$1 million backorder causes Jones Medical fourth quarter earnings decline.St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , Missouri--(BUSINESS WIRE)--Feb. 14, 1995--Jones Medical Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : JMED JMED Japan Medical Devices Manufacturers Association (also seen as JFMDA) JMED Jungle Message Encoder-Decoder ) today announced fourth quarter 1994 results of $11.7 million in sales and earnings of $1.3 million or $.14 per share for the period ending December December: see month. 31, 1994. Comparative results for the fourth quarter of 1993 were $12.1 million in sales and earnings of $1.9 million or $.20 per share. For the twelve months ended December 31, 1994, sales were $47.5 million and net income $5.7 million or $.60 per share compared to $43.2 million and $6.2 million or $.65 per share respectively, for the same period of 1993. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the M. Jones, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "Our year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results were greatly impacted by the first shortage ever of our leading product Thrombinar. At December 31, 1994, we closed the year with over $1 million in unfilled orders due to a temporary production problem by our supplier. Had these orders been shipped on time, our earnings would have been within financial analysts' estimates. At the present time, we believe that our supplier has solved the problem and we should be back to filling orders on a timely basis in short order." During the 1994 fourth quarter, Thrombinar sales were running at an all time record quarterly rate of over $2.9 million. Due to the backorder Backorder is a distribution term that refers to the status of items on a purchase order in the event that some or all of the inventory required to fulfill the order is out of stock. situation, however, we ended 1994 with essentialy the same $10.1 million of invoiced Thrombinar sales as in 1993. Other branded pharmaceutical products, however, including Therevac and Liqui-Char increased 23% over 1993. Branded Nutritional nutritional pertaining to or emanating from nutrition. nutritional anemia see nutritional anemia. nutritional assessment product sales grew 29%. Contract manufactured product sales were down 18% during 1994 compared to 1993. "The most significant progess made during 1994 was the improvement in our balance sheet," Mr. Jones continued. "Year-end cash balances grew 220% from $2.2 million to $7.0 million and total liabilities declined 18.3% from $11.7 million to $9.6 million. During 1994, shareholders equity grew from $36.2 million to $41.5 million or $4.49 per share. Our current ratio improved from 2.9:1 to 3.6:1 and debt as a percentage of equity decreased from 20.8% to 13.0%. Finally, working capital grew from $12.0 million at December 31, 1993 to $15.0 million at December 31, 1994. These balance sheet improvements were made even after capital expenditures of $2.9 million during 1994." FINANCIAL INFORMATION FOLLOWS -0- JONES MEDICAL INDUSTRIES, INC. (NASDAQ: JMED)
TWELVE MONTHS ENDED
DECEMBER 31
1994 1993
SALES $47,548,803 $43,215,498 NET INCOME BEFORE $5,739,507 $6,203,813 ACCOUNTING CHANGE CUMULATIVE EFFECT OF --- $207,100 ACCOUNTING CHANGE NET INCOME $ 5,739,507 $6,410,913 AVERAGE SHARES 9,594,000 9,504,000 OUTSTANDING PER SHARE EARNINGS BEFORE $0.60 $0.65 ACCOUNTING CHANGE PER SHARE FROM ACCOUNTING --- $0.02 CHANGE PER SHARE NET INCOME $0.60 $0.67
FOURTH QUARTER ENDED
DECEMBER 31
1994 1993
SALES $11,666,773 $12,111,466 NET INCOME $1,325,994 $1,872,723 PER SHARE NET INCOME $0.14 $0.20 AVERAGE SHARES OUTSTANDING 9,555,000 9,558,000 CONTACT: Jones Medical Industries, Inc., St. Louis Investor Relations Investor relations The process by which the corporation communicates with its investors. , 314/576-6100 |
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