ADAC announces first quarter results.MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif.--(BUSINESS WIRE)--Jan. 30, 1995--ADAC Laboratories (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 :ADAC ADAC Allgemeiner Deutscher Automobil Club (German automobile club) ADAC Aboriginal Drug and Alcohol Council ADAC Art Directors and Artists Club (Sacramento, California) ADAC Alcohol and Drug Abuse Council ), a leading producer of diagnostic imaging and healthcare information systems, Monday Monday: see week. announced results from operations for its first fiscal quarter ended Jan. 2, 1995. For the three month period ended Jan. 2, 1995, the company reported revenues of $44.2 million compared to $46.5 million in the first quarter of fiscal 1994. Net income of $2.4 million or 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. was achieved, compared with net income of $3.8 million or 23 cents per share in the first quarter of fiscal 1994, as adjusted to reflect a comparable tax rate of 35%. Reported earnings in the first quarter of fiscal 1994 were $5.3 million and 32 cents per share. In making this announcement, David L. Lowe, president and chief executive officer, stated: "We are pleased to have met our expectations for the first quarter. Our financial results were on target, our nuclear medicine market share increased again, and we introduced three new products in December December: see month. . "The introduction of these new products -- the EPIC digital detector detector: see particle detector. , VANTAGE attenuation Loss of signal power in a transmission. Attenuation The reduction in level of a transmitted quantity as a function of a parameter, usually distance. It is applied mainly to acoustic or electromagnetic waves and is expressed as the ratio of power densities. correction and MacroVision Macrovision is a company that develops and markets licensing, access control, and secure distribution technologies for electronically delivered creative works. This includes digital media (video, music), web publishing (text, images), and computer software (consumer software, programming tool -- were received enthusiastically by the industry. We fully expect that these new products will continue to increase our market share globally." Lowe continued: "In Healthcare Information Systems, ADAC and Community Health Computing computing - computer Corp. (CHCC CHCC Cooperative Health Care Clinic CHCC Coalition for Healthier Cities and Communities CHCC Chattahoochee Hills County Club (Georgia) ) of Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; have signed a definitive agreement which provides for ADAC's acquisition of all shares to be issued by CHCC upon its reorganization in its Chapter 11 case. The completion of this transaction is consistent with our strategic plan for the evolving clinical information systems market. CHCC has a large installed base of ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. systems, especially in the Laboratory Information and Radiology Information Systems A Radiology Information System (RIS) is used by radiology departments to store, manipulate and distribute patient radiological data and imagery. The system generally consists of patient tracking and scheduling, result reporting and image tracking capabilities. segments. CHCC is also developing a new, open architecture laboratory information system product, LabStat. ADAC Laboratories is recognized as the world leader in nuclear medicine and the leading supplier of radiology information systems in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The company is celebrating its 25th year of health care innovation. ADAC was honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. in 1994 as a Top Business 100 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Company by major California newspapers. The company headquarters are in Milpitas. -0-
ADAC Laboratories
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share data)
(Unaudited)
Three
Months Ended
Jan. 1, Jan. 2,
1995 1994
Revenues:
Net Product Sales $ 34,638 $ 37,089
Field service 9,594 9,457
------ ------
44,232 46,546
Cost of revenues:
Product sales 20,660 19,914
Field service 6,902 6,762
------ ------
27,562 26,676
Gross profit 16,670 19,870
Operating Expenses:
Marketing and sales 8,099 8,651
Research and development 2,915 2,916
General and administrative 1,821 1,828
------ ------
12,835 13,395
Operating income 3,835 6,475
Other income (expense):
Litigation defense costs (500)
Interest and other income, net (97) (73)
---- -----
(97) (573)
Income before income taxes 3,738 5,902 Provision for income taxes 1,308 590 Net income $2,430 $5,312 Net income per share $0.15 $0.32 Number of shares used in per share calculation 16,695 16,792 Dividends per share $0.12 $0.12
ADAC Laboratories
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
Jan. 1, Oct. 2,
1995 1994
(unaudited)
ASSETS Current Assets: Cash and cash equivalents $ 4,307 $ 7,203 Accounts receivable, net of allowance for returns and doubtful accounts 48,063 45,173 Notes receivable 4,172 -- Inventories 23,914 22,600 Deferred income tax, net of long-term portion 12,790 14,877 Prepaid expenses and other current assets 3,278 2,243
Total current assets 96,524 92,096
Service parts, net 13,592 13,300 Fixed assets, net 5,826 5,515 Other assets 11,721 10,692 Total Assets $ 127,663 $ 121,603 LIABILITIES AND SHAREHOLDER'S EQUITY Current Liabilities: Notes payable $ 4,700 $ -- Accounts payable 18,335 18,260 Dividends payable 1,942 1,904 Deferred revenues 7,152 6,447 Other accrued liabilities 15,860 16,947
Total current liabilities 47,989 43,558
Non-current liabilities & deferred credits 4,190 3,379 Total Liabilities 52,179 46,937 SHAREHOLDERS' EQUITY Common stock, no par value: Authorized; 26,000,000 shares issued and outstanding: 16,122,162 at Jan. 1, 1995 and 16,046,579 at Oct. 2, 1994 97,463 97,086 Accumulated deficit (21,686) (22,174) Translation adjustment (293) (246) Total Shareholders' Equity 75,484 74,666 Total Liabilities and Shareholders' Equity $ 127,663 $ 121,603 CONTACT: ADAC Laboratories Inc. J. Embry, 310/355-0761 |
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