SAN MARCOS, Calif., Aug. 28 /PRNewswire/ -- Lancer Orthodontics, Inc.
(Nasdaq: LANZ) has reported that net income for its fiscal year ended May 31,
1997 was $223,325, or $0.10 per share. This exceeds the Company's estimates
but is less that net income for the same period last year of $318,971, or
$0.14 per share. Net revenues decreased to $6,333,798 as compared to
$6,780,314 for the same period last year. Lancer attributed the better than
expected net income to increases in manufacturing efficiencies and increased
revenues from international distributors. The company attributed the
reduction in revenues to vendor delivery problems and manufacturing shipment
delays which occurred throughout the year. The debt level at the company is
the lowest in twenty years and management expects continued improvements in
this area.
During the fiscal year, the company was issued two important patents
covering laser marking and orthodontic bracket design. Management believes
that new products and processes from the patents will contribute to revenues
in the 1998 fiscal year.
Mr. Douglas Miller, Lancer's President, commented, "Lancer has enjoyed
five consecutive years of profits. We expect expanded production capacity and
advancements in manufacturing methods to start positively impacting the
company this year. At the same time, we are committed to expanding our
marketing worldwide"
For the year ended May 31
1997 1996
Net Revenues $6,333,798 $6,780,314
Net income 223,325 318,971
Income per share 0.10 0.14
Weighted Average Shares Outstanding* 2,208,239 2,243,688
*on a fully diluted basis
Lancer Orthodontics develops, manufactures and markets advanced
orthodontic products world wide.
This press release contains forward looking information that is based on
current expectations and therefore it necessarily involves risk and
uncertainties. Although the Company believes that the basis for the forward
looking statements are reasonable, them can be no assurance that the results
anticipated in the forward looking statements will be realized.
SOURCE Lancer Orthodontics, Inc.
CO: Lancer Orthodontics, Inc.
ST: California
IN: MTC
SU: ERN
08/28/97 08:43 EDT prnewswire.com
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