Advanced Medical Inc. second-quarter net before extraordinary items jumps 71 percent on a 6 percent revenue gain; fully diluted net income is 26 cents per share vs. 5 cents.SAN DIEGO--(BUSINESS WIRE)--Aug. 7, 1995--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. ) Monday Monday: see week. announced that net income before extraordinary gains for the second quarter ended June June: see month. 30, 1995, increased 71 percent to $2,038,000, or 6 cents per 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. share, compared with $1,189,000, or 5 cents per fully diluted share, in the same quarter last year. Net income for the period was $8,246,000, or 26 cents per fully diluted share, on sales of $29,166,000, compared with $1,009,000, or 5 cents per fully diluted share, on sales of $27,440,000 last year. Net income benefited from an extraordinary gain of $6,370,000, net of tax, on the early retirement of debt due to an exchange offer with holders of the company's convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . 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, said: "We continue to implement our strategy to increase sales, reduce manufacturing costs and control operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . AMA's improved profitability reflects the success of our strategy and the benefits of prior years' restructurings. "Our success in reducing manufacturing costs and increasing productivity is clearly demonstrated by AMA's gross margins, which increased to 44 percent of sales from 42 percent last year, despite continuing product price pressures. Investments in research and development increased 28 percent, supporting our commitment to develop new products necessary for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth." For the six months ended June 30, 1995, net income before extraordinary gains increased 50 percent to $3,061,000, or 9 cents per fully diluted share, compared to $2,038,000, or 8 cents per fully diluted share, last year. Net income was $17,913,000, or 57 cents per fully diluted share, on sales of $57,756,000, compared with $1,502,000, or 8 cents per fully diluted share, on sales of $54,583,000 in the first half last year. Second-half net income benefited from an extraordinary gain of $15,177,000, net of tax, from the early retirement of debt related to two separate debt exchange offerings. Kuhn noted that at June 30, 1995, AMA reported working capital of $29,187,000, a current ratio of 2.2-to-1 and long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than of $74,663,000. "In only six months, the debt exchange and our improved profitability have significantly strengthened AMA's balance sheet, reducing debt by over $24,000,000 and raising stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. from a deficit to a current balance of $21,540,000," he said. Advanced Medical, through its IMED IMED International Medical Education Directory Corp. 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 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 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
June 30
1994 1995
Sales $ 27,440 $ 29,166
Cost of sales 15,951 16,383
Gross Margin 11,489 12,783
License fees revenue 110 110
Selling Expenses 4,350 4,694
General and administrative expenses 2,681 2,328
Research and development expenses 1,494 1,905
Total operating expenses 8,525 8,927
Income from operations 3,074 3,966
Other income (expense):
Interest income 643 626
Interest expense (2,308) (2,354)
Other, net 153 6
(1,512) (1,722)
Income before income
taxes and extraordinary item 1,562 2,244
Income tax provision 373 206
Income before extraordinary item 1,189 2,038
Extraordinary item - gain on early
retirement of debt, net of tax -- 6,370
Net income 1,189 8,408
Dividends and accretion on mandatorily
redeemable preferred stock 180 162
Net income applicable to common stock $ 1,009 $ 8,246
Income per common share assuming
no dilution:
Income before extraordinary gain $ .07 $ .12
Extraordinary item - gain on
early retirement of debt -- .40
Net income per common share
assuming no dilution $ .07 $ .52
Income per common share assuming
full dilution:
Income before extraordinary gain $ .05 $ .06
Extraordinary item - gain on
early retirement of debt -- .20
Net income per common share
assuming full dilution $ .05 $ .26
Weighted average common shares
outstanding assuming no dilution 14,069 15,942
Weighted average common shares
outstanding assuming full dilution 20,069 32,560
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ADVANCED MEDICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share data. Unaudited)
Six Months Ended
June 30
1994 1995
Sales $ 54,583 $ 57,756
Cost of sales 32,773 33,414
Gross Margin 21,810 24,342
License fees revenue 220 220
Selling Expenses 8,560 8,914
General and administrative expenses 5,660 5,201
Research and development expenses 2,925 3,991
Total operating expenses 17,145 18,106
Income from operations 4,885 6,456
Other income (expense):
Interest income 1,239 1,189
Interest expense (4,649) (4,096)
Other, net 1,233 (153)
(2,177) (3,060)
Income before income
taxes and extraordinary item 2,708 3,396
Income tax provision 670 335
Income before extraordinary item 2,038 3,061
Extraordinary item - gain on early
retirement of debt, net of tax -- 15,177
Net income 2,038 18,238
Dividends and accretion on mandatorily
redeemable preferred stock 536 325
Net income applicable to common stock $ 1,502 $ 17,913
Income per common share assuming
no dilution:
Income before extraordinary gain $ .11 $ .18
Extraordinary item - gain on
early retirement of debt -- 1.01
Net income per common share
assuming no dilution $ .11 $ 1.19
Income per common share assuming
full dilution:
Income before extraordinary gain $ .08 $ .09
Extraordinary item - gain on
early retirement of debt -- .48
Net income per common share
assuming full dilution $ .08 $ .57
Weighted average common shares
outstanding assuming no dilution 14,069 15,018
Weighted average common shares
outstanding assuming full dilution 19,969 31,743
CONTACT: Advanced Medical Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Joseph W. Kuhn, 619/566-0426 |
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