Criticare Systems Announces Year-End Results.MILWAUKEE--(BUSINESS WIRE)--Aug. 18, 1999-- 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. . (NASDAQ-NMS:CXIM) announced today that revenue for fiscal 1999 was $28,512,507 compared to $27,908,364 for fiscal 1998. The company recorded a net loss of $4,388,171 compared to a net loss of $499,276 recorded in fiscal 1998. There were approximately $3,800,000 of one time, non-reoccurring expenses which negatively affected 1999 earnings. These consisted of (1) $2,100,000 of costs incurred this year related to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and settlement expenses to resolve an outstanding lawsuit lawsuit: see procedure; tort. , (2) $1,100,000 total severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs, and (3) a $600,000 cancellation of a company-sponsored equipment finance program. These expenses are being absorbed within the current cash flow of the company. The only funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. that continues to exist is the building mortgage. At this time, the company believes all outstanding non-operational financial obligations have been identified and resolved. Emil Soika, Criticare 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. , stated, "All components of our strategic plan launched in February 1999 continue to be implemented. These include a complete revamping of our entire product line, expanded sales organizations, and a $2,500,000 expense reduction initiative completed on July 1, 1999. In the next two quarters, we will be introducing a new generation of bedside and OR monitors, announcing an additional 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, and completing the acquisition of a complimentary new product for alternate site sales. We will also be releasing a mobile, wireless data management system that we believe has no competitive counterpart counterpart n. in the law of contracts, a written paper which is one of several documents which constitute a contract, such as a written offer and a written acceptance. ." Criticare Systems, Inc., 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 ability to negotiate new OEM contracts, the timely completion of new products, the risk of new and better technologies, as well as general conditions in the company's markets.
CRITICARE SYSTEMS, INC.
CONSOLIDATED INCOME STATEMENT
Three Months Ended June 30,
1999 1998
---- ----
Net Sales $ 7,222,342 $ 6,947,898
Cost of Goods Sold 4,388,235 3,607,429
Gross Profit 2,834,107 3,340,469
Total Operating Expenses $ 5,141,707 4,112,692
Operating Profit (Loss) (2,307,600) (772,223)
Net Interest Expense 31,968 50,110
Total Non-Operating Expenses 31,968 50,110
Income (Loss) Before Income Taxes (2,339,568) (822,333)
Income Tax Provision 0 0
Net (Loss) ($2,339,568) ($822,333)
Earnings Per Share - Basic ($0.27) ($0.10)
Earnings Per Share - Diluted ($0.27) ($0.10)
Average Shares Outstanding - Basic 8,665,151 8,309,240
Average Shares Outstanding - Diluted 8,665,151 8,309,240
Twelve Months Ended June 30,
1999 1998
---- ----
Net Sales $ 28,512,507 $ 27,908,364
Cost of Goods Sold 15,528,314 14,870,453
Gross Profit 12,984,193 13,037,911
Operating Expenses 17,021,980 12,731,695
Operating Profit (Loss) (4,037,787) 306,216
Net Interest Expense 350,383 685,492
Equity in Loss of Investments 0 120,000
Total Non-Operating Expenses 350,383 805,492
Income (Loss) Before Income Taxes (4,388,170) (499,276)
Income Tax Provision (Benefit) 0 0
Net Income (Loss) ($4,388,170) ($499,276)
Earnings Per Share - Basic ($0.51) ($0.06)
Earnings Per Share - Diluted ($0.51) ($0.06)
Average Shares Outstanding - Basic 8,665,151 8,309,240
Average Shares Outstanding - Diluted 8,665,151 8,309,240
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