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IRIS Reports Net Loss of $1.3 Million for Quarter

May 25, 1999

International Remote Imaging Systems Inc. in Chatsworth reported a net loss of $1.3 million or 21 cents per diluted share, compared with net income of $3,800, with no per-share gain, for the same period last year.

The company, which manufactures in-vitro diagnostic imaging systems, devices and supplies, said earnings were affected by a $1.5-million charge in connection with the acquisition of Poly U/A Systems Inc., a company-sponsored research and development company.

For the first quarter ended March 31, net revenues of $6.6 million were essentially the same as the comparable period in 1998. Officials said that without the Poly U/A acquisition and other unusual expenses, the first quarter net loss would have been $89,000 or 1 cent per diluted share.

Revenue increases in the urinalysis and small device segments for the quarter were offset by lower revenues in the genetic analysis segment, company officials said.

IRIS customers include hospitals, reference clinical laboratories and genetics laboratories.

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