Enhanced Imaging Sets Goal of $25.7 Million for Stock Offering

By DEAN TAKAHASHI

Jan. 23, 1992 12 AM PT

TIMES STAFF WRITER

IRVINE —

Enhanced Imaging Technologies Inc., a manufacturer of specialized films for hospital laboratories and computer screen filters, hopes to raise $25.7 million in an initial public stock offering, according to a filing with the Securities and Exchange Commission.

Peter Tong, chief executive, said he hopes to offer shares in the private company in February or March if market conditions are right.

Underwriters for the firm, including Prudential-Bache Securities Inc., hope to issue 1.84 million shares of stock at $14 a share.

Since 1975, the Vari-X subsidiary of Enhanced Imaging has made cine film, which is used in hospital tests to detect restricted or blocked arteries in patients with heart disease.

The company’s Optical Devices Inc. subsidiary makes anti-glare filters for computers.

The company would use the funds to repay about $7 million in debt, including $4.5 million in debt related to its July, 1991, acquisition of Optical Devices, according to the filing.

Enhanced Imaging would also use the proceeds of the offering to acquire capital equipment for an expansion of its businesses and to finance potential acquisitions, the filing said.

For the nine months ended Sept. 30, the company reported net income of $1.3 million, equal to 26 cents a share, compared with earnings of $1.1 million, or 22 cents a share, for the same period a year earlier. Sales for the nine-month period were $21.4 million, up from $15.8 million a year earlier.

At a Glance

Name: Enhanced Imaging Technologies

Headquarters: Irvine

Chief executive: Peter Tong

Shares: 1.84 million

Offering price: $14

Underwriter: Prudential Bache Securities

Subsidiaries:

Optical Devices Inc., manufacturer of computer screen filters

Vari-X, manufacturer of specialized film used to detect blocked arteries in heart patients

Financial performance

In thousands