American Dental Technologies reports profitable second quarter and letter of intent to merge with Texas Airsonics.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.--(BUSINESS WIRE)--Aug. 10, 1995--American Dental Technologies Inc. today reported a profitable second quarter. The company had revenues of $3,460,836, an increase of 3 percent over the $3,373,274 reported for the second quarter of 1994. For the six months ended June June: see month. 30, 1995, revenues were $7,852,836, an increase of 11 percent over the $7,066,111 reported in 1994. The company had a net profit of $202,068, or $0.01 per share, for the three-month period ended June 30, 1995, compared to a net loss of $441,284, or $0.03 per share for 1994's second quarter. Net profit was $378,264 for the six months ended June 30, 1995, compared to a net loss of $876,640 for 1994. Revenues increased primarily due to sales of the new whisperjet. The profit resulted from higher sales, increased royalties and improved margins. ``We remain encouraged by these results,'' said Anthony D. Fiorillo, 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 believe ADT (Asynchronous Data Transfer) A transmission technique used in ISDN PBXs that dynamically allocates bandwidth. See also abstract data type. ADT - abstract data type continues to be the leader in a highly competitive and embryonic em·bry·on·ic or em·bry·on·al adj. Of, relating to, or being an embryo. Embryonic In the life cycle of the round worm, a very early life stage occurring within the uterus of the female round worm. dental high technology market. We are continuing toward our goal of returning ADT to profitability.'' The company also announced the signing of a non-binding letter of intent to merge with Texas Airsonics Inc., a related party, subject to completion of the usual requirements for such transactions. Simultaneously, the company obtained a $1.5 million secured loan from Texas Airsonics. All or a portion of the proceeds may be deposited with the court to stay enforcement of a 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). judgement against the company, announced last week, that is being appealed. Various warrants to acquire the company's stock were also issued in connection with the loan. ``The strengthening of our relationship with Texas Airsonics will allow our company to use its resources for business purposes and not litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ,'' said Fiorillo. ``The possible merger is a step both companies have been considering for some time. There is a lot of work to do before we can announce any details, however, both companies expect to continue a good working relationship and to remain the dental 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. market leaders.'' American Dental Technologies, now headquartered in Southfield, 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. Its common stock is listed on the Nasdaq SmallCap Market under the symbol ADLI. 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 statements of operations are attached. -0-
American Dental Technologies Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
____________________ __________________
1995 1994 1995 1994
____ ____ ____ ____
Revenues $3,460,836 $3,373,274 $7,852,836 $7,066,111
Cost of products
sold 1,560,671 1,602,805 3,768,044 3,560,963
_________ _________ _________ _________
Gross profit 1,900,165 1,770,469 4,084,792 3,505,148
Operating expenses 1,771,650 2,220,643 3,946,114 4,412,707
_________ _________ _________ _________
Income (loss) from
operations 128,515 (450,174) 138,678 (907,559)
Other income (net
of interest
expense): 73,553 8,890 239,586 30,919
_________ _________ _________ _________
Net income (loss) $ 202,068 $ (441,284) $ 378,264 $ (876,640)
_________ _________ _________ _________
_________ _________ _________ _________
Net income (loss)
per share $ .01 $ (.03) $ .03 $ (.07)
_________ _________ _________ _________
_________ _________ _________ _________
Weighted average number of common and common equivalent shares 15,073,756 13,471,336 14,874,861 12,177,720 CONTACT: American Dental Technologies Inc., Southfield 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. , 810/353-5300 |
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