Lancer Orthodontics Announces Retirement of Debt
SAN MARCOS, Calif., March 4 /PRNewswire/ -- Lancer Orthodontics, Inc. (Nasdaq: LANZ) has announced that as of February 28,1998, the Company retired all of its long term debt and capital lease obligations. This is anticipated to result in approximately a 40% increase in cash flow over the next year. The company plans to we its increased cash flow for new product introductions.
"This is the first time in Lancer's 30 year history that the company has no long term loan debt," said Doug Miller, President and COO of Lancer Orthodontics. "This reduction was accomplished through increased cash flows from operations."
Total long term debt and capital lease obligations in 1990 were as high as $2,500,000. The company still retains its $500,000 accounts receivable and inventory line of credit.
Lancer Orthodontics develops, manufactures and markets advanced orthodontic products worldwide.
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