Stock up $1 on volume probably because of this PR:
ISOLYSER EXPECTS SECOND QUARTER SALES TO BE
HIGHEST IN COMPANY'S HISTORY
Jul 7, 1997 10:33 AM [Business Wire]
NORCROSS, GA. (July 7) BUSINESS WIRE -July 7, 1997--Isolyser Company, Inc.
(Nasdaq/NM:OREX) today announced that it expects to report second quarter sales of $42.4 million, the
highest for any quarter in the Company's history. The previous high had been $41.9 million during the third
quarter of 1996. The strong second quarter 1997 performance was a result of increased sales in the custom
procedural tray business. Isolyser expects to report its second quarter results on August 4, 1997.
Commenting on the record sales, Mr. Gene R. McGrevin, Chairman and acting President of Isolyser, said,
"While much work remains to be accomplished, we made significant progress in several critical areas outlined
in our recently developed strategic and operating plans. For instance, Isolyser realigned its marketing and
sales efforts to improve its product mix and focus its sales efforts on profitable products and customers. This
effort will also result in annualized cost savings of approximately $2.5 million."
Mr. McGrevin added, "Another priority for 1997 was to improve management of our working capital. We
are encouraged by our second quarter performance, which resulted in substantial improvement in cash flow
over the first quarter."
During the quarter, Isolyser's executive search committee interviewed several candidates for the position of
Chief Executive Officer and retained Korn/Ferry International, a global executive recruiting firm to assist in the
search. In addition, the Company retained Atlanta-based Riddle & McGrath to conduct a search for a Vice
President of Research and Development.
In closing, Mr. McGrevin reported, "We also made progress toward our goals of more effectively focusing
our efforts in the healthcare market and expanding our unique OREX(R) Degradables(TM) technology into
other markets. During the quarter, we signed a distribution agreement for Isolyser products through Medline
Industries, Inc. for Columbia/HCA Healthcare Corporation."
This press release contains forward-looking information made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly
affected by certain risks and uncertainties described in the Company's annual report on Form 10-K and
elsewhere. The Company's actual results could differ materially from such forward-looking statements.
Isolyser, based in Norcross, Georgia, has developed and manufactures OREX(R) Degradables(TM), a series
of products made from a thermoplastic, hot water soluble polymer that can be configured into an array of
products such as woven and non-woven fabrics, film and thermoformed and extruded items. These products
can be dissolved after use, in hot water in a specially designed OREX(R) processor similar to a commercial
washing machine, for safe disposal through municipal sewer systems. The Company believes that this line of
products provides protection to the hospital staff, patient and environment while providing cost-effective
solutions to the problems associated with waste reduction and disposal.
--30--CD/na*
CONTACT: Isolyser Company Inc.
Dan R. Lee, Susan Tanner, 770/582-6363
KEYWORD: GEORGIA
INDUSTRY KEYWORD: MEDICINE ENVIRONMENT ENMED CHEMICALS/PLASTICS Today's
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