Tuesday February 17, 10:43 am Eastern Time
Company Press Release
MTI Announces 40% Jump in Sales Revenues and Marked
Reduction in Operating Losses for Second Quarter Ended Dec. 31,
1997
LANCASTER, Pa.--(BUSINESS WIRE)--Feb. 17, 1998--Medical Technology & Innovations, Inc. (OTC Bulletin
Board: MTEN - news) announced Tuesday that its sales had jumped to $1,425,376 for the quarter ended Dec. 31,
1997 compared to $1,014,945 for the same period ended Dec. 31, 1996 or an increase of 40%.
Gross profit rose to $517,274 from $243,031. The net operating loss for the quarter was $204,489 compared to
prior year loss of $907,755 and prior 1st quarter FY 1998 loss of $485,616.
FY 1998 sales for the first half increased to $2,410,000 compared to $1,847,037 in prior year or an increase of
30%. The net operating loss has decreased to $690,105 compared to $1,586,903 in prior year. Net operating loss
per share is ($.039) compared to ($.124) in prior year.
''Sales for the second quarter for FY 1998 were much improved over the prior year,'' said Robert D. Brennan,
president and COO.
''This is due to our strong second quarter orders for the MTI PhotoScreener(TM) from LensCrafters, Lions Clubs
International and School Health Corporation, a distributor of the MTI PhotoScreener(TM) to public schools and
public education markets.
''Along with Steridyne sales increasing as a result of increasing market share we have a very healthy situation. As
previously reported, the Company completed a restructuring of the Series A Preferred Stock issue of July 1, 1996
with all shareholders agreeing to receive a combination of cash, common stock, a new Series B Preferred stock and
an amended warrant certificate with an exercise price of $1.00 per share in cash.
''As a result of this action, I am pleased to report the common stockholders of the Company increased their equity
by approximately $948,000 attributable to the gain on the restructuring of the Series A Preferred Stock.
''Accordingly, net income per share of common stock, after including this gain approximates $.042 and $.014 for the
three and six month periods ended Dec. 31, 1997, respectively.''
Jeremy P. Feakins, chairman and chief executive officer said, ''The increase in sales of both the MTI PhotoScreener
and Steridyne products provided the kind of results that we had anticipated. We are ahead of our business plan at
this time.
''MTEN continues to make excellent progress by increasing its sales revenues and reducing costs which have cut our
losses in half. We are continuing to see an increase in MTI PhotoScreener(TM) and Steridyne sales which is very
encouraging. We are continuing to explore other market areas to continue this increase in MTI PhotoScreener(TM)
and Steridyne sales.''
Medical Technology & Innovations, Inc. is the parent company of Medical Technology, Inc., which manufactures
and distributes the MTI PhotoScreener(TM), an FDA cleared vision screening camera designed to detect conditions
that can lead to amblyopia (''lazy eye'') and other eye disorders in infants and young children.
Its other subsidiary, Steridyne Corporation acquired in August 1996, distributes digital and glass thermometers, and
manufactures and distributes probe covers, sheaths, and anti-decubitus devices for hospitals, medical offices, nursing
homes and retail outlets.
Note: Any forward-looking statements in this press release are necessarily subject to risks and uncertainties, which
may affect the accuracy of such statements. For a full discussion of such risks, please refer to the company's Form
10-KSB for the fiscal year ended June 30, 1996 and subsequent filings.
The company has applied for an extension to file its 10-K for the period ended June 30, 1997. The company also
intends to file shortly a Form 8-K with comprehensive details of the transactions summarized in the release.
Contact:
Medical Technology & Innovations Inc.
Dennis Surovcik, SVP, CFO, 800/277-1710, Fax: 717/892-6788
Website: mten.com |
