An-Con Genetics reports improved revenues and net income for third quarter and nine month periods

Business Wire, Nov 17, 1995

MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 17, 1995--An-Con Genetics Inc. (OTC Bulletin Board: AGNT), today announced that revenues for the third quarter of fiscal year 1995 ended Sept. 30, 1995, reached a record $1,516,300 representing a 36.2 percent increase over $1,113,000 recorded on a pro forma basis in the comparable period last year.

Net income improved to $52,300 versus a pro forma net loss of ($466,500) in the same period of fiscal 1994.

For the first nine months of the current fiscal year, sales increased 28.9 percent reaching $4,108,600, resulting in a net income of $11,500, less than one cent per share. For the comparable period in the prior year the company experienced a pro forma net loss of ($609,700) or a 20 cent per share loss on pro forma revenues of $3,186,300.

Management commented that the positive financial results combined with the launching of the company's new proprietary tissue fixative OmniFix 2000, a safe alternative to formalin (formaldehyde), enhances An-Con's growth potential.

Chairman J. Robert Saron, added, "We are extremely pleased with the positive response to our Resistick reduced stick blades, introduced at the American College of Surgeons annual meeting in New Orleans, in October 1995. The blades offer superior cutting and coagulation when compared to current reduced stick electrodes on the market."

In other news An-Con Genetics Inc. has appointed two new members of its board, bringing the total number of directors to four: Joseph F. Valenti, former vice president of the International Division of Aaron Medical Industries Inc. and George W. Kromer Jr., a senior financial correspondent for a national business publication.

An-Con Genetics, through its wholly-owned subsidiary Aaron Medical Industries, is engaged in the manufacturing and marketing of a diverse line of premium medical devices and proprietary tissue fixatives.

CONTACT: An-Con Genetics Inc., Melville

Andrew Makrides, 516/694-8470