American Medical Technologies, Inc. Announces Third Quarter Operating Profit.Business Editors, Health/Medical/Dental Writers CORPUS CHRISTI Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). , Texas--(BW HealthWire)--Oct. 30, 2000 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 Technologies, Inc., (Nasdaq:ADLI) reported income from operations of $11,918 for the third quarter of 2000 as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to a loss from operations of $(512,203) for the third quarter of 1999. Revenues for the third quarter of 2000 were $4,557,731 compared to revenues of $4,576,128 for the third quarter of 1999. Net loss for the third quarter of 2000 was $(247,908) or $(.03) per share compared to a net loss of $(49,889) or $(.01) for the same period in 1999. The difference between the third quarter 2000 operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and the net loss is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for income taxes. The results for the third quarter of 1999 also included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $600,000 of non-recurring other income. For the nine-month period ended September September: see month. 30, 2000 the loss from operations was $(707,732), compared to a loss of $(504,995) for the same period in 1999. The increased loss from operations for the first nine months of 2000 was attributable to a loss from operations of $(993,706) incurred in the first quarter of 2000 during the initial adoption of the new business model. Since the first quarter of 2000, the Company has reported income from operations in each successive quarter. Net loss for the nine-month period ended September 30, 2000 was $(855,772) or $(.12) per share, compared to net income of $115,657 or $.02 per share for the same period in 1999. The difference in results for the nine months is primarily attributable to approximately $1.2 million of non-recurring license fees and other income received in 1999. "I am very pleased with the financial results from the implementation of our new business model," said Ben J. Gallant, Chairman 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. . "On basically the same revenues as the third quarter of 1999, we experienced a $524,121 improvement in operating results, going from a third quarter 1999 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $(512,203) to a third quarter 2000 operating profit of $11,918. The improvement is primarily attributable to a $379,223 improvement in gross margins and an $87,680 reduction in selling, general and administrative expenses in the third quarter of 2000." "Management believes it is significant that despite incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. the additional expenses to establish 16 branch locations in the U.S. during the first three quarters of 2000, we have reduced selling, general and administrative expenses, reduced our 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. by $881,749, paid down our debt by $2 million, and maintained a strong current ratio (8:1 as of September 30, 2000). I also want to point out that the foregoing was accomplished with only `two wheels on the wagon', given that it generally takes six months for a branch to become fully operational and over half of our branches have been open for less than six months." "The results of the second and third quarters, which are traditionally our slowest selling periods, confirm that we made the right decision in February February: see month. of 2000 when we changed to our new business model. I am confident that it has provided us a platform that will provide opportunities for growth in ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. years. The Company also continues to actively seek strategic alliances to foster its growth." The Company has repurchased $211,727 of its stock to date, under the previously announced $1,000,000 authorization The right or permission to use a system resource; the process of granting access. See access control. of the Board of Directors. The Company intends to continue to buy back stock from time to time as appropriate. Statements in this release concerning the Company's plans and business prospects are "forward looking statements" within the meaning of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and are subject to uncertainties. Such uncertainties include, without limitation, the possible failure to maintain the Company's lines of credit, the Company's potential inability to hire and retain qualified sales and service personnel, the potential for an extended decline in sales, the possible failure of revenues to offset additional costs associated with its new business model, the potential lack of product acceptance, the Company's potential inability to introduce new products to the market, the potential failure of customers to meet purchase commitments, the potential loss of customer relationships, the potential failure to receive or maintain necessary regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals, the extent to which competition may negatively affect prices and sales volumes or necessitate ne·ces·si·tate tr.v. ne·ces·si·tat·ed, ne·ces·si·tat·ing, ne·ces·si·tates 1. To make necessary or unavoidable. 2. To require or compel. increased sales expenses, the failure of negotiations to conclude OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements or strategic alliances and any other uncertainties set forth in the Company's reports filed with the Securities and Exchange Commission. American Medical Technologies, headquartered in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , develops and manufactures advanced technologies for the dental dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. and medical fields and markets them worldwide. It is listed on the Nasdaq National Market under the symbol ADLI. Its website is found at www.americandentaltech.com. For additional information please contact Justin Justin (Marcus Junianus Justinus), fl. 3d cent., Roman historian. He made a collection of excerpts from Trogus, which gives many facts not recounted elsewhere. Grubbs of American Medical Technologies, Inc. at (361) 289 - 1145.
American Medical Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
-------------------------- --------------------------
2000 1999 2000 1999
---- ---- ---- ----
Revenues $ 4,557,731 $ 4,576,128 $ 14,747,715 $ 16,961,686
Cost of sales 1,968,060 2,365,680 7,076,049 8,878,660
------------ ------------- ------------- -------------
Gross profit 2,589,671 2,210,448 7,671,666 8,083,026
Operating
expenses 2,577,753 2,722,651 8,379,398 8,588,021
------------ ------------- ------------- -------------
Income (loss)
from
operations 11,918 (512,203) (707,732) (504,995)
Other income
(expense) (72,826) 515,744 (188,040) 981,264
------------ ------------- ------------- -------------
Net income
(loss) before
taxes $ (60,908) $ 3,541 $ (895,772) $ 476,269
Income tax
expense
(benefit) 187,000 53,430 (40,000) 360,612
------------ ------------- ------------- -------------
Net income
(loss) $ (247,908) $ (49,889) $ (855,772) $ 115,657
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
Net income
(loss)
per share $ (0.03) $ (0.01) $ (0.12) $ 0.02
------------ ------------- ------------- -------------
------------ ------------- ------------- -------------
Weighted
average number
of common
and common
equivalent
shares 7,300,417 7,452,118 7,309,113 7,452,278
American Medical Technologies, Inc.
Condensed Consolidated Balance Sheets
9-30-00 12-31-99
------- --------
Assets (Unaudited)
Current assets:
Cash $ 1,741,863 $ 3,230,647
Accounts receivable 3,401,051 4,716,252
Inventories 9,889,025 9,938,205
Deferred taxes 940,000 870,000
Other current assets 884,289 1,344,903
----------- -----------
Total current assets 16,856,228 20,100,007
Deferred taxes 3,874,000 3,874,000
Property and equipment, net 2,435,409 2,447,906
Intangible assets, net 12,983,981 13,925,900
----------- -----------
Total assets $36,149,618 $40,347,813
----------- -----------
----------- -----------
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 1,166,789 2,311,903
Accrued liabilities 907,614 644,249
----------- -----------
Total current liabilities 2,074,403 2,956,152
Notes payable 3,150,000 5,150,000
Other non-current liabilities 206,407 223,278
Stockholders equity 30,718,808 32,018,383
----------- -----------
Total liabilities and
stockholders equity $36,149,618 $40,347,813
----------- -----------
----------- -----------
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