American Dental Technologies Reports Increased Revenues.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)--May 14, 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 in the first quarter of 1999 increased 12% to $6,416,754 compared to $5,707,667 in the first quarter 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 first quarter of 1999 was $304,576 or $.04 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 $840,664 or $.12 per diluted share in the first quarter of 1998. Income 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. for the first quarter of 1999 was $128,676 or $.02 per diluted share. "The increase in revenues is due to a strong increase in foreign sales, partially offset by a decline in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales. The decline in North American sales is primarily attributable to 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 decline in income is primarily attributable to the decline in North American sales where heavy sales and marketing costs are concentrated and partially by the costs associated with launching our new diode laser See laser diode. ," 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 the Company's revenues to continue to increase and sales and marketing costs to stabilize stabilize See peg. in the second half of the year." 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 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 March 31
1999 1998
Net sales $6,416,754 $5,707,667
Cost of sales 2,976,363 2,578,834
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Gross profit 3,440,391 3,128,833
Operating expenses 3,057,971 2,335,164
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Income from operations 382,420 793,669
Other income/(expense)
(net of interest expense) (77,844) 46,995
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Net income before taxes 304,576 840,664
Income taxes 175,900 -----
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Net income $ 128,676 $ 840,664
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Net income per diluted share $.02 $.12
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Weighted average number of
common and common
equivalent shares 7,463,848 7,289,260
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
March 31
1999 1998
---- ----
Assets
Current assets:
Cash $ 608,059 $ 2,518,599
Accounts receivable 5,104,518 2,834,230
Inventories 11,125,191 5,403,308
Deferred taxes 1,742,191 -----
Other current assets 1,054,552 413,494
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Total current assets 19,634,511 11,169,631
Other 400,000 600,000
Deferred taxes 3,445,476 -----
Property and equipment, net 2,707,486 1,810,161
Intangible assets, net 14,290,393 10,960,799
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Total assets $40,477,866 $24,540,591
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Liabilities and Stockholders
Equity
Current liabilities:
Notes payable $ ----- $ 250,000
Accounts payable 2,227,123 2,168,468
Accrued liabilities 580,348 591,239
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Total current liabilities 2,807,471 3,009,707
Notes payable 5,450,000 -----
Other non-current liabilities 290,288 118,886
Stockholders equity 31,930,107 21,411,998
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Total liabilities and
stockholders equity $40,477,866 $24,540,591
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