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Exhibit 99
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MBf USA, INC.
AMERICAN HEALTH PRODUCTS CORPORATION
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FOR IMMEDIATE RELEASE
MBf USA, INC. REPORTS THIRD QUARTER RESULTS
Itasca, Illinois -- November 18, 1997 -- MBf USA, Inc. ( The NASDAQ SmallCap
Stock Market:-MBFA) today announced unaudited financial results for the third
quarter and nine months ended September 30, 1997 (see attached tables).
For the three months ended September 30, 1997, MBf USA's revenues have reached
$15,050,407, an increase of 17.4% over revenues of $12,818,302 for the same
period in 1996. Sales improvement was due to increased sales by its
Chicago-based American Health Products Corporation ("AHPC") subsidiary, one of
the nation's leading suppliers of latex examination gloves to the medical,
retail & food services markets. Net income for the three months ended September
30, 1997 rose sharply to $808,622, or $0.19 per share, compared to a loss of
($274,228) or ($0.07) per share, for the same period in 1996 and compared to a
loss from the continuing operations of ($90,149) for the three months ended
March 31, 1997 and income from continuing operations of $94,271 for the three
months ended June 30, 1997.
For the nine month period ended September 30, 1997, revenues increased by 13.9%
to $40,044,791 from $35,167,986 for the comparable period of 1996. For the
year-to-date, the accumulated income from continuing operations of $812,744
from the glove business reduced MBf USA Inc's consolidated net loss to
($561,054), or ($0.13) per share. The Company recorded a net loss of
($1,004,218), or ($0.31) per share for the same period last year. The year to
date loss in 1997 was due to the costs associated with the Company's decision
to exit the Playboy(R) condom business which ended on June 30, 1997. The loss
in 1996 was primarily due to high marketing costs and low sales from the
condom operation.
Xx. Xxxx Xxxx Xxx, Chairman, commented "The cessation of condom and other past
businesses have finally allowed the Company to record a good income for the
quarter from its glove business. The Company is considering expanding its
manufacturing operations through previously announced plans."
Xx. Xxxxxx X. Xxxxxxx, President, said "We are pleased that our glove business
has demonstrated positive earnings and continued growth during the third
quarter. Our principal powder free glove manufacturer has further improved and
streamlined its manufacturing processes in the third quarter of 1997, which has
necessitated the Company sourcing the product from others at a higher cost
which will impact the fourth quarter results of the Company. Please refer to
the Company's Form 10Q for the quarter ended September 30, 1997 for further
details.
The Company, after visiting the manufacturing facility recently, is satisfied
that further enhancement of the new Quality System Regulation (QSR) process is
now substaintially complete and the factory is ready for inspection in November
1997 by the Food and Drug Administration.
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000 Xxxx Xxxxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000-0000 * Tel: (000)000-0000
* Fax: (000)000-0000
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MBf USA, INC.
AMERICAN HEALTH PRODUCTS CORPORATION
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MBf USA, Inc. and its subsidiaries market Glovetex(R) brand and OEM medical
examination gloves in the United States. For further information, contact
Xxxxxx Xxxxxxx, President at (000) 000-0000.
This press release contains forward looking statements which involve numerous
risks and uncertainties. The Company's actual results could differ materially
from those anticipated in such forward looking statements as a result of
certain factors, including those set forth in the Company's filings with the
Securities and Exchange Commission.
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000 Xxxx Xxxxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000-0000 * Tel: (000)000-0000
* Fax: (000)000-0000
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MBf USA, INC.
AMERICAN HEALTH PRODUCTS CORPORATION
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MBf USA, Inc. PRESS RELEASE
November 18, 1997
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
1997 1996 1997 1996
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$ $ $ $
See Note 1 See Note 1
Revenues 15,050,407 17.4% 12,818,302 40,044,791 13.9% 35,167,986
Income/(Loss) from Continuing Operations 808,622 (88,542) 812,744 (257,279)
(Loss) from Discontinued Operations - (185,686) (1,373,798) (746,939)
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Net Income/(Loss) $ 808,622 $ (274,228) $ (561,054) $ (1,004,218)
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Total Weighted Average Shares Outstanding 4,312,538 3,938,200 4,311,433 3,257,730
Net Income/(Loss) Per Share
Continuing operations 0.19 (0.02) 0.19 (0.08)
Discontinued operations - (0.05) (0.32) (0.23)
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Total 0.19 (0.07) (0.13) (0.31)
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Note 1: The 1996 figures have been restated to reflect the discontinued
operations of the Playboy condom business.
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CONTACT
MBf USA, Inc. or MBf USA's Investor Relations Counsel
Xxxx Xxxx Xxx, Chairman The Equity Group
Xxxxxx X. Xxxxxxx, President Xxxxx Xxxxxx (000) 000 0000
Xxxxxxx Xxx, Chief Financial Officer Xxxxx Xxxxxxxx (000) 000 0000
(000) 000 0000
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000 Xxxx Xxxxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000-0000 * Tel: (000)000-0000
* Fax: (000)000-0000
