SLTI's Q - sounds good to me...
Surgical Laser Technologies, Inc. Reports First Quarter 2002
Financial Results
Business Editors
MONTGOMERYVILLE, Pa.--(BUSINESS WIRE)--May 6, 2002--Surgical Laser Technologies, Inc. (NASDAQ:SLTI) today announced its financial results for the first quarter of 2002.
Net sales were $2,759,000 for the first quarter of 2002, an increase of $488,000 or 21%, over the first quarter of 2001 net sales of $2,271,000. The net loss for the first quarter of 2002 was $53,000, or $.02 per share, compared to a net loss in the first quarter of 2001 of $215,000, or $.09 per share.
Commenting on the results, Michael R. Stewart, SLT's President and Chief Executive Officer, stated: "We established a direct sales force and a consultative sales process for contract services in the second half of 2001. As a result, increased procedure volume, principally from new contracts, has resulted in increases in the first quarter of 12% from the fourth quarter of 2001 and 30% from the first quarter of 2001 in fee per case revenues. Although less predictable, sales of laser systems also increased significantly in the first quarter of 2002 from both the first and fourth quarters of 2001. All other revenues, mainly from delivery systems sales, declined 8% in the first quarter of 2002 from the first quarter of 2001, but rebounded from the decline in the fourth quarter, increasing by 13%."
Continuing, Stewart added: "While the sale of laser systems is important in the near term to the overall economics of the business model we are pursuing, capital sales in today's medical market are somewhat unpredictable and can cause fluctuations in quarterly revenue and income attainment. Our main interest is in continuing the growth in the repetitive contract services offering to drive consistent revenue and earnings growth going forward. As our dependence on less predictable capital sales is lessened, we believe that continued growth in contract services, when coupled with the partial vertical integration from our manufacturing capability, will provide the basis to return the Company to consistent profitability."
SURGICAL LASER TECHNOLOGIES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(IN THOUSANDS EXCEPT EARNINGS (LOSS) PER SHARE)
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Consolidated Statement For the Quarter Ended:
of Operations: 03/31/02 04/01/01
(unaudited) (unaudited)
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Net sales $ 2,759 $ 2,271
Cost of sales 1,566 1,180
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Gross profit 1,193 1,091
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Operating expenses:
Selling, general and
administrative 1,138 1,159
Product development 117 147
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1,255 1,306
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Operating income (loss) (62) (215)
Interest income, net 9 --
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Net income (loss) ($ 53) ($ 215)
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Basic and diluted earnings
(loss) per share ($ 0.02) ($ 0.09)
Shares used in calculation
of basic earnings (loss)
per share 2,328 2,328
Shares used in calculation
of diluted earnings (loss)
per share 2,328 2,328
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Consolidated Balance Sheet Data: 03/31/02 12/30/01
(unaudited)
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Cash, cash equivalents and
short-term investments $ 2,006 $ 2,016
Accounts receivable, net 1,865 1,824
Inventories 2,833 3,006
Property and equipment, net 3,058 3,151
Total assets 11,223 11,465
Current liabilities 1,490 1,435
Long-term debt 2,698 2,937
Stockholders' equity 7,035 7,093 |
