Message #9 From:
Stock News Bot Date: November 2, 2005 02:30:00 AM
OISI News Ophthalmic Imaging Systems Announces Record Third Quarter Results; Company Reports 58% Increase in Net Income and 24% Increase in Revenues; 16th Consecutive Profitable Quarter
SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 2, 2005--Ophthalmic Imaging Systems (OIS) (OTCBB:OISI) today reported record financial results for the third quarter ended September 30, 2005.
The Company reported net revenues of $3,246,000 for the third quarter of 2005 compared with net revenues of $2,615,000 for the third quarter of 2004, an increase of 24%. Net income for the third quarter of 2005 climbed 58% to $516,000, or $0.03 earnings per basic and diluted share, compared with net income of $327,000, or $0.02 earnings per basic and diluted share, for the third quarter of 2004.
For the first nine months of 2005, the Company reported net revenues of $9,036,000 compared with net revenues of $7,415,000 for the first nine months of 2004, an increase of 22%. Net income for the first nine months of 2005 climbed 55% to $1,256,000, or $0.08 earnings per basic and diluted share, compared with net income of $811,000, or $0.06 per basic share and $0.05 per diluted share, for the first nine months of 2004.
"OIS continues to successfully execute its growth strategy. Our ability to significantly increase sales of our digital imaging systems and informatics products led to substantial growth of 58% in net income in the third quarter of 2005 as compared to Q3 2004," stated Gil Allon, Chief Executive Officer of the Company. "We are pleased by the performance of our Ophthalmology Office(TM) product line and anticipate the revenues generated by this activity to steadily increase going forward as our sales and marketing initiatives continue to increase market awareness to the economical and operational benefits resulting from the use of these products."
Mr. Allon concluded: "We continue to focus on technical innovations with advanced new products such as our OIS WinStation 11K(TM) System, WinStation XP(TM) Version 10.3 Software, WinStation Manager(TM) and Ophthalmology Office(TM) Retinal Templates, which were released at this year's annual American Academy of Ophthalmology (AAO) conference that took place last month in Chicago. We were very encouraged during the AAO meeting by the very positive response of the ophthalmic community to the new products and we believe these products will help us to further strengthen our leading position in the ophthalmology market."
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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
NET REVENUES $3,246,216 $2,614,798 $9,035,820 $7,414,907
COST OF SALES 1,249,701 1,053,576 3,625,713 2,925,522
----------- ----------- ----------- -----------
GROSS PROFIT 1,996,515 1,561,222 5,410,107 4,489,385
SALES AND MARKETING 781,521 641,828 2,195,917 1,997,834
GENERAL AND
ADMINISTRATIVE 360,291 290,912 998,922 796,716
RESEARCH AND
DEVELOPMENT 327,501 242,847 835,313 720,033
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 1,469,313 1,175,587 4,030,152 3,514,583
----------- ----------- ----------- -----------
INCOME FROM OPERATIONS 527,202 385,635 1,379,955 974,802
INTEREST AND OTHER
EXPENSE, NET 6,378 (58,922) (97,240) (163,590)
----------- ----------- ----------- -----------
NET INCOME BEFORE
INCOME TAXES 533,580 326,713 1,282,715 811,212
INCOME TAXES 17,200 - 26,224 -
----------- ----------- ----------- -----------
NET INCOME $516,380 $326,713 $1,256,491 $811,212
=========== =========== =========== ===========
SHARES USED IN THE
CALCULATION OF BASIC
NET INCOME PER SHARE 15,263,798 14,975,014 15,125,515 14,683,620
BASIC NET INCOME PER
SHARE $0.03 $0.02 $0.08 $0.06
=========== =========== =========== ===========
SHARES USED IN THE
CALCULATION OF
DILUTED NET INCOME
PER SHARE 16,427,843 15,981,937 16,295,525 15,716,087
DILUTED NET INCOME PER
SHARE $0.03 $0.02 $0.08 $0.05
=========== =========== =========== ===========
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.
