American Dental Technologies Reports 3rd Quarter Earnings and an 80% Increase in Sales in North America.SOUTHFIELD, Mich.--(BW HealthWire)--Nov. 13, 1997--American Dental Technologies, Inc. (Nasdaq National Market:ADLI) reported earnings of $157,014 for the quarter ended September 30, 1997 compared to net income of $748,999 in the same period of 1996. Earnings per share for the quarter were $0.02 compared to $0.10 for the same period for 1996. Net income was $2,447,061 or $0.32 per share for the nine months ended September 30, 1997, compared to $1,887,250 or $0.32 per share for the same period of 1996. "We are pleased with our results for the first nine months of 1997," 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. . "Our third quarter income for 1997 compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the same period in 1996 prior to the non-recurring costs of $230,000 related to laser marketing startup costs, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 expenses and Nasdaq National Market listing fees, and a non-recurring cost sharing of $570,000 which benefited the 1996 third quarter. Further, our sales were reduced approximately $700,000 in the third quarter of 1997 by a major U.S. distributor's inventory reduction connected with a new distribution plan to its branches. We continue to be positive about the future of the Company. Our revenues 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. were up 80% through the third quarter and now account for 76% of our total revenues. With our air abrasive abrasive, material used to grind, smooth, cut, or polish another substance. Natural abrasives include sand, pumice, corundum, and ground quartz. Carborundum (silicon carbide) and alumina (aluminum oxide) are important synthetically produced abrasives. products in their fifth year of the product acceptance curve and only 4% of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market penetrated, we anticipate continuing growth in our key market. The fourth quarter has begun on a strong note with the ADA Ada, city, United States Ada (ā`ə), city (1990 pop. 15,820), seat of Pontotoc co., S central Okla.; inc. 1904. It is a large cattle market and the center of a rich oil and ranch area. meeting in Washington D.C., resulting in increased sales for the month of October 1997 compared to October 1996, which demonstrates the continuing growth potential." "Additionally, there have been other recent positive developments. Our laser marketing efforts are showing good results. We sold more lasers in October in North America than we did for all of 1996. We have now had three companies accept our basic patent position in the air abrasive field and accept licenses. Our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations were recently restructured with a $400,000 annual cost reduction, which should contribute to continued profitability in 1998," said Mr. Gallant. "We have come a long way in the year since the merger with Texas Airsonics, Inc. With the completion of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the European operation, the Company can now focus on increasing sales with the resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials increased profits." American Dental Technologies, Inc., 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. The Company manufactures its KCP KCP Party of Communists of Kyrgyzstan KCP Khmer Citizen Party (Cambodia) KCP Kingston Computer Planet KCP knurling cup point (fasteners) KCP Kernel Control Path line of dental air abrasive products, PulseMaster dental lasers A dental laser is a type of laser designed specifically for use in oral surgery. In the United States, the use of lasers on the gums was first approved by the Food and Drug Administration in the early 1990s, and use on hard tissue like teeth or the bone of the mandible gained , Plasma Arc Curing (PAC PAC, see political action committee. (1) See perceptual audio coding. (2) (Programmable Automation Controller) A programmable microprocessor-based device that is used for discrete manufacturing, process control ) high speed curing lights curing light Dentistry A special UV light used to attach brackets to the teeth , and industrial air abrasive products in its ISO 9001 certified See certification. facility 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. . Mr. Gallant's statements concerning the Company's business prospects for 1997 and 1998 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 lack of product acceptance, the failure of distributors to meet purchase commitments, the loss of distributor relationships, the negative effects of competition on prices and sales volumes, the ability to control costs, and other factors disclosed in the Company's periodic reports filed under the Exchange Act. 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. statements of operations and balance sheets are attached. -0-
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30
---------------------------------
1997 1996
---- ----
Revenues $ 4,045,298 $ 4,046,803
Cost of sales 1,918,826 2,239,963
------------ ------------
Gross profit 2,126,472 1,806,840
Operating expenses 1,973,977 1,046,885
------------ ------------
Income from operations 152,495 759,955
Other income (expense) 4,519 (10,956)
------------ ------------
Net income $ 157,014 $ 748,999
------------ ------------
------------ ------------
Net income per share $ 0.02 $ 0.10
------------ ------------
------------ ------------
Weighted average number of common 7,473,809 7,634,404
and common equivalent shares
Nine Months Ended
September 30
---------------------------------
1997 1996
---- ----
Revenues $ 14,909,803 $ 14,220,805
Cost of sales 6,519,096 8,160,367
------------ ------------
Gross profit 8,390,707 6,060,438
Operating expenses 6,395,214 4,101,563
------------ ------------
Income from operations 1,995,493 1,958,875
Other income (expense) 451,568 (71,625)
------------ ------------
Net income $ 2,447,061 $ 1,887,250
------------ ------------
------------ ------------
Net income per share $ 0.32 $ 0.32
------------ ------------
------------ ------------
Weighted average number of common 7,623,828 5,807,137
and common equivalent shares
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets
9-30-97 12-31-96
------- --------
Assets (Unaudited)
Current assets:
Cash $ 1,861,205 $ 1,832,192
Accounts receivable 2,308,770 3,473,711
Inventories 4,887,809 3,204,806
Other current assets 546,057 537,283
----------- -----------
Total Current Assets 9,603,841 9,047,992
Other 100,000 333,334
Property and equipment, net 1,218,933 1,192,454
Intangible assets, net 11,056,388 10,707,106
----------- -----------
Total assets $21,979,162 $21,280,886
----------- -----------
----------- -----------
Liabilities and Stockholders Equity
Current liabilities:
Note payable $ 250,000 $ 700,000
Accounts payable 1,963,966 2,080,895
Accrued liabilities 593,412 1,157,322
----------- -----------
Total current liabilities 2,807,378 3,938,217
Notes payable and other
non-current liabilities 135,604 577,175
Stockholders equity 19,036,180 16,765,494
----------- -----------
Total liabilities
and stockholders equity $21,979,162 $21,280,886
----------- -----------
----------- -----------
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 Or ADT's home page, http://www.businesswire.com/cnn/adli.htm |
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