Angeion Corporation Reports Record Quarterly Revenues And Profitable Second Quarter Results; 8th Consecutive Quarter Of Double-Digit Year-Over-Year Revenue Growth; 3rd Consecutive Quarter Of Bottom Line Profitability.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:ANGN) today reported results for its second quarter ended April 30, 2006. Notable second quarter accomplishments included the following: --Record revenues, totaling $7.2 million --19.6 percent revenue growth compared to the second quarter of 2005 --Double-digit year-over-year revenue growth for the eighth consecutive quarter --Net income of $383,000, versus a loss of $238,000 a year ago --Third consecutive quarter of profitability Results for the second quarter 2006 compared to the second quarter 2005 Angeion Corporation reported net income of $383,000, or $0.10 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, on total revenues of $7.2 million. This compares with a net loss of $238,000, or $0.07 per diluted share, on total revenues of $6.0 million in the second quarter of 2005. Net income for the second quarter of 2006 included a $272,000 gain 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 six months ended April 30, 2006, total revenue increased 27.9 percent to $14.1 million from $11.1 million for the same period in 2005. Net income for the six months ended April 30, 2006, was $559,000, or $0.15 per diluted share, compared to a net loss of $949,000, or $0.26 per diluted share, for the same period in 2005. Net income for the six months ended April 30, 2006, included a $268,000 gain from discontinued operations. "We are pleased that our focused sales and marketing initiatives successfully drove our revenue growth and fueled improved profitability in the second quarter," commented Rodney Rodney may refer to: Surnames
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 diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler business for the hospital and physician office markets sustained its momentum resulting in notable growth, particularly in our international markets. The level of consumer participation in New Leaf's Active Metabolic met·a·bol·ic adj. Of, relating to, or resulting from metabolism. Metabolic Refers to the chemical processes of an organ or organism. Training(TM) for the health and fitness club market is significantly outpacing last year's number of client assessments," continued Young. "In addition, our newest market expansions, the clinical research market that leverages our pulmonary pulmonary /pul·mo·nary/ (pool´mo-nar?e) 1. pertaining to the lungs. 2. pertaining to the pulmonary artery. pul·mo·nar·y adj. Of, relating to, or affecting the lungs. function diagnostic technology to ensure the safety and efficacy efficacy /ef·fi·ca·cy/ (ef´i-kah-se) 1. the ability of an intervention to produce the desired beneficial effect in expert hands and under ideal circumstances. 2. of select new pharmaceuticals and devices, along with the weight management and meal planning market, served by our New Leaf EnergySmart(TM) online programs, have already had an important impact on both revenue and our bottom line," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Young. Looking ahead "We have made excellent progress on many fronts in the first half of fiscal 2006. We are energized by the growth in revenues and continued profitability. Going forward we will maintain focus on our primary 2006 goals of driving year-over-year growth and sustained profitability. To continue to achieve these goals, we must continue to implement additional creative MedGraphics marketing programs, maintain our focused selling efforts in hospitals and physicians' offices, expand our network of New Leaf health and fitness distribution centers, and increase the number of clinical research studies we support," Young concluded. About Angeion Corporation Founded in 1986, Angeion Corporation acquired Medical Graphics www.medgraphics.com in December December: see month. 1999. Medical Graphics develops, manufactures and markets non-invasive Non-invasive A procedure that does not penetrate the body. Mentioned in: Multiple-Gated Acquisition Scan non-invasive 1. not penetrating the skin, e.g. a non-invasive test. 2. diagnostic systems for the management and improvement of cardiorespiratory health. These 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, clinics and physicians' offices. The Company also sells health and fitness products, many of which are derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from Medical Graphics' cardiorespiratory product technologies. These products, marketed under the New Leaf health and fitness brand www.newleaffitness.com, help consumers effectively manage their weight and improve their fitness. They are marketed to the consumer primarily through personal training studios, health and fitness clubs 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. Actual results may differ materially depending on a variety of factors, including (i) the Company's ability to successfully operate its Medical Graphics business including its ability to develop, improve, and update its cardiorespiratory diagnostic products, (ii) the Company's ability to successfully sell its New Leaf health and fitness products, (iii) the Company's ability to successfully defend itself from product liability claims related to its Medical Graphics' products and claims associated with its prior cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. stimulation stimulation /stim·u·la·tion/ (stim?u-la´shun) the act or process of stimulating; the condition of being stimulated. deep brain stimulation products, (iv) the Company's ability to protect its intellectual property, and (v) the Company's 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 The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the 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 October: see month. 31, 2005, and subsequently filed reports.
Angeion Corporation and Subsidiaries
Unaudited Condensed Consolidated Financial Statements
(In thousands, except per share data)
Three Months Ended Six Months Ended
April 30, April 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- -------- --------
Consolidated Statements of
Operations
---------------------------------
Revenue $7,212 $6,032 $14,145 $11,062
Cost of goods sold 3,647 3,044 7,032 5,741
--------- -------- -------- --------
Gross margin 3,565 2,988 7,113 5,321
--------- -------- -------- --------
Operating expenses:
Selling and marketing 1,774 1,858 3,697 3,565
General and administrative 942 614 1,715 1,278
Research and development 549 559 1,021 1,037
Amortization of intangibles 203 203 406 406
--------- -------- -------- --------
3,468 3,234 6,839 6,286
--------- -------- -------- --------
Operating income (loss) 97 (246) 274 (965)
Interest income 19 8 28 16
--------- -------- -------- --------
Income (loss) before income taxes 116 (238) 302 (949)
Provision for income taxes 5 - 11 -
--------- -------- -------- --------
Income (loss) from continuing
operations 111 (238) 291 (949)
Gain from discontinued operations 272 - 268 -
--------- -------- -------- --------
Net income (loss) $383 $(238) $559 $(949)
========= ======== ======== ========
Income (loss) per share -basic
Continuing operations $0.03 $(0.07) $0.08 $(0.26)
Discontinued operations 0.08 - 0.07 -
--------- -------- -------- --------
Net income (loss) $0.11 $(0.07) $0.15 $(0.26)
========= ======== ======== ========
Income (loss) per share -diluted
Continuing operations $0.03 $(0.07) $0.08 $(0.26)
Discontinued operations 0.07 - 0.07 -
--------- -------- -------- --------
Net income (loss) $0.10 $(0.07) $0.15 $(0.26)
========= ======== ======== ========
Weighted average common shares
outstanding
Basic 3,619 3,606 3,615 3,605
Diluted 3,760 3,606 3,714 3,605
========= ======== ======== ========
Consolidated Balance Sheets April 30, October 31,
--------------------------- 2006 2005
----------- -----------
Cash $2,957 $1,072
Cash restricted for discontinued operations 200 400
Other current assets 10,869 8,535
Equipment, intangible assets and goodwill 6,525 6,861
----------- -----------
$20,551 $16,868
=========== ===========
Current liabilities $7,039 $4,279
Long-term liabilities 848 656
Shareholders' equity 12,664 11,933
----------- -----------
$20,551 $16,868
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