-- VISX Reports Record Revenues and Earnings - Announces Two-For-One Stock Split - --
Business Editors and High Tech Writers
SANTA CLARA, Calif.--(BW HealthWire)--April 14, 1999--VISX,
INCORPORATED (Nasdaq NM Symbol:VISX), today announced financial
results for the first quarter ended March 31, 1999.
Revenues for the first quarter of 1999 were $53,949,000 compared
to $24,310,000 for the comparable period of the prior year. Net income
was $19,731,000, or $0.58 per share, in the first quarter of 1999
compared to net income of $8,962,000, or $0.29 per share, in the
comparable period of the prior year.
Commenting on the results of the quarter, Mark Logan, Chairman
and Chief Executive Officer of VISX, stated, "We saw continued
strength in all aspects of our business as the quarter progressed.
Since laser vision correction is our only business, VISX has been able
to both respond to this growth and maintain the high level of customer
service expected by our customers. We believe we are well equipped in
both human and financial resources to meet the challenges of this
dynamic market."
The Company also announced today that its Board of Directors has
approved a two-for-one stock split payable in the form of a 100
percent stock dividend to shareholders of record on April 27, 1999.
Upon completion of the stock split, the number of shares outstanding
will be approximately 63 million. Certificates reflecting the stock
split will be issued on or about May 12, 1999.
The foregoing statements are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and
actual results could differ materially. Factors that could affect the
Company's business include: fluctuations in customer orders for
systems and VisionKey(R) cards, acceptance of the laser vision
correction procedure in the market, competition from other laser
systems ( a number of which have now received FDA pre-market approval
for United States commercial sale), competition from other vision
correction products and procedures that are currently in use or that
may be developed and introduced in the future, the degree to which
VISX is successful in generating royalty income from its patent rights
or in enforcing its patent rights, and developments in pending or
future patent and antitrust litigation. Additional discussion of
factors affecting the Company's business is contained in the Company's
most recent filings with the Securities and Exchange Commission,
including VISX's Annual Report and Form 10-K for the year ended
December 31, 1998.
VISX is a worldwide leader in the development of refractive laser
technology. VISX systems are commercially available in the United
States and markets worldwide.
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VISX, Incorporated
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts.)
(Unaudited)
Three Months Ended
----------------------------
3/31/99 3/31/98
------------ ------------
System sales $ 11,914 $ 7,560
License, service and other revenue 42,035 16,750
------------ ------------
Total revenues 53,949 24,310
------------ ------------
Cost of revenues 10,597 5,830
Marketing, general and administrative 9,093 5,698
Research, development and regulatory 3,635 2,411
------------ ------------
Total costs and expenses 23,325 13,939
------------ -----------
Income from operations 30,624 10,371
Interest and other income, net 1,882 1,421
------------ -----------
Income before provision for income taxes 32,506 11,792
Provision for income taxes 12,775 2,830
------------ -----------
Net income $ 19,731 $ 8,962
============ ============
Earnings Per Share
Basic $ 0.64 $ 0.29
============ ============
Diluted $ 0.58 $ 0.29
============ ============
Shares Used For Earnings Per Share
Basic 31,068 30,432
============ ============
Diluted 34,165 31,116
============ ============
Condensed Consolidated Balance Sheet
(in thousands)
(Unaudited)
3/31/99 12/31/98
------------------------------
Cash, cash equivalents
and short-term investments $ 152,225 $ 116,539
Accounts receivable 30,872 27,822
Inventories 8,219 6,820
Other current assets 14,908 15,457
------------ ------------
Current assets 206,224 166,638
Property and equipment, net 5,072 4,318
Other assets 5,744 5,663
------------ ------------
Total assets $ 217,040 $ 176,619
============ ============
Accounts payable $ 7,565 $ 3,682
Accrued liabilities 33,621 33,948
------------ ------------
Current liabilities 41,186 37,630
Stockholders' equity 175,854 138,989
------------ ------------
Total liabilities and stockholders' equity $ 217,040 $ 176,619
============ ============
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CONTACT: VISX, Inc.
Lola Wood, 408/733-2020
ir@visx.com
visx.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
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