American Dental Technologies Reports First Quarter Results.Business Editors 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--(BUSINESS WIRE)--May 15, 2000 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 in the first quarter of 2000 decreased 23% to $4,700,106 compared to $6,116,754 in the first quarter of 1999. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss for the first quarter of 2000 was ($1,055,980) compared to pre-tax income of $304,576 in the first quarter of 1999. Of the loss before taxes, $446,248 is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) of depreciation and amortization and approximately $200,000 is attributable to a non-recurring charge for scrapped parts. Net loss after taxes for the first quarter of 2000 was ($745,980) or ($.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 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. income of $128,676 or $.02 per diluted share in the first quarter of 1999. "The loss for the first quarter reflects the negative impact of a decline in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. revenues (23% from 1999 first quarter) and a decline in gross margins (9% from 1999 first quarter), which led the Company to change its method of distribution in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in the first quarter of 2000," said Ben 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. . "We expect to see improvement in North American revenues and gross margins as sales and service centers are opened in the United States. As of this date, the Company has twelve sales and service centers operational out of its planned twenty for this year, and expects to have all twenty operational sometime in the third quarter. While there will be a lag from the opening of a sales and service center until the Company recognizes increased revenues and gross margins, the results so far are encouraging with revenues for April, 2000 slightly above April, 1999. The Company continues to maintain a sound balance sheet with a current ratio of 9:1. Though we cannot make any assurances, we believe that the new business plan will return the Company to profitability this year." The Company is in active negotiations with several companies and expects to add several items to its product line this quarter through OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements and strategic alliances. The Company has repurchased $180,755 of its stock through the first quarter, under the previously announced $1,000,000 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: by the Board of Directors. The Company intends to continue to buy back stock as appropriate. Statements in this release concerning the Company's plans and business prospects are "forward looking statements" within the meaning of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and are subject to uncertainties. Such uncertainties include, without limitation, the possible failure to maintain the Company's line of credit, the Company's ability to hire and retain qualified sales and service personnel, the potential for an extended decline in sales, the inability of revenues to offset additional costs associated with the new approach, the potential lack of product acceptance, the potential failure of distributors to meet purchase commitments, the potential loss of distributor relationships, the potential 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 extent to which competition may negatively affect prices and sales volumes or necessitate ne·ces·si·tate tr.v. ne·ces·si·tat·ed, ne·ces·si·tat·ing, ne·ces·si·tates 1. To make necessary or unavoidable. 2. To require or compel. increased sales expenses, the failure of negotiations to conclude OEM agreements or strategic alliances, and any other uncertainties set forth in the Company's reports filed with the Securities and Exchange Commission. American Dental Technologies, Inc. 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 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.
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31
2000 1999
---- ----
Net sales $ 4,700,106 $ 6,116,754
Cost of sales 2,744,490 2,976,363
------------ ------------
Gross profit 1,955,616 3,410,391
Operating expenses 2,949,322 3,057,971
------------ ------------
Income (loss) from operations (993,706) 82,420
Other income/(expense)
(net of interest expense) (62,274) 222,156
------------ ------------
Net income (loss) before taxes (1,055,980) 304,576
Income tax (benefit) (310,000) 175,900
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Net income (loss) $ (745,980) $ 128,676
------------ ------------
------------ ------------
Net income (loss) per
diluted share (.10) $ .02
------------ ------------
------------ ------------
Weighted average number of
common and common
equivalent shares 7,257,334 7,463,848
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
March 31
2000 1999
---- ----
Assets
Current assets:
Cash $ 1,381,779 $ 608,059
Accounts receivable 3,437,788 5,404,518
Inventories 10,157,430 11,125,191
Deferred taxes 1,180,000 1,742,191
Other current assets 1,277,610 1,154,552
------------ ------------
Total current assets 17,434,607 20,034,511
Deferred taxes 3,874,000 3,445,476
Property and equipment, net 2,511,874 2,707,486
Intangible assets, net 13,618,621 14,290,393
------------ ------------
Total assets $ 37,439,102 $ 40,477,866
------------ ------------
------------ ------------
Liabilities and Stockholders Equity
Current liabilities:
Notes payable $ -- $ --
Accounts payable 1,305,353 2,227,123
Accrued liabilities 636,805 580,348
------------ ------------
Total current liabilities 1,942,158 2,807,471
Notes payable 4,155,000 5,450,000
Other non-current liabilities 268,393 290,288
Stockholders equity 31,073,551 31,930,107
------------ ------------
Total liabilities and
stockholders equity $ 37,439,102 $ 40,477,866
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