Fischer Imaging Beats Estimates and Continues Profitability Trend With The Announcement of First Quarter Results

Apr 26, 2001, 01:00 ET from Fischer Imaging Corporation

    DENVER, April 26 /PRNewswire/ -- Fischer Imaging (Nasdaq:   FIMG) a global
 leader in the manufacturing and marketing of specialty digital and
 conventional mammography and X-ray imaging systems, today announced the
 results of operations for its first quarter ended April 1, 2001.  Revenues for
 the first quarter of 2001 were $11.2 million resulting in net income in the
 amount of $412,000 or $0.05 per share, excluding a one-time $205,000 charge
 primarily relating to the dissolution of a foreign subsidiary.
     "We are pleased with the overall results of the quarter," commented
 Rodney B. Johnson, vice president and chief financial officer of Fischer
 Imaging.  "Our continued focus on our higher margin core business of breast
 care products, such as the MammoTest Breast Biopsy System, has helped to boost
 gross margins to 50% for the quarter from 45% for the same time period of the
 previous year.  Additionally, we are fully realizing the benefits from our
 restructuring activities allowing for smoother quarter-over-quarter production
 scheduling, as well as an 8% decrease in operating expenses from the
 comparable quarter in fiscal 2000."
     "Both revenue and net income exceeded our expectations for the first
 quarter of 2001.  Revenue for the first quarter of 2001 was below that
 realized for the first quarter of 2000, which was attributable to Fischer's
 exit from the lower margin OEM business.  The first quarter of 2000 was the
 last quarter to have significant OEM sales.  Revenue for the first quarter of
 2001 continues the trend with the recent quarters in 2000," Johnson added.
     "We have seen continued improvement in our working capital and liquidity
 during the quarter.  Receivables have decreased approximately $860,000 from
 December 31, 2000, and our overall inventory levels remained flat at
 approximately $19 million despite a necessary buildup in anticipation of
 SenoScan shipments.  Further, we have virtually no debt outstanding at
 April 1, 2001," commented Louis E. Rivelli, president and chief executive
 officer for Fischer Imaging.
     "We have achieved many other significant accomplishments in the quarter.
 Our submission of the SenoScan Pre-Market Approval application to the Food and
 Drug Administration, along with our recently announced partnership with
 Broadlane, a 2600 member health care provider buying consortium, are clearly
 among the highlights. We are continuing to seek out additional value added
 relationships that will increase sales.  We look forward to making
 announcements of our advancements in this area in the coming weeks."
     Rivelli added, "our focus on the field of breast care is the right
 corporate direction for Fischer Imaging and the milestones we have achieved in
 the last quarter help to pave the way for our continued success in expanding
 our product offerings in this area.  Fischer Imaging is fully committed to
 early detection and the fight against breast cancer."
     The next earnings release conference call will be scheduled surrounding
 the second quarter 2001 results and all parties interested in further
 information regarding Fischer are encouraged to contact Rod Johnson at
 303-450-4305 or Al Palombo, 503-844-8888, ext. 101.
 
     About Fischer Imaging
     Fischer Imaging Corporation designs, manufactures, and markets specialty
 mammography and general purpose x-ray imaging systems for the diagnosis and
 treatment of disease.  The Company's principal product lines are directed
 toward medical specialties in which minimally invasive techniques are
 replacing open surgical procedures.
     Cautionary statement under the "Safe Harbor" Provisions of the Private
 Securities Litigation Reform Act of 1995:  The above release includes
 forward-looking statements that are subject to risks and uncertainties that
 could cause actual results or events to vary materially and adversely from
 those contained in the forward-looking statement.  Important factors that
 could cause actual results or events to vary materially include, but are not
 limited to, those regarding efforts to restructure operations, improve
 efficiencies, gain approvals, and improve profitability.  Please refer to a
 discussion of these and other factors in the Company's December 31, 2000 Form
 10-K filed with the Securities and Exchange Commission.  The Company disclaims
 any intent or obligation to update these forward-looking statements.
 
