Imatron Announces Record Second Quarter Revenues On Sales of Ten EBT Scanners; Revenues Increase 45% and Net Income Increases 145% for Six Month Period Ended June 30.Business Editors and Health/Medical Writers BIOWIRE2K SO. SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif.--(BW HealthWire)--Aug. 14, 2001 Imatron Inc. (Nasdaq:IMAT iMAT Isolated Mode Antenna Technology (Skycross) IMAT Intensity-Modulated Arc Therapy IMAT Interactive Multimedia Arts and Technologies Association IMAT Interactive Multisensor Analysis Training ), manufacturer of Electron Beam Tomography Electron beam tomography is a specific form of computed axial tomography (CAT or CT) in which the X-Ray tube is not mechanically spun in order to rotate the source of X-Ray photons. (EBT EBT See: Earnings Before Taxes ) scanners, announced today record revenues for the second fiscal quarter in 2001. Revenues for the three months ended June 30, 2001 were $19.6 million, an increase of 26%, compared to revenues of $15.6 million for the same period in fiscal 2000. Net income for the three months ended June 30, 2001 was $1.3 million, or $0.01 per share, compared to net income of $1.0 million, or $0.01 per share, for the same period one year ago. The Company sold ten EBT scanners in the second quarter ended June 30, 2001 compared to eight EBT scanner sales for the same period one year ago. Total gross margins for the quarter were 41% as compared to 44% for the previous quarter. This gross margin reduction was principally due to the costs associated with the introduction of Imatron's new C300 EBT scanner. Revenues for the six months ended June 30, 2001 were $38.9 million, an increase of 45%, compared to revenues of $26.8 million for the same period in fiscal 2000. Net income for the six months ended June 30, 2001 increased 145% to $3.0 million, or $0.03 per share, compared to net income of $1.3 million, or $0.01 per share, for the same period one year ago. As of June 30, 2001, the Company reported cash and cash equivalents and short-term investments of $6.8 million, working capital of $37.5 million, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $42.9 million and a current ratio of 2.8 to 1. It should be noted that despite the current economic conditions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Imatron closed the quarter with an 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 balance less than the balance as of March 31, 2001, collecting over $19 million during the quarter. S. Lewis Meyer, 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. of Imatron, commented, "We accomplished several important goals during the second quarter of fiscal 2001. Foremost, the completion and introduction of our new EBT scanner model, the C300, was a significant undertaking and achievement which has been very well-received by our customers and the medical community. The C300 provides enhanced hardware and software capabilities which allows for superior cardiovascular imaging, specifically expanding the electron beam A stream of electrons, or electricity, that is directed towards a receiving object. See electron beam imaging and electron beam lithography. angiography angiography or arteriography X-ray examination of arteries and veins with a contrast medium to differentiate them from surrounding organs. The contrast medium is introduced through a catheter to show the blood vessels and the structures they supply, including (EBA EBA Eisenbahn-Bundesamt (German) EBA Euro Banking Association EBA Emergency Brake Assistance EBA Enterprise Bargaining Agreement (Australia) EBA Elite Beat Agents (video game) ) and functional imaging capabilities of our scanner. The C300 can perform multi-phase EBA in addition to myocardial myocardial /myo·car·di·al/ (-kahr´de-al) pertaining to the muscular tissue of the heart. myocardial pertaining to the muscular tissue of the heart (the myocardium). perfusion, wall motion and ejection fraction ejection fraction n. The blood present in the ventricle at the end of diastole and expelled during the contraction of the heart. Ejection fraction assessment of heart function. The Company sold ten EBT scanners during the second quarter, which represents the largest number of quarterly EBT scanner systems sold in Imatron's history. Our focus on developing and expanding Imatron's international sales force is now beginning to pay off, as we have witnessed a dramatic surge in interest from the international arena during the quarter. Our sale to Xijing Hospital in China represents the beginning of what we believe will be a very strong contribution from our international sales team. As a result of the continuation of our progress and sales efforts in the second quarter, we anticipate very strong third quarter results. We are highly confident that we are on track to meet and even exceed our goal of a 30% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. increase in sales revenue and a 50% increase in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ." Imatron