American Medical Alert Corporation Reports 13% Top Line Growth for Third Quarter 2005; Expansion Plans Underway to Support Growth of New Call Center Activity.OCEANSIDE, N.Y. -- American Medical Alert Corp. (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 provider of healthcare communication services and advanced home health monitoring technologies, announced today the operating results for the quarter ended September 30, 2005. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Third quarter revenues, consisting primarily of monthly recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues (MRR MRR Model Railroader Magazine MRR Master Resale Rights MRR Maximum Rock'n'Roll (print zine) MRR Material Removal Rate MRR Monthly Recurring Revenue MRR Mean Reciprocal Rank MRR Mark Release Recapture ), increased 11% to $5,495,252 compared to $4,945,184 for the same period in 2004 and net income decreased 12% to $202,901 or $0.02 per diluted share compared to $229,810 or $0.03 per diluted share for the same period in 2004. E[acute accent]Revenues for the nine months ended September 30, 2005 increased 13% to $16,161,146, compared to $14,270,113 for the same period in 2004 and net income increased 16% to $705,181 or $0.08 per diluted share, compared to a net income of $610,132 or $0.07 per diluted share for the previous year. The Company reaffirms its full year 2005 guidance for net income of $1,050,000 representing a 156% increase over last year's net income of $410,606. Additionally, the Company expects to exceed its 2005 full year revenue guidance by approximately $500,000, to $22,250,000. E[acute accent]The Company continues to generate positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. and ended the quarter with a cash balance of $4,072,273, as compared to $3,186,852 at December 31, 2004. Subsequent to September 30, 2005, the Company utilized approximately $2.2 million of its cash towards the acquisition of a telephone answering service answering service n. A business service that answers its clients' telephone calls and conveys messages to the clients. . Additionally, the Company had working capital of $7,428,112 as of September 30, 2005, compared to $5,842,227 at December 31, 2004. E[acute accent]Howard M. Siegel, Chief Executive Officer, speaking on behalf of AMAC commented, "We are pleased to report AMAC is continuing the execution of its growth strategy. In preparation for our expansion, the Company took certain proactive steps during the third quarter to enhance its management and call center staff in order to accept significant additional business within its Telephone Answering Service ("TAS TAS abbr. 1. telephone answering system 2. true airspeed ") segment. The additional "Daytime" TAS business is expected to begin generating revenue on or before January 1, 2006. The TAS segment will realize further revenue increases going forward from our most recent TAS acquisition on October 3, 2005. The Company has entered into leases for an additional 17,500 square feet of space at our Long Island City location to further consolidate operations and enhance the infrastructure to accommodate growth anticipated in both the TAS and telehealth areas. E[acute accent]Further Siegel stated, "During the third quarter, the Company commenced implementation of telehealth services for the Medicare Health Support (MHS (1) (Message Handling Service) An earlier messaging system from Novell that supported multiple operating systems and other messaging protocols, including SMTP, SNADS and X.400. It used the SMF-71 messaging format. ) Program in Mississippi, one of ten programs created by the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and to test a range of prevention and quality improvement models serving chronically ill beneficiaries in urban and rural areas under Medicare Fee-For-Service. We believe by achieving measurable improvements using AMAC's telehealth technology, we will positively affect the future of healthcare delivery, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. opportunities and impact large scale adoption of telehealth solutions. Additionally during this period, AMAC recruited a clinical director for telehealth services as part of the Company's plan to expand its care management telehealth offering." E[acute accent]About American Medical Alert Corp. E[acute accent]AMAC is a healthcare communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. dedicated to the provision of support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the healthcare community. AMAC's product and service portfolio includes Personal Emergency Response Systems (PERS a. 1. Light blue; grayish blue; - a term applied to different shades at different periods. ) and emergency response monitoring, electronic medication reminder devices, disease management monitoring appliances and healthcare communication and solutions services. AMAC operates several 24/7 Emergency Response and Telephone Answering Service (TAS) Communication Centers to support the delivery of high quality, healthcare communications. E[acute accent]Forward Looking Statements: E[acute accent]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, our contract with the City of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and product liability risks. E[acute accent]Statements of income for the three and nine months ended September 30, 2005 and 2004 and balance sheets as of September 30, 2005 and December 31, 2004 are attached.
SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended
9/30/2005 9/30/2004 9/30/2005 9/30/2004
--------- --------- --------- ---------
Revenues $5,495,252 $4,945,184 $16,161,146 $14,270,113
Net Income $202,901 $229,810 $705,181 $610,132
Net Income per Share
Basic $0.02 $0.03 $0.08 $0.08
Diluted $0.02 $0.03 $0.08 $0.07
Basic Weighted Average
Shares Outstanding 8,616,542 7,990,632 8,370,315 7,862,958
Diluted Weighted
Average
Shares Outstanding 9,277,566 8,564,184 9,067,566 8,425,940
CONDENSED BALANCE
SHEET
September 30, December 31,
2005 2004
------------ ------------
(Unaudited)
ASSETS
Current Assets $9,860,648 $8,177,928
Fixed Assets - Net 7,164,882 7,046,925
Other Assets 4,896,951 4,414,163
------------ ------------
Total Assets $21,922,481 $19,639,016
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LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities $2,432,536 $2,335,701
Deferred Income Tax 1,100,000 1,099,000
Long-term Debt 258,558 496,444
Long-term Capital
Lease - 24,458
Other Liabilities 386,130 405,514
------------ ------------
Total Liabilities $4,177,224 $4,361,117
Stockholders' Equity 17,745,257 15,277,899
Total Liabilities and ------------ ------------
Stockholders' Equity $21,922,481 $19,639,016
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