                           FISCHER IMAGING CORPORATION
                             SELECTED FINANCIAL DATA
                (All amounts in thousands, except per share data)
 
                                                    Three Months Ended
                                                       Proforma (2)
                                             April 1,    April 1,   April 2,
                                               2001        2001        2000
 
              Revenue                        $11,246     $11,246     $13,743
              Cost of Sales                    5,684       5,684       7,553
              Gross Profit                     5,562       5,562       6,190
              Operating expenses:
                  Research and
                   development                   972         972       1,041
                  Selling, marketing and
                   service                     2,894       2,894       3,384
                  General and
                   administrative              1,298       1,298       1,208
                  Total Operating
                   Expenses                    5,164       5,164       5,633
              Income From Operations             398         398         557
                  Other Expense                 (191)         14        (206)
              Income Before Income Taxes         207         412         351
              Income Tax Provision (See
               Note 1)                            --          --          --
              Net Income                        $207        $412        $351
 
              Income per share
                  Basic                        $0.02       $0.05       $0.05
              Shares Used to Calculate
               Income Per Share
                  Basic                        8,631       8,631       7,073
 
              Notes:  (1) Any income tax assessed for the year 2001 will be
                          offset by prior years' net operating loss
                          carryforwards of approximately $15,844,000.
                      (2) Excludes $205,000 of one-time adjustments primarily
                          relating to the dissolution of a foreign subsidiary.
 
                                             April 1,   December 31,
                                               2001        2000
              Current Assets:
                  Cash and cash
                   equivalents                $1,057        $843
                  Trade accounts
                   receivable                 11,740      12,600
                  Inventories                 19,006      18,844
                  Other current assets           456         744
              Total Current Assets            32,259      33,031
              Total Assets                    37,535      38,476
              Current Liabilities:
                  Notes payable/current
                   maturities                     39          39
                  Trade accounts payable       3,406       3,463
                  Other liabilities            5,118       6,157
              Total Current Liabilities        8,563       9,659
              Total Liabilities                9,403      10,499
              Total Stockholders'
               Investment                     28,132      27,977
 
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SOURCE Fischer Imaging Corporation
    DENVER, April 26 /PRNewswire/ -- Fischer Imaging (Nasdaq:   FIMG) a global
 leader in the manufacturing and marketing of specialty digital and
 conventional mammography and X-ray imaging systems, today announced the
 results of operations for its first quarter ended April 1, 2001.  Revenues for
 the first quarter of 2001 were $11.2 million resulting in net income in the
 amount of $412,000 or $0.05 per share, excluding a one-time $205,000 charge
 primarily relating to the dissolution of a foreign subsidiary.
     "We are pleased with the overall results of the quarter," commented
 Rodney B. Johnson, vice president and chief financial officer of Fischer
 Imaging.  "Our continued focus on our higher margin core business of breast
 care products, such as the MammoTest Breast Biopsy System, has helped to boost
 gross margins to 50% for the quarter from 45% for the same time period of the
 previous year.  Additionally, we are fully realizing the benefits from our
 restructuring activities allowing for smoother quarter-over-quarter production
 scheduling, as well as an 8% decrease in operating expenses from the
 comparable quarter in fiscal 2000."
     "Both revenue and net income exceeded our expectations for the first
 quarter of 2001.  Revenue for the first quarter of 2001 was below that
 realized for the first quarter of 2000, which was attributable to Fischer's
 exit from the lower margin OEM business.  The first quarter of 2000 was the
 last quarter to have significant OEM sales.  Revenue for the first quarter of
 2001 continues the trend with the recent quarters in 2000," Johnson added.
     "We have seen continued improvement in our working capital and liquidity
 during the quarter.  Receivables have decreased approximately $860,000 from
 December 31, 2000, and our overall inventory levels remained flat at
 approximately $19 million despite a necessary buildup in anticipation of
 SenoScan shipments.  Further, we have virtually no debt outstanding at
 April 1, 2001," commented Louis E. Rivelli, president and chief executive
 officer for Fischer Imaging.
     "We have achieved many other significant accomplishments in the quarter.
 Our submission of the SenoScan Pre-Market Approval application to the Food and
 Drug Administration, along with our recently announced partnership with
 Broadlane, a 2600 member health care provider buying consortium, are clearly
 among the highlights. We are continuing to seek out additional value added
 relationships that will increase sales.  We look forward to making
 announcements of our advancements in this area in the coming weeks."
     Rivelli added, "our focus on the field of breast care is the right
 corporate direction for Fischer Imaging and the milestones we have achieved in
 the last quarter help to pave the way for our continued success in expanding
 our product offerings in this area.  Fischer Imaging is fully committed to
 early detection and the fight against breast cancer."
     The next earnings release conference call will be scheduled surrounding
 the second quarter 2001 results and all parties interested in further
 information regarding Fischer are encouraged to contact Rod Johnson at
 303-450-4305 or Al Palombo, 503-844-8888, ext. 101.
 
