Bio-logic Reports First Quarter Fiscal 2006 Results.MUNDELEIN Mundelein (mən`dəlīn) village (1990 pop. 21,215), Lake co., NW of Chicago, NE Ill.; founded 1835 as Mechanics Grove, inc. 1909. The name was changed in 1926 to honor George Cardinal Mundelein. , Ill. -- Bio-logic Systems Corp. (Nasdaq:BLSC BLSc Bachelor of Library Science BLSC Black Lion Swimming Club (UK) BLSC Boulders, Silt and Clay (lithological term) BLSC Bond Lake Skating Club (Oak Ridges, Ontario, Canada) ), a designer and marketer of computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. medical electrodiagnostic equipment and disposables, today reported financial results for the first quarter ended May 31, 2005. Highlights of First Quarter and Subsequent Events --Sales increased 11 percent to $7.0 million from $6.3 million in the first quarter of fiscal 2005, led by continued strong demand for sleep systems and hearing screening supplies. --Operating income for the quarter increased 95 percent against the same period last year. --Diluted earnings per share of $0.04 compared to $0.02 in the prior year's first quarter. --Donald Williams joins management team as vice president of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. hearing. --Counsel has been informed by plaintiff's attorney plaintiff's attorney n. the attorney who represents a plaintiff (the suing party) in a lawsuit. In lawyer parlance a "plaintiff's attorney" refers to a lawyer who regularly represents persons who are suing for damages, while a lawyer who is regularly chosen by an that Bio-logic will be dismissed from the Forsythe Forsythe - A descendent of Algol 60, intended to be as uniform and general as possible, while retaining the basic character of its progenitor. Forsythe features higher-order procedures and intersection types. ftp://e.ergo.cs.cmu.edu/. v. Legacy Health System, et al. lawsuit lawsuit: see procedure; tort. . First Quarter Results Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter ended May 31, 2005 increased 11.3 percent to $7.0 million, compared with $6.3 million for the same quarter of the prior fiscal year. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. decreased to 66.1 percent from 67.1 percent for the same period of the prior fiscal year, primarily due to sales mix sales mix See product mix. changes. Total selling, general and administrative expense for the quarter remained essentially flat at $3.1 million. Research and development expense increased $259,000 to $1.3 million, compared to $1.0 million for the same period of the prior fiscal year, primarily due to increased compensation expense in the U.S. and overseas product development groups. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter increased 94.9 percent to $265,000, compared to $136,000 for the same quarter of last fiscal year. Net income for the quarter was $262,000, or $0.04 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, compared to $114,000, or $0.02 per diluted share, in the first quarter of fiscal 2005. The company had $14.3 million in cash and cash equivalents at May 31, 2005, a decrease of $580,000 from the February February: see month. 28, 2005 fiscal year end, due primarily to the payment of costs incurred in fiscal 2005 associated with an unsuccessful neurology neurology (n  rŏl`əjē, ny–), study of the morphology, physiology, and pathology of the human nervous system. acquisition bid.Commenting on the quarter's results, Roderick G. Johnson, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "With a significant increase in operating income and earnings per share double that of the same period last year, we were pleased with our overall performance in the first quarter of fiscal 2006. Our 11 percent sales increase was led by strong demand for sleep systems, particularly our Sleepscan VISION(TM) product line, as we continued to benefit from the heightened interest in sleep apnea sleep apnea, episodes of interrupted breathing during sleep. Obstructive sleep apnea is a common disorder in which relaxation of muscles in the throat repeatedly close off the airway during sleep; the person wakes just enough to take a gasping breath. monitoring and our own focus on this area. We also experienced significant growth in sales of our hearing screening disposables, led by the growing acceptance of our HALO Ear Muffin(TM) used for the screening of newborns. These gains were partially offset by declines in sales of hearing screening and diagnostic systems." Looking Forward "On the hearing side," Johnson continued, "following the launch of our HALO Ear Muffin last year, we invested considerable time into converting competitors' accounts to the new HALO product. This project, coupled with a vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. in the position of vice president of North American hearing since January 2005, resulted in our not being able to dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. sufficient time to promoting our core hearing system products. With the addition of Don Williams to our management team, we are again focusing our efforts on accelerating the growth of our screening and diagnostic systems. "In the neurology/sleep area, we are working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to meet our goal of shipping our new Netlink Traveler(R) during the third quarter of fiscal 2006. This product, which can be used for both EEG EEG: see electroencephalography. and sleep 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 , is loaded with features, weighs only 13 ounces and can fit in the palm of a hand. We believe that these features will provide a distinct advantage for the Netlink Traveler over current ambulatory Movable; revocable; subject to change; capable of alteration. An ambulatory court was the former name of the