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Biotech / Medical : PLSIA (Premier Laser Systems)
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To: Altaf Amin Jadavji who wrote (1531)4/15/1998 8:25:00 AM
From: Glenn Perry  Read Replies (1) of 1773
 
Is this a problem?

biz.yahoo.com

Schein notified Premier that it would not take a previously expected $4.5 million in dental lasers and associated disposables during Premier's fiscal fourth quarter ended March 31, 1998, and disputes an
order shipped during the fiscal third quarter ended Dec. 31, 1997. It also notified Premier that Schein prefers that any future orders be placed on a fully contingent basis, contrary to Premier's understanding of the terms in a letter of intent signed by Schein in December.

At the time of the notification, most of the $4.5 million in intended fourth-quarter products had already been manufactured and placed in inventory to meet the expected sales.

Premier now anticipates that it may be required to restate results for the third quarter, which would then show revenues of approximately $4.7 million after subtracting the $2.5 million of disputed orders.
Premier also anticipates that revenue for its fiscal fourth quarter will be approximately $4.5 million lower with a substantial negative effect on net results.

Premier said that sales of its dental lasers are likely to be negatively affected for several months, because it had reduced its own sales force in reliance on the expected Schein sales and had refrained from signing additional distributors and shipping to them due to Schein's expressed desire for exclusivity in the dental laser marketplace until mid-1998.
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