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Biotech / Medical : PLSIA (Premier Laser Systems) -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (1628)	7/27/1998 9:00:00 PM
From: kaintuck 119	Respond to of 1773

Delisting does not imply fraud in Premier's case. Fraud is a criminal offense and if the SEC investigation found possible fraud they would probably turn the case over to the FBI for further investigation and prosecution. Nasdaq could delist if a company was found guilty in a court of law. However in this case PL has not been charged with criminal intent so Nasdaq is probably pursueing delisting because Premier is in arrears in filing a number of financial statements as NASDAQ rules require. Please go to nasdaq.com and research Nasdaq rules for listing and delisting. Also go to otcbb.com and research the rules for trading a stock that has been delisted by the major boards. Kaintuck119

To: Pluvia who wrote (1628)	8/19/1998 11:06:00 PM
From: Ted Gregg	Respond to of 1773

Premier Laser To Report Fiscal 1Q Loss Of 32c/Shr By John Lippman IRVINE, Calif. (Dow Jones)-Premier Laser Systems Inc., the maker of dental laser equipment which had its stock suspended from trading in May by the NASDQ following the resignation of its independent auditor and a sales dispute with one of its major distributors, will Thursday announce financial results for the first fiscal quarter ended June 30 and release restated results for the fiscal years ended March 31, 1998 and March 31, 1999. For the quarter ended June 30, Premier Laser Systems will report a net loss of $4.8 million, or 32 cents per share, compared with a loss of $700,000 or eight cents per share for the same period last year. Revenues increased 65% to $3.5 million from $2.1 million in the same period. The increase in revenues was mostly due to the sale of ophthalmic products from the company's EyeSys Technologies unit and its 51%-owned subsidiary Ophthalmic Imaging Systems, the company said. Premier Laser's problems began earlier this year after a sales dispute erupted between it and Melvile, N.Y.-based Henry Schein Inc., a distributor of its products. Henry Schein claimed it didn't order certain laser products that Premier Laser booked as sales. Premier Laser said that Henry Schein disclaimed rights to the inventory more than six months after it was shipped. "I just think from a company perspective we're glad to be through this step and be back in compliance," said Colette Cozean, president of Premier Laser. "It's been a difficult transition for us and putting it behind us will make a tremendous difference." Regarding the "lessons learned" from the dispute, Cozean said, "it was really our fault for doing business on a handshake ... The bottom line is we need to get stuff really documented." Even though Henry Schein is not currently distributing Premier Laser's dental laser products, she said they are a "great company, and they love our product." Restated and reaudited results for the year ended March 31, 1998 show that Premier Laser posted a a net loss of $38.2 million, or $3.34 a share, compared with a loss of $6 million, or $1.02 per share, for fiscal 1997. Those results include reserves and write-downs of more than $31 million. Revenues rose to $10.4 million from $5.1 million for the same period, reflecting higher sales of its dental lasers as well ass increases from consolidation of EyeSys Technologies and OISI. Much of the fiscal 1998 losses were due to a one-time charge of $19.8 million in acquisition and merger related costs of EyeSys Technologies and Premier Laser's purchase of a 51% stake in Sacramento, Calif.-based OISI, the company said. Restated and audited results for the fiscal year ending March 31, 1997 resulted in an additional net loss of $383,000 to a total net loss for the fiscal year of $5,973,357. Premier Laser said the restated fiscal 1997 results it believes is not material in terms of net loss, total assets and shareholders' equity. Chief Financial Officer Charles Olson said that although inventory levels are too high based upon expected sales in the near term and therefore had to be heavily reserved in the year ended March 31, 1998, nonetheless the June 1998 balance sheet shows cash of $11.9 million, current assets of $24.5 million and no long-term debt. Premier Laser said it will file its restated fiscal 1998 and fiscal 1997 results as well as its fiscal first-quarter results electronically with the Securities and Exchange Commission by Monday, Aug. 24. By John Lippman; 201-938-5099 "Dow Jones News Service" "Copyright(c) 1998, Dow Jones & Company, Inc."