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Paradigm Medical reports a record quarter for sales

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Salt Lake-based Paradigm Medical Industries Inc. said Wednesday that unaudited revenues for the fourth quarter of 2001 were roughly $3 million, a company record for any three-month period.

Paradigm said total 2001 unaudited revenues topped $8 million, also a new high for the company. Total sales in 2000 were slightly below $8 million.

Fourth-quarter 2001 sales were about 10 percent above the same period in 2000.

"The combination of higher sales and lower costs, which will be buoyed by our recent downsizing program, is expected to help us reach our key financial objectives for 2002 — positive cash flow and profitability," Thomas F. Motter, Paradigm's chairman and chief executive officer, said.

Paradigm develops, manufactures and markets surgical and diagnostic equipment and consumable products for the medical industry.

The company last week said it had cut its work force by 20 percent — about 20 employees — as a way to cut costs. It has about 90 employees in Salt Lake City and San Diego.

Paradigm stock was trading at $2.74 early Wednesday, up 10 cents from Tuesday's close. In the past year, the price has ranged from $1.50 to $4.13.