Portland, OR - Sonus Corp. (AMEX: SSN), the largest audiology-based retailer of hearing instruments in North America with 1,346 Company-owned and affiliated hearing centers, today announced financial results for its fiscal second quarter ended January 31, 2002 (see attached tables).
Revenues for the three months ended January 31, 2002 increased 8.2% to $12.4 million from $11.4 million reported for the same period last year. Increased revenues were due primarily to the continued growth of The Sonus Network and higher product sales. The Company's net loss attributable to common shareholders for the fiscal 2002 second quarter was $1.7 million, or $0.28 per fully diluted outstanding share, versus a net loss attributable to common shareholders of $2.0 million, or $0.34 per fully diluted outstanding share, for the second quarter of fiscal 2001.
For the six months ended January 31, 2002, revenues increased 5.3% to $25.1 million from $23.9 million for the six months ended January 31, 2001. The Company reported a net loss attributable to common shareholders of $2.9 million, or $0.47 per fully diluted outstanding share, for the six months ended January 31, 2002, versus a net loss attributable to common shareholders of $10.1 million, or $1.66 per fully diluted outstanding share, for the first half of fiscal 2001.
Dan Kohl, Chief Executive Officer of Sonus Corp., stated "Our primary objectives remain crystal clear. We continue to focus on generating cash, developing a cost-effective IT solution, and growing each aspect of our business model (Company-owned clinics, Sonus Network and Hear PO). While we have made progress in these areas, we still have much work to do."
The following chart summarizes the Company's recent quarterly operating results:
Sonus Corp. is the largest audiology-based retailer of hearing instruments in North America. Sonus' 1,346 company-owned and affiliated hearing centers provide a full range of products and services to hearing impaired patients. The Company's vision is to become the premier network of hearing centers in North America. To learn more about the Company, visit the Sonus website at www.sonus.com.
This news release contains forward looking statements which may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Sonus Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors with respect to Sonus Corp. include economic trends in Sonus Corp.'s market areas, the ability of Sonus Corp. to manage its growth and integrate new acquisitions into its network of hearing care clinics, the development of new or improved medical or surgical treatments for hearing loss or of technological advancements in hearing instruments, changes in the application or interpretation of applicable governmental laws and regulations, the ability of Sonus Corp. to complete additional acquisitions of hearing care clinics on terms favorable to Sonus Corp., the degree of consolidation in the hearing care industry, Sonus Corp.'s success in attracting and retaining qualified audiologists and staff to operate its hearing clinics, the ability of Sonus Corp. to attract audiology centers as members of The Sonus Network, product and professional liability claims brought against Sonus Corp. that exceed its insurance coverage, Sonus Corp.'s ability to collect accounts receivable in a timely manner, and the availability of and costs associated with potential sources of financing. Sonus Corp. disclaims any obligation to update any such factors or to publicly announce the results of any revision to the forward looking statements contained herein to reflect future events or developments.
