Here's the reason for the recent climb...
Friday October 31 8:05 AM EST
Company Press Release
Biomagnetic Technologies Reports Results For Fiscal 1997
SAN DIEGO, Oct. 31 /PRNewswire/ -- Biomagnetic Technologies, Inc. (''BTi'') (Nasdaq:BTIX - news) today reported its preliminary results for the fiscal
year ended September 30, 1997.
Revenues for the fiscal year 1997 amounted to $11,009,000 compared to $1,422,000 in the prior year. The significant increase in revenues and reduction of
net loss was due to the fact that shipments of its new Magnes(R) 2500 Whole Head system, which had been delayed from fiscal 1996, have been installed and
accepted in Europe, in Japan and in the United States. Revenues for the fiscal year 1997 also include BTi's first special Magnes 1300C system, for applications
other than in the brain, which are being developed at a European customer site. Net loss for the year amounted to approximately $2,990,000 or $0.06 per
share compared to a net loss of $14,806,000 or $0.37 per share the fiscal year 1996.
Year end backlog totaled $4,763,000 as compared to $16,254,000 at the end of fiscal year 1996.
In commenting on the year end results, Dr. Scott Buchanan, President and CEO stated, ''We are pleased with the success of our Magnes 2500 Whole Head
installations. The new systems are performing well in Japan, Europe and the US where they are being actively used for both clinical and research applications.
New clinical applications are emerging.''
Headquartered in San Diego, BTi is a world leader in development of Magnetic Source Imaging (''MSI'') for research and clinical applications. With a growing
number of MSI exams performed on patients and an increasing number of third party reimbursements, BTi's Magnes systems are used worldwide to
noninvasively examine the function of the brain, heart and other organs.
This press release contains forward looking statements. Actual results could differ materially from those described in the forward looking statements as a result
of factors including, but not limited to, shortage of materials, delayed customer acceptance, unforeseen installation issues, regulatory approvals or other factors.
The company disclaims any obligation to update the statements included in this release to reflect future events.
SOURCE Biomagnetic Technologies, Inc. |
