Laser Corp. Announces Year-End Results
SALT LAKE CITY, Utah, April 5 -- Laser Corp. reported that revenues for the fiscal year ended Dec. 31, 1998 were $3,336,105 as compared to revenues of $5,126,308 for the same period in 1997, a decrease of 35%. The company recognized a net loss for the period of $1,710,252, or $1.57 per share, as compared to a net loss of $254,608, or $.30 per share for the same period in 1997.
B. Joyce Wickham, president and chief executive officer, said that the 1998 net loss was due to several factors: a decrease in sales to the company's major OEM accounts; a delay in the sale of medical products caused by a supply issue that the company believes has been resolved; significant investment by the company in the development, marketing and manufacturing start-up of its medical laser systems; and a write-off of obsolete and slow-moving inventory.
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