     About Fischer Imaging
     Fischer Imaging Corporation designs, manufactures, and markets specialty
 mammography and general purpose x-ray imaging systems for the diagnosis and
 treatment of disease.  The Company's principal product lines are directed
 toward medical specialties in which minimally invasive techniques are
 replacing open surgical procedures.
     Cautionary statement under the "Safe Harbor" Provisions of the Private
 Securities Litigation Reform Act of 1995:  The above release includes
 forward-looking statements that are subject to risks and uncertainties that
 could cause actual results or events to vary materially and adversely from
 those contained in the forward-looking statement.  Important factors that
 could cause actual results or events to vary materially include, but are not
 limited to, those regarding efforts to restructure operations, improve
 efficiencies, gain approvals, and improve profitability.  Please refer to a
 discussion of these and other factors in the Company's December 31, 2000 Form
 10-K filed with the Securities and Exchange Commission.  The Company disclaims
 any intent or obligation to update these forward-looking statements.
 
                           FISCHER IMAGING CORPORATION
                             SELECTED FINANCIAL DATA
                (All amounts in thousands, except per share data)
 
                                                    Three Months Ended
                                                       Proforma (2)
                                             April 1,    April 1,   April 2,
                                               2001        2001        2000
 
              Revenue                        $11,246     $11,246     $13,743
              Cost of Sales                    5,684       5,684       7,553
              Gross Profit                     5,562       5,562       6,190
              Operating expenses:
                  Research and
                   development                   972         972       1,041
                  Selling, marketing and
                   service                     2,894       2,894       3,384
                  General and
                   administrative              1,298       1,298       1,208
                  Total Operating
                   Expenses                    5,164       5,164       5,633
              Income From Operations             398         398         557
                  Other Expense                 (191)         14        (206)
              Income Before Income Taxes         207         412         351
              Income Tax Provision (See
               Note 1)                            --          --          --
              Net Income                        $207        $412        $351
 
              Income per share
                  Basic                        $0.02       $0.05       $0.05
              Shares Used to Calculate
               Income Per Share
                  Basic                        8,631       8,631       7,073
 
              Notes:  (1) Any income tax assessed for the year 2001 will be
                          offset by prior years' net operating loss
                          carryforwards of approximately $15,844,000.
                      (2) Excludes $205,000 of one-time adjustments primarily
                          relating to the dissolution of a foreign subsidiary.
 
                                             April 1,   December 31,
                                               2001        2000
              Current Assets:
                  Cash and cash
                   equivalents                $1,057        $843
                  Trade accounts
                   receivable                 11,740      12,600
                  Inventories                 19,006      18,844
                  Other current assets           456         744
              Total Current Assets            32,259      33,031
              Total Assets                    37,535      38,476
              Current Liabilities:
                  Notes payable/current
                   maturities                     39          39
                  Trade accounts payable       3,406       3,463
                  Other liabilities            5,118       6,157
              Total Current Liabilities        8,563       9,659
              Total Liabilities                9,403      10,499
              Total Stockholders'
               Investment                     28,132      27,977
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X56586774
 
 SOURCE  Fischer Imaging Corporation