Advanced Medical Institute Inc. Announces FY 2005 Results.SYDNEY Sydney, city, Australia Sydney, city (1991 pop. 3,097,956), capital of New South Wales, SE Australia, surrounding Port Jackson inlet on the Pacific Ocean. Sydney is Australia's largest city, chief port, and main cultural and industrial center. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. -- Advanced Medical Institute Inc. (Pink Sheets:AVMD AVMD Adult-Onset Vitelliform Macular Dystrophy ), a leading provider of treatment for erectile dysfunction Erectile Dysfunction Definition Erectile dysfunction (ED), formerly known as impotence, is the inability to achieve or maintain an erection long enough to engage in sexual intercourse. (ED) and premature ejaculation Premature Ejaculation Definition Premature ejaculation occurs when male sexual climax (orgasm) occurs before a man wishes it or too quickly during intercourse to satisfy his partner. (PE) treatment in Australia, announced results for the fiscal year ended June June: see month. 30, 2005. All figures are in U.S. dollars. Revenues for the year ended June 30, 2005, were $15.6 million compared with revenues of $13.4 million for the prior fiscal year, an increase of 16%. EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). was $831,000 compared with EBIT of $563,000 in the prior year period, an increase of 48%. Net profit after tax was $999,000 or $.04 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 of common stock compared with net profit after tax of $267,000 or $.02 per fully diluted share of common stock in fiscal 2004. "We are pleased with the strong results achieved in fiscal 2005," said Dr. Jack Vaisman, chief executive officer, president and chairman of the board of directors of AVMD. "Much of our growth in revenues and profitability is a result of the increasing focus on the PE market in Australia begun in late 2004. While our ED revenues remained consistent, the number of PE patients served rose 312%," he added. "We have also continued our efforts to control costs by streamlining our clinic operations, reducing operating costs operating costs npl → gastos mpl operacionales and increasing advertising efficiencies resulting in a reduction of sales costs to $4.4 million as compared with sales costs of $5.3 million in FY 2004," stated Dr. Vaisman. About the Company Advanced Medical Institute Inc. (AVMD.PK), with headquarters in Sydney, is a leading provider of treatment programs for erectile dysfunction and premature ejaculation in Australia. The company operates 17 treatment clinics in Australia, has more than 140 employees, including 25 medical personnel and, since its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. , has provided treatment to more than 250,000 patients. Advanced Medical Institute and its predecessor predecessor - parent companies began treating PE and ED patients successfully in 1993, six years prior to the launch of Viagra Viagra First oral drug for male impotence, generic name sildenafil. Before the FDA approved Viagra in 1998, impotence was treated with surgical implants, suppositories, pumps, and drugs injected into the penis. , in 1999, in Australia. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations and financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; changes in consumer preferences and tastes or perceptions of health-related issues; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as those discussed in the company's reports filed with the Securities and Exchange Commission from time to time.
ADVANCED MEDICAL INSTITUTE INC.
AND SUBSIDIARIES
STATEMENTS OF INCOME
FOR THE YEARS ENDED 30 JUNE 2005 AND 2004
June 30, June 30,
2005 2004
TOTAL REVENUES $15,560,078 $13,425,587
COST OF REVENUES (4,443,899) (5,300,794)
GROSS PROFIT 11,116,179 8,124,793
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Employee benefits (993,673) (545,875)
Depreciation (96,029) (97,584)
Advertising (4,317,646) (3,637,664)
Consultancy Fees (489,590) (420,288)
Contract Work (199,626) (138,929)
Rent (1,051,007) (608,730)
Call Centre Charges (432,057) (435,807)
Legal expenses (806,536) (262,684)
Market research expenses (226,743) -
Research and development expenses (35,237) -
Telephone expenses (375,687) (328,823)
Commissions (238,454) (173,743)
Traveling expenses (121,854) (161,666)
Other expenses from ordinary activities (972,627) (822,233)
TOTAL SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (10,356,766) (7,634,026)
OTHER INCOME AND EXPENSE
Rental income 59,734 50,270
Bank interest 7,970 21,702
Other interest income 1,468 -
Sundry income 8,439 -
Provision for doubtful debt written back 15,116 -
Borrowing costs (20,826) -
TOTAL OTHER INCOME AND EXPENSE 71,901 71,972
NET INCOME (before income tax expense) 831,314 562,739
INCOME TAX EXPENSE 204,727 (296,196)
NET INCOME 1,036,041 266,543
NET INCOME ATTRIBUTABLE TO OUTSIDE EQUITY
INTERESTS (36,886) -
NET INCOME ATTRIBUTABLE TO THE MEMBERS OF
THE PARENT ENTITY 999,155 266,543
Net income per share, basic $0.04 $0.02
Weighted average number of shares 25,034,014 25,000,000
ADVANCED MEDICAL INSTITUTE INC.
AND SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2005 AND 2004
June 30, June 30,
2005 2004
CURRENT ASSETS
Cash $295,961 $172,984
Receivables 2,812,704 1,627,301
Inventory 228,163 69,030
TOTAL CURRENT ASSETS 3,336,828 1,869,315
NON-CURRENT ASSETS
Receivables due from related parties 220,995 532,131
Less allowance for doubtful accounts - (46,499)
Security deposits 87,494 79,989
Property and equipment 330,872 344,953
Intangible assets 973,302 -
TOTAL NON-CURRENT ASSETS 1,612,663 910,574
TOTAL ASSETS $4,949,491 $2,779,889
CURRENT LIABILITIES
Unearned revenue $1,803,044 $1,591,464
Payables 1,802,246 1,433,117
Payables due to related parties 1,835 -
Interest bearing liabilities 144,685 25,881
Provisions for compensated absences 190,685 71,051
Income taxes payable 108,097 96,670
TOTAL CURRENT LIABILITIES 4,050,592 3,218,183
NON-CURRENT LIABILITIES
Payables due to related parties 18,427 29,128
Rental deposit received 3,981 -
Interest bearing liabilities 76,275 83,633
Deferred tax liabilities 415 324,798
TOTAL NON-CURRENT LIABILITIES 99,098 437,559
TOTAL LIABILITIES 4,149,690 3,655,742
STOCKHOLDERS' EQUITY
Common stock, par value $0.001 per share,
90,000,000 shares authorized, 25,000,000 and
31,122,450 issued and outstanding,
respectively 31,122 25,000
Additional paid in capital 782,805 (6,074)
Other comprehensive income (173,407) (54,904)
Retained earnings 159,281 (839,874)
TOTAL STOCKHOLDERS' EQUITY 799,801 (875,852)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,949,491 $2,779,889
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