JFP-- Great earnings on another "Bowser" still rated a buy AFPC
>>Tuesday September 9 10:32 AM EDT
Company Press Release
AFP Imaging Reports Fourth Quarter Results and
Record E.P.S. for the Fiscal Year Ended June 30, 1997
ELMSFORD, N.Y.--(BUSINESS WIRE)--Sept. 9, 1997--
Strength is Coming from the Dental Division
AFP Imaging Corp. (NASDAQ:AFPC) today reported record earnings for its June 30, 1997
fiscal year end. Annual net sales were $37,048,510 as compared to the previous year's net sales
of $36,528,879. Net income for the year was $1,548,596 or $.16 per primary share as compared
to $700,528 or $.08 per primary share a year ago. The current year's financial results includes two
and a half months since the acquisition (April 17, 1997) of Regam Medical Systems with its
Sens-A-Ray(TM) dental product line. Fiscal 1997 only includes one month of the Company's
medical, image intensification product line which was sold in August 1996.
The fourth quarter revenues for this year were $10,578,514 compared to the prior period's
$10,744,636. Net income for the fourth quarter was $547,981 or $.05 per share as compared to
$514,900 or $.05 of a year ago. The fourth quarter includes all the expenses from the acquisition
of the Regam business.
The DENT-X division continues to be the focus for the Company's future growth.
Sens-A-Ray(TM) is fully competitive with other computerized dental imaging systems. Given the
infancy of the digital dental imaging market and the potential to grow to over $4 billion, DENT-X
is poised to continue its leadership in this burgeoning market. The Sens-A-Ray(TM) digital x-ray
imaging product line is being integrated into the Company's manufacturing and distribution
operations. The Company will introduce its new products at the September 97 World Dental
Congress, in Korea. A digital film replacement system designed specifically for panoramic dental
x-ray applications will also be shown. The product will be available for sale in early 1998.
DENT-X will be exhibiting its new products at the California Dental Association meeting later this
month. The range of these new products will enhance AFP's core competency and provide a
future technology base and strategy for its expanding role in the dental digital imaging market place
as clinical computers become more common place in the dental operatory.
In fiscal 1997, the Company launched its new diagnostic imaging product line of BRIGHTVIEW
monitors. This state-of-the-art image display unit dramatically improves the radiologist's view of
electronic images while enhancing and facilitating diagnosis. The Company expects that this family
of new BRIGHTVIEW products will contribute favorably towards new sales and profits.
The company is continuing to develop its extensive network of independent dealers to sell its
product lines in developing markets. Over 30 percent of the company's revenues are derived from
worldwide sales. DENT-X is actively pursuing opportunities to supply either traditional x-ray
products or new technologies for advanced dental treatment. It is anticipated that additional unit
growth of AFP's products will particularly come from this market sector.
AFP Imaging is a medical imaging equipment supplier whose products are widely applied in
medical diagnostics. The company's digital imaging technology is providing the gateway for future
growth. AFP's products are used in medical, dental and industrial
markets. The company's products are sold worldwide under various
brandnames which include AFP, DENT-X and SENS-A-RAY 2000(TM).
-0-
Three Months Ended Twelve Months Ended
June 30, June 30,
1997 1996 1997 1996
Net sales $10,578,514 $10,744,636 $37,048,510 $36,528,879 Income Before
Taxes 557,213 556,900 1,677,829 760,528
Provision for
Taxes 9,232 42,000 129,232 60,000
Net Income $ 547,981 $ 514,900 $ 1,548,597 $ 700,528 Net Income
Per Share
Primary $ .05 $ .05 $ .16 $ .08 Full Diluted $ .05 $ .05 $ .15 $ .08 Weighted average
number of shares
and share equivalents
outstanding (common,
preferred, and common
stock equivalents)
Primary 10,065,000 9,788,500 9,981,500 9,112,600 Fully diluted 10,305,000 10,121,000
10,245,300 9,629,000
The remarks contained in this press release and presented
elsewhere by management from time to time contain forward-looking
statements which involve risks and uncertainties. The company's
actual results may differ significantly from the results discussed in
this press release or in other forward-looking statements presented
by management. Among the factors that could cause actual results to
differ materially include failure of revenue on new products to
develop as estimated, regulatory delays, loss of existing customers,
general downward trends in the company's industry and other risk
factors detailed from time to time in the company's reports filed
with the SEC.
Contact:
AFP Imaging Corporation
David Vozick, 914/592-6100
or
Karp Advisory Services
Natalie Karp, 516/625-9483 |
