Here are the earnings everyone was hoping for:
Biolase Technology Reports Record Sales for
Second Quarter, Six Months
SAN CLEMENTE, Calif., Aug. 13 /PRNewswire/ -- Biolase Technology, Inc. (Nasdaq: BLTI -
news), which designs, develops, manufactures and markets laser-based systems for use in dental
and medical applications, today reported results for the second quarter and six months ended June
30, 1999.
Sales for the three months ended June 30, 1999 dramatically increased from $236,087 to $1,406,255,
an increase of $1,170,168 from the same period in 1998. The net loss reported for the second
quarter of 1999, inclusive of $171,400 of non-recurring charges, was $1,245,552, or $.07 per share,
compared to a net loss of $1,203,151, or $.08 per share, for the comparable period in 1998.
Sales increased $2,693,621, (540 percent), for the six-month period ended June 30, 1999 to
$3,192,238 from the $498,617 reported for the comparable six-month period in 1998. The net loss
for the first six months of 1999, inclusive of non-recurring charges of $230,762, was $1,915,408, or
$.11 per share, compared to a net loss of $2,032,262, or $.15 per share for the first six months of
1998.
The increase in sales reported for the three and six month periods ended June 30, 1999, compared
to the same periods in 1998 was due principally to increases in sales of the Company's Millennium
HydroKinetic laser system. While sales during the second quarter increased significantly from those
reported in the same period in 1998, significant resources were expended to overcome certain
supplier component changes and deficiencies requiring the Company to redesign certain
subassemblies to accommodate available components.
The Company's operating expenses for the second quarter of 1999 included $413,156 of
unanticipated charges consisting of (i) $197,756 related to supplier component changes, (ii)
non-recurring charges of $171,400 due to a severance arrangement, of which, $154,669 was
non-cash related, and, (iii) $44,000 related to the licensing of the LazerSmile technology. Operating
expenses for the first half of 1999 included an additional $59,362 in non- recurring charges related to
severance and consulting agreements, of which $39,843 was non-cash related. Absent these
unanticipated and non-recurring charges, the net loss for the three and six-month periods ended June
30, 1999, when compared to the same periods in 1998, would have reflected decreases of $370,755
and $589,372, respectively, reducing the net losses for the three and six-month periods ended June
30, 1999 to $832,396, or $.05 per share, and $1,442,890, or $.09 per share, respectively.
Keith Bateman, Biolase vice president-sales, said, ``Our recently expanded sales force is penetrating
new markets worldwide, and sales of the dental laser have begun to benefit from the FDA's approval
of the Millennium for use with children. Clearance to market the Millennium for pediatric dentistry
was announced near the close of the second quarter, and has helped our marketing effort by
underscoring the safety of the Hydrokinetic technology.'
Also during the second quarter, Biolase signed a distribution agreement for the LazerSmile(TM)
Tooth Whitening systems with Tactica International, Inc., under which Tactica has begun to market
LazerSmile worldwide under the name IGIA LazerWhite Tooth Whitening System.
``Biolase Technology has the technological, management and marketing resources to pursue its
ambitious, long-term growth strategies. An increasing number of dentists recognize that our
revolutionary technology is the future of dentistry, and Biolase is on track to become the leader in
laser dentistry,' Jones concluded.
Biolase Technology, Inc. (www.biolase.com) manufactures and markets advanced dental, cosmetic,
aesthetic, and surgical products, including the LazerSmile tooth whitening system
(www.lazersmile.com), Hydrokinetic(TM) surgical cutting systems, and other advanced laser and
non-laser based products for the professional and home consumer market. The company's products
incorporate patented and patent-pending technologies in the pursuit of painless surgery.
BIOLASE TECHNOLOGY, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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