Message #3 From:
Stock News Bot Date: May 9, 2005 09:04:38 AM
OISI Ophthalmic Imaging Systems Announces Record First Quarter Results; Company Reports 14th Consecutive Profitable Quarter
Ophthalmic Imaging Systems Announces Record First Quarter Results; Company Reports 14th Consecutive Profitable Quarter
SACRAMENTO, Calif.
Ophthalmic Imaging Systems
Gil Allon, 916-646-2020 (CEO)
Ariel Shenhar, 916-646-2020 (CFO)
or
KCSA Worldwide
Todd Fromer, 212-896-1215 (Investor Relations)
Garth Russell, 212-896-1250 (Investor Relations)
Ophthalmic Imaging Systems (OTCBB:OISI) today reported record financial results for the first quarter ended March 31, 2005.
The Company reported net revenues of $2,840,000 for the first quarter of 2005 compared with net revenues of $2,397,000 for the first quarter of 2004, an increase of 18.5%. Net income for the first quarter of 2005 climbed 39.3% to $334,000 or $0.02 earnings per basic and diluted share, compared with net income of $240,000, or $0.02 earnings per basic and diluted share, for the first quarter of 2004.
"This was another record quarter for the Company as revenues and net income continued to grow. Our financial strength continues to improve as we grow our business by expanding our offerings," stated Gil Allon, Chief Executive Officer of the Company. "As of March 31, 2005, OIS's shareholder equity increased to approximately $2,764,000 compared to approximately $403,000 for the quarter ending March 31, 2004."
Mr. Allon concluded, "We are encouraged by the progress achieved in the introduction of Ophthalmology Office(TM), our informatics product. In the first quarter of 2005, the company recorded the first meaningful revenues from sales of Ophthalmology Office(TM). During 2004 we contributed significant resources to the introduction of Ophthalmology Office(TM), and expect to experience material sales of this product line in 2005 as it becomes one of our major growth factors in the near and mid terms."
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
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
2005 2004
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Net Sales $ 2,840,025 $ 2,397,069
Cost of sales 1,165,867 957,546
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Gross profit 1,674,158 1,439,523
Operating expenses:
Sales and marketing 728,004 659,682
General and administrative 312,996 247,465
Research and development 242,408 247,236
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Total operating expenses 1,283,408 1,154,383
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Income from operations 390,750 285,140
Interest and other expense, net (52,590) (45,325)
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Net income before income taxes 338,160 239,815
Income taxes (4,000) -
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Net income $ 334,160 $ 239,815
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Shares used in the calculation of basic
net income per share 15,041,141 14,436,547
Basic net income per share $ 0.02 $ 0.02
Shares used in the calculation of diluted
net income per share 16,318,728 15,465,852
Diluted net income per share $ 0.02 $ 0.02
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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.