will host a conference call for all interested parties on Tuesday, August 14, 2001 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company's second quarter financial results. In the United States and Canada, the conference call dial-in number is 888-689-9342. The Conference ID No. is 99556#. The international dial-in number is 334-323-4045. The conference call will be webcast over the Internet via www.streetfusion.com. Imatron Inc. is primarily engaged in designing, manufacturing, marketing, and servicing high performance electron beam tomography (EBT) scanners based on the Company's proprietary EBT technology. Imatron's EBT scanner is now in use at more than 150 major medical facilities and imaging centers around the world, including Abbott-Northwestern Hospital, Arizona Heart Institute, Cedars-Sinai Medical Center Cedars-Sinai Medical Center is a world-renowned hospital located in Los Angeles, California. History Cedars-Sinai is the result of a merger in 1961 between two major Los Angeles hospitals, Cedars of Lebanon and Mount Sinai Home for the Incurables, with Steve Broidy as in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA, Edward Cardiovascular Institute, Hackensack University Medical Center Hackensack University Medical Center (HUMC) is a 781-bed non-profit, research and teaching hospital located just seven miles west of New York City, in Hackensack, New Jersey, providing tertiary and healthcare needs for northern New Jersey and the New York metropolitan area. , Harbor-UCLA Medical Center Harbor-UCLA Medical Center is a hospital located within the city of Torrance, California, USA. The hospital was founded in 1946, and is funded by Los Angeles County Harbor-UCLA serves as the Level I Trauma Center for the South Bay area. , Mayo Clinic Mayo Clinic: see Mayo, Charles Horace. Mayo Clinic voluntary association of more than 500 physicians in Rochester, Minnesota. [Am. Hist.: EB, 11: 723] See : Medicine , Mount Sinai Medical Center in Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , FL, St. Francis Hospital St. Francis Hospital may refer to:
The first faculty offered instruction at the University in March 1855 to students in the Old Mechanics Building, situated where Seashore Hall is now. In September 1855, the student body numbered 124, of which, 41 were women. , University of Pittsburgh Medical Center The University of Pittsburgh Medical Center (UPMC) is a leading American healthcare provider and institution for medical research. It consistently ranks in US News and World Report's "Honor Roll" of the approximately 15 best hospitals in America. , Alfried Krupp Krankenhaus, Essen, Landeskrankenhaus in Graz, Austria, Cardiology Research Centre in Moscow, Russia, FAU FAU Florida Atlantic University FAU Faculdade de Arquitetura e Urbanismo (Portuguese: Architecture and Urbanism College) FAU Friedrich-Alexander-Universität (Erlangen-Nürnberg, Germany) FAU Film Adapter Unit Erlangen-Nurnberg in Erlangen, Germany, Beijing Hospital in China, BodyScan Imaging Center of Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , BodyScan Imaging Center of Scottsdale, Cardiac Plus, Cooper Clinic, EBT Mobile Scanners Northwest, Heart Savers of Irvine, Holistica Hawaii, ITG/HeartScan Imaging, LifeScore of San Diego, Michigan Heart Imaging, Ohio Heart, University HeartScan of Manhattan, VITASCAN Mobile EBT, and Vital Imaging (La Jolla, Dallas, Houston and Orange County). Except for the historical information contained herein, the matters discussed in this news release may contain forward-looking statements that are based on current expectations and estimates about the industry in which Imatron operates, the estimated impact of certain technological advances, the estimated impact of published research studies on scanner sales and procedures, as well as management's beliefs and assumptions. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. The factors that could cause actual results to differ materially include, among others; failed clinical demonstration of certain asserted technological advantages and diagnostic capabilities; reliance on product distributors; competition in the diagnostic imaging market; failure to improve product reliability or introduce new product models and enhancements; delays in production and difficulty in obtaining components and sub-assemblies from limited sources of supply; inability to meet cash-on-delivery or prepayment terms from vendors; determinations by regulatory and administrative government authorities; patent expiration and denial of patent applications; the high cost of the scanner as compared to commercially available CT scanners; and the risk factors listed from time to time in the Company's Securities and Exchange Commission reports, including their reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for their current fiscal year. Note to Editors: In the Conference ID No. noted in this news release, there is a pound sign after 99556. This symbol may not appear properly in some systems.
