Tutogen Medical Reports Second Quarter FY 2003 Financial Results and Schedules Conference Call
WEST PATERSON, N.J.--(BUSINESS WIRE)--May 13, 2003--Tutogen Medical, Inc., (AMEX:TTG) is pleased to report second quarter FY 2003 financial results.
For the three months ended March 31, 2003 revenues increased over 26% to $6.7 million from $5.3 million for the comparable period of fiscal 2002. The increase in revenue for the period was attributable to the increasing demand for the Company's TUTOPLAST(R) PROCESSED sterile biological implants for spinal and dental repair including the recent introduction by Centerpulse Spine-Tech of the new Tutoplast(R) C-Specialty Graft for Anterior Cervical Interbody Fusion. Gross margins for the quarter exceeded 60%. Operating income increased 11% from the comparable quarter. Net income was $135,000 or $0.01 earnings per share as compared to $230,000 or $0.02 per share for the comparable quarter. The Company has made the conscious decision to reinvest profits into marketing, sales and R & D.
Revenues for the first six months of FY 2003 increased 29% to $13.3 million from $10.3 million for the comparable period. The increase in revenue primarily occurred from the U.S. operation as its revenue increased 26% to $8.8 million from $7.0 million for the same period last year. International revenue increased to $4.5 million from $3.3 million or 35% for the same period last year. YTD Operating Income increased 11%. Net income was $266,000 or $0.02 earnings per share as compared to $356,000 or $0.02 earnings per share for the comparable period.
Please note that for the six-month period ended March 31, 2003, the dollar (average for six months) has weakened against the euro approximately by 18% as compared to the comparable period last year. In view of our European manufacturing operations, the weakening of the dollar has unfavorably impacted earnings year-to-date by approximately $250,000.
Manfred Krueger, CEO of Tutogen commented, "I am quite pleased by our continued growth. Our marketing partners are expanding their market share and, the introduction of new proprietary products and our independent distribution network has exposed Tutogen's product lines to a growing universe of surgeons. Our increased revenue reflects the continuing success of these efforts."
Management will conduct a conference call on May 21, 2003 at 10:30 EST. The participant dial-in number is: 877-407-9205 or 201-689-8054 for international calls. A replay will be available until May 23rd. To listen to the replay, dial 877-660-6853 or 201-612-7415 for international calls. Replay access requires account #1628, conference ID # 65952. A web-cast of the call will be archived and available for 30 days at vcall.com |
