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Biotech / Medical : Summit Medical (SUMT) -- Ignore unavailable to you. Want to Upgrade?

To: Steve Hudson who wrote (12)	3/11/1998 1:49:00 PM
From: vedia	Read Replies (1) \| Respond to of 14

Perhaps it is time to pay attention! Summit says takes steps to fix 1997 problems MINNEAPOLIS, March 10 (Reuters) - Summit Medical Systems Inc (SUMT - news) said Tuesday it has taken steps to correct problems related to personnel and the launch of new software that contributed to a loss in 1997. ''Summit Medical's financial performance for 1997 can be summed up very succintly,'' Barbara Cannon, chief executive officer, said in a statement. ''Delays in introducing Crescendo! were compounded by rising personnel costs in the first half of the year,'' she added. ''I am confident, however, that corrective actions have been taken on both of these fronts.'' Earlier today, Summit, which provides management systems and information services for the healthcare industry, reported a fourth quarter loss of $0.37 a share, compared with a loss of $1.03 a share the prior year. For the full year, Summit lost $1.86 a share, against a loss of $1.37 in 1996. Summit also said its board of directors authorized a previously announced 1.0 million share repurchase program. To date, the company has bought back 765,000 shares under this program, at an average price of $2.64 a share. The repurchased shares will be used for employee stock options and other benefit plans, or for other corporate purposes, Summit said. The stock was unchanged at 2-5/8.