Subject: VISX
Not sure about the figure for annual sales growth of -2% or the
annual earnings growth of -19% (possibly they had an extraordinary
charge).
I found the stock and the ratios from stockscreener.com
They are based on 1997 vs. 1996, as shown below.
For the first two quarters of 1998, the company's sales are back up,
but the company is losing money, as they made a $35 million litigation
payment. I believe the FTC had also filed a suit alleging collusion,
and the company dropped an agreement with another company because of
that.
VISX, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------
1997 1996 1995
------- ------- --------
<S> <C> <C> <C>
REVENUES:
System sales.............................................. $34,393 $53,140 $ 10,985
Royalties, service and other revenue...................... 34,238 16,524 5,718
------- ------- --------
Total revenues......................................... 68,631 69,664 16,703
------- ------- --------
COSTS AND EXPENSES:
Cost of revenues.......................................... 20,598 28,876 9,749
Marketing, general and administrative..................... 22,255 17,708 8,800
Research, development and regulatory...................... 10,258 8,734 8,859
------- ------- --------
Total costs and expenses............................... 53,111 55,318 27,408
------- ------- --------
INCOME (LOSS) FROM OPERATIONS............................... 15,520 14,346 (10,705)
------- ------- --------
OTHER INCOME (EXPENSE):
Interest income........................................... 4,999 4,265 1,340
Litigation settlement..................................... (4,500) -- (5,400)
------- ------- --------
Other income (expense), net............................ 499 4,265 (4,060)
------- ------- --------
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES............. 16,019 18,611 (14,765)
Provision for income taxes................................ 1,922 1,303 --
------- ------- --------
NET INCOME (LOSS)........................................... $14,097 $17,308 $(14,765)
======= ======= ========
EARNINGS (LOSS) PER SHARE
Basic..................................................... $ 0.91 $ 1.13 $ (1.20)
======= ======= ========
Diluted................................................... $ 0.89 $ 1.08 $ (1.20)
======= ======= ========
SHARES USED FOR EARNINGS (LOSS) PER SHARE
Basic..................................................... 15,429 15,311 12,311
======= ======= ========
Diluted................................................... 15,818 15,974 12,311
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