AMAC Reports 15% Increase In Service Revenues and 23% Increase In Net Income for the Nine Months Ended September 30, 1998.OCEANSIDE Oceanside. 1 City (1990 pop. 128,398), San Diego co., S Calif., on the Gulf of Santa Catalina; inc. 1888. It is a commercial and trading center for an inland farm area and for nearby Camp Pendleton, a huge U.S. marine corps amphibious base. , N.Y.--(BUSINESS WIRE)--Oct. 26, 1998--American Medical Alert Corp., (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 : AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center ), the designer of two-way voice Personal Emergency Response Systems (PERS a. 1. Light blue; grayish blue; - a term applied to different shades at different periods. ), announced results of operations for the nine months and third quarter ended September 30, 1998. Net income for the nine months ended September 30, 1998 increased 23% to $769,000 from $626,000. For the three months ended September 30, 1998 compared to the three months ended September 30, 1997, net income increased 15% to $280,000 from $237,000. Earnings per share for the nine months ended September 30, 1998 were $.13 compared to $.11 for the nine months ended September 30, 1997. Earnings per share for the three months ended September 30, 1998 were $.05 compared to $.04 for the three months ended September 30, 1997. Service revenues for the nine months ended September 30, 1998, increased 15% to $5,759,000 from $5,009,000 for the nine months ended September 30, 1997. For the three months ended September 30, 1998 compared to the three months ended September 30, 1997, service revenues increased 18% to $2,028,000 from $1,724,000. Product sales for the nine months ended September 30, 1998 decreased to $423,000 from $737,000 for the nine months ended September 30, 1998. For the three months ended September 30, 1998, compared to the three months ended September 30, 1997, product sales decreased to $108,000 from $445,000. The decrease in product sales was a result of management's changing focus toward the growth of its subscriber base, rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time and service revenues. Howard M. Siegel, Chairman and President of AMAC said, "Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. results and the growth of service revenues for the nine months ended September 30, 1998 indicated that PERS providers continue their acceptance of the monthly rental option offered by the Company, providing cost effectiveness and flexibility for subscribers. Our latest Model 800 PERS, inaugurating state of the art design and technologies was introduced in September 1998, increasing our subscriber base by 5% through the conversion of a referral agency provider. As the PERS industry begins to consolidate, it is believed that significant opportunities exist through acquisition, provider conversion and internal growth. In addition, management has identified potential opportunities that could embellish market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" through the introduction of integrated vital sign and health care monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. . I am pleased to announce that AMAC now has a presence on 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 . Please visit our web site at http://www.amacalert.com" -0-
AMERICAN MEDICAL ALERT CORP.
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
Three Months Ended Nine Months Ended
September 30 September 30
1998 1997 1998 1997
Service Revenues $2,028,000 $1,724,000 $5,759,000 $5,009,000
Product Sales $108,000 $445,000 $423,000 $737,000
Total Revenues $2,136,000 $2,169,000 $6,181,000 $5,746,000
Net Income $280,000 $237,000 $769,000 $626,000
Earnings per share(a)
Basic $.05 $.04 $.13 $.11
Diluted $.05 $.04 $.13 $.11
Weighted Average
Number of Common
Shares
Outstanding:
Basic 5,948,419 5,858,400 5,907,409 5,832,367
Diluted 6,098,342 5,979,819 6,006,736 5,938,691
(a) The basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of calculations for 1998 and 1997 reflect the recently issued Statement of Financial Accounting Standard No. 128 and have an immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. impact on the company's previously reported earnings per share. American Medical Alert Corp. is one of the leading providers of Personal Emergency Response Systems (PERS) 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. . Since 1981, AMAC has been dedicated to enhancing quality of life for people with health limitations by providing communication services that allow for independent living and peace of mind. Revolutionizing the PERS industry with one of the first systems to incorporate two-way voice communication, the company continues to set industry standards with innovative technology and new services to better meet the needs of subscribers and health care providers. The company markets its PERS to health maintenance organizations, state social service agencies, hospitals, home health care providers, ambulance companies, licensed distributors and directly to consumers. This press release contains forward looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward looking statements are set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-KSB, the Company's Quarterly Reports on Forms 10-QSB, and other filings and releases. These include uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc competition, technological development and trademarks. |
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