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ORANGE COUNTY BRIEFLY

$1.7-Million Charge for Micro Therapeutics

May 25, 1999|(Dow Jones)

Irvine-based Micro Therapeutics said Monday it expects to post a second-quarter charge of $1.7 million for the early conversion of two subordinated notes by Abbott Laboratories.

Analysts surveyed by First Call Corp. had estimated the company would record a loss of 50 cents a share for the second quarter.

Micro Therapeutics, which makes and markets minimally invasive medical devices, said the notes were issued to Abbott in 1998 and had a face value of $10 million. Abbott converted the first $4 million of notes at $8.64 a share and the remaining $6 million of notes at $12 a share.

Micro Therapeutics issued 962,628 common shares to Abbott, including 244,679 incremental shares. Micro Therapeutics has a 90-day option to require Abbott to buy an additional $3 million of Micro Therapeutics common shares at $12 a share.

The stock was unchanged Monday, closing at $8.50 a share in Nasdaq trading.

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