NEWS
August 13, 1999 15:12
Surgical Safety Products, Inc. 2nd Quarter Results; Continued
Investment in OASiS Network Expansion Results in Losses
SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 13, 1999--Surgical Safety Products, Inc. (OTCBB:SURG) announced its financial results for the second quarter and six months ended June 30,1999.
For the quarter ended June 30, 1999, revenue was $13,157 up $9,998 or 316% from 1998's revenueof $3,159. Net loss for the quarter increased $29,217 to $271,970 or $.02 per share compared to a net loss of $242,753 or $.02 per share for the same period last year. Operating expenses remain higher as the company continues its policy of investing in marketing support necessary to sustain the accelerated launch of the Company's OASiS network.
For the six months, revenue was $52,734 up $33,595 or 176% from 1998's $19,139. The net loss was $379,826 or $.04 per share, up $83,145 from the $296,681 or $.03 per share reported in the first half of 1998.
G. Michael Swor, MD, Founder and Chairman of the Board noted: "With the second stage of market-testing and our Beta-Site network nearing completion, we are commencing our hyper-deployment plan. Our relationships involve a select group of industry partners, which will
allow us to accelerate production, installation and Internet connection of our national network of OASiS Touch-Access information portals in hospitals. As the units are installed, revenue growth
will increase and lead to further expansion of our network."
Frank Clark, CEO, added, "Our sales and marketing efforts now focus toward our new goal of hyper deployment (of OASiS). While the fruits of our labor have had minimal impact on our revenues to date, we expect losses to continue through 1999; and, we are confident and remain optimistic that we will achieve profitability in the year 2000."
ABOUT SURG
Surgical Safety Products, Inc., is the originator and marketer of OASiS Touch-Access Information, an industry leader in providing touch-enabled information to hospitals. OASiS is an information
delivery and collection service for healthcare workers. Consisting of proprietary hardware and software, it is an Internet-based information network between hospitals, their staff, healthcare industry companies and others. The business model for OASiS produces revenue through hardware lease fees, service contracts, and content providers who broadcast on the network.
Certain statements contained in this release constitute forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1934. This includes, without
limitation, statements related to product demand, pricing, market acceptance, economic conditions, risks with technological development, the ability to raise additional capital on acceptable terms, and other risks identified in the Company's Securities and Exchange Commission filings.
SURGICAL SAFETY PRODUCTS, INC.
CONDENSED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
Six Months Ended Three Months Ended
June 30 June 30
1999 1998 1999 1998
Revenue $ 52,734 $ 19,139 $ 13,157 $ 3,159
Costs and expenses
Cost of medical
products sold 8,135 1,278 7,874 1,125
Operating expenses 396,900 290,946 257,916 227,672
Research and
development expenses 20,085 9,771 13,418 4,633
Interest expense 7,440 13,825 5,919 12,482
Total costs 432,560 315,820 285,127 245,912
Net loss before income
taxes (379,826) (296,681 (271,970) (242,753)
Provision for income
taxes 0 0 0 0
Net loss $(379,826) $(296,681) $(271,970) $(242,753)
Net loss per share $ (0.04) $ (0.03) $ (0.02) $ (0.02)
Electronic Photos and CDROM Demonstrations Available on request Contact: Don Lawrence,
Executive Vice President, Sales and Marketing 941-927-7874 Ext. 102
CONTACT: Surgical Safety Products, Inc., Sarasota
Don Lawrence
Executive Vice President, Sales and Marketing
941/927-7874 Ext. 102 |
