Laser Revenues Boost Summit Financial Results

WALTHAM, Mass., March 26 -- Summit Technology, Inc. said that revenues for the three months ending December 31, 1998 were $22.4 million, an increase of 13% over revenues of $19.9 million for the three months ended December 31, 1997. Revenues for the laser vision correction business increased by 32% in the fourth quarter 1998, with procedure volume up 64% compared to the fourth quarter of 1997.
Income from continuing operations for the fourth quarter of 1998 was $3.6 million, or $0.12 per share, as compared to a loss from continuing operations of $0.4 million, or $(0.01) per share, in the fourth quarter of 1997. Income from continuing operations in the fourth quarter of 1998 was favorably impacted by a gain of $2.0 million from the sale of assets related to a cardiovascular laser technology that Summit had been developing.