Premier Laser files for Chapter 11

March 27, 2000
Following months of legal and financial struggles, Premier Laser Systems (Irvine, CA) has filed for Chapter 11 bankruptcy.

Following months of legal and financial struggles, Premier Laser Systems (Irvine, CA) has filed for Chapter 11 bankruptcy. According to the company, this move was necessitated by a lack of liquidity, the overhang of prior obligations, and the need to seek protection from certain creditors. Premier had already placed all but nine of its 80 employees on temporary unpaid leave and hired Crossroads LLC (Newport Beach, CA), a financial consultant, to identify and assess strategic and financial alternatives. At that time, Michael Quinn, president and CEO, noted that "we believe the company has three principal assets: its experienced work force, its intellectual property, and its products."

Quinn, a health-industry veteran, was recruited and hired by the company in January as part of a broader effort to improve profitability. He replaced former president and CEO Collette Cozean, who was subsequently removed from her positions as chairman of the board and chief technology officer in January.

Premier reported net sales of $2.4 million for the third quarter (ended December 31), compared to sales of $3.5 million for the same quarter in 1998. Net loss for the quarter was $3.3 million, or $0.20/share, compared net loss of $12 million, or $0.81/ share) for the same quarter a year ago.--Kathy Kincade

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