American Medical Technologies, Inc. Announces a 275% 2nd Quarter Profit Increase.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)--Aug. 8, 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., (formerly American Dental Technologies, Inc.) (Nasdaq:ADLI) reported that its net income for the second quarter of 2000 increased 275% to $138,117 over net income of $36, 870 for the second quarter of 1999. Gross profit for the second quarter of 2000 increased to 57% from the gross profit of 44% for the second quarter of 1999. Revenues for the second quarter of 2000 declined 12% to $5,489,878 from $6,268,805 in the same period in 1999. Finally, earnings per share for the second quarter of 2000 doubled to $0.02 compared to $0.01 in the second quarter of 1999. For the six months ended June June: see month. 30, 2000, the Company had revenues of $10,189,984 compared to $12,385,559 for the same period in 1999. This decrease in revenues is primarily due to a $1.6 million decline in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales during January January: see month. and February February: see month. 2000 prior to the initial implementation of the new business model on February 14, 2000. Gross profit as a percentage of revenues increased to 50% for the six-month period ended June 30, 2000, compared to 47% for the same period in 1999. Management anticipates that gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. will continue to improve as the new business model is fully implemented. For the six-month period ended June 30, 2000, loss before taxes was $834,864 compared to income before taxes of $472,728 for the same period in 1999. The difference for the six-month period was primarily attributable to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. declining revenues and gross margins prior to the initial adoption of the new business model and to $600,000 of non-recurring license fee income received in the first half of 1999. Finally, loss per share for the six months ended June 30, 2000 was $0.08 compared to earnings per share of $0.02 for the same period in 1999. "I am exceptionally pleased that we reported a profit for the first full quarter of operations under our new business model which exceeded our expectations'" 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. . "As of July July: see month. 24, 2000, the Company had thirteen sales and service centers operational out of its planned 20 for this year. Management is strongly encouraged that the implementation of the new business model has already produced favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. results for the Company. Several trends from the first quarter of 2000 to the second quarter of 2000 reflect the positive impact of the change. North American revenues increased 22% to $2,742,960 in the second quarter compared to $2,241,098 in the first quarter. On a Company-wide basis, gross profit margins increased to 57% in the second quarter from 42% in the first quarter. Finally, the Company's income from operations in the second quarter improved by $1,267,764 from a loss of $993, 706 in the first quarter to an income of $274,058 for the second quarter on a revenue increase of $789,772." The Company is also currently in discussions with several companies to add several products through OEM/strategic relationships. In the second quarter, the Company entered into a 3 year 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 contract to manufacture a laser for the ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for field and an OEM contract to manufacture a private label ultrasonic ultrasonic /ul·tra·son·ic/ (-son´ik) beyond the upper limit of perception by the human ear; relating to sound waves having a frequency of more than 20,000 Hz. ul·tra·son·ic adj. 1. scaler for use by veterinarians Veterinarians and veterinary surgeons (vets) are medical professionals who operate exclusively on animals. Well-known and notable veterinarians include:
The change of the Company's name to American Medical Technologies, Inc. has been completed. In the dental field, the Company will continue doing business as American Dental Technologies. The Company has repurchased $205,945 of its stock to date, under the previously announced $1,000,000 authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the Board of Directors. The Company intends to continue to buy back stock 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 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 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 Six Months Ended
June 30 June 30
-------------------------- --------------------------
2000 1999 2000 1999
---- ---- ---- ----
Revenues $ 5,489,878 $ 6,268,805 $ 10,189,984 $ 12,385,559
Cost of sales 2,363,499 3,536,617 5,107,989 6,512,980
------------ ------------ ------------ ------------
Gross profit 3,126,379 2,732,188 5,081,995 5,872,579
Operating
expenses 2,852,321 2,807,399 5,801,644 5,865,370
------------ ------------ ------------ ------------
Income (loss)
from
operations 274,058 (75,211) (719,649) 7,209
Other income
(expense) (52,941) 243,363 (115,215) 465,519
------------ ------------ ------------ ------------
Net income
(loss) before
taxes $ 221,117 $ 168,152 $ (834,864) $ 472,728
Income Tax
expense
(benefit) 83,000 131,282 (227,000) 307,182
------------ ------------ ------------ ------------
Net income
(loss) $ 138,117 $ 36,870 $ (607,864) $ 165,546
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net income
(loss)
per share $ 0.02 $ 0.01 $ (0.08) $ 0.02
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Weighted average
number of common
and common
equivalent
shares 7,309,608 7,454,922 7,315,128 7,452,409
American Medical Technologies, Inc.
Condensed Consolidated Balance Sheets
6-30-00 12-31-99
------- --------
(Unaudited)
Assets
Current assets:
Cash $ 1,404,514 $ 3,230,647
Accounts receivable 3,922,093 4,716,252
Inventories 9,955,485 9,938,205
Deferred taxes 1,097,000 870,000
Other current assets 1,271,531 1,344,903
----------- -----------
Total current assets 17,650,623 20,100,007
Deferred taxes 3,874,000 3,874,000
Property and equipment, net 2,517,974 2,447,906
Intangible assets, net 13,308,123 13,925,900
----------- -----------
Total assets $37,350,720 $40,347,813
----------- -----------
----------- -----------
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable 944,152 2,311,903
Accrued liabilities 856,429 644,249
----------- -----------
Total current liabilities 1,800,581 2,956,152
Notes payable 4,155,000 5,150,000
Other non-current liabilities 230,512 223,278
Stockholders equity 31,164,627 32,018,383
----------- -----------
Total liabilities and stockholders equity $37,350,720 $40,347,813
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