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Tutogen Medical, Inc. Returns to Operating Profit 1st Quarter Fiscal 2002 Results
CLIFTON, N.J.--(BUSINESS WIRE)--Feb. 12, 2002--Tutogen Medical, Inc., (AMEX: TTG) is pleased to report the Company's First Quarter, 2002 results.
Total operating revenue was $5.0 million, an increase of $1.9 million or 59%, with an operating profit of $151,000 as compared to an operating loss of $190,000 in the comparable period of FY 2001. Net income for the Quarter was $125,000 ($0.01 per share). The net income for the comparable period in FY2000 of $1,093,000, or $0.08 per share, reflects the recognition of certain net operating loss benefits from the German operation of $2,247,000, partially offset by the cumulative effect of an accounting change of $1,121,000.
Manfred Kruger, President and CEO of Tutogen noted, "that the sought-after effects of our corporate and production remodeling have begun to materialize. Demand for our Fascia Lata products marketed by the Mentor Corp. that are used to treat urologic and gynecologic defects has increased significantly. Our other marketing partners, Sulzer Spine-Tech and Sulzer Dental contributed 35% of the 59% increase in revenue. The Mentor Corp. has begun to introduce our new Dermis product into their market and we have filed patents for two newly designed implant products."
Chief Financial Officer George Lombardi noted, "At the end of the quarter Tutogen's working capital was $9.2 million versus $8.8 million in the comparable quarter. Of the Company's $2.6 million working capital credit line, $608,000 was outstanding. R & D expenses increased 73% in support of accelerated new product development. Total assets increased approximately 5% to $20.3 million."
Tutogen Medical, Inc. utilizes its patented Tutoplast(R) process of tissue preservation and viral inactivation, to manufacture bioimplants for neurosurgical, orthopedic, reconstructive and general surgical indications. The Company's Tutoplast(R) products are sold and distributed worldwide by the Mentor Corporation (NMS: MNTR), Sulzer Medica (NYSE: SM), IOP, Inc. and through subsidiaries in the U.S. and Germany. |
