This is the only thing I've seen recently, delayed response ?? I dont think so, maybe there is something else cooking.
SPECTRAL DIAGNOSTICS INC. REPORTS RESULTS FOR THE FIRST
QUARTER ENDED JUNE 30, 1997
Substantial Year-To-Year Increase in Revenues
TORONTO, Aug. 29 /CNW/ - Spectral Diagnostics Inc. (TSE-SDI; NASDAQ-
DIAGF), developers of the Cardiac STATus(TM) line of rapid format cardiac
diagnostic panel test kits and Controls, reported today its financial results
for the first quarter ended June 30, 1997. Revenues for the three months ended
June 30, 1997 of $514,000 increased by $379,000 or 280% over 1996 revenues of
$135,000. The net loss for the first quarter 1997 amounted to $3,140,000
($0.33 per Common Share) compared to $2,806,000 ($0.37 per Common Share) in
the first quarter 1996. At June 30, 1997, the Company had total assets of
$39,086,000, $24,880,000 of which was cash and short-term securities.
In making the announcement, Douglas C. Ball, Chairman and CEO said,
``Revenues of more than $500 thousand for the period ended June 30, 1997
represents an approximate three fold increase in revenues from the same period
in 1996. These results confirm our commercial progress and forms the basis for
significant advances in revenues for the balance of the year. There are
numerous indicators supporting our expectations based on broadening widespread
acceptance of our products. For example, during the quarter we announced that
the major American cruise lines were adopting a chest pain protocol to include
Spectral's Cardiac Status Troponin I and CK-MB/Myoglobin panel tests. The
cruise line business is equivalent to a chest pain market drawn from several
million persons.''
``Our focused scientific program has made recent and substantial
progress,'' said Mr. Ball,``with the FDA approval for marketing of Cardiac
Status Controls for the panel tests, Troponin I and CK-MB/Myoglobin.''
We were pleased to announce during the quarter that Joseph Keffer, M.D.
and Joseph Laurino, Ph.D. had joined Spectral in Toronto as Chief Medical
Officer and Director of Research and Development respectively. Their expertise
in scientific, clinical and medical matters are a welcome addition to the
scientists and other professionals at Spectral.
Three Months Three Months
Ended June 30, Ended June 30,
1997 ($CDN) 1996 ($CDN)
------------ ----------
Revenues $514,000 $135,000
Loss $3,140,000 $2,806,000
Net Loss Per Common Share $0.33 $0.37
Weighted Average Number of
Common Shares Outstanding 9,469,429 7,482,963
June 30, 1997 March 31, 1997
($ CDN) ($CDN)
------- ------
Cash and Short Term
Investments $24,880,000 $29,050,000
Total Assets $39,086,000 $42,504,000
Stockholder's Equity $35,968,000 $39,108,000
Located in Canada, the United States and Europe, Spectral's scientists,
sales and marketing organizations and other professionals are focused on the
development, manufacturing and commercialization of its Cardiac STATus(TM)
line of Controls and diagnostic panel tests including the CK-MB/Myoglobin
Panel Test, the Troponin I Panel Test and the patented Cardiac Panel(Tm).
Spectral's common shares are listed on the Toronto Stock Exchange (symbol SDI)
and the NASDAQ - NMS -Exchange (symbol DIAGF).
The matters set forth in this press release are forward-looking
statements within the meaning of the ``safe harbor'' provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially. These risks are detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission including
the Company's periodic reports filed with the Securities and Exchange
Commission including the Company's Annual Report, Quarterly Reports and other
periodic filings. These forward -looking statements speak only as of the date
hereof. The Company disclaims any intent or obligation to update these
forward-looking statements.
Spectral's common shares are listed on the NASDAQ Exchange (Symbol -
DIAGF) in the United States and the Toronto Stock Exchange ``TSE'' in Canada
(Symbol - SDI).
%SEDAR: 00002006E
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For further information: Spectral Diagnostics Inc., Douglas C. Ball, Chairman and CEO,
(416) 626-3233; Straus Corporate Communications, Irving L. Straus, Chairman, (212)
768-2477 |
