Hi all, I am new to thread. Stephen Leeb's Newsletter turned me on to Respironics about a month ago.
Here's todays GOOD news. ds
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Thursday October 30 8:00 AM EST
Company Press Release
Respironics Posts Record First-Quarter Results
PITTSBURGH, Pa.--(BUSINESS WIRE)--Oct. 30, 1997--RESPIRONICS INC. (NASDAQ/NMS Symbol: RESP) Thursday announced record first-quarter results for the three months ended Sept. 30, 1997.
Net sales for fiscal 1998's opening quarter were $51.9 million, 52 percent higher than the $34.1 million recorded for the comparable period last year.
Net income for the quarter rose 24 percent to $5.5 million from $4.5 million for the first three months of fiscal 1997. Per-share earnings for the period were 27 cents versus 22 cents a year ago.
Fiscal 1998 results to date reflected the continued market strength of the company's core products, noted Dennis S. Meteny, president and chief executive officer. ''The period's largest quarter-to-quarter gain was recorded by our ventilation segment, and all of our principal product groups achieved double-digit percentage increases,'' Meteny stated.
Additionally, the company was successful in attaining these revenue gains during the period while achieving targeted levels of profitability in a highly competitive market environment, the chief executive said. ''And we continued to invest for the future by committing approximately $3 million to research and development initiatives,'' he added.
Addressing the performance of operations acquired through last year's LIFECARE and Stimotron purchases, Meteny reported that the quarter's sales related to those acquisitions were a significant contributor to the quarter's overall success.
''While we expect to accrue additional benefits from last year's unprecedented investment in corporate expansion, we continue to be pleased with the pace, effectiveness and financial results of the integration process to date,'' he said. The acquired operations also contributed to a substantial increase in overseas business, Meteny noted.
''The LIFECARE and Stimotron additions complemented a sharp rise in shipments of existing Respironics products resulting in nearly a 100 percent increase in international sales from last year's first-quarter level,'' he stated.
Robert D. Crouch, senior vice president, sales and marketing, cited the company's increased business scope as a primary contributor to the quarter's dramatic sales gain. ''We have more products available at more locations and with a stronger customer support network than at any time in our history,'' Crouch said.
''And the planned introduction next week of the Virtuoso LX and Aria LX, second generation Great Performers products, attests to the productivity of our research and development efforts for the OSA market and positions us to offer increased value to our customers,'' the sales executive added.
This press release contains forward-looking statements which are subject to change. Actual results may differ materially from those described in any forward-looking statements. Additional information on potential factors that could affect the company's financial results are included in the company's Annual Report to the SEC on Form 10-K for the fiscal year ended June 30, 1997.
Respironics Inc. designs, develops, manufactures and sells respiratory medical products for use in the home, hospitals, and in emergency care situations.
The company was awarded the American Association for Respiratory Care's annual Zenith Award for quality of products and service for the third time in the past four years. Additionally, the Nov. 3, 1997 issue of Forbes magazine includes Respironics in the publication's annual list of ''The Best 200 Small Companies in America.''
RESPIRONICS INC. AND SUBSIDIARIES
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Condensed Statement of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
9/30/97 9/30/96
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Net Sales $51,918 $34,112
Gross Profit 28,401 19,069
Income Before Income Tax 9,169 7,301
Net Income 5,501 4,453
Earnings Per Share $0.27 $0.22
Weighted Average Shares
of Common Stock and
Equivalents 20,445 20,163
For additional information on
Respironics' products and activities,
look on the company's home page
located on the World Wide Web at
respironics.com .
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Contact:
Respironics Inc.
Dan Bevevino, V.P. & CFO, 412/733-0235
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