Arrhythmia Research Technology Announce Third Quarter Earnings - 2001.Business/Technology Editors & Health/Medical Writers FITCHBURG, Mass.--(BUSINESS WIRE)--Nov. 13, 2001 Arrhythmia arrhythmia (ārĭth`mēə), disturbance in the rate or rhythm of the heartbeat. Various arrhythmias can be symptoms of serious heart disorders; however, they are usually of no medical significance except in the presence of Research Technology, Inc., (ART) reported revenue of $1,637,050 and net income of $80,766 for the third quarter of 2001 compared to revenue of $2,108,247 and net income of $21,933 for the third quarter of 2000. The decline in revenue resulted primarily from the loss of metal snap business that ART's subsidiary, Micron Products, distributes as a complementary product to its own proprietary silver-plated ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. sensors. The improvement in earnings resulted primarily from savings associated with the consolidation of ART's Texas office into its Massachusetts facility. In the second quarter of 2000, the Company received $1,000,000 in revenue ($760,000 net of tax) to terminate a commission contract with GE/Prucka. Excluding the one time commission revenue in 2000, for the nine months ended September 30, revenue was $5,265,686 and net income was $217,470 in 2001 compared to revenue of $6,515,164 and net income of $8,506 in 2000. A majority of the revenue drop in 2001 resulted from the loss of distributor sales of metal snaps by Micron. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the lower revenue, net income improved due to headcount reductions in 2001 and nonrecurring legal expenses from that which were incurred in 2000.
Third Quarter Nine Months
2001 2000 2001 2000
Revenue 1,637,050 2,108,247 5,265,686 7,515,164
Net income 80,766 21,933 217,470 768,506
Net income per share .03 .01 .07 .23
Weighted average shares 2,976,724 3,323,229 3,034,481 3,403,422
Micron Products is increasing its plastic molding capacity to attract new business in non-silver plated products and has also begun marketing a low cost, low end sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. for sale in developing markets. The Company has also supplemented its 2001 Stock Buy Back program with the authorization The right or permission to use a system resource; the process of granting access. See access control. of another 200,000 shares. The repurchased shares are intended to become treasury stock and continue to enhance the earnings per share and book value to remaining shareholders. As of September 30, 2001, there were 2,949,635 shares of ART's common stock outstanding. 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. made herein are based on current expectations of the Company that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. These statements are made under the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions 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. The factors that could cause actual results to differ materially include: interruptions or cancellation of existing contracts, impact of competitive products and pricing, product demand and market acceptance risks, the presence of competitors with greater financial resources than the Company, product development and commercialization risks and an inability to arrange additional debt or equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . |
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