IRIS Reports Results for 1999 First Quarter

CHATSWORTH, Calif., May 19 -- International Remote Imaging Systems, Inc. announced net revenues of $6.6 million for the quarter ended March 31, 1999, which results were essentially unchanged from those reported in the first quarter of 1998. The company noted that first quarter earnings were impacted by a recently recorded $1.5 million charge relating to the company's negotiated settlement in its acquisition of Poly U/A Systems, Inc.
Operating income for the quarter totaled $301,000--excluding the charge for the Poly U/A transaction and other unusual expenses--as compared to $327,000 for the same period last year. With the Poly U/A charge and unusual expenses included, operating income declined to a loss of $1.3 million for the first quarter, in comparison to reported operating income of $290,000 for the prior year's quarter.