NBMX-NOW WE KNOW ONLY THING FISHY HERE IS THE WAY THE MM
HANDLE THIS STOCK
(BSNS WIRE) National Boston Medical, Inc. Reports First Quarter Financia
National Boston Medical, Inc. Reports First Quarter Financial Results
Business Editors
TAUNTON, Mass.--(BUSINESS WIRE)--December 1, 1999--
Positive Business Developments Position Company for Strong Growth
National Boston Medical, Inc. (OTCBB: NBMX) today announced
financial results for the first quarter of fiscal 2000, ended
September 30, 1999, its first fiscal quarter as a fully reporting
company.
For the first quarter ended September 30, 1999, National Boston
Medical reported revenues of $1,315,380 versus revenues of $79,645 for
the comparable quarter a year ago. The increase of approximately
$1,236,000 in revenue was primarily due to international and domestic
sales of the Backstroke(R) and its ancillary sales as well as sales
from the Company's Bontempi line under its exclusive licensing
agreement acquired on July 17, 1998. The Company said that its first
quarter revenues were slightly below projections due to the
distribution agreement with TRISTAR Products, Inc., which lowers
Backstroke(R) revenues while increasing net profit per unit sold, and
the earthquake in Taiwan, which destroyed over 14,000 units of the
Backstroke(R) and delayed production by over 4 weeks.
Net loss for the first quarter ended September 30, 1999 was
$1,592,255 or ($0.03) per share versus a net loss of $1,368,526 or
($0.08) per share for the prior year period. The Company reported that
operating expenses increased by approximately $1,021,000 or 76% from
$1,345,000 for the three months ended September 30, 1998. This
increase was primarily related to costs associated with increased
sales as well as organizational and infrastructure enhancements. In
accordance with the Company's marketing plan for fiscal 1999 year,
expenses related to production, promotion, infomercials, trade shows,
and conventions were increased to enhance the industry's awareness of
the Company's products and services and to further build revenues
starting in the second quarter. The Company believes that the
increased operating expenses incurred during the three months ended
September 30, 1999 will position the Company to generate increased
revenue in the second quarter and throughout its 2000 fiscal year.
"National Boston Medical achieved a number of important corporate
objectives during the first fiscal quarter that position the Company
for solid revenue growth for the remainder of fiscal 2000," commented
Daniel Hoyng, Chairman and Chief Executive Officer of National Boston
Medical, Inc. "Some of the most noteworthy events that occurred during
the first quarter include the international launch of the
Backstroke(R) through a distribution agreement with Fredriksen
(BSNS WIRE) National Boston Medical, Inc. Reports First Quarter Financia
National Boston Medical, Inc. Reports First Quarter Financial Results
Business Editors
TAUNTON, Mass.--(BUSINESS WIRE)--December 1, 1999--
Positive Business Developments Position Company for Strong Growth
National Boston Medical, Inc. (OTCBB: NBMX) today announced
financial results for the first quarter of fiscal 2000, ended
September 30, 1999, its first fiscal quarter as a fully reporting
company.
For the first quarter ended September 30, 1999, National Boston
Medical reported revenues of $1,315,380 versus revenues of $79,645 f |
