ADAC announces second 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)--April 25, 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, today announced results from operations for its second fiscal quarter ended April 2, 1995. For the three month period ended April 2, 1995, the company reported revenues of $44.7 million compared to $47.3 million in the second quarter of fiscal 1994. Net income of $2.8 million or 17 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 $4.0 million or 24 cents per share in the second quarter of fiscal 1994, as adjusted to reflect a comparable tax rate of 35%. Reported earnings in the second quarter of fiscal 1994 were $5.5 million or 33 cents per share. In making this announcement, David L. Lowe, Chief Executive Officer, stated, "We are pleased to have met our expectations for the second quarter. Bookings for the quarter rebounded to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $45.2 million, a 16% increase from the second quarter of fiscal 1994. Bookings increased by 18% in domestic Nuclear Medicine, 32% in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and 35% in Information Systems versus the second quarter of fiscal
1994."
Lowe continued, "In our Healthcare Information Systems Business, as separately announced, the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. confirmed the plan of reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. filed by Community Health Computing computing - computer (CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , in its Chapter 11 case. The Court-approved plan of reorganization incorporates a definitive agreement which provides for ADAC's acquisition of CHC. This acquisition is a significant step forward in our expansion in the dynamic healthcare information systems market." ADAC Laboratories is recognized as the world market share leader in Nuclear Medicine and the leading supplier of 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. 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. . ADAC was one of only six manufacturing companies nationwide receiving a site visit for the Malcolm Baldrige National Quality Award The Malcolm Baldrige National Quality Award is given by the United States National Institute of Standards and Technology. Through the actions of the National Productivity Advisory Committee chaired by Jack Grayson, it was established by the Malcolm Baldrige National Quality in 1994. The company headquarters are in Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and . -0-
ADAC Laboratories
Consolidated Statements of Income
(Amounts in thousands except per share data)
(unaudited)
Three Months Ended Six Months Ended
April 2 April 3 April 2 April 3
1995 1994 1995 1994
Revenues:
Net product sales $34,400 $38,130 $69,038 $75,219
Field service 10,327 9,168 19,921 18,625
------ ------ ------ ------
44,727 47,298 88,959 93,844
Cost of revenues:
Product sales 20,628 20,661 41,288 40,575
Field services 7,256 6,758 14,158 13,520
------ ------ ------ ------
27,884 27,419 55,446 54,095
Gross profit 16,843 19,879 33,513 39,749
Operating expenses:
Marketing and sales 7,507 8,488 15,606 17,139
Research and development 2,670 3,034 5,585 5,950
General and administrative 2,122 1,712 3,943 3,540
------ ------ ------ ------
12,299 13,234 25,134 26,629
Operating income 4,544 6,645 8,379 13,120
Other income (expense):
Litigation defense costs (500) (1,000)
Interest and other
income, net (311) (23) (408) (96)
------ ------ ------ ------
(311) (523) (408) (1,096)
Income before income taxes 4,233 6,122 7,971 12,024 Provision for income taxes 1,479 612 2,787 1,202 Net income $ 2,754 $ 5,510 $ 5,184 $10,822 Net income per share $ 0.17 $ 0.33 $ 0.31 $ 0.65 Number of shares used in per share calculation 16,637 16,754 16,666 16,773 Dividends per share $ 0.12 $ 0.12 $ 0.24 $ 0.24
ADAC Laboratories
Consolidated Balance Sheets
(Dollar amounts in thousands)
As of
April 2 Oct. 2
1995 1994
(unaudited)
ASSETS Current Assets: Cash and cash equivalents $ 6,403 $ 7,203 Accounts receivable net of allowance for returns and doubtful accounts 46,724 45,173 Notes receivable 6,820 Inventories 25,928 22,600 Deferred income tax, net of long-term portion 12,568 14,877 Prepaid expenses and other current assets 4,510 2,243 Total current assets 102,953 92,096 Service parts, net 13,641 13,300 Fixed assets, net 5,734 5,515 Other assets 10,576 10,692 Total assets $132,904 $121,603 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable $ 7,328 $ -- Accounts payable 19,882 18,260 Dividends payable 1,951 1,904 Deferred revenues 7,961 6,447 Other accrued liabilities 14,068 16,947 Total current liabilities 51,190 43,558 Non-current liabilities and deferred credits 3,630 3,379 Total liabilities 54,820 46,937 SHAREHOLDERS' EQUITY Common stock, no par value: Authorized: 25,000,000 shares Issued and outstanding: 16,259,179 shares at April 2, 1995 and 16,046,579 shares at Oct. 2, 1994 98,027 97,086 Accumulated deficit (20,883) (22,174) Translation adjustment 940 (246) Total shareholders' equity 78,084 74,666 Total liabilities and shareholders' equity $132,904 $121,603 CONTACT: ADAC Laboratories, Milpitas J. Embry Embry may refer to: People
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