American Dental Technologies Reports Record 3rd Quarter Revenues and Profits.SOUTHFIELD, Mich.--(BW HealthWire)--Oct. 26, 1998--American Dental Technologies, Inc. (Nasdaq:ADLI) reports revenues for the 3rd quarter of 1998 increased 62% to $6,571,648 from $4,054,167 for the same period in 1997. For the three months ended September 30, 1998 income from operations increased 261% to $583,077 from $161,364 for the same period in 1997. The Company also reported net income of $549,859 or $0.07 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 for the quarter ended September 30, 1998 compared to net income of $157,014 or $0.02 per diluted share in the same period of 1997, an increase of 262%. Revenues increased 24% during the nine month period ended September 30, 1998 to $18,676,228 from $15,021,111 as compared to the same period in 1997. During the nine months ended September 30, 1998 income from operations increased 11% to $2,340,220 from $2,106,801 during the same period in 1997. Net income for the nine months ended September 30, 1998 was $2,392,920 or $0.33 per diluted share compared to $2,447,061 or $0.32 per diluted share for the same period in 1997. The Company recognized $375,000 in non-recurring license transfer fees in 1997. "The Company has experienced a 62% increase in sales during the third quarter, which is primarily due to a 34% increase in our core business of 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. and lasers plus the addition of the Ultracam sales since the acquisition on August 1st. Domestic air abrasion and laser sales increased 33% and foreign air abrasion and laser sales increased by 8% in the quarter compared to 1997. The Company has recently completed the consolidation of the Ultracam manufacturing from California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). into our Texas manufacturing facility and sales and marketing from Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. to our Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). office. The Company expects to begin realizing the benefits of this consolidation of operations in the first quarter of 1999. Earnings continue to be in line with management's expectations and we expect continued growth in sales for the remainder of 1998," 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. . 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 cogies, Inc. headquartered in Southfield, Michigies, Inc. 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 Stber 30 ____________________ $ 4,054,167 $18,676,228 $15,021,111 Cost of s income (expense) (33,218) (4,350) 52,700 340,260 ___________ ___________ ___________ ___________ Net income $ 549,859 $ __ ___________ ___________ ies, Inc. Condensed Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. ___________ ___________ Total curren___ ___________ Liabilities and Stockholders 570,493 ___________ ___________ Total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 2,818,rs equity 25,279,786 20,257,436 ___________ ___________ Total liabilities and stockholders equity $33,608,968 $22,530,307 ___________ ___________ ___________ ___________ |
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