American Dental Technologies Reports 2nd Quarter Earnings.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)--Aug. 13, 1999-- 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, Inc. (Nasdaq:ADLI) reported that revenues during the second quarter of 1999 increased 3% to $6,568,805 compared to $6,396,913 during the same period of 1998. Revenues during the six month period ended June June: see month. 30, 1999 increased 7% to $12,985,559 compared to $12,104,580 during the same period of 1998. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income for the second quarter of 1999 was $740,037 or $0.10 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 $1,002,397 or $0.13 per diluted share in the second quarter of 1998. Pre-tax income for the six month period ended June 30, 1999 was $1,044,613 or $0.14 per diluted share compared to $1,843,061 or $0.25 per diluted share for the same period of 1998. Income after-tax for the second quarter of 1999 was $466,555 or $0.06 per diluted share. Income after-tax for the six month period ended June 30, 1999 was $595,231 or $0.08 per diluted share. "I am pleased to report that SG&A expenses returned to its range of historic levels in the second quarter. The Company enjoyed significantly increased North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales of lasers and high speed curing lights curing light Dentistry A special UV light used to attach brackets to the teeth and a strong increase in international sales," said Ben J. Gallant, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "An overall increase in revenues for 1999 will be primarily dependent on a return of higher air abrasion abrasion /abra·sion/ (ah-bra´zhun) 1. a rubbing or scraping off through unusual or abnormal action; see also planing. 2. a rubbed or scraped area on skin or mucous membrane. sales after the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of dealer inventories. The Company is actively working to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the dealer inventories 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. and stimulate air abrasion revenues." 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 approvals, the negative effects of competition on prices and sales volumes. American 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 Unaudited 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 statements of operations and balance sheets are attached. -0-
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
------------------------ -----------------------
1999 1998 1999 1998
---- ---- ---- ----
Revenues $ 6,568,805 $ 6,396,913 $ 12,985,559 $ 12,104,580
Cost of sales 2,964,732 2,718,550 5,941,095 5,297,384
----------- ------------ ------------ ------------
Gross profit 3,604,073 3,678,363 7,044,464 6,807,196
Operating expenses 2,807,399 2,714,890 5,865,370 5,050,054
----------- ------------ ------------ ------------
Income from
operations 796,674 963,473 1,179,094 1,757,142
Other income
(expense) (56,637) 38,924 (134,481) 85,919
----------- ------------ ------------ ------------
Net income
before taxes $ 740,037 $ 1,002,397 $ 1,044,613 $ 1,843,061
Income Taxes 273,482 -- 449,382 --
----------- ------------ ------------ ------------
Net income $ 466,555 $ 1,002,397 $ 595,231 $ 1,843,061
----------- ------------ ------------ ------------
----------- ------------ ------------ ------------
Net income
per share $0.06 $0.13 $0.08 $0.25
----------- ------------ ------------ ------------
----------- ------------ ------------ ------------
Weighted average
number of common
and common
equivalent shares 7,454,921 7,590,395 7,452,409 7,385,396
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets
6-30-99 12-31-98
------- --------
Assets (Unaudited)
Current assets:
Cash $ 1,244,317 $ 1,409,404
Accounts receivable 5,272,430 5,567,108
Inventories 11,198,677 11,225,208
Deferred taxes 1,468,709 1,857,143
Other current assets 1,167,636 1,219,633
------------ -----------
Total current assets 20,351,769 21,278,496
Other 100,000 100,000
Deferred taxes 3,445,476 3,445,476
Property and equipment, net 2,800,051 2,462,747
Intangible assets, net 14,589,127 14,568,466
------------ -----------
Total assets $41,286,423 $41,855,185
------------ -----------
------------ -----------
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 2,661,257 2,877,517
Accrued liabilities 853,479 897,030
------------ -----------
Total current liabilities 3,514,736 3,774,547
Notes payable 5,150,000 5,950,000
Other non-current liabilities 259,238 321,336
Stockholders equity 32,362,449 31,809,302
------------ -----------
Total liabilities and
stockholders equity $41,286,423 $41,855,185
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