Advanced Medical Inc. reports fourth quarter and 1995 results.SAN DIEGO--(BUSINESS WIRE)--March 19, 1996--Advanced Medical Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AMA (Automatic Message Accounting) The recording and reporting of telephone calls within a telephone system. It includes the calling and called parties and start and stop times of the call. ) Tuesday Tuesday: see week. announced financial results for the fourth quarter and year ended Dec. 31, 1995. For the three months ended Dec. 31, 1995, income before taxes and minority interests rose 12% to $3,240,000 from $2,897,000 for the fourth quarter of 1994 on revenue of $29,429,000 versus $29,671,000 a year earlier. After a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. income tax benefit of $10,070,000 primarily related to the recognition of deferred tax assets under Statement of Financial Accounting Standards No. 109 (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 109), a $6,500,000 charge reflecting the write-up Write-Up An increase made to the book value of an asset because it is undervalued compared to market values. Notes: A write-up will increase a company's accounting book value without any expenditures. of minority interests, and dividends and accretions accretions (  krē´shnz),n. of $163,000 on the Company's mandatorily redeemable Redeemable Eligible for redemption under the terms of an indenture. preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , net income for the fourth quarter of 1995 was $6,647,000, or $.19 per fully-diluted common share. This compares to net income of $2,022,000, or $.08 per share, for the fourth quarter of 1994. "We have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. our core hospital infusion management business, re-established momentum in our in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. product development program, set the Company on a path of sustained profitability, and significantly reduced debt and improved cash flow," said Joseph W. Kuhn Kuhn , Richard 1900-1967. Austrian chemist. He won a 1938 Nobel Prize for research on carotenoids and vitamins but declined the award by order of the Nazi government. , president of Advanced Medical. "Now we are in a position to accelerate our efforts to grow the Company. In addition to offering enhancements and additions to our highly successful family of hospital infusion pump infusion pump A device designed to deliver drugs and/or 'biologicals', at low doses and at a constant or controllable rate; ↑ rates of delivery in such devices may be associated with local hemolysis, compromising the potential benefits of a calibrated delivery products, during 1996 we will enter the burgeoning ambulatory Movable; revocable; subject to change; capable of alteration. An ambulatory court was the former name of the Court of King's Bench in England. It would convene wherever the king who presided over it could be found, moving its location as the king moved. infusion pump market with the U.S. launch of an advanced micro infusion pump developed by Debiotech, S.A. We currently are evaluating additional strategic alliances that will leverage our manufacturing and sales capabilities and enhance our presence in foreign markets. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Advanced Medical's performance in the new year," he added. For the twelve months ended Dec. 31, 1995, income before taxes, minority interests, and an extraordinary gain rose 24% to $9,403,000 from $7,563,000 for 1994. Revenue for 1995 was $112,110,000 compared to $111,681,000 for the prior year. After the one-time tax benefit and minority interest adjustment described above, an extraordinary gain of $15,177,000 after tax, or $.46 per share, from the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, and dividends and accretions of $650,000 on the preferred stock, net income for 1995 was $26,804,000, or $.83 per fully-diluted common share. This compares to net income of $4,803,000, or $.22 per fully-diluted common share, for 1994. At Dec. 31, 1995, AMA reported working capital of $31,938,000, a current ratio of 2.2-to-1, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $31,532,000 compared to a deficit of $2,238,000 at Dec. 31, 1994. "The early retirement of debt, coupled with AMA's significantly improved profitability, allowed us to reduce long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , net of cash, by more than $30,000,000 during 1995," Kuhn concluded. Advanced Medical, through its IMED IMED International Medical Education Directory Corporation subsidiary, is one of the country's largest manufacturers of intravenous intravenous /in·tra·ve·nous/ (-ve´nus) within a vein or veins.intrave´nously in·tra·ve·nous adj. Abbr. IV Within or administered into a vein. infusion pumps and disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. administration sets. -0-
Advanced Medical Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data. Unaudited)
Three Months Ended
Dec. 31,
1994 1995
Sales $ 29,671 $ 29,429
Cost of sales 17,142 16,624
Gross margin 12,529 12,805
License fees revenue 110 110
Selling expenses 4,171 3,602
General and administrative expenses 2,364 2,964
Research and development expenses 1,874 1,783
Total operating expenses 8,409 8,349
Income from operations 4,230 4,566
Other income (expense):
Interest income 636 711
Interest expense (2,030) (1,969)
Other, net 61 (68)
(1,333) (1,326)
Income before income taxes, minority
interests and extraordinary item 2,897 3,240
Income tax provision (benefit) 717 (10,070)
Income before minority interests
and extraordinary item 2,180 13,310
Minority interests in consolidated
subsidiaries -- (6,500)
Income before extraordinary item 2,180 6,810
Extraordinary item-
gain on early retirement of debt -- --
Net income 2,180 6,810
Dividends and accretion on mandatorily
redeemable preferred stock 158 163
Net income applicable to common stock $ 2,022 $ 6,647
Income per common share
assuming no dilution:
Income before extraordinary item $ .14 $ .40
Extraordinary item -- --
Net income per common share
assuming no dilution $ .14 $ .40
Income per common share
assuming full dilution:
Income before extraordinary item $ .08 $ .19
Extraordinary item -- --
Net income per common share
assuming full dilution $ .08 $ .19
Weighted average common shares
outstanding assuming no dilution 14,069 16,513
Weighted average common shares
outstanding assuming full dilution 30,553 35,996
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Advanced Medical Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data. Unaudited)
Twelve Months Ended
Dec. 31,
1994 1995
Sales $111,681 $112,110
Cost of sales 65,590 63,219
Gross margin 46,091 48,891
License fees revenue 441 441
Selling expenses 16,850 16,567
General and administrative expenses 10,746 10,661
Research and development expenses 6,345 7,386
Total operating expenses 33,941 34,614
Income from operations 12,591 14,718
Other income (expense):
Interest income 2,526 2,525
Interest expense (8,690) (8,153)
Other, net 1,136 313
(5,028) (5,315)
Income before income taxes, minority
interests and extraordinary item 7,563 9,403
Income tax provision (benefit) 1,886 (9,374)
Income before minority interests
and extraordinary item 5,677 18,777
Minority interests in consolidated
subsidiaries -- (6,500)
Income before extraordinary item 5,677 12,277
Extraordinary item-
gain on early retirement of debt -- 15,177
Net income 5,677 27,454
Dividends and accretion on mandatorily
redeemable preferred stock 874 650
Net income applicable to common stock $ 4,803 $ 26,804
Income per common share
assuming no dilution:
Income before extraordinary item $ .34 $ .74
Extraordinary item -- .96
Net income per common share
assuming no dilution $ .34 $ 1.70
Income per common share
assuming full dilution:
Income before extraordinary item $ .22 $ .37
Extraordinary item -- .46
Net income per common share
assuming full dilution $ .22 $ .83
Weighted average common shares
outstanding assuming no dilution 14,069 15,755
Weighted average common shares
outstanding assuming full dilution 24,099 33,183
CONTACT: Advanced Medical Inc. Joseph W. Kuhn, 619/566-0426 |
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