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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report August 24, 1995
(Date of earliest event reported)
CABOT MEDICAL CORPORATION
(exact name of registrant as specified in its charter)
NEW JERSEY
(State or other jurisdiction of incorporation)
0-14343 23-2240207
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(Commission File Number) (IRS Employer
Identification Number)
2150 Cabot Blvd. West, Langhorne, PA 19047
(Address of principal executive offices) (Zip Code)
(215) 752-8300
(Registrant's telephone number, including area code)
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Cabot Medical Corporation
Item: 5 Other Events
CABOT MEDICAL CORPORATION REPORTS THIRD QUARTER AND NINE MONTHS RESULTS
LANGHORNE, PA, August 23, 1995 -- CABOT MEDICAL CORPORATION
(NASDAQ:NMS:CBOT) today announced its third quarter and nine months results for
the period ending July 29, 1995.
Net sales for the third quarter were $15,763,000 resulting in a loss of
$1,649,000, this compared with sales of $16,362,000 and a profit of $165,000 for
the same period in 1994. For the nine months sales were $47,995,000 resulting in
a loss of $1,494,000 vs sales of $50,265,000 with earnings of $2,340,000
respectively for the same period in 1994. On a per share basis, the company had
a loss of $0.16 vs earnings of $0.02 for the quarter in 1994. For the nine
months on a per share basis, the company had a loss of $0.14 vs earnings of
$0.22 for the same period in 1994.
These results were in line with the company's previous estimates released
July 20th. At that time Warren G. Wood, President, attributed the anticipated
results to (i) lower average selling prices, resulting in lower profit margins,
(ii) distractions to the Cabot sales force due to the previously announced
merger with Circon Corporation and (iii) reduced sales force productivity during
the period due to the continuing integration of the endoscopy and urology sales
forces which began in January 1995, coupled with the additional time required
away from the field for training during the period.
Cabot expects to finalize its previously announced merger with Circon
Corporation this Friday, August 25, 1995, at a special shareholder meeting
called for this purpose.
CABOT MEDICAL CORPORATION designs, develops, manufactures and markets a
variety of medical devices and systems for minimally invasive general and
gynecological surgical and diagnostic procedures.
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CABOT MEDICAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
7/29/95 7/30/94
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<S> <C> <C>
Net Sales $15,763,000 $16,362,000
Cost of Sales $ 7,525,000 $ 6,168,000
Gross Profit $ 8,238,000 $10,194,000
Operating Expenses $ 8,591,000 $ 8,622,000
Operating Income(Loss) $ (353,000) $ 1,572,000
Interest & Other, Net $ 1,330,000 $ 1,364,000
Earnings(Loss) before Income Taxes $(1,683,000) $ 208,000
Net Earnings(Loss) $(1,649,000) $ 165,000
Earnings(Loss) per Common Share and
Common Share equivalents
Primary $(0.16) $0.02
Fully diluted $(0.16) $0.02
Weighted average
Number of Common
Shares and Common
Share equivalents,
Primary 10,391,000 10,210,000
Fully diluted 10,391,000 10,210,000
</TABLE>
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CABOT MEDICAL CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned duly authorized.
CABOT MEDICAL CORPORATION
Date: August 24, 1995 /s/ Warren G. Wood
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Warren G. Wood, Chairman of the Board
Chief Executive Officer and President
Date: August 24, 1995 /s/ Marvin Sharfstein
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Marvin Sharfstein, Vice President of
Corporate Development
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