Criticare Systems, Inc. Fiscal Year 2004 Third Quarter Results.Business Editors MILWAUKEE--(BUSINESS WIRE)--May 11, 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. (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 ) today released financial results for its fiscal third quarter and the first nine months of fiscal 2004 ended March 31, 2004. Revenue for the fiscal third quarter totaled $6,571,171 compared to $6,503,787 for the same quarter of 2003. Gross profit was $2,809,022 (42.7%), compared to $2,481,016 (38.1%) for the same period last year. Sales and marketing expenses for the current quarter increased to $1,944,077 (29.6%), up from $1,533,931 (23.6%) last year. This increase reflects the Company's investment in a direct sales team and marketing initiatives for the recent entrance into the veterinary veterinary /vet·er·i·nary/ (vet´er-i-nar?e) 1. pertaining to domestic animals and their diseases. 2. veterinarian. vet·er·i·nar·y adj. care market. Revenue for the nine months ended March 31, 2004 totaled $21,923,864 compared to $21,857,740 for the same period in 2003. Gross profit was $9,068,036 (41.4%), compared to $8,816,503 (40.3%) for 2003. Net (loss) income for the nine months totaled ($391,913) compared to $348,204 for 2003. The majority of the loss in the current year was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the investment in the veterinary care business. The Company anticipates that exposure to this market will yield positive returns this calendar year. Criticare expects to begin shipments under multi-year contracts to two new 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 accounts late in its fiscal fourth quarter ended June June: see month. 30, 2004. These involve proprietary respiratory respiratory /res·pi·ra·to·ry/ (res´pi-rah-tor?e) pertaining to respiration. res·pi·ra·to·ry adj. Of, relating to, used in, or affecting respiration. gas and imaging assist monitors. The Company is also participating in an unusually high number of bid requests for a variety of international projects. Currently CSI has eleven bid packages pending with a total value exceeding $13 million. CSI (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 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 Nine Months Ended
March 31 March 31
2004 2003 2004 2003
------------ ------------ ------------ ------------
NET SALES $ 6,571,171 $ 6,503,787 $21,923,864 $21,857,740
COST OF GOODS SOLD 3,762,149 4,022,771 12,855,828 13,041,237
------------ ------------ ------------ ------------
GROSS PROFIT 2,809,022 2,481,016 9,068,036 8,816,503
OPERATING EXPENSES:
Sales and marketing 1,944,077 1,533,931 5,316,293 4,875,229
Research, development
and engineering 586,419 692,917 1,810,732 2,078,572
Administrative 759,740 888,261 2,484,791 2,977,022
------------ ------------ ------------ ------------
Total 3,290,236 3,115,109 9,611,816 9,930,823
LOSS FROM OPERATIONS (481,214) (634,093) (543,780) (1,114,320)
OTHER INCOME (EXPENSE):
Interest expense -- -- -- (91,533)
Interest income 8,748 12,016 29,496 40,544
Other 59,859 1,081,761 122,371 1,513,513
------------ ------------ ------------ ------------
Total 68,607 1,093,777 151,867 1,462,524
(LOSS) INCOME BEFORE
INCOME TAXES (412,607) 459,684 (391,913) 348,204
INCOME TAX
PROVISION -- -- -- --
------------ ------------ ------------ ------------
NET (LOSS) INCOME $ (412,607) $ 459,684 $ (391,913) $ 348,204
============ ============ ============ ============
NET (LOSS) INCOME
PER COMMON SHARE:
Basic and diluted $(0.04) $0.04 $(0.04) $0.03
WEIGHTED AVERAGE
SHARES OUTSTANDING:
Basic 11,326,283 11,071,273 11,173,768 11,071,267
Diluted 11,326,283 11,370,087 11,173,768 11,423,100
CRITICARE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2004 AND JUNE 30, 2003
(UNAUDITED)
March 31, June 30,
ASSETS 2004 2003
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 3,985,309 $ 3,716,446
Accounts receivable, net 6,842,557 5,627,198
Inventories 6,268,064 6,347,208
Prepaid expenses and other 808,069 894,081
------------ ------------
Total current assets 17,903,999 16,584,933
Property, plant and equipment - net 2,358,864 2,093,408
License rights and patents - net 78,735 83,986
------------ ------------
TOTAL ASSETS $20,341,598 $18,762,327
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,968,682 $ 2,272,953
Accrued liabilities 1,544,458 1,416,504
------------ ------------
Total current liabilities 4,513,140 3,689,457
OTHER LONG-TERM OBLIGATIONS 359,103 38,662
STOCKHOLDERS' EQUITY 15,469,355 15,034,208
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $20,341,598 $18,762,327
============ ============
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