Collagen Corp. reported Tuesday that a one-time gain helped itbreak even in the quarter ended Dec. 31, but that earningscontinue to be stymied by problems surrounding its injectablecollagen products.
Product sales for Collagen's second fiscal quarter were $16.5million, up from the comparable 1991 figure of $14.3 million.Much of the increase was due to record quarterly sales of $4.9million at its Target Therapeutics Inc. subsidiary, whichovershadowed sharp drops in sales of collagen products.
Worldwide sales of Zyderm and Zyplast injectable collagenproducts rose, but North American sales were 20 percent to 25percent below a year ago, said David Foster, vice president offinance.
Net income for the quarter was $57,000, or 1 cent per share,compared with earnings of $620,000, or 7 cents, for the 1991quarter. The company recorded a one-time gain of $520,000related to the sale of its dental implant business.
For the six months ended Dec. 31, the net loss was $2.4 million,or 25 cents a share, on revenues of $30.9 million, comparedwith earnings of $1.1 million, or 12 cents, on revenues of $29.7million in the 1991 period. The Palo Alto, Calif., company'sfirst-quarter loss of $2.5 million was due to legal andregulatory problems related to its collagen products.
Collagen shares (NASDAQ:CGEN) lost 25 cents to $26.50 onTuesday.
(c) 1997 American Health Consultants. All rights reserved.