SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): February 12, 1998
DERMA SCIENCES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 1-31070 23-2328753
(State or other jurisdiction (Commission (IRS employer
of incorporation) File Number) identification number)
214 Carnegie Center, Suite 100
Princeton, NJ 08540
(609) 514-4744
(Address including zip code and telephone
number, of principal executive offices)
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ITEM 5. OTHER EVENTS
Incorporated by reference is the press release issued February 12, 1998
concerning the Registrant's announcement of its unaudited financial results for
the year ended December 31, 1997, attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits:
Number Description
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99 Press release issued February 12, 1998.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DERMA SCIENCES, INC.
Date: February 12, 1998 By: /s/ Edward J. Quilty
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Edward J. Quilty
Chairman
NEWS RELEASE
FOR RELEASE FEBRUARY 12, 1998 AT 7:30 AM EST
Contact: Allen & Caron Inc. or Edward J. Quilty, Chairman
Mark Alvino (investors) Derma Sciences, Inc.
212/698-1360 609/514-4744
Owen Daley (media)
714/252-8440
DERMA SCIENCES ANNOUNCES PRELIMINARY
FOURTH QUARTER, YEAR-END RESULTS
PRINCETON, NJ ()....Derma Sciences, Inc. (Nasdaq: DSCI) today announced
preliminary unaudited results for its fourth quarter and year-ended December 31,
1997. Sales for the fourth quarter of 1997 were approximately $1.3 million, up
73 percent from sales of $750,000 for the prior year's fourth quarter, and up 18
percent from sales of $1.1 million for the third quarter ended September 30,
1997. For the 1997-year, sales were approximately $4.0 million compared to sales
for the prior year of $4.6 million. The Company expects to report a loss for the
fourth quarter of 1997 of approximately $200,000, down significantly from last
year's fourth quarter loss of $1.1 million and this year's third quarter loss of
$731,000. For the year-ended December 31, 1997, the loss is expected to be
approximately $2.4 million, compared to a loss of $1.4 million for the
year-ended December 31, 1996. The Company plans to release final audited results
for 1997 during the second week of March.
According to Chairman Edward J. Quilty, Derma Sciences' management implemented a
comprehensive program in the latter half of 1997 encompassing substantial
changes in the Company's organization, products and distribution that are
intended to return the Company to profitability. "The increase in sales and
narrowing of losses during the fourth quarter of 1997, when compared to last
year's fourth quarter and the third quarter of this year, are meaningful
indications of the progress management is making in executing the Company's
turnaround strategy," Quilty said.
Derma Sciences, Inc. is engaged in the development, marketing and sales of
topical nutrient-based wound care products for the management of certain
chronic, non-healing skin ulcerations such as pressure and venous ulcers,
surgical incisions and burns.
Statements contained in this release that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting the generality
of the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "intend," "could," "estimate" or "continue" are intended to
identify forward-looking statements. Readers are cautioned that certain
important factors may affect the Company's actual results and could cause such
results to differ materially from any forward-looking statements which may be
made in this release or which are otherwise made by or on behalf of the Company.
Factors which may affect the Company's results include, but are not limited to,
product demand, market acceptance, impact of competitive products and prices,
product development, commercialization or technological difficulties, the
success or failure of negotiations and trade, legal, social and economic risks.
Additional factors that could cause or contribute to differences between the
Company's actual results and forward looking statements include, but are not
limited to, those discussed in the Company's filings with the Securities and
Exchange Commission.
