Newspaper article THE JOURNAL RECORD

Urocor Posts $4.1 Million Net Loss

Newspaper article THE JOURNAL RECORD

Urocor Posts $4.1 Million Net Loss

Article excerpt

OKLAHOMA CITY (JR) -- UroCor reported a 1999 net loss of $4.1 million, or 41 cents per share, nearly doubling its prior-year deficit.

The Oklahoma City-based urological disease management company had posted a loss of $2.47 million, or 24 cents per share, the prior year. Revenues totaled $45.5 million, down 4.4 percent from $47.6 million in 1998.

For the fourth quarter, UroCor posted a net loss of $13,000, or nothing per share, down from a profit of $1.29 million, or 12 cents per share, the prior year. Revenues fell 21.5 percent to $10.9 million from $13.9 million.

"We made a number of difficult decisions during 1999 which were necessary for the long-term rejuvenation of our business," said President and Chief Executive Michael W. George. "These decisions, although painful at times, were necessary in order to produce earnings growth in a more consistent manner than had historically been the case."

Among those steps, he noted:

* UroCor's management changeover, which included George himself taking over from the retiring Chairman William A. Hagstrom. George said the new team has instilled " a renewed commitment to carrying out our strategic plan."

* "Although governmental clearances for two of our new therapeutic products did not take place during the final quarter, as was cautiously anticipated, we took advantage of that period by investing the capital and manpower necessary for their launches.," he said. "As a result, we hit the ground running when ProstaSeed I- 125 sources received final clearances in mid-January, and we already have been shipping product for use in the radiation treatment of early-stage prostate cancers.

"Similarly, we will be ready to launch Pacis BCG for use in bladder cancer treatment within a few weeks of its approval to market, which our colleagues at BioChem Pharma tell us could occur during the first quarter of this year. …

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