A.D.A.M., Inc. Reports Fourth Quarter and Year End 2004 Results; Revenues Increase 42%, Fourth Quarter Diluted Earnings of $0.07.ATLANTA Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. -- A.D.A.M., Inc. (Nasdaq: ADAM Adam, the first man, in the Bible Adam (ăd`əm), [Heb.,=man], in the Bible, the first man. In the Book of Genesis, God creates humankind in his image as a species of male and female, giving them dominion over other life. ), a leading developer of interactive health information and decision support tools for the healthcare and education markets, today announced its financial results for the fourth quarter and year ended December December: see month. 31, 2004. Highlights for the fourth quarter and the year include: --Net income for the fourth quarter ended December 31, 2004 was $676,000, or $0.07 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, compared to net income of $97,000, or $0.01 per share on a fully diluted basis, in the year ago period. --Net income for the year ended December 31, 2004 was $1,621,000, or $0.19 per share on a fully diluted basis, compared to net income of $608,000, or $0.07 per share on a fully diluted basis, for the year ended December 31, 2003. --Operating margins for the year ended December 31, 2004 improved to 18% as compared to 7% for the year ended December 31, 2003. --Healthcare licensing revenues increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 35% during 2004 compared to 2003. --The Company's cash and investments grew to $6,968,000 as of December 31, 2004 compared to $4,554,000 at December 31, 2003, an increase of $2,414,000. Revenues for the fourth quarter ended December 31, 2004 were $2,471,000 as compared to revenues of $1,738,000 in the year-ago quarter, an increase of 42%. Revenues for the year ended December 31, 2004 were $8,433,000 compared to revenues of $7,889,000 for the year ended December 31, 2003, an increase of 7%. "A.D.A.M.'s results reflect the solid progress that we have made in moving our company from a dependency dependency In international relations, a weak state dominated by or under the jurisdiction of a more powerful state but not formally annexed by it. Examples include American Samoa (U.S.) and Greenland (Denmark). on a few large customers to having a revenue base that touches many areas of the healthcare industry," commented Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Cramer Cramer in English, a surname, is commonly pronounced ['kɹeɪ.mə(ɹ)], and is from the German surname Krämer which also means "Kleinhändler"[1] , Jr., A.D.A.M.'s Chairman and Chief Executive Officer. "Today, A.D.A.M. is a highly competitive brand that offers our healthcare clients and partners what we believe to be the best and most robust interactive health information products and decision support tools available. "In 2005, we plan to continue to focus on revenue growth and expansion into new healthcare verticals, particularly into the health plan and corporate wellness markets. With a list of new products, including our Illustrated Family Health Guide book, our Health Risk Assessment products, and A.D.A.M. Interactive Anatomy anatomy (ənăt`əmē), branch of biology concerned with the study of body structure of various organisms, including humans. Comparative anatomy is concerned with the structural differences of plant and animal forms. 4 for education, nearly $7 million in cash and investments and eight consecutive quarters of profitability, we believe that we are well positioned." The Company also announced that it has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program that it announced in May 2004. The Company repurchased an aggregate of 269,259 shares of its common stock at an average purchase price of $4.04 per share during the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. The Company will be hosting a conference call to further discuss its results this morning, February February: see month. 15, 2005 at 10:00 a.m. Eastern Time. To participate, please dial (877) 829-1394. About A.D.A.M., Inc. For more than a decade, A.D.A.M.'s unique, visually engaging health content, decision support tools and educational products have been helping millions of people "get smart" about their health and wellness. With one of the largest consumer-oriented medical information libraries in the world, A.D.A.M. markets its solutions to leading healthcare and pharmaceutical organizations, government, employers, and educational institutions. To learn more about A.D.A.M., visit www.adam.com or call 1-800-408-ADAM. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Except for historical information, all of the statements, expectations and assumptions contained in this press release are forward-looking statements. These statements, especially revenue, net income and cash flow forecasts, involve a number of risks and uncertainties that could cause actual results, performance or developments to differ materially. Factors that could affect the company's actual results, performance or developments include general economic conditions, development of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the as a source of health information, pricing actions taken by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , demand for the company's health information, and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes in laws and regulations that impact how the company conducts its business. A.D.A.M. disclaims any obligation or duty to update any of its forward-looking statements.
A.D.A.M., Inc.
Condensed Consolidated Statements of Operations
and Summary Balance Sheet Data
(In thousands, except per share data)
(Unaudited)
Three Months Three Months
Ended Ended Year Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
Total Revenues $ 2,471 $ 1,738 $ 8,433 $ 7,889
-------- -------- -------- --------
Operating expenses:
Cost of revenues 532 373 1,717 1,668
General and administrative 291 461 1,497 1,774
Product and content
development 407 250 1,414 1,375
Sales and marketing 477 390 1,704 1,743
Depreciation and
amortization 119 179 562 767
-------- -------- -------- --------
Total operating expenses 1,826 1,653 6,894 7,327
-------- -------- -------- --------
Operating income 645 85 1,539 562
Interest income, net 31 12 82 46
-------- -------- -------- --------
Net income $ 676 $ 97 $ 1,621 $ 608
======== ======== ======== ========
Basic net income per
common share $ 0.09 $ 0.01 $ 0.21 $ 0.08
======== ======== ======== ========
Basic weighted average number of
common shares outstanding 7,871 7,658 7,879 7,306
======== ======== ======== ========
Diluted net income per
common share $ 0.07 $ 0.01 $ 0.19 $ 0.07
======== ======== ======== ========
Diluted weighted average number of
common shares outstanding 9,045 8,619 8,742 8,169
======== ======== ======== ========
Summary Balance Sheet Data
-------------------------
12/31/2004 12/31/2003
----------- -----------
Cash and cash equivalents $ 3,242 $ 4,554
Accounts receivable-net 2,112 1,407
Investments, short term 2,726 -
Total current assets 8,624 6,355
Investments, long term 1,000 -
Goodwill 2,043 2,043
Total assets 13,244 10,496
Deferred revenue 3,615 2,295
Short term debt 17 11
Total current liabilities 4,358 2,940
Total liabilities 4,395 2,976
Shareholders' equity 8,849 7,520
Working capital 4,266 3,415
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