-- Financial Tables Follow --
IMATRON INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three Months ended Six Months ended
June 30, June 30,
-------------------- --------------------
2001 2000 2001 2000
--------- --------- --------- ---------
(unaudited) (unaudited)
Revenues
Product sales $ 17,344 $ 13,591 $ 33,926 $ 23,089
Service 2,083 1,703 4,532 3,318
Other product sales 209 260 447 385
--------- --------- --------- ---------
Total revenue 19,636 15,554 38,905 26,792
--------- --------- --------- ---------
Cost of revenues
Product sales 9,714 7,497 18,438 12,439
Service 1,641 1,513 3,424 2,560
Other product sales 177 238 410 370
--------- --------- --------- ---------
Total cost of revenues 11,532 9,248 22,272 15,369
--------- --------- --------- ---------
Gross profit 8,104 6,306 16,633 11,423
--------- --------- --------- ---------
Operating expenses
Research and
development 2,769 1,943 5,405 3,824
Marketing and sales 2,648 1,992 5,250 3,937
General and
administrative 1,287 1,324 2,568 2,277
Goodwill amortization 36 36 71 71
--------- --------- --------- ---------
Total operating
expenses 6,740 5,295 13,294 10,109
Operating income 1,364 1,011 3,339 1,314
Interest income 7 182 121 289
Interest expense (81) (7) (114) (13)
Other income (expense) 69 4 (190) 4
--------- --------- --------- ---------
Income from continuing
operations before
provision for income
taxes 1,359 1,190 3,156 1,594
Provision for income
taxes (31) -- (71) --
--------- --------- --------- ---------
Income from continuing
operations 1,328 1,190 3,085 1,594
Loss from discontinued
operations -- (143) -- (306)
--------- --------- --------- ---------
Income before cumulative
effect of change in
accounting principle $ 1,328 $ 1,047 $ 3,085 $ 1,288
Cumulative effect on
period prior to
December 31, 1999 of
changing to a different
revenue recognition
method -- -- -- (29)
--------- --------- --------- ---------
Net income $ 1,328 $ 1,047 $ 3,085 $ 1,259
========= ========= ========= =========
Net income per common
share:
Income from continuing
operations -- basic
and diluted $ 0.01 $ 0.01 $ 0.03 $ 0.01
========= ========= ========= =========
Net income -- basic and
diluted $ 0.01 $ 0.01 $ 0.03 $ 0.01
========= ========= ========= =========
Number of shares used in
basic per share
calculations 105,025 102,280 104,944 101,480
========= ========= ========= =========
Number of shares used in
diluted per share
calculations 106,311 107,366 106,199 106,890
========= ========= ========= =========
IMATRON INC.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
June 30, Dec. 31,
2001 2000
---------- ----------
ASSETS
Current assets
Cash and cash equivalents $ 6,782 $ 4,718
Short term investments -- 461
Accounts receivable, net:
Trade accounts receivable 26,811 19,300
Other receivables 3,057 2,184
Inventories 20,612 18,835
Prepaid expenses 657 905
---------- ----------
Total current assets 57,919 46,403
Property and equipment, net 4,505 3,567
Goodwill, net 1,031 1,101
Other assets 236 417
---------- ----------
Total assets $ 63,691 $ 51,488
========== ==========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable $ 3,819 $ 3,037
Deferred revenue 1,867 1,901
Other accrued liabilities 11,129 9,448
Line of credit 3,542 --
Capital lease obligations --
due within one year 57 35
---------- ----------
Total current liabilities 20,414 14,421
Deferred revenue 235 293
Capital lease obligations 132 82
---------- ----------
Total liabilities 20,781 14,796
---------- ----------
Shareholders' equity
Common stock 128,018 128,108
Additional paid-in capital 9,720 9,614
Notes receivable from
shareholders (113) (3,230)
Accumulated deficit (94,715) (97,800)
---------- ----------
Total shareholders' equity 42,910 36,692
---------- ----------
Total liabilities and
shareholders' equity $ 63,691 $ 51,488
========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion