Summit Technology ReportsRise in Third Quarter Revenues

WALTHAM, Mass., Nov. 8 -- Summit Technology Inc. reported a 43-percent increase in revenues from its laser vision correction business in the third quarter ended September 30, 1999. Total revenues for the company were $28.1 million, an increase of 21 percent from the $23.1 million recorded in the same period in 1998.
Summit reported a net loss for the quarter of $0.6 million, or one cent per diluted share, compared with net income of $1.6 million, or five cents per diluted share, in the third quarter of 1998. The net loss for the third quarter of 1999 included a net gain of $1.5 million, or three cents per diluted share, from the sale of 500,000 shares of LCA Vision. The company announced that it was continuing to make progress in the areas of system placements and procedure volume growth on both a year-to-year and sequential basis.