM), manufacturer and marketer of laser systems for medical applications, today announced that revenues for the first quarter ended March 31, 1992 increased 50 percent to $6,488,000 from $4,333,000 in the first quarter of 1991. Net income for the quarter ended March 31, 1992 increased 350 percent to $81,000 or 1 cent per share from $18,000 or 0 cents per share for the first quarter of 1991.
 Summit Technology, Inc. has established the leadership position in designing, manufacturing and marketing ophthalmic refractive 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 14,000 patients have been treated worldwide by ophthalmologists using Summit's laser systems.
 SUMMIT TECHNOLOGY, INC.
 Selected Income Statement Data
 (in thousands, except for per share data)
 Three months ended
 3/31/92 3/31/91
 (unaudited)
 Total revenue $6,488 $4,333
 Net income 81 18
 Earnings per share 1 cent 0
 Weighted average number
 of common shares and
 common share
 equivalents outstanding 15,461 14,353
 Selected Balance Sheet Data as of:
 3/31/92 12/31/91
 (unaudited) (audited)
 Cash and cash equivalents $17,008 $17,085
 Total current assets 33,066 31,005
 Total assets 38,333 35,494
 Total current liabilities 7,247 5,390
 Shareholder's equity 30,278 29,714
 -0- 4/29/92
 /CONTACT: Paula Rainville of Summit Technology, 617-890-1234/
 (BEAM) CO: Summit Technology, Inc. ST: Massachusetts IN: MTC SU: ERN


TM-SH -- NE001 -- 4177 04/29/92 08:41 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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