Morrie and Martin: Here's a copy of the news release that I picked up from The Pointcast Network: Haven't yet read it myself but thought I would copy it here for all. I probably won't get a chance to read it until in the morning due to intense meetings here in my software company today. I'm sure it reiterates what you have alluded to already. Regards - Kent
ISOLYSER PROVIDES GUIDANCE ON FOURTH QUARTER RESULTS February 6, 1997, 9:03 AM EST
NORCROSS, Ga.--(BUSINESS WIRE)--Feb. 6, 1997--
PLANS RESERVES FOR INVENTORY AND NON-CORE BUSINESS DISPOSAL
Isolyser Company, Inc. (Nasdaq/NM:OREX) announced today that, while it has not finalized its 1996 operating results, the Company expects to report a loss in the fourth quarter. In addition, the Company is recording significant reserves against early generation OREX(R) product deemed obsolete by improved manufacturing processes and to provide for the divestiture of certain non-core businesses. The Company expects to report its fourth quarter and year-end results in late February after a final accounting of these reserves and the Company's Microtek Medical business which was acquired in August 1996.
Robert L. Taylor, chairman, president, and chief executive officer of Isolyser, said, "The Company's financial performance during 1996 did not meet our expectations. As a part of reviewing and addressing our concerns about 1996 performance, we are focusing on our core business and thoroughly reviewing our operational structure for possible cost-saving opportunities. We are fortunate to have a strong balance sheet which we believe facilitates our growth plans."
Mr. Taylor continued, "In addition to continuing our primary focus on supporting our existing core business, which includes marketing OREX(R) Degradables(TM), steps we have taken or expect to take include:
-- Proposed divestitures of non-core business;
-- Synchronize current manufacturing to meet demand;
-- Right-size company operations structure to achieve
operation cost savings; and
-- Market OREX(R) Degradables(TM) outside healthcare markets
using the support of third parties where advisable."
Mr. Taylor added, "We have a broad line of OREX(R) products that are meeting with increased market acceptance. We are helping our customers provide a safer workplace for their employees, reduce their solid waste stream, and lower their disposal cost of regulated waste. We believe that our marketing efforts have resulted in growing domestic and international acceptance of our technology."
This press release contains forward-looking information made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly affected by certain risks and uncertainties described in the Company's annual report on Form 10-K and elsewhere. The Company's actual results could differ materially from such forward-looking statements.
Isolyser, based in Norcross, Georgia, has developed and manufactures OREX(R) Degradables(TM), a series of products made from a thermoplastic, hot water soluble polymer that can be configured into an array of products such as woven and non-woven fabrics, film and thermoformed and extruded items. These products can be dissolved after use, in hot water in a specially designed OREX(R) processor similar to a commercial washing machine, for safe disposal through municipal sewer systems. The Company believes that this line of products provides protection to the hospital staff, patient and environment while providing cost-effective solutions to the problems associated with waste reduction and disposal.
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Company Profile - From E*TRADE
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