Angeion Corporation Reports Record Revenue and Profit in Third Quarter; 4th Consecutive Profitable Quarter & 9th Consecutive Quarter of Double-Digit Year-Over-Year Revenue Growth.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 results for its third quarter ended July July: see month. 31, 2006. Notable third quarter accomplishments included the following: --Record quarterly revenue, totaling $8.8 million --45.2 percent revenue increase over the third quarter of 2005 --Double-digit year-over-year revenue growth for the ninth consecutive quarter --Net income of $655,000 versus a loss of $268,000 a year ago --Fourth consecutive quarter of profitability Angeion reported net income of $655,000, or $0.17 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 revenue of $8.8 million for the third quarter of fiscal 2006. This compares with a net loss of $268,000, or $0.07 per diluted share, on revenue of $6.1 million in the third quarter of 2005. For the nine months ended July 31, 2006, total revenue increased 34 percent to $22.9 million from $17.1 million for the same period in 2005. Net income for the 2006 nine-month period was $1,214,000, or $0.32 per diluted share, compared with a net loss of $1,217,000, or $0.34 per diluted share, for the same period in 2005. Net income for the nine-month period of 2006 included a $268,000 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. , while the net loss for the same period in 2005 included a $191,000 loss from discontinued operations. "We are pleased with this year's progress, notably our record top and bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. growth," said Rodney Rodney may refer to: Surnames
Contraction of we have. we've have been able to accomplish the following: --Increased market share through penetration of our 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 systems in hospitals, clinics, and physician offices; --Achieved significant sales growth of our cardiorespiratory diagnostic systems to clinical research partners; --Established a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. record number of 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 systems manufactured and shipped; --Continued our growth in the number of health and fitness partners offering our New Leaf metabolism metabolism, sum of all biochemical processes involved in life. Two subcategories of metabolism are anabolism, the building up of complex organic molecules from simpler precursors, and catabolism, the breakdown of complex substances into simpler molecules, often training programs and products; and --Generated a record number of new consumers participating in the New Leaf 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) programs. "Business from one of our clinical research partners contributed nearly 38 percent of third quarter revenue. We are very encouraged that our business development initiatives are motivating industry-leading pharmaceutical and medical device manufacturers conducting clinical trials to choose our MedGraphics cardiorespiratory diagnostic systems to ensure their products' safety, consistency 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. . We have strengthened our sales and technical support to further execute our business development strategy of increasing global presence and sales in this rapidly growing market," commented Young. "During the third quarter, we drove MedGraphics sales in the hospital, clinic, and physician office markets and grew New Leaf's presence among leading health and fitness distribution partners demonstrating Angeion's ability to improve the quality of life across the continuum Continuum (pl. -tinua or -tinuums) can refer to:
Looking Ahead "Our primary goals for 2006 have been to drive year-over-year revenue growth and sustain profitability. With three solid quarters behind us, the majority of our 2006 goals are well within reach. We anticipate revenue generated through clinical research studies for safety and efficacy of drugs and devices will continue to be an important contributor to our overall revenue growth for the next few quarters. Going forward, our central focus is to maintain the sales momentum of our MedGraphics cardiorespiratory products in the medical and clinical research markets and continue expansion of our New Leaf health and fitness distribution network while increasing participation by consumers in our growing portfolio of products and services. Considering our aging population, the complications associated with being overweight Overweight Refers to an investment position that is larger than the generally accepted benchmark. Notes: For example, if a company normally holds a portfolio whose weighting of cash is 10%, and then increases cash holdings to 15%, the portfolio would have an overweight or obese o·bese adj. Extremely fat; very overweight. obese characterized by obesity. obese adjective Characterized by obesity, see there; excessively fat , and a general need for healthier and more active lifestyles, we believe Angeion's proprietary diagnostic technologies, programs and services are well-positioned for continued growth," concluded Young. About Angeion Corporation Founded in 1986, Angeion Corporation acquired Medical Graphics Corporation 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. 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. Actual results may differ materially depending on a variety of factors, including (i) the Company's ability to successfully operate its business including its ability to develop, improve, and update its cardiorespiratory diagnostic products, (ii) the Company's ability to effectively manufacture and ship its products in anticipated required quantities to meet customer demands, (iii) the Company's ability to successfully defend itself from product liability claims related to its cardiorespiratory diagnostic 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 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 Nine Months
Ended Ended
July 31, July 31,
--------------- -----------------
2006 2005 2006 2005
------- ------- -------- --------
Consolidated Statements of Operations
-------------------------------------
Revenue $8,797 $6,058 $22,942 $17,120
Cost of goods sold 4,450 3,057 11,482 8,798
------- ------- -------- --------
Gross margin 4,347 3,001 11,460 8,322
------- ------- -------- --------
Operating expenses:
Selling and marketing 1,936 1,744 5,633 5,309
General and administrative 954 659 2,669 1,937
Research and development 603 482 1,624 1,519
Amortization of intangibles 203 203 609 609
------- ------- -------- --------
3,696 3,088 10,535 9,374
------- ------- -------- --------
Operating income (loss) 651 (87) 925 (1,052)
Interest income 22 10 50 26
------- ------- -------- --------
Income (loss) before income taxes 673 (77) 975 (1,026)
Provision for income taxes 18 - 29 -
------- ------- -------- --------
Income (loss) from continuing
operations 655 (77) 946 (1,026)
Gain (loss) from discontinued
operations - (191) 268 (191)
------- ------- -------- --------
Net income (loss) $655 $(268) $1,214 $(1,217)
======= ======= ======== ========
Income (loss) per share -basic
Continuing operations $0.18 $(0.02) $0.26 $(0.29)
Discontinued operations - (0.05) 0.08 (0.05)
------- ------- -------- --------
Net income (loss) $0.18 $(0.07) $0.34 $(0.34)
======= ======= ======== ========
Income (loss) per share -diluted
Continuing operations $0.17 $(0.02) $0.25 $(0.29)
Discontinued operations - (0.05) 0.07 (0.05)
------- ------- -------- --------
Net income (loss) $0.17 $(0.07) $0.32 $(0.34)
======= ======= ======== ========
Weighted average common shares
outstanding
Basic 3,626 3,607 3,619 3,605
Diluted 3,789 3,607 3,755 3,605
======= ======= ======== ========
July 31, October 31,
Consolidated Balance Sheets 2006 2005
--------------------------- ----------- -----------
Cash $2,461 $1,072
Cash restricted for discontinued operations - 400
Other current assets 11,874 8,535
Equipment, intangible assets and goodwill 6,323 6,861
----------- -----------
$20,658 $16,868
=========== ===========
Current liabilities $6,142 $4,279
Long-term liabilities 1,131 656
Shareholders' equity 13,385 11,933
----------- -----------
$20,658 $16,868
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