Criticare Systems, Inc. Announces Fiscal 2005 Second Quarter Financial Results.MILWAUKEE Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. -- CRITICARE SYSTEMS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (AMEX AMEX See: American Stock Exchange :CMD CMD cerebromacular degeneration. - News). Criticare Systems, Inc. today announced its second quarter and year to date results for fiscal 2005. For the quarter, revenue was $7,375,005 with net income of $151,667 as compared to revenue of $8,980,277 and net income of $412,424 for the same quarter in fiscal 2004. The major revenue change was a $1,130,250 single international order that was shipped and invoiced in late December December: see month. 2003. Year to date revenue was $12,706,362 with a net loss of $(548,642) for fiscal 2005 as compared to revenue of $15,352,694 with net income of $20,693 for fiscal 2004. As previously reported, the loss of revenue from a long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partner, due to an acquisition, significantly impacted the first quarter of fiscal 2005. The second quarter of fiscal 2005 was affected to a lesser degree as Criticare began to recover this business by marketing directly to the existing customer base with a new, dedicated sales team. On the balance sheet, cash increased to $3,773,491 at December 31, 2004, a gain of $1,282,799 over September September: see month. 30, 2004. Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying were $6,266,174 at December 31, 2004, a reduction of $1,295,549 compared to September 30, 2004. Inventories decreased to $5,164,905 at December 31, 2004, a reduction of $786,555 compared to September 30, 2004. Looking ahead, the company began production and shipments of its Cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. Imaging system at the beginning of the third quarter of fiscal 2005. Criticare expects to release additional information shortly on this very significant business segment upon the completion of the introductory marketing tasks by our OEM partner. During this past quarter, the company experienced a new investor, Blueline blue·line or blue line n. Either of two blue lines running across an ice-hockey rink, usually 60 feet from each goal, and dividing the rink into defensive, neutral, and offensive zones. Partners, which made a filing with the SEC to report that it had acquired approximately 5.0% of the company's outstanding shares on the open market, becoming Criticare's second largest shareholder. Blueline is a special situations investment firm that seeks to invest in public companies that it believes are undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. relative to their potential and in situations where it believes its efforts can help to create or unlock value. Blueline has met with Criticare management and had discussions with each board member. The company is very receptive receptive /re·cep·tive/ (re-cep´tiv) capable of receiving or of responding to a stimulus. to the expertise and visionary 1. visionary - One who hacks vision, in the sense of an Artificial Intelligence researcher working on the problem of getting computers to "see" things using TV cameras. (There isn't any problem in sending information from a TV camera to a computer. skills that Blueline brings forward and expects to work closely with its principals to achieve common goals. Criticare (www.csiusa.com) designs, manufactures, and markets cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. patient monitoring systems and noninvasive non·in·va·sive adj. 1. Not penetrating the body, as by incision. Used especially of a diagnostic procedure. 2. Not invading healthy tissue. sensors
1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. health care environments throughout the world. This press release contains 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. . Such statements refer to the Company's beliefs and expectations. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described. Such uncertainties include, but are not limited to, the timely completion of new products, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals for new products, the risk of new and better technologies, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc international markets, as well as general conditions and competition in the company's markets. Other risks are set forth in Criticare's reports and documents filed from time to time with the Securities and Exchange Commission.
CRITICARE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2004 AND JUNE 30, 2004
(UNAUDITED)
ASSETS Dec. 31, June 30,
2004 2004
------------ -----------
CURRENT ASSETS:
Cash and cash equivalents $3,773,491 $3,738,825
Accounts receivable, less allowance for
doubtful accounts of $300,000 and
$260,000, respectively 6,266,174 6,489,884
Other receivables 352,224 359,806
Inventories 5,164,905 6,418,135
Prepaid expenses 137,643 364,375
------------ -----------
Total current assets 15,694,437 17,371,025
Property, plant and equipment - net 1,892,465 2,094,330
License rights and patents - net 73,484 76,985
------------ -----------
TOTAL ASSETS $17,660,386 $19,542,340
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $2,069,469 $3,237,405
Accrued liabilities:
Compensation and commissions 926,659 863,113
Product warranties 487,000 444,000
Liability under guarantees 490,000 490,000
Out of court settlement -- 200,000
Obligations under capital lease 60,173 57,712
Other 125,759 174,395
------------ -----------
Total current liabilities 4,159,060 5,466,625
LONG-TERM LIABILITIES:
Obligations under capital lease 234,056 264,770
Other long-term obligations 13,231 21,646
------------ -----------
Total long-term liabilities 247,287 286,416
TOTAL LIABILITIES 4,406,347 5,753,041
STOCKHOLDERS' EQUITY:
Preferred stock - $.04 par value, 500,000
shares authorized no shares issued
or outstanding -- --
Common stock - $.04 par value, 15,000,000
shares authorized, 11,574,749 shares
issued, and 11,457,111 and 11,450,021
shares outstanding, respectively 462,990 462,990
Additional paid-in capital 23,966,075 23,965,900
Common stock held in treasury (117,638
and 124,728 shares, respectively) (396,232) (409,439)
Retained earnings (accumulated deficit) (10,775,312)(10,226,670)
Cumulative translation adjustment (3,482) (3,482)
------------ -----------
Total stockholders' equity 13,254,039 13,789,299
------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $17,660,386 $19,542,340
============ ===========
CRITICARE SYSTEMS, INC.
CONSOLIDATED INCOME STATEMENTS
THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(UNAUDITED)
2004 2003
----------- ----------
NET SALES $7,375,005 $8,980,277
COST OF GOODS SOLD 4,273,613 5,295,668
----------- ----------
GROSS PROFIT 3,101,392 3,684,609
OPERATING EXPENSES:
Sales and marketing 1,558,348 1,864,770
Research, development and engineering 633,816 623,721
Administrative 740,423 823,793
----------- ----------
Total 2,932,587 3,312,284
INCOME FROM OPERATIONS 168,805 372,325
OTHER INCOME (EXPENSE):
Interest expense (10,366) --
Interest income 11,465 11,009
Other (expense) income (18,237) 29,090
----------- ----------
Total (17,138) 40,099
INCOME BEFORE INCOME TAXES 151,667 412,424
INCOME TAX PROVISION -- --
----------- ----------
NET INCOME $151,667 $412,424
=========== ==========
NET INCOME PER COMMON SHARE:
Basic $0.01 $0.04
Diluted $0.01 $0.04
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING:
Basic 11,455,344 11,121,941
Diluted 11,564,946 11,475,656
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