earnings out:Thursday July 22, 8:32 am Eastern Time
Company Press Release
SOURCE: STAAR Surgical Company
STAAR Surgical Reports Second Quarter Results
Company reports stronger margins; EPS beats street estimates at $0.05 Per Share; Continued Clinical Progress With New Products for the Refractive, Cataract and Glaucoma Markets; and FDA Market Approval for STAARVISC(TM)
MONROVIA, Calif., July 22 /PRNewswire/ -- STAAR Surgical Company (Nasdaq: STAA - news), a leading worldwide manufacturer and marketer of a broad line of products for the refractive, cataract and glaucoma markets, today reported revenues of $14.7 million for its quarter ended July 2, 1999, five percent above last year's second quarter revenues of $14.0 million. Net income for the quarter was $677,000, or $0.05 per diluted share, compared with $1.5 million, or $0.11 per diluted share for the second quarter last year.
Revenues for the six-month period also increased five percent to $29.6 million, from $28.1 million for the same period last year. Net income for the first half of 1999 was $1.3 million, $0.09 per diluted share, compared to $3.2 million, $0.24 per diluted share for the same period in 1998.
''We have experienced our second consecutive quarter of improved gross margins and our third quarter of revenue growth. This favorable trend is the result of our IOL continuing to gain strength on the approval of the TORIC IOL(TM) and sequential quarterly increases in ICL sales,'' said John R. Wolf, Chairman and President of STAAR Surgical Company. ''Although we are continuing to overcome the difficulties associated with the changes in product mix, the additional operating expenses incurred to absorb our new international distributors and the costs of selling their non-STAAR ophthalmic products, we are optimistic this upward trend will continue.''
''This has been one of our most exciting quarters with the FDA approval of our STAARVISC(TM) viscoelastic solution, the implant of our first TORIC ICL(TM) in Europe to begin CE Mark trials on this important product, receiving FDA clearance to begin Phase III clinical trials on the ICL(TM) to correct hyperopia, and receiving the European CE Mark for the Collamer(TM) IOL,'' commented Wolf. ''We have worked many years to get to this point. I am proud of our achievements and excited about the potential that lies ahead for STAAR and the people who use our products.''
Separately, the Company board of directors has authorized the buy back of up to one million shares of its outstanding common stock in the open market.
Founded in 1982, STAAR Surgical Company develops, manufactures and globally distributes minimally invasive medical devices for use in the refractive, cataract and glaucoma surgery markets. The Company's principal product lines include foldable intraocular lenses, which are used as replacements for the natural lens in cataract procedures and the TORIC IOL(TM). STAAR also markets the Implantable Contact Lens(TM), which is a refractive lens for the treatment of nearsightedness, and farsightedness and the AquaFlow(TM) collagen glaucoma drainage device for the treatment of glaucoma.
For additional information, visit the Company's web site at staar.com or CTC's web site at irbyctc.com or call Bill Huddleston, Chief Financial Officer of STAAR Surgical at (626) 303-7902 or Bill Roberts, CTC Inc. at (937) 434-2700 or Ken Paneral, CTC Inc. at (847) 729-8521.
STAAR Surgical Company
Condensed Consolidated Statements of Income
(in 000's except per share data)
Three Months Ended Six Months Ended
July 2, July 3, July 2, July 3,
1999 1998 1999 1998
Sales $14,701 $13,925 $29,426 $27,968
Royalties/Other Income 73 58 131 116
Total Revenue $14,774 $13,983 $29,557 $ 28,084
Cost of Sales 5,488 3,828 11,233 8,112
Gross Profit $ 9,286 $10,155 $18,324 $19,972
General & Administrative 1,749 1,681 3,491 3,362
Marketing & Selling 5,042 4,795 9,888 9,180
Research & Development 1,006 938 2,068 1,955
Total Expenses 7,797 7,414 15,447 14,497
Operating Income 1,489 2,741 2,877 5,475
Other Income (Expense) (268) (53) (398) (151)
Income before taxes 1,221 2,688 2,479 5,324
Income Tax Provision 434 934 854 1,778
Minority Interest 110 231 275 347
Net Income $677 $1,523 $1,350 $ 3,199
Diluted earnings
per share $0.05 $0.11 $0.09 $0.24
Shares for Diluted EPS 14,600 14,240 14,600 14,240
Condensed Consolidated Balance Sheet
(in 000's) Unaudited
July 2, Jan. 1,
1999 1999
Current Assets 42,610 $41,117
Total Assets 74,968 73,290
Current Liabilities 14,116 14,192
Total Liabilities 26,206 24,727
Stockholders' Equity - Net 48,761 47,706
Total Liabilities & Equity $74,968 $73,290
Certain statements in this press release constitute ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements involve risks and uncertainties that may cause the Company's actual results to be materially different.
SOURCE: STAAR Surgical Company |
