Equidyne Corporation Reports FY 2001 Net Income
SAN DIEGO, Calif.--(BW HealthWire)--Nov. 20, 2001--EQUIDYNE CORPORATION (AMEX:IJX - news) announced
today its audited financial results for the year ended July 31, 2001.
Net income for the year ended July 31, 2001 was $13,839,000, or $0.85 per share, compared to $4,518,000, or $0.27 per share for the year ended July 31, 2000.
Over the past two fiscal years, the Company has divested its shares in Rosch AG, a former German affiliate, through a series of private and public transactions. As a result, the Company received proceeds of $49.2 million and $14.3 million during the years ended July 31, 2001 and 2000, respectively. The net, pre-tax gains resulting from these transactions were $40,263,000 and $12,684,000 million, in the years ended July 31, 2001 and 2000, respectively.
As previously announced, Equidyne had consolidated sales for the year ended July 31, 2001 were $247,000, compared to $802,000 for the prior fiscal year ended July 31, 2000. Sales in the current year consisted solely of U.S. sales of INJEX 30(TM) System products, while sales in the prior year consisted primarily of the sales achieved by the Company's then German subsidiary, Rosch AG, while Rosch was still a consolidated subsidiary during the prior year's first quarter. Although full-scale market introduction of the INJEX System occurred in July 2000, the majority of the sales occurred in the second half of fiscal 2001, as the Company built its retail distribution channel network.
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