Colorado MEDtech, Inc. Reports Strong Third Quarter and Nine-Month Results.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 3, 1999-- 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 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 : CMED CMED Coordinated Medical Emergency Direction CMED Central Massachusetts Emergency Dispatch ), a Boulder, Colorado-based medical products and services company, today announced record results for its third quarter and nine-month period ended March 31, 1999. Net income in the third quarter increased to $2,205,376 compared to $1,329,444 in the third quarter last year (an increase of 66%) and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased to 18 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 11 cents per share. Sales in the third quarter increased approximately 28% over the same period in 1998 ($17.2 million compared to $13.4 million). Net income through the nine-months ended March 31, 1999 increased to $5,214,586 compared to $2,936,233 for the same period last year (an increase of 78%) on sales of $46.3 million compared to $32.9 million in the same period of the prior year (an increase of 41%). Earnings per share through the nine months were 42 cents compared to 24 cents in the prior year 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. "FY99 appears to be an extremely strong year, with large increases in sales and profitability. We are particularly pleased with the growth of our 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 , MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. and Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 business areas and the excellent performance of our staff," 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. . Colorado MEDtech, Inc., through its wholly owned affiliates and operating divisions, is a leading full-service 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 by forward-looking statements, including, but not limited to, the risk that the Company's existing level of orders may not be indicative of the level or trend of future orders, the risk that the Company may not successfully complete the work encompassed by such orders, 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 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. filed with the Securities and Exchange Commission for the year ended June 30, 1998, copies of which the Company will provide on request. -0-
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31, March 31,
1999 1998 1999 1998
SALES AND SERVICE $17,150,071 $13,449,571 $46,312,291 $32,892,786
COST OF SALES AND
SERVICE 10,437,279 8,653,451 28,612,086 21,324,911
GROSS PROFIT 6,712,792 4,796,120 17,700,205 11,567,875
COSTS AND EXPENSES:
Marketing and
selling 555,520 504,636 1,702,491 1,283,830
Operating, general and
administrative 2,317,932 2,024,269 6,482,489 5,493,717
Research and
development 423,846 508,245 1,400,165 1,013,894
Total operating
expenses 3,297,298 3,037,150 9,585,145 7,791,441
EARNINGS FROM
OPERATIONS 3,415,494 1,758,970 8,115,060 3,776,434
OTHER INCOME, net 138,882 60,474 287,526 315,799
EARNINGS BEFORE
INCOME TAXES 3,554,376 1,819,444 8,402,586 4,092,233
Provision for
income taxes 1,349,000 490,000 3,188,000 1,156,000
NET INCOME $ 2,205,376 $ 1,329,444 $ 5,214,586 $ 2,936,233
NET INCOME PER SHARE:
Basic $ .20 $ .12 $ .49 $ .28
Diluted $ .18 $ .11 $ .42 $ .24
WEIGHTED AVERAGE
SHARES OUTSTANDING:
Basic 10,775,433 10,677,117 10,672,154 10,346,148
Diluted 12,538,202 12,377,906 12,390,464 12,125,453
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 1999 June 30, 1998
CURRENT ASSETS:
Cash and cash equivalents $ 3,166,953 $ 2,499,072
Short-term investments 13,252,967 12,144,005
Accounts receivable, net 12,015,310 7,813,973
Inventories, net 4,321,262 4,225,680
Deferred income taxes and other
current assets 1,930,432 2,566,487
Total current assets 34,686,924 29,249,217
PROPERTY AND EQUIPMENT, net 2,110,345 1,734,272
GOODWILL, net 1,680,589 1,724,796
LAND, DEFERRED INCOME TAXES
AND OTHER ASSETS 1,128,997 1,298,997
TOTAL ASSETS $ 39,606,855 $ 34,007,282
CURRENT LIABILITIES:
Accounts payable $ 4,063,928 $ 4,426,172
Accrued salaries and wages 3,473,499 3,126,671
Accrued product service costs 360,298 291,566
Customer deposits 3,876,688 2,804,450
Other accrued expenses 2,161,763 1,169,004
Income taxes payable - 466,788
Total current liabilities 13,936,176 12,284,651
SHAREHOLDERS' EQUITY:
Common stock 10,612,918 11,879,456
Retained earnings 15,022,761 9,808,175
Unrealized gain on
available-for-sale investment 35,000 35,000
Total shareholders' equity 25,670,679 21,722,631
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 39,606,855 $ 34,007,282
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