Colorado MEDtech, Inc. Announces Third-quarter and Nine-month Results.Business Editors, Health & Medical Writers BOULDER Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo.--(BW HealthWire)--May 9, 2000 Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. MEDtech, Inc. (Nasdaq: CMED CMED Coordinated Medical Emergency Direction CMED Central Massachusetts Emergency Dispatch ), a Boulder, Colorado-based medical products and services company, today announced results for its third quarter and nine-month period ended March 31, 2000. Net income in the third quarter was $.8 million compared to $2.5 million in the third quarter last year and earnings per share, on a 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. basis, were 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to 19 cents per share in the same period last year. Sales in the third quarter were $18.3 million, compared to $19.7 million in the same period last year. Net income for the nine months ended March 31, 2000, was $3.9 million compared to $6.2 million for the same period last year on sales of $57.0 million compared to $54.0 million for the same period in the prior year. Earnings per share, on a diluted basis, for the nine months were 29 cents compared to 48 cents in the prior year. "In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the challenges of this fiscal year, I am pleased that we achieved our financial goals in the third quarter," said John V. Atanasoff, President and 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. . "We made progress in improving our project and delivery performance during the third quarter, and we expect to continue to do so during the current quarter. We have increased our marketing activity and I believe our bookings for our fiscal year will be greater than last year." Colorado MEDtech, Inc., through its wholly-owned subsidiaries and operating divisions, is a leading full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. provider of advanced medical products and comprehensive outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services. Statements in this news release which are not historical facts are 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. subject to risks and uncertainties which could cause actual results to differ materially from those set forth in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by forward-looking statements. Those risks include, but are not limited to, the risk that the Company's existing level of orders may not be indicative indicative: see mood. of the level or trend of future orders, the risk that the Company may not successfully complete the work encompassed by current or future orders, the risk that unforeseen technical or production difficulties may adversely impact project timing and financial performance, the risk that acquired companies cannot be successfully integrated with the Company's existing operations and the risk that a downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in general economic conditions or customer budgets may adversely affect research and development and capital expenditure budgets of potential customers upon which the Company is dependent. These factors are more fully described in the Company's documents filed with the Securities and Exchange Commission, including its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June June: see month. 30, 1999, and its Form S-3 filed February February: see month. 7, 2000, copies of which the Company will provide on request.
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED COMBINED BALANCE SHEETS
(UNAUDITED)
March 31, 2000 June 30, 1999
-------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 6,295,945 $ 8,499,714
Short-term investments 9,174,158 14,394,870
Accounts receivable, net 12,771,318 11,932,749
Inventories, net 8,247,459 5,512,155
Deferred income taxes and other
current assets 3,687,267 2,353,432
------------- -------------
Total current assets 40,176,147 42,692,920
------------- -------------
PROPERTY AND EQUIPMENT, net 4,772,297 4,341,931
------------- -------------
GOODWILL, net 1,960,742 1,582,039
------------- -------------
LAND, DEFERRED INCOME TAXES
AND OTHER ASSETS 1,270,173 1,354,124
------------- -------------
TOTAL ASSETS $ 48,179,359 $ 49,971,014
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 4,386,732 $ 5,842,194
Accrued salaries and wages 2,546,696 4,519,996
Accrued product service costs 336,431 313,409
Customer deposits 2,362,317 3,482,841
Other accrued expenses 2,150,264 3,043,878
Income taxes payable - 564,274
Current debt 48,525 590,616
------------- -------------
Total current liabilities 11,830,965 18,357,208
------------- -------------
LONG-TERM DEBT, net 85,143 1,163,711
------------- -------------
SHAREHOLDERS' EQUITY:
Common stock 13,407,551 11,158,446
Retained earnings 22,840,281 19,263,269
Unrealized gain on
available-for-sale investment 15,419 28,380
------------- -------------
Total shareholders' equity 36,263,251 30,450,095
------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 48,179,359 $ 49,971,014
============= =============
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED COMBINED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31, March 31,
2000 1999 2000 1999
---- ---- ---- ----
SALES AND SERVICE:
Outsourcing
Services $10,810,305 $12,530,535 $33,296,586 $33,439,041
Medical Products 7,539,291 7,125,476 23,710,791 20,607,784
----------- ----------- ----------- -----------
Total Sales 18,349,596 19,656,011 57,007,377 54,046,825
----------- ----------- ----------- -----------
COST OF SALES AND SERVICE:
Outsourcing
Services 7,211,235 7,805,654 21,955,947 20,882,984
Medical Products 4,764,874 3,841,137 14,019,362 11,382,182
----------- ----------- ----------- -----------
Total Cost
of Sales 11,976,109 11,646,791 35,975,309 32,265,166
----------- ----------- ----------- -----------
GROSS PROFIT 6,373,487 8,009,220 21,032,068 21,781,659
----------- ----------- ----------- -----------
COSTS AND EXPENSES:
Marketing and
selling 934,731 914,288 3,175,727 2,785,715
Operating, general
and administrative 3,182,070 2,804,999 9,293,859 7,701,822
Research and
development 1,183,100 707,950 2,920,814 2,162,096
----------- ----------- ----------- -----------
Total operating
expenses 5,299,901 4,427,237 15,390,400 12,649,633
----------- ----------- ----------- -----------
EARNINGS FROM
OPERATIONS 1,073,586 3,581,983 5,641,668 9,132,026
OTHER (EXPENSE)
INCOME, net 130,806 239,451 519,878 302,824
----------- ----------- ----------- -----------
EARNINGS BEFORE
INCOME TAXES 1,204,392 3,821,434 6,161,546 9,434,850
Provision for
income taxes 414,000 1,349,000 2,212,000 3,188,000
----------- ----------- ----------- -----------
NET INCOME $ 790,392 $ 2,472,434 $ 3,949,546 $ 6,246,850
=========== =========== =========== ===========
NET INCOME PER SHARE
Basic $ .06 $ .21 $ .33 $ .55
=========== =========== =========== ===========
Diluted $ .06 $ .19 $ .29 $ .48
=========== =========== =========== ===========
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 12,178,694 11,511,757 12,012,482 11,408,478
=========== =========== =========== ===========
Diluted 13,185,968 13,274,526 13,469,542 13,126,788
=========== =========== =========== ===========
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