Criticare Systems, Inc. Fiscal Year 2004 Second Quarter Results.Business Editors MILWAUKEE--(BUSINESS WIRE)--Feb. 5, 2004 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 second quarter and the first six months of fiscal 2004 ended December December: see month. 31, 2003. Revenue for the fiscal second quarter totaled $8,980,277 with net income of $412,424. This compares to revenue of $9,049,606 and net income of $180,171 for the same quarter of the prior year. 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. for the quarter declined 15% over the same period last year. Expenses during this period included the expansion of the Company's domestic sales team in anticipation of a new market initiative. For the first fiscal six months ended December 31, 2003 revenue totaled $15,352,694 with net income of $20,694, compared to $15,353,953 and a loss of ($111,480) for the same period in the prior year. The Company entered its fiscal 2004 third quarter with a significant backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , primarily consisting of 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 and international orders. Domestic, international and OEM sales for the first six months of fiscal 2004 exceeded plan. Government sales however, lagged behind, but indications are strong this trend is reversing. Criticare expects three new business initiatives to begin generating sales in the last half of this fiscal year. Two of these involve new product launches with OEM partners, while one targets an additional niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. for Criticare branded products. Also during this period, the Company expects to announce a significant distribution agreement involving its anesthesia anesthesia (ănĭsthē`zhə) [Gr.,=insensibility], loss of sensation, especially that of pain, induced by drugs, especially as a means of facilitating safe surgical procedures. monitoring system with a global leader in medical products. CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International (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
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 CSI's reports and documents filed from time to time with the Securities and Exchange Commission.
CRITICARE SYSTEMS, INC.
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
Three Months Ended Six Months Ended
December 31, 2003 December 31, 2003
2003 2002 2003 2002
------------ ------------ ------------ ------------
NET SALES $ 8,980,277 $ 9,049,606 $15,352,694 $15,353,953
COST OF GOODS SOLD 5,295,668 5,111,466 9,093,679 9,018,466
------------ ------------ ------------ ------------
GROSS PROFIT 3,684,609 3,938,140 6,259,015 6,335,487
OPERATING EXPENSES:
Sales and marketing 1,864,770 2,014,338 3,372,216 3,341,298
Research,
development and
engineering 623,721 756,715 1,224,313 1,385,655
Administrative 823,793 1,131,531 1,725,051 2,088,761
------------ ------------ ------------ ------------
Total 3,312,284 3,902,584 6,321,580 6,815,714
INCOME (LOSS) FROM
OPERATIONS 372,325 35,556 (62,565) (480,227)
OTHER INCOME
(EXPENSE):
Interest expense -- -- -- (91,533)
Interest income 11,009 12,662 20,749 28,528
Other 29,090 131,953 62,510 431,752
------------ ------------ ------------ ------------
Total 40,099 144,615 83,259 368,747
INCOME (LOSS)
BEFORE INCOME
TAXES 412,424 180,171 20,694 (111,480)
INCOME TAX
PROVISION -- -- -- --
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ 412,424 $ 180,171 $ 20,694 $ (111,480)
============ ============ ============ ============
NET INCOME (LOSS)
PER COMMON SHARE:
Basic and diluted $ 0.04 $ 0.02 $ 0.00 $ (0.01)
WEIGHTED AVERAGE
SHARES
OUTSTANDING:
Basic 11,121,941 11,069,846 11,098,339 11,071,264
Diluted 11,475,656 11,382,915 11,432,539 11,071,264
CRITICARE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003 AND JUNE 30, 2003
(UNAUDITED)
December 31, June 30,
ASSETS 2003 2003
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 3,847,088 $ 3,716,446
Accounts receivable, net 7,561,723 5,627,198
Inventories 5,951,460 6,347,208
Prepaid expenses and other 673,621 894,081
------------ ------------
Total current assets 18,033,892 16,584,933
Property, plant and equipment - net 2,079,728 2,093,408
License rights and patents - net 80,485 83,986
------------ ------------
TOTAL ASSETS $20,194,105 $18,762,327
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,094,461 $ 2,272,953
Accrued liabilities 1,655,755 1,416,504
------------ ------------
Total current liabilities 4,750,216 3,689,457
OTHER LONG-TERM OBLIGATIONS 31,953 38,662
STOCKHOLDERS' EQUITY 15,411,936 15,034,208
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $20,194,105 $18,762,327
============ ============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion