MediCor Ltd. Reports Record Sales for Second Quarter Fiscal 2006
February 06 2006 - 8:00AM
PR Newswire (US)
LAS VEGAS, Feb. 6 /PRNewswire-FirstCall/ -- Las Vegas-based MediCor
Ltd. (OTC:MDCR) (BULLETIN BOARD: MDCR) , the world's third largest
manufacturer and distributor of breast implants, today announced
results for its second fiscal quarter ending December 31, 2005.
Sales for the three months ending December 31, 2005, were
$6,981,294, an increase of $836,040, or 14%, when compared to the
prior-year quarter. Excluding the effect of the decline in the euro
relative to the dollar, sales increased 17%. Net loss for the
quarter decreased to $4,141,712 from $4,306,139 in the comparable
period in 2004. Basic and diluted loss per share for the quarter
ending December 31, 2005, was $(0.21) compared to $(0.26) for the
quarter ending December 31, 2004. Sales for the six months ended
December 31, 2005, were $12,643,309, an increase of $354,996, or
3%, when compared to the same period of the prior year. Excluding
the effect of the decline in the euro relative to the dollar, sales
increased 5%. Net loss for the six-month period increased to
$8,243,133 from $7,632,003 in the comparable period in 2004. Basic
and diluted loss per share for the six-month period ending December
31, 2005, was $(0.42) compared to $(0.46) for the six months ending
December 31, 2004. Theodore R. Maloney, MediCor's Chief Executive
Officer stated, "We are very pleased that our second quarter sales
returned to double-digit growth in the face of price competition
from other manufacturers. Our planned acquisition of Biosil Limited
and Nagor Limited, the United Kingdom-based manufacturer and
supplier of saline-filled and silicone-filled breast implants,
remains on track for completion during the first half of this year.
These acquisitions will further strengthen our position in the
global breast implant market and provide us with a larger platform
from which to expand our business internationally. It also will
help us respond more effectively to the aggressive pricing tactics
of our competitors, such as what we saw in this last quarter." "We
are also moving forward with our longer term plans to address the
U.S. market place," Maloney said, "Our investment in clinical
trials for our saline-filled breast implants continues, and during
the quarter we also advanced our plans to file for an
investigational device exemption as a first step toward U.S.
approval for our high-consistency silicone-filled breast implants."
Added David Barella, Executive Vice President of International
Marketing and Sales, "During the second fiscal quarter, we
successfully expanded our market share in a competitive pricing
environment that has eased somewhat, but remains a challenge. Our
creative new marketing programs for both surgeons and prospective
patients are specifically designed to add significant value to our
products, as well as to differentiate us from the competition. We
are confident that these and other innovative strategies will help
us continue to increase volumes and ultimately establish optimal
price points for our products. In the coming year, we believe these
strategies will have ideally positioned us to build on the strong
8% sales growth we have experienced in the last four quarters."
About MediCor Ltd. MediCor was founded by Chairman of the Board
Donald K. McGhan, the pioneer of the modern day breast implant
industry. The Company acquires, develops, manufactures and markets
products for medical specialties in aesthetic, plastic and
reconstructive surgery and dermatology markets. Products include
surgically implantable prostheses for aesthetic, plastic and
reconstructive surgery and scar management products. Its products
are sold worldwide to hospitals, surgery centers and physicians
through various distributors and direct sales personnel. MediCor's
strategy is to be the leading integrator of selected international
medical device markets, technologies and corporations. To achieve
this strategy, MediCor intends to build upon and expand its
business lines, primarily in the aesthetic, plastic and
reconstructive surgery and dermatology markets. MediCor intends to
accomplish this growth through the expansion of existing product
lines and offerings and through the acquisition of companies and
other assets, including intellectual property rights or
distribution rights. Forward-Looking Statements This release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon the current beliefs and expectations of MediCor's
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: the ability to obtain requisite
financing for acquisitions to continue to execute on our growth
plans, the risk of instability in the capital markets in the U.S.
and internationally, the ability to obtain governmental approvals
to market the company's products and the timing of the company's
and its competitors' approvals and entry to markets needed to
operate our businesses; the risk that businesses we acquire will
not be integrated successfully; the risk that cost savings from
acquisition transactions may not be realized or may take longer to
realize than expected; disruption from transactions making it more
difficult to maintain relationships with customers, employees or
suppliers; increased competition and its effect on pricing,
spending, third-party relationships and revenues; the outcome of
legal proceedings; the risk of new and changing regulations in the
U.S. and internationally. Additional factors that could cause
MediCor's results to differ materially from those described in the
forward-looking statements can be found in MediCor's Annual Report
on Form 10-KSB for the year ended June 30, 2005, which was filed
with the Securities and Exchange Commission and is available at the
Securities and Exchange Commission's Internet site
(http://www.sec.gov/). DATASOURCE: MediCor Ltd. CONTACT: Marc S.
Sperberg, U.S., +1-702-932-4560, x308; or Mark Collinson, of CCG
Investor Relations, U.S., +1-310-231-8600, x117, both for MediCor
Ltd. Web site: http://medicorltd.com/
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