American Dental Technologies Reports 3rd Quarter Earnings/Stock Repurchase Plan.CORPUS CHRISTI Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). , Texas--(BW HealthWire)--Nov. 15, 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 dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. Technologies, Inc. (Nasdaq:ADLI) reported that revenues during the third quarter of 1999 decreased 30% to $4,576,128 compared to $6,571,648 during the same period of 1998. Revenues during the nine month period ended September September: see month. 30, 1999 decreased 6% to $17,561,686 compared to $18,676,228 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 third quarter of 1999 was $3,541 compared to $549,859 in the third quarter of 1998. Pre-tax income for the nine month period ended September 30, 1999 was $476,269 compared to $2,392,920 for the same period of 1998. Net loss for the third quarter of 1999 was $49,889 or $(0.01) 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. Net income for the nine month period ended September 30, 1999 was $115,657 or $0.02 per diluted share. Prior to fourth quarter of 1998, the Company's pre-tax and after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. earnings or losses were the same due to the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of previously reserved deferred tax assets. Because of its continuing profitability, the Company recognized its previously deferred tax assets in the fourth quarter ended December December: see month. 31, 1998. Consequently, during 1999, the Company accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. a charge for income taxes. Management believes that comparing the pre-tax income for current periods to pre-tax income of prior periods is the most accurate reflection of the trend of the Company's performance. "I am pleased to report that SG&A expenses returned to its range of historic levels in the third quarter as management has actively reduced marketing costs so that they are more in line with current sales. The Company enjoyed 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 an 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. . "Although we are disappointed in North American 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, 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." The Company also reported that it has restated its previously reported net income for the three and six month periods ended June June: see month. 30, 1999 to correct an error in the amount of inventory recorded at June 30, 1999. The effect of the correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. was to reduce net income by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $430,000 for the three and six month periods ended June 30, 1999 and increase net income for the three month period ended September 30, 1999 by the same amount. Net income for the nine months ended September 30, 1999 was not affected by the correction. The Company also announced today that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program of up to $1,000,000 of the Company's common stock. The shares, which can be repurchased from time to time through the open market, represent approximately 8 percent of the 7,432,047 million outstanding shares as of November November: see month. 2, 1999 if calculated on the November 12, 1999 closing price. Mr. Gallant also announced the election of two additional directors to the board. Mr. William Parker William Parker may refer to:
Chatham, city (1991 pop. 43,557), S Ont., Canada, E of Detroit, Mich., on the Thames River. It is an industrial center in a rich mixed farming and fruit-raising region. were appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. at the October October: see month. 14, 1999 board meeting. 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 Dental Technologies, headquartered in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , 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 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
(Unaudited) (Restated)
Three Months Ended
June 30
1999 1998
------------ ------------
Revenues $ 6,568,805 $ 6,396,913
Cost of sales 3,536,617 2,718,550
------------ ------------
Gross profit 3,032,188 3,678,363
Operating expenses 2,807,399 2,714,890
------------ ------------
Income from operations 224,789 963,473
Other income (expense) (56,637) 38,924
------------ ------------
Net income before taxes $ 168,152 $ 1,002,397
Income Taxes 131,282 --
------------ ------------
Net income $ 36,870 $ 1,002,397
------------ ------------
------------ ------------
Net income per share $ 0.01 $ 0.13
------------ ------------
------------ ------------
Weighted average number
of common and common
equivalent shares 7,454,921 7,590,395
Six Months Ended
June 30
1999 1998
------------ ------------
Revenues $ 12,985,559 $ 12,104,580
Cost of sales 6,512,980 5,297,384
------------ ------------
Gross profit 6,472,579 6,807,196
Operating expenses 5,865,370 5,050,054
------------ ------------
Income from operations 607,209 1,757,142
Other income (expense) (134,481) 85,919
------------ ------------
Net income before taxes $ 472,728 $ 1,843,061
Income Taxes 307,182 --
------------ ------------
Net income $ 165,546 $ 1,843,061
------------ ------------
------------ ------------
Net income per share $ 0.02 $ 0.25
------------ ------------
------------ ------------
Weighted average number
of common and common
equivalent shares 7,452,409 7,385,396
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets (Restated)
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 10,626,792 11,225,208
Deferred taxes 1,610,910 1,857,143
Other current assets 1,167,636 1,219,633
----------- -----------
Total current assets 19,922,085 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 $40,856,739 $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 31,932,765 31,809,302
----------- -----------
Total liabilities and stockholders equity $40,856,739 $41,855,185
----------- -----------
----------- -----------
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30
--------------------------
1999 1998
----------- -----------
Revenues $ 4,576,128 $ 6,571,648
Cost of sales 2,365,680 3,197,609
----------- -----------
Gross profit 2,210,448 3,374,039
Operating expenses 2,722,651 2,790,962
----------- -----------
Income (loss) from operations (512,203) 583,077
Other income (expense) 515,744 (33,218)
----------- -----------
Net income before taxes $ 3,541 $ 549,859
Income Taxes 53,430 --
----------- -----------
Net income (loss) $ (49,889) $ 549,859
----------- -----------
----------- -----------
Net income (loss) per share $ (0.01) $ 0.07
----------- -----------
----------- -----------
Weighted average number of common
and common equivalent shares 7,452,118 7,467,909
Nine Months Ended
September 30
-------------------------
1999 1998
----------- -----------
Revenues $17,561,686 $18,676,228
Cost of sales 8,878,660 8,494,993
----------- -----------
Gross profit 8,683,026 10,181,235
Operating expenses 8,588,021 7,841,015
----------- -----------
Income (loss) from operations 95,005 2,340,220
Other income (expense) 381,264 52,700
----------- -----------
Net income before taxes $ 476,269 $ 2,392,920
Income Taxes 360,612 --
----------- -----------
Net income (loss) $ 115,657 $ 2,392,920
----------- -----------
----------- -----------
Net income (loss) per share $ 0.02 $ 0.33
----------- -----------
----------- -----------
Weighted average number of common
and common equivalent shares 7,452,094 7,344,278
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets
9-30-99 12-31-98
----------- -----------
Assets (Unaudited)
Current assets:
Cash $ 583,933 $ 1,409,404
Accounts receivable 4,754,814 5,567,108
Inventories 10,834,979 11,225,208
Deferred taxes 1,557,479 1,857,143
Other current assets 974,861 1,219,633
----------- -----------
Total current assets 18,706,066 21,278,496
Other 100,000 100,000
Deferred taxes 3,445,476 3,445,476
Property and equipment, net 3,052,835 2,462,747
Intangible assets, net 14,340,807 14,568,466
----------- -----------
Total assets $39,645,184 $41,855,185
----------- -----------
----------- -----------
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 1,776,281 2,877,517
Accrued liabilities 582,291 897,030
----------- -----------
Total current liabilities 2,358,572 3,774,547
Notes payable 5,150,000 5,950,000
Other non-current liabilities 228,350 321,336
Stockholders equity 31,908,262 31,809,302
----------- -----------
Total liabilities and stockholders equity $39,645,184 $41,855,185
----------- -----------
----------- -----------
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