Hmm, perhaps this was the reason for todays sell off of wow, 3 1/2%. Don't ask me why it could be (ILT doing too well, will eat PLSIA's lunch? Sure doesn't read that way to me. ILT doing too poorly, PLSIA is probably goin to report rotten #'s?), I submit this FWIW)
>>> SALT LAKE CITY, Aug. 7 /PRNewswire/ -- Ion Laser Technology, Inc.
(AMEX: ILT), an industry leader for innovative, laser and cosmetic dentistry
products announces a 44 percent increase in net revenues for the first quarter
ended June 30, 1997 as compared to the same period a year ago. The three-
month net revenues were $2,019,783 versus $1,398,492 in 1996.
Reflecting the Company's efforts in dental product sales, in particular
BriteSmile(R) Laser Tooth Whitening ("LTW") sales, first-quarter dental
product revenues grew from $942,000 in 1996 to $1,337,000 in 1997, a
42 percent increase.
A record level was set in this quarter for tooth-whitening reagent sales.
Revenues for LTW Kits sold to existing BriteSmile locations (necessary for
each patient treated) increased by 36 percent compared to the recent fourth
quarter ended March 31, 1997. The increase is due to a new customer service
program initiated in March which focused on several areas of support to the
dentist, including assisting their marketing efforts to the consumer.
Utilizing the market research developed over the past several quarters by
Klemptner Advertising, the medical division of Saatchi, Saatchi Advertising,
and hiring a full-time, marketing specialist to work with BriteSmile dentist's
specific marketing needs, management has stepped up consumer marketing efforts
ahead of the fall regional campaign launch.
With increased marketing expenses not seen in the first quarter last
year, enhanced personnel, customer support and warranty costs, and engineering
costs for the new Argon 6800 laser introduced in May, the Company realized a
net loss of $76,548 or a loss of $.01 per share as compared to net earnings of
$134,070 or $.03 per share a year ago. This represents a marked reduction,
however, of the $1,085,564 net loss or $.21 per share loss for the fourth
quarter ended March 31, 1997.
E. Wyatt Cannady, president and CEO who joined ILT in late February of
this year, stated, a stringent budget process "has been implemented in the new
fiscal year which has helped to substantially reduce the cash burn rate.
Inventory was reduced by ten percent in this quarter as a result of
establishing tighter inventory controls and by increasing the inventory turn
rate which is expected to improve further. Marketing costs were expensed and
will continue as we invest in the consumer-focused BriteSmile marketing
campaign for laser tooth whitening in the fall."
Selling, general and administrative expenses ("SG&A") reduced from
50 percent of net sales in 1996 to 39 percent of net sales in 1997. Along
with growth attributed to first-year laser tooth whitening sales (which began
spring, 1996) SG&A expenditures for the quarter were $701,158 in 1996 and
$784,116 in 1997. This represents a reduction, however, of the recent fourth
quarter SG&A expenses by $222,773 or 22 percent.
With the $3 million private placement completed in May, the current ratio
improved to 10.37 compared to 4.48 at fiscal '97 year's end.
Results for the three-month period are summarized in the table below:
Unaudited Audited
For Three Months Ended Fourth Quarter Ended
June 30, 1997 June 30, 1996 March 31, 1997
Net Sales $2,019,783 $1,398,492 $1,623,765
Net Income (Loss) (76,548) 134,070 ($1,006,889)
Earning (loss) per share (.01) .03 (.21)
Weighted Average Shares
Outstanding 5,428,724 5,282,660 5,144,030
About ILT:
ILT manufactures and markets precision laser instruments for dental and
industrial markets, and chemical products for sale in the dental market. In
spring 1996, ILT commercially introduced BriteSmile(R) Laser Tooth Whitening
and has since placed systems in thirty states and five countries. ILT
received a U.S. patent for LTW in July, 1997. The Company's products are used
for non-invasive applications including tooth whitening, dental composite
curing and for surgical applications as well as for industrial manufacturing
or measurement and scientific studies. For more information about ILT visit
the Company's Website at britesmile.com.
This release, other than historical information, consists of forward-
looking statements that involve risks and uncertainties. Actual future events
or results may differ materially from the forward-looking statements set forth
above. Readers are referred to the documents filed by ILT with the SEC,
specifically the most recent reports on forms 10-KSB and 10-QSB, that identify
important risk factors which could cause actual results to differ materially
from those contained in the forward-looking statements. ILT and its
subsidiaries disclaim any intent or obligation to update these forward-looking
statements.
SOURCE Ion Laser Technology, Inc.
CONTACT: Shareholder Relations: Anette Powell, 801-262-5555, ext.
307; Media: Alison Barnett, FJCandN, 801-521-2903<<<
FWIW
Barb |
