Angeion Corporation Reports Record 2006 Fiscal Year and Final Fourth Quarter Results.SAINT PAUL Saint Paul, city (1990 pop. 272,235), state capital and seat of Ramsey co., E Minn., on bluffs along the Mississippi River, contiguous with Minneapolis, forming the Twin Cities metropolitan area; inc. 1854. , Minn. -- Angeion 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 :ANGN) today reported final results for its fourth quarter and full-year ended October 31, 2006. "Angeion Corporation made significant progress in fiscal year 2006," Rodney A. Young, President and Chief Executive Officer, commented. "The Company exceeded by a wide margin the majority of the business goals we established at the beginning of the year, including profitability and revenue growth." Growth and Progress in 2006 Notable accomplishments in 2006 included the following: * First profitable year since 1999 * Five consecutive quarters of profitability * Four consecutive years of double-digit revenue growth * $2.4 million improvement in net income compared to fiscal 2005 Angeion reported revenue of $10.7 million in the fourth quarter of 2006, up 60.9 percent from revenue of $6.7 million in the fourth quarter of 2005. Net income in the fourth quarter of 2006 was $755,000 or $0.20 per diluted share, compared with net income of $298,000, or $0.08 per diluted share last year. Results for the fourth quarter of 2005 included a $38,000 loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . For the full year ended October 31, 2006, total revenue increased 41.5 percent to $33.7 million from $23.8 million in fiscal 2005. Net income for fiscal 2006 was $1.4 million, or $0.38 per diluted share, compared with a net loss of $919,000, or $0.25 per diluted share, for fiscal 2005. Net income for fiscal 2006 included a $171,000 gain from discontinued operations, while the net loss for fiscal 2005 included a $229,000 loss from discontinued operations. "We increased our MedGraphics cardiorespiratory car·di·o·res·pi·ra·to·ry adj. Of or relating to the heart and the respiratory system. Adj. 1. cardiorespiratory - of or pertaining to or affecting both the heart and the lungs and their functions; "cardiopulmonary diagnostic products footprint in the hospital, clinic and physician office markets worldwide. We strategically dedicated marketing, sales and customer service resources to the rapidly-growing clinical research market, which has the potential to utilize our MedGraphics brand products to validate the safety and efficacy of pharmaceutical and medical device therapies. Our clinical research efforts resulted in significant business from pharmaceutical partnerships that appreciably contributed to our overall revenue growth and profitability for 2006," said Young. "Additionally, in fiscal 2006, we expanded our New Leaf brand's presence in the health and fitness market in the U.S. and select countries abroad. We also extended our reach into new markets such as university sports, schools, and firefighter organizations. We grew participation in New Leaf's Active Metabolic Training[TM] by over sixty percent. In fiscal 2006, we made significant progress in advancing the core technology of our MedGraphics and New Leaf brand products and added new products to our R&D pipeline for 2007 and beyond. Lastly, this past year we successfully settled the 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. involving the former product liability insurer for Angeion's legacy implantable cardioverter defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a business, ending a distraction and resource drain that began in 2002," continued Young. Restated Results for First Three Quarters On January 8, 2007, Angeion announced that it would restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its previously reported results for the first three quarters of fiscal 2006 to comply with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , specifically AICPA AICPA See American Institute of Certified Public Accountants (AICPA). SOP 90-7, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc accounting for income taxes and the utilization of pre-emergence bankruptcy net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. . The Company filed these restated results with the Securities and Exchange Commission on January 29, 2007. Outlook for 2007 "In 2007, we are continuing to aggressively cultivate new customers in all our markets with a focus on continued revenue growth and profitability. While there may be variations in quarter-to-quarter performance, we remain keenly focused on the same business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point that have driven our success for the past ten quarters. Based on the opportunities we have identified in 2007, our business plans, partnership discussions and our scheduled product introductions, we have reason to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about another successful year," commented Young. "Over the past 12-24 months, we have been developing an organizational culture  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . that listens to the marketplace, develops products and programs based on market needs, is responsive to customer requirements, and is driven each day toward delivering shareholder value. We truly look forward to continuing our success in the coming year," concluded Young. About Angeion Corporation Founded in 1986, Angeion Corporation acquired Medical Graphics Corporation in December 1999. Medical Graphics develops, manufactures and markets non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics (www.medgraphics.com) and New Leaf (www.newleaffitness.com) brand and trade names. These cardiorespiratory diagnostic systems have a wide range of applications in healthcare as well as health and fitness. The Company's products are sold internationally through distributors and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through a direct sales force that targets heart and lung specialists located in hospitals, university-based medical centers, medical clinics and physicians' offices, pharmaceutical companies, medical device manufacturers, clinical research organizations, health and fitness clubs, personal training studios, and other exercise facilities. For more information about Angeion, visit www.angeion.com. The discussion above 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements by their nature involve substantial risks and uncertainties. Our results may differ materially depending on a variety of factors, including: * Our ability to successfully operate our business including our ability to develop, improve, and update our cardiorespiratory diagnostic products, * Our ability to effectively manufacture and ship our products in anticipated required quantities to meet customer demands, * Our ability to successfully defend the Company from product liability claims related to our cardiorespiratory diagnostic products and claims associated with our prior cardiac stimulation products, * Our ability to protect our intellectual property, * Our ability to develop and maintain an effective system of internal controls and procedures and disclosure controls and procedures, and * Our dependence on third-party vendors. Additional information with respect to the risks and uncertainties faced by the Company may be found in, and any prior discussion is qualified in its entirety by, the other risk factors that are described from time to time in Angeion's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-KSB for the year ended October 31, 2006, and subsequently filed reports. [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion