Portland, OR - Sonus Corp. (AMEX: SSN), the largest audiology-based retailer of hearing instruments in North America with 1,433 Company-owned and affiliated hearing centers, today announced financial results for its fiscal third quarter and nine months ended April 30, 2002 (see attached tables).
Revenues for the three months ended April 30, 2002 increased 23% to $14.8 million from $12.1 million in the same period last year. The increase in revenues was primarily the result of a 32% increase in same-store sales at Company-owned hearing centers. The Company also reported operating income of $254,000 for the three months ended April 30, 2002, compared to an operating loss of $737,000 during the same period last year.
The Company reported $645,000 in losses as the result of the strategic disposition of certain hearing centers located in California, Illinois, Missouri, and Washington during the third quarter of fiscal 2002. As a result, Sonus reported a net loss attributable to common shareholders for the fiscal 2002 third quarter of $992,000, or $0.16 per fully diluted outstanding share, versus a net loss attributable to common shareholders of $1.1 million, or $0.18 per fully diluted outstanding share, for the third quarter of fiscal 2001.
For the nine months ended April 30, 2002, revenues increased 11% to $40.0 million from $35.9 million for the nine months ended April 30, 2001. The Company reported a net loss attributable to common shareholders of $3.9 million, or $0.64 per fully diluted outstanding share, for the nine months ended April 30, 2002, versus a net loss attributable to common shareholders of $11.2 million, or $1.84 per fully diluted outstanding share, for the first nine months of fiscal 2001.
Dan Kohl, Chief Executive Officer of Sonus Corp., stated, "The entire Sonus team has focused clearly on generating cash and improving profitability. The rise in the Company's quarterly and nine-months revenues, along with an increase in our cash and cash equivalents, are positive indicators that progress is being made, though there is still much work to be done."
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' 1,433 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.
