New Release, any comments ??
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Sub: MTEN
Fr: Herb
News Alert from BusinessWire via Quote.com
Topic: (BB:MTEN) Medical Tech & Innovat Inc,
Quote.com News Item #6624425
Headline: Medical Technology & Innovations, Inc. Reports 90% Gross
Profit Increase, Third Quarter Results, and LensCrafters Update
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LANCASTER, Pa.--(BUSINESS WIRE)--May 29, 1998--Medical
Technology and Innovations, Inc. (OTC Bulletin Board: MTEN)
announced today that its sales had jumped to $1,315,277 for the
quarter ended March 31, 1998 compared to $931,193 for the same period
ended March 31, 1997 or an increase 41%.
Gross Profit rose to $558,573 from $234,756. The net operating
loss for the quarter was $202,027 compared to prior year loss of
$883,866 and prior 2nd quarter FY1998 loss of $204,489.
FY1998 YTD sales through March 31, 1998 increased to $3,725,277
compared to $2,788,230 in prior year or an increase of 34%. Gross
profit for the nine months of FY98 increased 90% to $1,318,400
compared to $692,532 for the same period in FY97.
The net operating loss has decreased to $892,132 compared to
$2,470,606 in prior year. Net operating loss per share for the first
nine months of fiscal 1998 is $.044 compared to $.183 for the same
period in the prior year and $.01 versus $.065 for the comparable
three month period ended March 31, 1998 and 1997 respectively.
"Sales for the third quarter of FY98 were significantly improved
over the prior year," said Robert D. Brennan, president and COO.
"This is due to further increases in MTI PhotoScreener(TM) sales
to the Lions Clubs, Public and School Health markets, and to new
International distributors, along with a strong seasonal demand for
the Steridyne products. Sales to certain retail optical chains have
not occurred as originally expected due to delays experienced in
starting the test and an extension and enlargement of the pilot
program in the Chicago area."
As a result of the MTI PhotoScreener(TM), LensCrafters have seen
an increase in the number of children being referred for eye
examinations by their eye care professionals. The success of these
referrals were a direct result of potential vision disorders being
detected through the free screenings of children offered by
LensCrafters utilizing the MTI Photoscreener(TM).
LensCrafters has also decided to conduct a professional
television-advertising program in the Chicago area directly targeted
to the consumer offering free children's vision screenings at the
LensCrafters eye care centers. This program went into effect May 4,
1998 and is expected to continue through the end of July.
Brennan further stated: "We are continuing to control expenses
commensurate with our new marketing focus. As originally planned, we
will be completing our consolidation of certain corporate accounting,
order entry and sales management functions for the MTI
PhotoScreener(TM) to our Steridyne facility in Riviera Beach,
Florida. This move is expected to be completed by June 30, 1998 and
will enable us to further reduce our operating expenses without
having any impact on our overall business. A small corporate staff
will be retained in the Lancaster area."
"We remain optimistic in our outlook for the MTI
PhotoScreener(TM) long term, as the LensCrafters pilot program draws
to what we anticipate to be a successful conclusion," said Jeremy P.
Feakins, Chairman and Chief Executive Officer.
"Although the LensCrafters pilot program has been extended for a
couple of months, the early results from LensCrafters have been very
encouraging. Information from LensCrafters, clearly identified in
their recent TV advertisements, is that the MTI PhotoScreener(TM) is
successful in identifying serious eye disorders in children much
earlier than prior methods. We are looking forward to the MTI
PhotoScreener being adopted as the 'Standard of Care' for children's
eye screening in both this country and internationally."
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: This News Release contains certain "forward-looking"
statements as such term is defined in the Private Securities
Litigation Reform Act of 1995 and information relating to the Company
and its subsidiaries that are based on the beliefs of the Company's
management as well as assumptions made by and information currently
available to the Company's management.
Such statements reflect the current risks, uncertainties and
assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, seasonality,
distribution networks, product introductions and acceptance,
technological change, changes in industry practices, and one-time
events.
Should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect,
actual results may vary materially from those described herein.
CONTACT: Medical Technology & Innovations Inc.
Dennis Surovcik, SVP, CFO, 800/277-1710, Fax: 717/892-6788
Website: mten.com |
