MediCor Ltd. Reports Results for Third Quarter Fiscal 2006
May 15 2006 - 1:36PM
PR Newswire (US)
LAS VEGAS, May 15 /PRNewswire-FirstCall/ -- MediCor Ltd. (OTC:MDCR)
(BULLETIN BOARD: MDCR) , the world's third largest manufacturer and
distributor of breast implants, today announced results for its
third fiscal quarter ending March 31, 2006, reflecting 10% sales
growth over the prior year quarter. Sales for the quarter ended
March 31, 2006 were $7,878,064, an increase of $747,655, or 10% as
compared to the same quarter in the prior year. The growth rate was
negatively impacted by foreign exchange rates by approximately 4%.
Unit growth drove the sales increase, offset by decreases in unit
prices in certain large markets. Net loss for the quarter decreased
to $3,684,482, from $3,914,973 in the comparable period. Basic and
diluted loss per share for the quarter ending March 31, 2006 were
$0.18 compared to $0.23 for the quarter ending March 31, 2005.
Sales for the nine months ended March 31, 2006 were $20,521,373, an
increase of $1,102,651, or 6%, when compared to the same period in
the prior year. Excluding the negative effect of foreign exchange,
sales for the nine months increased 8%. Net loss for the nine-month
period was $12,035,233, up from $11,325,313 in the comparable
period in 2005. Basic and diluted loss per share for the nine-month
period ending March 31, 2006 were $0.61 compared to $0.68 for the
nine months ended March 31, 2005. According to Theodore R. Maloney,
Chief Executive Officer, "We were pleased to see Eurosilicone SAS
this quarter surpass all previous quarters in the areas of units
produced and units sold. We are also looking forward to seeing the
results from recent key personnel additions and the continued
roll-out of our innovative value-added product support programs.
With the completion of our recent $50 million private placement and
the subsequent acquisitions of Biosil Limited and Nagor Limited, we
continue to enhance our ability to deliver industry-leading
products and support to this dynamic market." MediCor Chief
Operating Officer, Jim J. McGhan added, "The investments made at
Eurosilicone since acquiring that company in the summer of 2004
have now positioned it to readily meet demand with increased
efficiency, while maintaining a world-class level of regulatory and
quality assurance. Our ability to efficiently and timely produce
the highest quality products in the world, while concurrently
providing the best-in-class product support programs, positions
Eurosilicone, Biosil and Nagor to lead this industry into the
future." About MediCor Ltd. MediCor was founded by Chairman of the
Board Donald K. McGhan, a pioneer of the breast implant industry.
The Company acquires, develops, manufactures and markets products
for medical specialties in the 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 companies. 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 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 successfully
and profitably operate our businesses; increased competition and
its effect on pricing, spending, third-party relationships and
revenues; 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; the outcome of legal proceedings; the risk of new and
changing regulations in the U.S. and internationally; the risk of
instability in the capital markets in the U.S. and internationally;
and the ability to obtain requisite financing for acquisitions to
continue to execute on our growth plans,. 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, and in subsequent reports filed quarterly on Form 10-QSB, all
of which have been filed with the Securities and Exchange
Commission and are available at the Securities and Exchange
Commission's Internet site (http://www.sec.gov/). DATASOURCE:
MediCor Ltd. CONTACT: Marc S. Sperberg of MediCor Ltd.,
+1-702-932-4560, ext. 308
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