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Friday March 6, 10:03 pm Eastern Time
Company Press Release
Sunrise Technologies International, Inc. Releases Year-End and Fourth
Quarter Results
FREMONT, Calif.--(BW HealthWire)--March 6, 1998--Sunrise Technologies International, Inc. (OTC:SNRS - news) today announced financial results for the fourth quarter and year ended December 31, 1997.
The Company reported net revenue of $300,000 and $2,839,000 for the three and twelve-month periods ended December 31, 1997, respectively, and net losses of $0.08 per share and $0.23 per share, respectively, for the three and twelve-month periods ended December 31, 1997.
''Our fourth quarter results are in line with our expectations and reflect the substantial changes we made to our business in the second half of 1997,'' according to C. Russell Trenary III, President and Chief Executive Officer.
''Obviously, we have very positive results from our clinical trials, including approval to add 200 patients to our clinical study for hyperopia and approval to move into the final phase (Phase III) of that study. Additionally, we received approval to treat patients with presbyopia. To our knowledge no other company is approved to treat presbyopia in an FDA clinical trial. These are significant milestones and reflect the tremendous progress we made in 1997 in all of our clinical trials.''
Net revenue of $300,000 and $ 2,839,000 for the three and twelve-month periods ended December 31, 1997 represented a 77.4% decrease and a 49.8% decrease, respectively, from net revenue of $1,327,000 and $5,654,000 for the same periods in
1996.
This expected decline in net revenue was due to the sale of the Company's dental division in June 1997 and consequently, the effective elimination of any dental revenue from the third and fourth quarters of 1997. For the three and twelve-month periods ended December 31, 1996 sales of dental products accounted for 99.6% and 98%, respectively, of total revenue.
The Company reported a net loss of $2,511,000 for the three-month period ended December 31, 1997, or $0.08 per share on 30,436,000 weighted average shares outstanding, compared to a net loss of $1,949,000, or $0.07 per share on 27,869,000 weighted average shares outstanding for the same period in 1996.
For the year ended December 31, 1997, the Company reported a net loss of $6,618,000, or $0.23 per share on 28,550,000 weighted average shares outstanding, compared to a net loss of $5,968,000, or $0.23 per share, on 26,414,000 weighted average shares outstanding for the same period in 1996.
Timothy A. Marcotte, Vice President and Chief Financial Officer stated that: ''The Company completed a $9.3 million private placement of convertible notes with warrants in January 1998, the proceeds of which will be used to fund currently budgeted operations through the completion of our existing clinical trial for hyperopia and subsequent FDA approval. This financing completes the transition to focus all of the Company's resources and energy on the ophthalmic, refractive opportunity while disposing of the cash flow negative dental business.''
Founded in 1987 the Company produces and markets high technology products revolutionizing treatment methods in eye care. The Company develops Holmium laser-based systems which utilize a patented process for shrinking collagen developed by Dr. Bruce Sand (the ''Sand Process'') in correcting ophthalmic conditions.
Its CorneaSparing LTK(TM) System(a) is a non-contact simultaneous application for correction of hyperopia (farsightedness), presbyopia (loss of focus due to natural aging), and overcorrection resulting from PRK and LASIK treatments for myopia. The system is currently in use in Europe and the Americas, and is in FDA clinical trials in the United States.
Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties which may cause actual results to differ materially from the statements made, including market potential, regulatory clearances, business growth, and other risks listed from time to time in the Company's Securities and Exchange Commission (SEC) filings.
These forward-looking statements represent the Company's judgment, as of the date of this release, and the Company disclaims any intent or obligation to update these forward-looking statements.
Internet users can access Sunrise's World Wide Web site at sunrise-tech.com.
(a) Caution -- Investigational Device: Federal law restricts this device to investigational use in the U.S.
Sunrise Technologies International, Inc.
Fourth Quarter and Year End 1997 Selected Financial Results
Three Months Ended
(in thousands, except
for per share data) Dec. 31, 1997 Dec. 31, 1996
-------------- -------------
(unaudited)
Net Revenue $ 300 $ 1,327
Gross Profit (87) 395
Total Operating Expenses 2,145 2,353
Operating (Loss) (2,232) (1,958)
==================================== ============== =============
Net (Loss) $ (2,511) $ (1,949)
==================================== ============== =============
(Loss) per share $ (0.08) $ (0.07)
Weighted average shares outstanding 30,436 27,869
Year Ended
(in thousands, except
for per share data) Dec. 31, 1997 Dec. 31, 1996
-------------- -------------
(unaudited)
Net Revenue $ 2,839 $ 5,654
Gross Profit 293 1,638
Total Operating Expenses 7,368 7,658
Operating (Loss) (7,075) (6,020)
=================================== ============== =============
Net (Loss) $ (6,618) $ (5,968)
=================================== ============== =============
(Loss) per share $ (0.23) $ (0.23)
Weighted average shares outstanding 28,550 26,414
Selected Balance Sheet Data as of
(in thousands) Dec. 31, 1997 Dec. 31, 1996
-------------- -------------
Assets (unaudited)
Current assets:
Cash & cash equivalents $ 1,958 $ 647
Inventories, net 127 2,135
Other current assets, net 452 760
-------------- -------------
Total current assets 2,537 3,542
Non-current assets 412 199
============== =============
Total assets $ 2,949 $ 3,741
============== =============
Liabilities and stockholders'
equity Current liabilities:
Accounts payable $ 315 $ 1,586
Salary and other accrued
liabilities 840 883
-------------- -------------
Total current liabilities 1,155 2,469
Long-term debt 945 --
Total stockholders' equity 849 1,272
============== =============
Total liabilities and stockholders'
equity $ 2,949 $ 3,741
============== =============
Contact:
Sunrise Technologies
Susan Lorigan, 510/623-9001
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