American Medical Alert Corporation Continues Profitability Trend with Release of Fourth Quarter and Year Ended 2003 Results.Business Editors OCEANSIDE Oceanside. 1 City (1990 pop. 128,398), San Diego co., S Calif., on the Gulf of Santa Catalina; inc. 1888. It is a commercial and trading center for an inland farm area and for nearby Camp Pendleton, a huge U.S. marine corps amphibious base. , N.Y.--(BUSINESS WIRE)--March 29, 2004 Company Meets 2003 Expectations with Increase in Revenues and Net Income 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 Medical Alert Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center ) a healthcare communication company, today announced the results of operations for their fourth quarter and year ended December 31, 2003. The Company's revenues and net income were in line with the forecasted revenues and net income of $16,600,000 and $575,000, respectively, for the year ended December 31, 2003. For the fourth quarter ended December 31, 2003 net income was $198,270 or $0.03 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, as compared to a net loss of $147,519 or $(0.02) per diluted share, for the same period of 2002. Net income for the year ended December 31, 2003 was $570,700 or $0.07 per diluted share, as compared to $155,619, or $0.02 per diluted share, in 2002. Fourth quarter 2003 revenues were $4,402,152 as compared to $3,777,546 for the same period in 2002. Revenues for the year ended December 31, 2003 grew to $16,568,352 as compared to $14,792,415 for the previous year. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in 2003 was $2,704,154 as compared to $1,987,891 in the previous year. Working capital was $4,759,526 as of December 31, 2003. Common shares outstanding at year-end 2003 totaled 7,734,486. Commenting on the year-end results Howard M. Siegel, AMAC's chairman and chief executive officer stated, "2003 has been a year of continued growth and improved efficiencies for AMAC and we are pleased with the results. Through strategic acquisition, the release of new products, and our continued effort to leverage our operational capacities, the Company is achieving higher margins with an increasingly diversified diversified (di·verˑ·s revenue stream. The scalability afforded us by our new call center provides the proper infrastructure permitting us to foster growth in the Telephone Answering Services answering service n. A business service that answers its clients' telephone calls and conveys messages to the clients. , Telehealth telehealth Health informatics The effects of telecommunication and information technology on the efficiency and quality of health care, services, education, public health surveillance, research, administration. See Telemedicine. , and Safecom business lines as well as accommodate our Personal Emergency Response System business. We believe, based on our experience during the past two years, coupled with the trend towards greater reliance on telehealth technology by third party payors nationwide -- including the Center for Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. Services, that there will be increased utilization of AMAC's telehealth monitoring platform. We enter 2004 with a steady and consistent approach to realizing greater efficiencies throughout our organization, increasing our market share, and continuing to drive growth." About American Medical Alert Corp. AMAC is a national provider of remote health monitoring devices and 24/7 communication services designed to promote early medical intervention A procedure used in a lawsuit by which the court allows a third person who was not originally a party to the suit to become a party, by joining with either the plaintiff or the defendant. and improve quality of life for senior, disabled and chronically ill populations. AMAC's product and service offerings include Personal Emergency Response Systems (PERS a. 1. Light blue; grayish blue; - a term applied to different shades at different periods. ), electronic medication reminder devices, disease management monitoring appliances and 24/7 medical on-call on-call Hospital practice adjective Referring to a status in which a physician can be reached and arrive at the hospital within 30 mins of being paged and emergency response monitoring. AMAC operates several national medical On-Call and communication centers allowing access to trained response professionals 24/7. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-KSB, the Company's Quarterly Reports on Forms 10-QSB, and other filings and releases. These include uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc government regulation, technological changes, our expansion plans and product liability risks. Statements of income for the year ended and three months ended December 31, 2003 and 2002 and balance sheets as of December 31, 2003 and 2002 are attached.
SELECTED FINANCIAL DATA
Year Ended Three Months Ended
12/31/2003 12/31/2002 12/31/2003 12/31/2002
---------- ------------ ------------ ----------
Revenues $16,568,352 $14,792,415 $4,402,152 $3,777,546
Net Income (Loss) $570,700 $155,619 $198,270 $(147,519)
Net Income (Loss)
per Share
Basic $0.08 $0.02 $0.03 $(0.02)
Diluted $0.07 $0.02 $0.03 $(0.02)
Basic Weighted
Average Shares
Outstanding 7,455,038 7,188,294 7,510,096 7,426,739
Diluted Weighted
Average Shares
Outstanding 7,678,252 7,552,002 7,847,482 7,520,973
CONDENSED BALANCE SHEET
December 31, December 31,
2003 2002
------------ ------------
ASSETS
Current Assets $6,909,456 $7,158,154
Fixed Assets - Net 6,739,165 7,221,088
Other Assets 4,287,959 2,601,405
------------ ------------
Total Assets $17,936,580 $16,980,647
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LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities $2,149,930 $2,351,936
Deferred Income Tax 882,000 597,000
Longterm Debt 769,525 1,079,506
Longterm Capital Lease 119,814 156,448
Put Warrant Obligation 200,000 181,000
Other Liabilities 108,024 55,500
------------ ------------
Total Liabilities $4,229,293 $4,421,390
Stockholders' Equity 13,707,287 12,559,257
------------ ------------
Total Liabilities and
Stockholders' Equity $17,936,580 $16,980,647
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