Message #14 From:
Stock News Bot Date: March 12, 2007 05:30:00 AM
OISI News Ophthalmic Imaging Systems Increases Net Income 28% for Record Profits in 2006
SACRAMENTO, Calif.--(BUSINESS WIRE)--Ophthalmic Imaging Systems (OTCBB:OISI) (OIS) today reported financial results for the fourth quarter and fiscal year ended December 31, 2006.
Net revenue for the year ended December 31, 2006 increased approximately 16% to $15,797,000 from $13,651,000 in 2005. Operating income for the year climbed approximately 13% to $2,144,000, compared to $1,890,000 in the prior year. Net income for 2006 increased 28% to $2,251,000, or $0.13 earnings per diluted share, compared to $1,755,000, or $0.11 earnings per diluted share, in 2005.
During 2006, OIS increased its spending in research and development by 45% to $1,616,000 from $1,112,000 in the prior year. This spending is attributable to the further development of its leading ophthalmology imaging and informatics products.
For the fourth quarter of 2006, the Company reported net revenue of $4,402,000, compared with net revenue of $4,142,000 for the fourth quarter of 2005, an increase of 6%. Operating income for the fourth quarter of 2006 climbed 10% to $560,000, compared to $510,000 in the prior year. Net income increased 25% in the fourth quarter of 2006 to $624,000, or $0.03 earnings per diluted share, from $499,000, or $0.03 earnings per diluted share, during the same period last year.
Gil Allon, Chief Executive Officer of the Company, commented, “We are pleased with the steady increase in demand for our comprehensive line of ophthalmology-specific digital imaging systems and informatics solutions. This year we expanded our sales and marketing efforts, and added the WinStation RetinaTM and the WinStation EssentialTM, both of which were major drivers for the increase in sales this year.”
“In order to maintain our position as the leading provider of cutting edge technology for ophthalmologists, we have increased spending on research and development of new products. We are excited by the potential we see in the market for an expanded line of offerings which is expected to be the outcome of the increased R&D investments.”
Ariel Shenhar, Chief Financial Officer of OIS, added, “This year, we experienced a steady increase in revenue, which led to record net income for OIS. As a result of this performance we have increased our cash position by 56%, with approximately $6.2 million as of December 31, 2006, compared to $3.9 million as of December 31, 2005. In addition, we are extremely pleased with the increase this year in total shareholder equity, which was $8.2 million as of December 31, 2006, compared to $4.6 million last year, an increase of 76%.”
About Ophthalmic Imaging Systems
Ophthalmic Imaging Systems (www.oisi.com), a majority-owned subsidiary of MediVision, is the leading provider of ophthalmic digital imaging systems. The Company designs, develops, manufactures and markets digital imaging systems and informatics solutions for the eye care market. With over twenty years in the ophthalmic imaging business, the Company has consistently introduced new, innovative technology. The Company, together with MediVision, co-market and support their products through an extensive network of dealers, distributors, and direct representatives.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the Company's control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.
OPHTHALMIC IMAGING SYSTEMS
SELECTED FINANCIAL DATA
STATEMENT OF INCOME
UNAUDITED
AUDITED
Three Months Ended
Twelve Months Ended
DECEMBER 31,
DECEMBER 31,
2006
2005
2006
2005
Sales - Total
$4,402,016
$4,142,171
$15,797,163
$13,650,507
Cost of sales - Total
$1,580,947
$1,731,101
$6,545,792
$5,766,883
Gross Profit
$2,821,069
$2,411,070
$9,251,371
$7,883,624
Operating Expenses:
Sales & Marketing
$1,319,364
$1,180,684
$3,795,559
$3,439,046
General & Administrative
$501,799
$444,036
$1,696,147
$1,442,959
Research & Development
$440,197
$276,710
$1,615,758
$1,112,023
Total Operating Expenses
$2,261,360
$1,901,430
$7,107,464
$5,994,028
Operating Income
$559,710
$509,640
$2,143,907
$1,889,596
Interest & Other Expense, Net
$46,317
($89,380)
$75,852
($187,342)
Income before Taxes
$606,027
$420,260
$2,219,759
$1,702,254
Income Tax Benefit (expense)
$17,741
$78,503
$31,000
$53,000
Net Income
$623,767
$498,763
$2,250,759
$1,755,254
Basic Earnings per share
$0.04
$0.03
$0.14
$0.12
Shares used in the calculation of basic earnings per share
16,282,249
15,446,211
16,090,610
15,205,689
Diluted Earnings per share
$0.03
$0.03
$0.13
$0.11
Shares used in the calculation of diluted earnings per share
