American Dental Technologies Reports 1997 Earnings of $.47 Per Diluted Share.SOUTHFIELD Southfield, city (1990 pop. 75,728), Oakland co., SE Mich., a suburb of Detroit, on the Rouge River; laid out 1817, inc. as a city 1958. There are electronics research, meat-processing, and printing facilities, and manufactures include plastic, metal, rubber, and , Mich.--(BW HealthWire)--March 10, 1998--American Dental Technologies, Inc. (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 :ADLI) reported a net income for 1997 of $3,621,770 or $.47 per 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 to $5,628,786, which included $2,700,000 of non-recurring royalty income or $.90 per diluted share in 1996. Excluding a non-recurring license fee in 1997 and non-recurring royalty income in 1996, the Company reported net income of $3,246,770, an 11% increase over net income of $2,938,786 in 1996. Revenues in 1997 were $21,447,341, a 5% increase over $20,474,976 in 1996. "I am pleased that the Company had record income from operations of $3,095,094 in 1997," said Ben J. Gallant, President and Chief Executive Officer. "Our sales 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. for 1997 increased 49% over 1996. We expect continued growth in our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales in 1998. Our foreign sales declined primarily due to dealer reductions of inventory. Our foreign dealers have substantially eliminated their excess inventory. In addition, we have recently established a direct sales force in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). and have added five new foreign distributors. Even though the first quarter of 1998 may show a decline in foreign sales, we expect our foreign sales in 1998 to exceed those in 1997. In fact, firm orders and shipments to date in 1998 to foreign distributors are approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 70% of 1997's foreign sales." Mr. Gallant's statements concerning the Company's business prospects are "forward looking statements" within the meaning of the Securities Exchange Act of 1934 and are subject to uncertainties. Such uncertainties include, without limitation, the failure of distributors to meet purchase commitments, the loss of distributor relationships, the failure to receive or maintain necessary regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals, the negative effects of competition on prices and sales volumes. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Dental Technologies, headquartered in Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. , develops and manufactures advanced technologies for dentistry dentistry, treatment and care of the teeth and associated oral structures. Dentistry is mainly concerned with tooth decay, disease of the supporting structures, such as the gums, and faulty positioning of the teeth. and markets them worldwide. It is listed on the Nasdaq National Market under the symbol ADLI. Its website is found at www.americandentaltech.com Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations and balance sheets are attached. -0-
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations
Year Ended December 31
1997 1996
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Net sales $21,447,341 $20,474,976
Cost of sales 9,371,342 10,455,788
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Gross profit 12,075,999 10,019,188
Operating expenses 8,980,905 7,015,092
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Income from operations 3,095,094 3,004,096
Other income (net of interest
expense) 526,676 2,624,690
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Net income $ 3,621,770 $ 5,628,786
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Net income per diluted share $ .47 $ .90
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Weighted average number of
common and common equivalent
shares 7,640,460 6,284,380
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets
December 31
1997 1996
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Assets
Current assets:
Cash $ 1,831,683 $ 1,832,192
Accounts receivable 3,352,502 3,473,711
Inventories 4,128,905 3,204,806
Other current assets 614,084 537,283
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Total current assets 10,427,174 9,047,992
Other 600,000
Property and equipment, net 1,199,130 1,192,454
Intangible assets, net 10,804,003 10,707,106
Investment in joint venture 333,334
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Total assets $22,530,307 $21,280,886
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Liabilities and Stockholders Equity
Current liabilities:
Notes payable $ 250,000 $ 700,000
Accounts payable 1,316,986 2,080,895
Accrued liabilities 570,493 1,157,321
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Total current liabilities 2,137,479 3,938,216
Deferred royalty income and other
non-current liabilities 135,392 577,175
Stockholders equity 20,257,436 16,765,495
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Total liabilities and stockholders
equity $22,530,307 $21,280,886
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CONTACT: American Dental Technologies Diane Miller Diane Miller is a fictional character on the ABC soap opera, General Hospital. She has been portrayed by Carolyn Hennesy since January 3, 2007. Character history Diane was introduced as the new attorney of Port Charles mobster Sonny Corinthos. , 248/353-5300 |
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