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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 10, 1995
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SUMMIT TECHNOLOGY, INC.
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(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
MASSACHUSETTS 0-16937 04-2897945
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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21 HICKORY DRIVE
WALTHAM, MASSACHUSETTS 02154
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code (617) 890-1234
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ITEM 5. OTHER EVENTS.
On October 10, 1995 the Company reported its Third Quarter 1995
Financial Results. A copy of the press release issued by the Company announcing
these Financial Results is attached as Exhibit 1 and incorporated by reference.
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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 hereunto duly authorized.
SUMMIT TECHNOLOGY, INC.
BY: /s/ David F. Muller
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David F. Muller, President
DATE: October 10, 1995
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EXHIBIT 1
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SUMMIT TECHNOLOGY INC.
21 Hickory Drive
Waltham, Massachusetts 02154
617 890-1234
NEWS RELEASE
For more information contact:
Paula L. Elliott, Investor Relations
Summit Technology, Inc.
617-672-0517
[LOGO]
SUMMIT TECHNOLOGY REPORTS
THIRD QUARTER 1995 FINANCIAL RESULTS
Waltham, Massachusetts, U.S.A. October 10, 1995 -- Summit Technology, Inc.
(NASDAQ: BEAM) today announced that revenues for the third quarter ended
September 30, 1995 were $13.8 million, an increase of 113% over revenues of
$6.5 million for the third quarter of 1994. Net income for the quarter ended
September 30, 1995 was $0.3 million, or $.02 per share, as compared to net loss
of $3.2 million, or $.19 per share for the third quarter of 1994. For the nine
months ended September 30, 1995, revenues were $30.2 million, an increase of
89% over revenues of $16.0 million for the nine months ended September 30,
1994. Net loss for the nine months ended September 30, 1995 was $3.7 million,
or $.22 per share, as compared to a net loss of $11.7 million, or $.71 per
share for the nine months ended September 30, 1994.
On September 15, 1995, Summit received from the FDA formal notice of
approvability for it excimer laser to treat nearsightedness with laser vision
correction, clinically known as photorefractive keratectomy (PRK). The
approvable letter covers the use of the Company's excimer laser to perform
laser vision correction of up to 7 diopters using a six millimeter optical
zone. Summit is the only company in the ophthalmic excimer laser field to reach
this regulatory milestone, which is generally the last step in the approval
process before the FDA grants final approval of a device or product.
Laser vision correction, a procedure for correcting nearsightedness, involves
the use of the excimer laser to deliver pulses of ultraviolet light to the eye
to remove thin layers from the surface of the cornea. An estimated 60 million
people in the U.S. suffer from nearsightedness.
On March 10, 1995, the FDA approved Summit's PMA application to commercially
market and sell its excimer laser systems in the U.S. for phototherapeutic
keratectomy (PTK) and Summit became the first company authorized to
commercially market and sell excimer laser systems in the U.S. for an
ophthalmic application. PTK treats corneal scars, dystrophies, and other
pathologic conditions of the cornea.
Founded in 1985, Summit Technology is a worldwide leader in the development,
manufacture and sale of ophthalmic laser systems designed to correct common
refractive vision disorders such as nearsightedness, farsightedness and
astigmatism.
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SUMMIT TECHNOLOGY, INC. REPORTS
THIRD QUARTER 1995 FINANCIAL RESULTS
PAGE 2 of 2
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STATEMENT OF OPERATIONS
(in thousands, except for per share data)
THREE MOS. ENDED NINE MOS. ENDED
Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994
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(unaudited) (unaudited) (unaudited) (unaudited)
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Revenues........................... $13,808 $ 6,498 $30,175 $ 16,021
Cost of revenues................... 8,418 4,548 19,668 12,413
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Gross margin....................... 5,390 1,950 10,507 3,608
Operating expenses................. 5,198 5,164 14,623 15,458
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Operating income (loss)............ 192 (3,214) (4,116) (11,850)
Other income....................... 81 23 418 169
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Net income (loss).................. $ 273 $(3,101) $(3,698) $(11,681)
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Net income (loss) per share........ $ .02 $ (.19) $ (.22) $ (.71)
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Weighted average number of
common shares & common
share equivalents:............... 17,093 16,368 16,818 16,355
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SELECTED BALANCE SHEET DATA AS OF
(in thousands)
9/30/95 12/31/94
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(unaudited)
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Cash, cash equivalents and
short term investments........... $ 6,677 $17,151
Total current assets............... 31,024 35,458
Total assets....................... 49,389 51,167
Total current liabilities.......... 13,146 12,107
Shareholders' equity............... 35,142 37,883
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