Vasomedical Inc. Message Board

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Biotech / Medical : Vasomedical Inc.

VASO 0.150

-2.0%

Nov 26 3:08 PM EST

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To: Craig Slotoroff who started this subject	10/16/2002 8:40:44 AM
From: 613	Read Replies (1) of 1605

Yikes! First Quarter 2003 Conference Call Scheduled for October 22 Vasomedical, Inc. (NASDAQ Small Cap: VASO) today announced preliminary financial results for the first quarter of 2003. The Company stated that it expects revenues of $4.5 million in the first quarter of 2003. Revenues were affected by an increase in the selling cycle of the Company's EECP systems and the absence of sales-type leases during the quarter, which the Company has previously offered to select customers. Additionally, approximately $3.1 million in sales orders were unable to be shipped and recognized as revenue for the quarter due to customer constraints. The Company expects revenue to substantially increase in the second quarter of 2003 as compared to the first quarter revenue. The Board of Directors also anticipates taking action to bolster the Company's future performance. The Company further announced that it anticipates a net loss for the quarter of approximately $4.2 million, and net loss per share of approximately $0.07 (basic and diluted). Approximately $1.5 million of the net loss for the first quarter of 2003 reflects the revenue shortfall as well as certain non-recurring items that are being recorded during the quarter. These include a net loss of $2.3 million due to uncertainty in the collectability of certain receivables from one of the Company's larger customers. As a result, the Company has filed for an automatic five-day extension of the deadline for filing its first quarter 2003 Quarterly Report on Form 10-Q with the Securities and Exchange Commission. The Company will release its first quarter 2003 earnings and file its Form 10-Q on Monday, October 21, 2002 after market close.

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