Safeskin Corp. (San Diego, CA) a developer of powder-free disposable latex and synthetic gloves for the healthcare, high-technology and scientific industries, today reported results for its 1999 first quarter ended March 31.
The company reported net quarterly sales of $41.8 million, a 22% loss.
Net income for the quarter was approximately one million dollars, or $.02 per diluted share. Gross profit margin declined to 49% in the first quarter of 1999 compared to 52% in the same quarter a year ago, primarily reflecting a higher proportion of international sales.
First quarter 1999 operating expenses declined by $1.5 million from the fourth quarter 1998 period.
Other expenses in the first quarter of 1999 of $3.3 million included approximately $1.7 million in net interest expense and $1.6 million relating to the impact of foreign exchange.
"We believe that the higher medical distributor inventories in the U.S., which prompted our lower sales and earnings in the first quarter, have largely adjusted to expected levels," said Richard Jaffe, chairman, president and chief executive officer of Safeskin.