MediCor Ltd. Reports Fiscal Year End June 2006 Results
September 28 2006 - 2:00PM
PR Newswire (US)
Revenues Increase to $31 million LAS VEGAS, Sept. 28
/PRNewswire-FirstCall/ -- MediCor Ltd. (OTC:MDCR) (BULLETIN BOARD:
MDCR) , a leading manufacturer and distributor of breast implants
worldwide, today announced its results for the fiscal year ended
June 30, 2006. The results include the impact of recently acquired
UK-based breast implant manufacturer Biosil Limited and related
supplier Nagor Limited, as well as the impact of a $50 million
private placement of convertible notes and warrants. Sales for the
fiscal year ended June 30, 2006 were $31,382,963, an increase of
$4,424,416 or 16% versus the same period a year ago. Of this,
$1,986,105 of the increase was attributable to the acquisition of
Biosil and Nagor at the end of April 2006, two months before the
end of the fiscal year. The growth rate was negatively impacted by
foreign exchange rates by approximately 3%. Net loss for the fiscal
year increased to $18,452,880 from $17,282,311 in the prior fiscal
year. Basic and diluted loss per share for the fiscal year ended
June 30, 2006 were $0.87 compared to $0.95 for the prior fiscal
year. According to Theodore R. Maloney, Chief Executive Officer,
"We are pleased to continue to outpace the industry from the
standpoint of overall revenue growth. This last fiscal year saw a
number of significant changes on the competitive landscape and some
related pricing pressure within our industry. Included among the
changes were the sale of one of our major competitors, Inamed
Corporation to Allergan Inc., and the sale of a significant
division of another of our major competitors, Mentor Corporation.
The disruptions we saw in the market, in significant part relating
to these transactions, included advance selling by Inamed in
anticipation of its sale to Allergan. Going forward, with Biosil
and Nagor's operations integrated into our existing breast implant
business and the majority of our production improvements at
Eurosilicone complete, we feel we are positioned to continue to
grow our business and advance our product initiatives. These two
operations, plus our continued commitment to our research and
development initiatives, provide the foundation for propelling
MediCor in the coming years." Chief Operating Officer, Jim J.
McGhan added, "While we only owned Biosil and Nagor for the last
two months of the fiscal year, their future contribution will be
significant. We continue to grow that business and our Eurosilicone
business outside the United States by increasing our distributor
networks, as well as by shifting sales to a direct selling model in
key countries. We anticipate this combination should benefit the
companies in coming quarters. We also look forward to our
introduction of new products internationally and into the United
States." 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 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 businesses.
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
contains forward-looking statements. 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
acceptability to regulators of our regulatory data and submissions;
the ability to obtain governmental approvals to market our
products; the timing of our and our competitors' approvals and
entry to markets; the effect of such timing and the related delays
in revenues and continued expenses and their affect on our ability
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 or operated successfully; the risk that cost
savings or other anticipated benefits 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 continuing operations or 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, 2006, which has been 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 of MediCor Ltd., U.S.,
+1-702-932-4560, ext. 308
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