SRMI Financials
SWISSRAY INTERNATL INC files 0930 qtr 10-Q.
IFN Smart Edgar News - November 14, 1997 17:08
Excerpted from 10-Q filed on 11/14 by SWISSRAY INTERNATIONAL INC:
SWISSRAY INTERNATL INC files 0930 qtr 10-Q. Reports $5.2 mil tot rev and $-0.01 EPS.
RESULTS OF OPERATIONS
Net sales amounted to $5,258,903 for the three-month period ended
September 30, 1997 compared to $2,467,175, an increase of $2,791,728, or
113.15%, from the three-month period ended September 30, 1996. The increase in
net sales was partially due to the acquisition of Empower on April 1, 1997. The
Company could also increase sales in Swiss Francs made under the Philips OEM
Agreement by approximately 252%.
Gross profit increased by $667,894, or 52.3%, to $1,945,812, for the
three-month period ended September 30, 1997 from $1,277,918 for the three-month
period ended September 30, 1996. Gross profit as a percentage of net revenues
decreased to 37.0% for the three-month period ended September 30, 1997 from
51.8% for the three-month period ended September 30, 1996. The decrease in gross
profits as a percentage of net revenues is attributable to the fact that the
Company's Swiss subsidiaries consistently allocated direct labor and
manufacturing overhead expenses to costs of goods sold. For the three-month
period ended September 30, 1996, consistent with Swiss accounting practice such
subsidiaries only allocated cost of material to cost of goods sold, whereas
labor and overhead expenses were allocated to operating expenses.
Operating expenses increased by $78,505, or 3.7% to $2,186,097, or 41.5%
of net revenues, for the three-month period ended September 30, 1997, from
$2,107, 592, or 85.4% of net revenues for the three-month period ended September
30, 1996. The single largest items of operating expenses continued to be
officers and directors compensation and salaries of $717,412 or 13.6% of net
sales for the three-month period ended September 30, 1997 compared to $629,375
or 25.5% of net sales for the three-month period ended September 1996. Selling
expenses
were $488,031 or 9.3% for the three-month period ended September 30, 1997
compared to $194,379 or 7.8% for the three-month period ended September 30,
1996. The increase in selling expenses was partially due to the selling expenses
attributable to Empower, Inc. and Swissray Medical Systems, Inc., both of which
were not subsidiaries of the Company during the three-month period ended
September 30, 1996. Research and development expenses decreased $25,683 to
$473,839 or 9.0% of net sales for the three-month period ended September 30,
1997 compared to $499,522 or 20.2% of net sales for the three-month period ended
September 30, 1996. Research and Development expenses were partially
attributable to the development of a new floating table.
FINANCIAL CONDITION
Total assets of the Company on September 30, 1997 increased by $2,661,902
to $27,014,817 from $24,352,915 on June 30, 1997, primarily due to the
increase of Current Assets. Current Assets increased $2,846,847 to $16,940,193
on September 30, 1997 from $14,093,346 on June 30, 1997. The increase in
current assets is primarily attributable to the increase in cash. Other Assets
decreased $236,792 to $5,686,160 on September 30, 1997 from $5,922,952 on June
30, 1997.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END JUN-30-1998
PERIOD-START JUL-01-1997
PERIOD-END SEP-30-1997
CASH 5,181,359
SECURITIES 0
RECEIVABLES 5,136,623
ALLOWANCES 107,553
INVENTORY 4,676,372
CURRENT-ASSETS 16,940,193
DEPRECIATION 395,881
TOTAL-ASSETS 27,014,817
CURRENT-LIABILITIES 9,436,328
BONDS 10,866,995
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 206,212
OTHER-SE 6,505,282
TOTAL-LIABILITY-AND-EQUITY 27,014,817
SALES 5,258,903
TOTAL-REVENUES 5,258,903
CGS 3,313,091
TOTAL-COSTS 3,313,091
OTHER-EXPENSES 2,186,097
LOSS-PROVISION 0
INTEREST-EXPENSE 50,563
INCOME-PRETAX (192,313)
INCOME-TAX 876
INCOME-CONTINUING (193,189)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (193,189)
EPS-PRIMARY (.01)
EPS-DILUTED (.01)
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