Court of King's Bench in England. It would convene wherever the king who presided over it could be found, moving its location as the king moved. units on the market, and we anticipate that it will be an important driver of sales and profit growth in the future," Johnson concluded. About Bio-logic Bio-logic Systems Corp., headquartered in Mundelein, IL, designs, develops, assembles and markets computer-based electrodiagnostic systems and related disposables for use by hospitals, clinics, school districts, universities and physicians. The systems conduct tests that are typically used by medical practitioners to aid in the diagnosis of certain neurological disorders This is a list of major and frequently observed neurological disorders (e.g. Alzheimer's disease), symptoms (e.g.back pain), signs (e.g. aphasia) and syndromes (e.g. Aicardi syndrome). , brain disorders and tumors and sensory sensory /sen·so·ry/ (sen´sor-e) pertaining to sensation. sen·so·ry adj. 1. Of or relating to the senses or sensation. 2. disorders, including audiological and hearing screening and diagnosis. Cautionary Note Regarding 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. This release contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), including statements under the caption "Looking Forward," that reflect management's current expectations about Bio-logic's future results, performance, prospects and opportunities. Management has attempted to identify these forward-looking statements by using words such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "could," "should" or similar expressions, but these words are not the exclusive way of identifying these statements. These forward-looking statements are based on information currently available to management and are subject to a number of risks, uncertainties and other factors that could cause Bio-logic's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include general economic and business conditions, turnover in Bio-logic's sales force, lack of acceptance of new technology by clinicians and other healthcare professionals, the results of research and development efforts, Bio-logic's ability to successfully identify, complete and integrate acquisitions and other risks and expenses related to an acquisition strategy, technological changes, competition, potential changes in regulation by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. , costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc manufacturing of products, the timing of customer orders, the ability of certain suppliers to meet requirements, Internal Revenue Service determinations and other factors affecting the realization of the anticipated tax credits, and other factors detailed from time to time in Bio-logic's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, Bio-logic undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or any other reason after the date of this release. Financial Table Follows...
Bio-logic Systems Corp. and Subsidiaries
Consolidated Statement of Operations
Unaudited
In Thousands, Except for Share and Per Share Data
Three Months Ended
May 31,
------------------------------
2005 2004
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Net Sales $6,959 $6,251
Cost of Sales 2,361 2,059
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Gross profit 4,598 4,192
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Operating Expenses:
Selling, general & administrative 3,066 3,048
Research & development 1,267 1,008
-------------- --------------
Total operating expenses 4,333 4,056
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Operating Income 265 136
Other Income 90 24
-------------- --------------
Income Before Income Taxes 355 160
Provision For Income Taxes 93 46
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Net Income $262 $114
============== ==============
Retained Earnings, Beginning of Period 17,326 15,444
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Retained Earnings, End of Period $17,588 $15,558
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Earnings Per Share:
Basic $0.04 $0.02
============== ==============
Diluted $0.04 $0.02
============== ==============
Basic Shares Outstanding 6,604,070 6,384,227
Diluted Shares Outstanding 7,278,669 6,828,465
Bio-logic Systems Corp. and Subsidiaries
Consolidated Balance Sheet
In Thousands
May 31,
2005 February 28,
(Unaudited) 2005
-------------- --------------
ASSETS
Current Assets
Cash and cash equivalents $14,286 $14,866
Accounts receivable, net 5,961 6,361
Inventories, net 2,663 2,251
Prepaid expenses 474 244
Deferred income taxes 1,719 1,688
-------------- --------------
Total current assets 25,103 25,410
Property, Plant and Equipment, Net 2,408 2,432
Intangible Assets, Net 1,938 1,897
Other Assets 121 128
Other Receivables 108 340
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Total Assets $29,678 $30,207
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $1,127 $1,949
Accrued salaries and payroll taxes 1,774 1,476
Accrued interest and other expenses 1,357 1,551
Accrued income taxes 133 318
Deferred revenue 1,165 1,242
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Total current liabilities 5,556 6,536
Long Term Liabilities
Deferred income taxes 904 877
Long term liabilities 33 33
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Total liabilities 6,493 7,446
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Commitments - -
Stockholders' Equity
Common stock 66 66
Additional paid-in capital 5,531 5,369
Retained earnings 17,588 17,326
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Total stockholders' equity 23,185 22,761
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Total Liabilities and Stockholders'
Equity $29,678 $30,207
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