Criticare Systems, Inc. Announces Fiscal 2005 Third 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. ). Criticare Systems Inc today released financial results for its fiscal third quarter and the first nine months of fiscal 2005, ended March 31, 2005. 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 third quarter of fiscal 2005 were $6,054,370 compared to $6,571,171 for the same quarter of 2004. Gross profit was $2,429,971 (40.1% as a percentage of net sales) for the third quarter of fiscal 2005 compared to $2,809,022 (42.7% as a percentage of net sales) for the same period of fiscal 2004. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $2,733,421 for the third quarter of fiscal 2005 compared to $3,290,236 for the comparable quarter of 2004. This reflects the outcome of cost reduction activities launched earlier in the fiscal year. Net loss for the third quarter of fiscal 2005 was $(244, 871) compared to $(412,607) for the same quarter of fiscal 2004. The net loss for the third quarter of fiscal 2005 includes a $200,000 additional reserve for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. . Net sales for nine months ended March 31, 2005 were $18,760,733 compared to $21,923,864 for the same period of fiscal 2004. Gross profit was $7,402,799 (39.5% as a percentage of net sales) for the nine months ended March 31, 2005 compared to $9,068,036 (41.4% as a percentage of net sales) for the same period of fiscal 2004. Operating expenses for the nine months ended March 31, 2005 were $8,271,520 compared to $9,611,816 for the same period of fiscal 2004, again the result of company-wide cost reduction programs. Net loss for first nine months of fiscal 2005 was $(793,514) compared to $(391,913), for the same period of fiscal 2004. The end of the quarter cash balance remained strong at $3,731,417 as of March 31, 2005, compared to $3,738,825 as of June June: see month. 30, 2004. Net sales in the first nine months of fiscal 2005, as previously stated, have been impacted by (1) a reduction in sales levels from the Company's long standing 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, Alaris Alaris is the brand name of the regional rail network run by the Spanish national rail company RENFE that connects the major cities of Madrid and Valencia. Alaris services currently use ETR 490 trainsets. Medical, due to Alaris being acquired by Cardinal Health <includeonly></includeonly> Cardinal Health (NYSE: CAH) is a premier, global healthcare company dedicated to making healthcare safer and more productive. Overview Headquartered in Dublin, Ohio, Cardinal Health, Inc. and (2) the disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of three major oral surgery sales conferences sales conference n → conferencia de ventas sales conference n → réunion f de vente sales conference n → during the first fiscal quarter 2005 due to hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. activity in the southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: To address the Alaris event, during this past quarter Criticare hired a seasoned sales executive, from a competitive monitoring company, to create a dedicated sales team for this market. This sales initiative will have the benefit of launching a new, advanced featured transport monitor into the existing customer base. Alaris is assisting by formally turning over their installed monitoring customer base and service requirements to Criticare. In a previous announcement the Company indicated that production and shipments of the MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. monitoring system began in late March 2005. To date, market response has exceeded initial expectations resulting in the largest backorder Backorder is a distribution term that refers to the status of items on a purchase order in the event that some or all of the inventory required to fulfill the order is out of stock. in the company's history. Criticare anticipates this revolutionary product line will not only be a major revenue driver, but become a platform for additional offerings in the MR suite. 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
MARCH 31, 2005 AND JUNE 30, 2004
(UNAUDITED)
ASSETS March 31, June 30,
2005 2004
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $3,731,417 $3,738,825
Accounts receivable, less allowance for
doubtful accounts of $300,000 and
$260,000, respectively 6,345,700 6,489,884
Other receivables 446,233 359,806
Inventories 5,478,645 6,418,135
Prepaid expenses 190,913 364,375
------------ ------------
Total current assets 16,192,908 17,371,025
Property, plant and equipment - net 1,640,645 2,094,330
License rights and patents - net 71,733 76,985
------------ ------------
TOTAL ASSETS $17,905,286 $19,542,340
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $2,844,321 $3,237,405
Accrued liabilities:
Compensation and commissions 844,926 863,113
Product warranties 486,000 444,000
Liability under guarantees -- 490,000
Out of court settlement -- 200,000
Obligations under capital lease 61,442 57,712
Other 146,731 174,395
------------ ------------
Total current liabilities 4,383,420 5,466,625
LONG-TERM LIABILITIES:
Obligations under capital lease 218,211 264,770
Other long-term obligations 13,171 21,646
------------ ------------
Total long-term liabilities 231,382 286,416
TOTAL LIABILITIES 4,614,802 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, 11,696,649 and 11,574,749
shares issued, respectively, and 11,581,766
and 11,450,021 shares outstanding,
respectively
467,865 462,990
Additional paid-in capital 24,237,384 23,965,900
Common stock held in treasury (114,883 and
124,728 shares, respectively) (391,099) (409,439)
Retained earnings (accumulated deficit) (11,020,184) (10,226,670)
Cumulative translation adjustment (3,482) (3,482)
------------ ------------
Total stockholders' equity 13,290,484 13,789,299
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $17,905,286 $19,542,340
============ ============
CRITICARE SYSTEMS, INC.
CONSOLIDATED INCOME STATEMENTS
THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(UNAUDITED)
2005 2004
------------ ------------
NET SALES $6,054,370 $6,571,171
COST OF GOODS SOLD 3,624,399 3,762,149
------------ ------------
GROSS PROFIT 2,429,971 2,809,022
OPERATING EXPENSES:
Sales and marketing 1,358,781 1,944,077
Research, development and engineering 724,817 586,419
Administrative 649,823 759,740
------------ ------------
Total 2,733,421 3,290,236
LOSS FROM OPERATIONS (303,450) (481,214)
OTHER INCOME (EXPENSE):
Interest expense (6,064) --
Interest income 18,238 8,748
Other income 46,405 59,859
------------ ------------
Total 58,579 68,607
LOSS BEFORE INCOME TAXES (244,871) (412,607)
INCOME TAX PROVISION -- --
------------ ------------
NET LOSS $(244,871) $(412,607)
============ ============
NET LOSS PER COMMON SHARE:
Basic $(0.02) $(0.04)
Diluted $(0.02) $(0.04)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING:
Basic 11,501,085 11,326,283
Diluted 11,501,085 11,326,283
CRITICARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTHS ENDED MARCH 31, 2005 AND 2004
(UNAUDITED)
2005 2004
------------ ------------
NET SALES $18,760,733 $21,923,864
COST OF GOODS SOLD 11,357,934 12,855,828
------------ ------------
GROSS PROFIT 7,402,799 9,068,036
OPERATING EXPENSES:
Sales and marketing 4,231,575 5,316,293
Research, development and engineering 1,899,752 1,810,732
Administrative 2,140,193 2,484,791
------------ ------------
Total 8,271,520 9,611,816
LOSS FROM OPERATIONS (868,721) (543,780)
OTHER INCOME (EXPENSE):
Interest expense (23,091) --
Interest income 38,311 29,496
Other income 59,987 122,371
------------ ------------
Total 75,207 151,867
LOSS BEFORE INCOME TAXES (793,514) (391,913)
INCOME TAX PROVISION -- --
------------ ------------
NET LOSS $(793,514) $(391,913)
============ ============
NET LOSS PER COMMON SHARE:
Basic $(0.07) $(0.04)
Diluted $(0.07) $(0.04)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING:
Basic 11,469,066 11,173,768
Diluted 11,469,066 11,173,768
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion