Premier Laser Expects $4.8-Million Loss for Quarter

Premier Laser Systems Inc., the struggling maker of dental laser equipment, expects to report a net loss of $4.8 million, or 32 cents per share, for the fiscal first quarter ended June 30, compared with a loss of $700,000, or 8 cents per share for the same period last year. Revenue increased 65% to $3.5 million from $2.1 million.

The increase in revenue was mostly due to the sale of ophthalmic products from the company’s EyeSys Technologies unit and its 51%-owned subsidiary Ophthalmic Imaging Systems, the Irvine-based company said Wednesday.

Premier said it also plans today to release restated results for the last two fiscal years.

The company’s independent auditor resigned earlier, and Premier became involved in a sales dispute with one of its major distributors. Trading in the stock also was suspended May 26.

“It was really our fault for doing business on a handshake,” Premier Laser President Colette Cozean said about the dispute with the distributor, Melville, N.Y.-based Henry Schein Inc. “The bottom line is we need to get stuff really documented.”

Restated and reaudited results for the year ended March 31, 1998 show that Premier Laser lost $38.2 million, or $3.34 a share, compared with a loss of $6 million, or $1.02 per share, for fiscal 1997, which included reserves and write-downs of more than $31 million.

Revenue rose to $10.4 million from $5.1 million for the same period, reflecting higher sales of its dental lasers as well as increases from consolidation of EyeSys Technologies and OIS.

Much of the fiscal 1998 losses were due to a one-time charge of $19.8 million in acquisition and merger related costs of EyeSys Technologies and Premier Laser’s purchase of a 51% stake in OIS, the company said.