Audiotech Announces Profit Turnaround.Business Editors, Health/Medical Writers IDAHO FALLS Idaho Falls, city (1990 pop. 43,929), seat of Bonneville co., SE Idaho, traversed by the Snake River; inc. 1900. The chief city of the extensively irrigated upper Snake valley, Idaho Falls is the prosperous commercial and processing center of a cattle, dairy, and , Idaho--(BUSINESS WIRE)--Sept. 25, 2002 Audiotech Healthcare Corporation (Pink Sheets:AUDJF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a leader in audiological assessment and auditory rehabilitation clinics, announced profitable nine month results. 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. Ozzie Iadarola says, "At the end of fiscal 2001, we established objectives to reduce G&A and operating costs operating costs npl → gastos mpl operacionales , and renew our focus on profitability and efficiency at our clinics. I am pleased to report that these steps resulted in a turnaround to profitable operations. "For the first nine months of fiscal 2002 (ended 6/30/2002), revenues were C$2,279,442 and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. (earnings before amortization) was C$96,299. Net income was C$11,281, up from a loss of (C$296.431) in the same period last year. Revenues for the third quarter reached a record C$830,536, up 19% over the same period last year, the result of further growth at existing clinics. "Our Idaho operations contributed substantially to revenue growth, posting revenues of US$825,046 for the nine months, up over 23%. In light of this success, we are expanding our recruiting efforts to expand in key markets. "Our gross margins increased to 64.0% from 60.1% last year, and 58.5% in fiscal 2000. At 6/30/2002, our cash balance was $663,875 compared to $324,691 at 3/31/2002. We are confident that the trend towards increasing profitability will continue. "We are optimistic about the outlook for growth during the remainder of 2002 and beyond. We positioned the company to take full advantage of the shifting demographic trends and emerging hearing aid technologies." About Audiotech Audiotech has 11 clinics in Canada and 2 in the U.S. -- it emerged from the difficult markets of 2000/2001 in a healthy position to move forth with its acquisition/industry consolidation business strategy. Suitable new acquisition opportunities in the healthcare sector are again becoming plentiful. www.audiotech.org Forward-looking statements in this release are made pursuant to 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights, and other risks. |
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