Premier Laser Systems

The Irvine maker of diagnostic and therapeutic products for eye care, dentistry and surgery, said it lost $3.3 million, or 20 cents a share, for the fiscal third quarter, compared with a net loss of $12.1 million, or 81 cents a share, for the comparable quarter a year ago. Sales for the quarter ended Dec. 31 declined 31% to $2.4 million.

Troubled Premier Laser Systems Inc. said Friday that it has tentatively agreed to sell assets of its EyeSys Corneal Topography division to ProLaser Ltd. in Duesseldorf, Germany. ProLaser will acquire the intellectual property, customer base and inventory of the EyeSys division. ProLaser expects to close the deal Dec. 8.

Premier Laser Systems Inc. has filed with the Securities and Exchange Commission to sell 2.5 million Class A common shares. The manufacturer of medical lasers expects the stock sale to raise $23.9 million after expenses. Premier would use the proceeds in part to expand its marketing and distribution capabilities, including distribution into international markets, according to a registration statement filed Wednesday with the SEC.

A former executive of troubled Premier Laser Systems Inc. was accused by federal authorities of inflating the Irvine company's revenue nearly three years ago. Michael L. Hiebert, former chief financial officer, agreed to pay a $10,000 fine and to refrain from future violations, the Securities and Exchange Commission said Wednesday. He neither admitted nor denied any wrongdoing. The SEC complaint said Hiebert improperly logged $2.

Premier Laser Systems Inc., a manufacturer of medical and dental lasers and other products, reported its first quarterly profit--$452,265--in its seven-year history. Its fiscal third-quarter net income, amounting to 4 cents a share, is a turnaround from a loss of $979,342, or 15 cents a share, for last year's third quarter. Sales for the three months ended Dec. 31 climbed to $7.2 million from $1.5 million.

Premier Laser Systems Inc., which has posted losses for more than five years, has tapped health-industry veteran Michael J. Quinn as president and chief executive. Quinn, 54, replaces founder Colette Cozean, who will remain chairman and chief technology officer of the Irvine-based developer of medical and dental lasers. Most recently, Quinn said, he helped steer Imagyn Medical Technologies, an Irvine developer of surgical products, out of bankruptcy.

Premier Laser Systems Inc. said Thursday it received Food and Drug Administration clearance to market its Aurora diode laser systems for a deep-cleaning dental surgical procedure for soft tissue. The company said the laser removes diseased or inflamed soft tissue as part of an overall treatment plan to improve the health of gum tissue.

Premier Laser Systems, an Irvine manufacturer of medical and dental lasers, posted a net loss of $5.6 million, or 96 cents a share, for the fiscal year ended March 31, compared with a loss of $5.8 million, or $1.26 a share, for the prior year. Sales climbed to $5.5 million from $1.7 million. For the fourth quarter, the Irvine-based firm lost $2.9 million, or 41 cents a share, compared with a net loss of $2.2 million, or 46 cents a share, for the fourth quarter of the previous year.

A Premier Laser Systems Inc. shareholder has filed a lawsuit accusing the Irvine company of violating securities laws by issuing misleading information about its laser sales in hopes of inflating its stock. The complaint, filed Friday in U.S. District Court in Santa Ana, contends that Premier improperly booked shipments to a distributor as sales.

Premier Laser Systems Inc., which shut down operations in March and filed for bankruptcy reorganization, said Tuesday that it has agreed to sell the laser technology that once helped make the company the darling of Wall Street. Chief Executive Michael J. Quinn also said he hoped to liquidate the remaining assets of the once-promising laser manufacturer within four months. Irvine-based Premier is selling its Erbium YAG laser technology for $3.75 million to SurgiLight Inc., an Orlando, Fla.

Laser manufacturer Premier Laser Systems Inc., which shut down its operations in March and filed for bankruptcy, said Tuesday that it has agreed to sell its majority stake in Ophthalmic Imaging Systems, a Sacramento maker of digital and image enhancement systems. Irvine-based Premier is selling its stake to Israel-based MediVision Medical Imaging Ltd. for $2.2 million in cash and $1 million in MediVision stock.

The Nasdaq stock market has halted the trading of Premier Laser Systems Inc. shares until the Irvine-based firm, which filed a bankruptcy petition last week, provides "additional information." Premier shares last traded Friday at $1. Officials at the dental and vision laser maker could not be reached for comment Monday. Once the darling of Wall Street, Premier filed for bankruptcy reorganization Friday amid mounting losses, lawsuits and layoffs.

Premier Laser Systems Inc., which recently shut down operations and laid off most of its 80 workers, filed for bankruptcy reorganization Friday as executives prepared to sell off various company assets. Chief Executive Michael J. Quinn, who had joined the Irvine company three months ago to launch a recovery effort, said he has put the company on the block. "I thought I would be able to fix this thing and live happily ever after," he said. "Unfortunately, the circumstances were beyond my control."

Charging patent infringement, Biolase Technology Inc. of San Clemente has filed a lawsuit against Premier Laser Systems Inc., adding to the woes of the struggling Irvine-based maker of dental and vision lasers. Biolase alleged that several of Premier Laser's products using lasers with water for dental procedures infringe on one or more of Biolase's patents. Premier Chief Executive Michael J. Quinn said the suit had no merit and that its sole purpose was to compound Premier's difficulties.

Struggling Premier Laser Systems Inc., edging closer to bankruptcy, said Wednesday it has laid off all but nine employees and has only enough cash to operate for a week. The once-promising maker of dental and vision lasers, which shut down operations and furloughed more than two-thirds of its 80 workers just two weeks ago, laid off an additional 13 Tuesday, leaving a skeleton crew at the Irvine headquarters, Chief Executive Michael J. Quinn said.

Dental laser maker Premier Laser Systems Inc., which shut operations and laid off 68% of its work force this week, said Friday that a Sacramento company has backed out of a merger agreement. Irvine-based Premier said Ophthalmic Imaging Systems Inc., a maker of digital and image enhancement systems, terminated the previously announced merger agreement between the companies. In October, Premier Laser agreed to a swap stock to acquire the 49% of Ophthalmic that it doesn't already own.