Message #5 From:
Stock News Bot Date: July 27, 2005 01:30:00 AM
OISI News Ophthalmic Imaging Systems Announces Record Second Quarter Results; Company Reports 22.7% Increase in Revenues and 65.9% Increase in Net Income Compared to Second Quarter of 2004; 15th Consecutive Profitable Quarter
SACRAMENTO, Calif.--(BUSINESS WIRE)--July 27, 2005--Ophthalmic Imaging Systems (OIS) (OTCBB:OISI) today reported record financial results for the second quarter ended June 30, 2005.
The Company reported net revenues of $2,950,000 for the second quarter of 2005 compared with net revenues of $2,403,000 for the second quarter of 2004, an increase of 22.7%. Net income for the second quarter of 2005 climbed 65.9% to $406,000 or $0.03 earnings per basic and diluted share, compared with net income of $245,000, or $0.02 earnings per basic and diluted share, for the second quarter of 2004.
For the first six months of 2005, the Company reported net revenues of $5,790,000 compared with net revenues of $4,800,000 for the first six months of 2004, an increase of 20.6%. Net income for the first six months of 2005 climbed 52.8% to $740,000, or $0.05 earnings per basic and diluted share, compared with net income of $484,000, or $0.03 earnings per basic and diluted share, for the first six months of 2004.
"We are pleased to report that OIS has delivered another quarter of strong financial results, driven by continued sales growth of our digital imaging and our informatics products," stated Gil Allon, Chief Executive Officer of the Company. "We continue to execute our aggressive growth strategy which has lead to increased sales and sustainable earnings."
Mr. Allon concluded, "Our focus on technical innovation with advanced new products such as our WinStation 3200(TM) and Ophthalmology Office(TM) continues to strengthen our sales and sustain OIS as a leading provider of digital imaging systems and informatics solutions for the eye-care field. Our strong growth provides shareholders with expanding returns and cash flow."
About Ophthalmic Imaging Systems
Ophthalmic Imaging Systems, 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.
OPHTHALMIC IMAGING SYSTEMS
Selected Financial Data
Condensed Statements of Operations
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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2005 2004 2005 2004
---- ---- ---- ----
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
NET REVENUES $2,949,579 $2,403,040 $5,789,604 $4,800,109
COST OF SALES 1,210,145 914,399 2,376,013 1,871,945
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GROSS PROFIT 1,739,434 1,488,641 3,413,592 2,928,164
SALES AND MARKETING 686,390 696,325 1,414,395 1,356,007
GENERAL AND
ADMINISTRATIVE 325,636 258,340 638,632 505,805
RESEARCH AND
DEVELOPMENT 265,404 229,950 507,812 477,186
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TOTAL OPERATING
EXPENSES 1,277,430 1,184,615 2,560,839 2,338,998
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INCOME FROM OPERATIONS 462,004 304,026 852,753 589,166
INTEREST AND OTHER
EXPENSE, NET (51,029) (59,342) (103,618) (104,667)
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NET INCOME BEFORE
INCOME TAXES 410,975 244,684 749,135 484,499
INCOME TAXES (5,024) -- (9,024) --
-----------------------------------------------
NET INCOME $405,951 $244,684 $740,111 $484,499
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INCOME PER BASIC SHARE $0.03 $0.02 $0.05 $0.03
===============================================
SHARES USED IN THE
CALCULATION OF NET
INCOME PER BASIC
SHARE 15,071,607 14,639,300 15,056,374 14,537,924
===============================================
INCOME PER DILUTED
SHARE $0.03 $0.02 $0.05 $0.03
===============================================
SHARES USED IN THE
CALCULATION OF NET
INCOME PER DILUTED
SHARE 16,136,823 15,700,475 16,229,367 15,583,163
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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.
