Scantek Shows Profit For First Quarter of Fiscal 1999
Business Wire - November 18, 1998 10:12
DENVILLE, N.J.--(BUSINESS WIRE)--Nov. 18, 1998-- Scantek Medical Inc. (OTCBB:SKML)
developer of the Breast Abnormality Indicator (BreastCare(TM)), a device used by physicians as an
adjunct to clinical breast examination, mammography and other established procedures for the detection of
breast disease, announced today the results for the quarter ended September 30, 1998.
The Company reported net sales of $95,000 for the three months September 30, 1998 compared to $
during the three months ended September 30, 1997.
The Company reported a net profit of $221,000, or $0.01 per share for the first quarter ended September
30, 1998 compared with a net loss of $289,000, or $0.02 per share, for the same three months ended
September 30, 1997.
The net profit for the quarter is primarily related to the recognition of approximately $500,000 of license fee
income and the initial sale of the BreastCare(TM) product in South America.
Zsigmond Sagi, Scantek's president and chief executive officer stated, "Revenues for the period reflect the
sale of the BreastCare(TM) device in South America. The commencement of sales represents a milestone
for the company. The Company plans to be fully operational in January 1999 and anticipates to finalize
certain distribution agreements in Europe by mid 1999."
Scantek Medical Inc. is a high-tech medical company engaged in developing, manufacturing, selling and
licensing of products and devices to assist in the diagnosis and early detection of disease. At the present
time, the Company is focused on manufacturing, selling and licensing the BreastCare(TM) device globally.
Certain statements in this press release with respect to future expectations and plans may be regarded as
"forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation
Reform Act of 1995.
Such statements including, but not limited to, statements with respect to future earnings, and all other
forward-looking statements involve risks and uncertainties and are subject to change at any time. The
Company's actual results could differ materially from such statements.
Scantek Medical Inc. & Subsidiary
Condensed Consolidated Statement of Operations
(unaudited)
($000 omitted, except per share and share data)
Three Months Ended
September 30
1998 1997
---- ----
Net Sales $95 $0
License fee 500 0
--- -
Total Revenues 595 0
--- -
Earnings (loss) $221 $(289)
=== =====
Earnings (loss) per common
share non-diluted $0.01 ($0.02)
Earnings (loss) per common
share diluted $0.01 ($0.02)
Weighted average number
of common shares
outstanding non-diluted 17,220,200 17,220,200
Weighted average number
of common shares
outstanding diluted 17,453,714 17,220,200
Condensed Consolidated Balance Sheet
($000 omitted)
September 30 June 30
(unaudited)
1998 1998
---- ----
ASSETS
Current Assets $2,479 $3,101
Other Assets 1,469 2,107
----- -----
Total Assets $3,948 $5,208
====== ======
September 30 June 30
(unaudited)
1998 1998
---- ----
LIABILITIES AND EQUITY
Current Liabilities $3,534 $2,759
Equity 414 1,562
--- -----
Total Liabilities $3,948 $5,208
and Equity ====== ======
CONTACT: Scantek Medical Inc.
Zsigmond Sagi, 973/366-5250
by
Financial Communications Associates
David R. Evanson, 610/649-3604
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