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 (date of earliest event reported): March 13, 1998
(March 13, 1998)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
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State or other jurisdiction of incorporation
0-19671 65-0273162
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Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
<PAGE>
Item 5. Other Events.
The press release issued by LaserSight Incorporated dated March 13, 1998 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated March 13, 1998
SIGNATURES
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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.
LaserSight Incorporated
Date: March 13, 1998 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT INCORPORATED REPORTS 1997 4TH QUARTER RESULTS
ORLANDO, Fla. (March 13, 1998) - LaserSight Incorporated (Nasdaq: LASE) reported
that fourth quarter revenues were $6.3 million, compared to $6.4 million for the
same period last year. LaserSight sold 13 lasers in the fourth quarter of 1997,
bringing the company's total units placed throughout the world since 1994 to
nearly 200. Revenue for the year ending Dec. 31, 1997, was $24.4 million versus
$21.5 million in 1996.
LaserSight reported a fourth quarter net loss of $1.8 million, or 20 cents a
share, versus $764,000, or 9 cents per share a year ago. Total net loss for the
year was $7.3 million, compared to a total net loss of $4.1 million in 1996.
In 1997 there were increased costs for research, development and regulatory
matters related to new products and clinical trials, including LaserSight's
Automated Disposable Keratome (A.D.K) and a premarket approval application for
an excimer laser related to Laser In-Situ Keratomileusis, or LASIK.
Many of the increased operating expenses were due in part to additional reserves
for potential uncollectable receivables and amortization and other costs
resulting from acquisition of patents, license agreements and other intangibles.
"We concluded 1997 by being better poised to fully support our leading
refractive surgery platform and disposable technology business sector. We
believe 1998 will be a pivotal year for this company and that we truly represent
the future of refractive surgery," says Michael R. Farris, LaserSight's
president and chief executive officer.
An additional sign of Farris' commitment to LaserSight and its future technology
potential was that he recently relocated from St. Louis, Mo., to Orlando, Fla.
LaserSight now considers Orlando the official company headquarters.
Three important LaserSight business factors are progressing:
o Presently, the company is targeting to file within a week a premarket
approval application to the U.S. Food and Drug Administration for its
principal laser scanning platform.
o Company managers also are nearing the final stages of A.D.K manufacturing
validation and now believe that orders taken since the product introduction
will be shipped starting in May, rather than as originally targeted for
February. New orders currently being taken will be scheduled to be shipped
in July or August 1998.
o LaserSight continues to work with Dr. Frederic Kremer regarding his laser
PMA submission to the FDA and still believes that all issues are
resolvable.
<PAGE>
This press release contains forward-looking statements regarding future events
and future performance of the company, which involve risks and uncertainties
that could materially affect actual results. Investors should refer to documents
that the company files from time-to-time with the Securities and Exchange
Commission for a description of certain factors that could cause actual results
to vary from current expectations and the forward-looking statements contained
in this press release. Such filings include, without limitation, the company's
Form 10-K, Form 10-Q and Form 8-K reports.
# # #
For additional information please contact: Julie Tockman, APR
Director, Corporate Relations
LaserSight Incorporated
(314) 469-3220 Ext. 3060
Visit us on the Internet at www.lase
.com
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<TABLE>
Following are selected LaserSight financial results:
<CAPTION>
Three Months Ended 12 Months Ended
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(in 000s Except Per Share Data) (in 000s Except Per Share Data)
12/31/97 12/31/96 12/31/97 12/31/96
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Total Revenues $ 6,306 $ 6,434 $24,389 $21,504
Cost of Sales/Provider Payments 3,043 3,308 12,702 10,123
Gross Profit 3,263 3,126 11,687 11,381
Research, Development and
Regulatory 1,050 347 2,808 1,720
Selling, General & Administrative
Expenses 6,876 3,580 18,141 14,621
Operating Loss (4,663) ( 801) ( 9,262) ( 4,960)
Other Expense ( 340) 17 ( 1,240) ( 253)
Gain on Sale of Subsidiaries 4,129 ------- 4,129 -------
Income Tax Benefit (Expense) ( 880) 20 ( 880) 1,139
Net Loss (1,754) ( 764) ( 7,253) ( 4,074)
Preferred Stock Accretions
/ Dividends ( 285) ( 13) ( 340) ( 1,369)
Loss Applicable to
Common Shareholders (2,039) ( 777) ( 7,593) ( 5,443)
Loss Per Common Share - Basic ( 0.20) ( .09) ( 0.80) ( 0.69)
Weighted Average Number
of Common Shares and
Equivalents Outstanding
- Basic 9,985 8,635 9,504 7,894
</TABLE>
<TABLE>
SELECTED BALANCE SHEET DATA:
<CAPTION>
December 31, 1997 December 31, 1996
(in 000s) (in 000s)
<S> <C> <C>
Cash and Equivalents $ 3,858 $ 2,004
Marketable Equity Securities 7,475 ------
Accounts and Notes Receivable
(Current), Net 6,412 8,618
Total Current Assets 22,883 15,643
Total Current Liabilities 10,154 5,622
Long-Term Obligations 500 ------
Redeemable Convertible Preferred 11,477 ------
Stock
Stockholders' Equity 27,040 26,769
</TABLE>
