Carl Zeiss Meditec AG

Earnings Release • Feb 19, 2002

News Details

Ad-hoc | 19 February 2002 06:30

Asclepion-Meditec AG english

Significant sales growth and return to profitability in the first quarter Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– — Sales rise by 17% to euro 13.7 million — EBIT at euro 1.0 million — Further growth stimulus expected from product innovations — Jena, 19 February 2002 – In the first quarter of the 2001/2002 financial year Asclepion-Meditec AG (WKN: 531 370) increased its sales over the previous year by 17% to euro 13.7 million (previous year: euro 11.7m). This success is also reflected in the result: With an operating income (EBIT) of euro 1.0m (previous year: euro 1.0m) Asclepion returned to profitability. The gross margin remained virtually unchanged at a healthy level of 50.7% (previous year: 51.3%). The net income was euro 0.3m, following on from euro 0.7m in the previous year. The reasons for this lie in the development of the interest result and a temporary increase in the arithmetical tax burden. The equity capital ratio at the end of the first quarter was 73%. On a whole, Asclepion has liquid and near-liquidity funds of euro 44.9m. Thus the liquidity of the company is secured. With an increase of 32%, sales in the Vision unit saw an above-average rise over the previous year. This is due to increased demand for systems for individualised treatment of patients’ vision defects (customized ablation). Sales in the Aesthetic unit amounted to euro 4.2m (previous year: euro 4.9m). These sales have been affected by a downturn in demand in the USA, which could not be fully offset by higher sales in Europe and Asia. As a result of the strong acceptance of Dental products sales in this area saw above-average growth to euro 0.6m (previous year: euro 0m). With a sales growth of 25% Asclepion’s Service unit also saw an excellent development. Alongside the expansion of the presence in core markets, an acceleration of major future projects ranks among the strategic goals. Beside the systems for refractive surgery (Vision business unit) and for aesthetic-surgical applications (Aesthetic business unit), clear growth stimulus is expected in the Dental unit. Additional potential results from the forthcoming market launch of the SaveDent/PAD technology, which permits painfree, minimally-invasive and substance-retaining caries treatment. end of ad-hoc-announcement (c)DGAP 19.02.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: — Gross margin remains virtually stable at a high level, cost reductions taking effect — Thanks to its high technical standards, Asclepion was able to maintain stable prices for its products in the past quarter. Thus the gross margin remained virtually unchanged at a healthy level of 50.7% (previous year: 51.3%). In addition to an increase in sales, the return to profitability was primarily due to the package of measures initiated to lower costs and optimise processes. In comparison to the previous quarter (fourth quarter of the 2000/2001 financial year) it was possible to considerably lower the function costs. Thus the selling and marketing expenses fell by 22%, from euro 4.6m (fourth quarter) to euro 3.6m (first quarter). The expenses for research and development (gross, before allowances) were reduced to the strategic target figure of 12% of sales (previous year: 16%) through a focus on core projects. — Interest result and pro forma tax quota affect net income — The result before taxes of euro 0.9m (previous year: euro 1.3m) was essentially affected by a downturn in interest income. The net income was euro 0.3m, following on from euro 0.7m in the previous year. The earnings per share are thus 0.05 euro (previous year: 0.11 euro). The development of the net income in the first quarter of the current financial year is due to an increase in the arithmetical tax quota from 44.8% (2000/2001) to 64.3% (2001/2002) in the first quarter of the current financial year. Towards the end of the year Asclepion expects a fall in the tax quota to US-GAAP thanks to the deduction of deferred tax assets. — Outlook: Attractive growth potential through new products — Asclepion expects a further positive impact from the strategic steps initiated to secure growth and profitability. These steps include the swift and comprehensive marketing of existing technologies so as to amortise expenses in the areas of research and development as well as marketing and sales as quickly as possible. Thus Asclepion will speed up the entry of its Aesthetic products on important markets like Japan and China. Asclepion expects to receive approval for its Aesthetic products in China in the near future. Furthermore, Asclepion also intends to consistently continue the cost reduction and optimisation measures which have been initiated. Sustained progress is to be achieved in the entire function cost area. At product level a number of future projects are to be accelerated which are intended to ensure a positive continuation in all business units in the coming quarters. Asclepion assumes that there will be an exponential increase in acceptance for the dental laser system KaVo KEY Laser 3. Further potential will arise from the forthcoming market launch of the SaveDent/PAD method. With this method, in the first stage of the market launch the quality of conventional caries treatment such as the crowning of larger areas or root canal treatment may be increased considerably. In future this method permits painfree, minimally-invasive and substance-retaining caries treatment. Asclepion-Meditec AG Asclepion-Meditec AG (Securities Id. No.: 531 370, symbol: AFX, www.asclepion.com) with subsidiaries in the United Kingdom, Italy and the USA is one of the global technology and innovation leaders of laser medicine. Asclepion launched the world’s first excimer laser for refractive surgery in 1986. Other world firsts include the YAG laser for photo disruption (1981) and the erbium dental laser (1991). The company is the largest European manufacturer of laser systems for ophthalmology (vision correction and eye disease), dermatology (aesthetic applications like laser hair removal or tattoo removal) and dentistry (virtually pain-free caries treatment). Furthermore the company has an extensive worldwide service network. Contact: Asclepion-Meditec AG Jens Brajer Investor Relations/Public Relations Phone: +49 (0) 36 41 / 2 20 – 1 05 Fax: +49 (0) 36 41 / 2 20 – 1 02 E-mail: investors@asclepion.com ——————————————————————————– WKN: 531 370; ISIN: DE0005313704; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart 190630 Feb 02