Infu-Tech Reports Fiscal 1999 Second Quarter/Six Months Results.ENGLEWOOD, N.J.--(BUSINESS WIRE)--Feb. 23, 1999--Infu-Tech, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :INFU), a leading home and outpatient healthcare company, today reported fiscal 1999 second quarter and six-month financial results for the period ended Dec. 31, 1998. Revenues for the second quarter decreased to $6,563,000 from the $6,978,000 reported for the same period last year. The net income for the quarter was $37,000, or $.01 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income of $167,000, or $.05 per diluted share, reported for the second quarter of fiscal 1998. Operating profit margins Operating profit margin The ratio of operating profit to net sales. in the quarter were impacted by a change in the overall business mix, which included a higher percentage of revenue generated from Ceredase and Synagis programs. Revenues for the six months ended December 31, 1998 decreased to $12,288,000 from the $13,702,000 reported for the same period last year. Net income was $45,000, or $.01 per diluted share, compared with the net income of $327,000, or $.10 per diluted share reported in the comparable period in fiscal 1997. Commenting on the company's results, Jack Rosen, Infu-Tech's president and chief executive officer, stated, "Sales and earnings in the quarter improved from the first quarter of fiscal 1999 due to increased sales of our specialty pharmaceutical products, reflecting our commitment to broaden our base of profitable business. We are continuing to maintain stringent pricing and cost controls to help improve profitability and will exit or renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. pricing of non-profitable managed care contracts." Infu-Tech, Inc. is a leading provider of high quality, cost efficient infusion therapy and other medical products and services to patients in their homes, at Infu-Tech ambulatory Movable; revocable; subject to change; capable of alteration. An ambulatory court was the former name of the Court of King's Bench in England. It would convene wherever the king who presided over it could be found, moving its location as the king moved. infusion suites and at Infu-Tech credentialed cre·den·tial n. 1. That which entitles one to confidence, credit, or authority. 2. credentials Evidence or testimonials concerning one's right to credit, confidence, or authority: subacute subacute /sub·acute/ (-ah-kut´) somewhat acute; between acute and chronic. sub·a·cute adj. Between acute and chronic. facilities. Infu-Tech is accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by the Joint Commission on Accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. of Health Care Organizations (JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there ), and the company's products and services are marketed in 27 states.
INFU-TECH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands except per share numbers)
For the Three Months Ended For the Six Months Ended
12/31/98 12/31/97 12/31/98 12/31/97
Revenues $ 6,563 $ 6,978 $ 12,288 $ 13,702
Income before
income taxes 122 282 135 554
Provision for
income taxes 85 115 90 227
Net income 37 167 45 327
Earnings Per Share
Diluted $0.01 $0.05 $0.01 $0.10
Diluted weighted
average number
of shares 3,280,571 3,288,410 3,271,571 3,254,458
========= ========= ========= =========
CONSOLIDATED BALANCE SHEETS
12/31/98 6/30/98
(Unaudited) (Audited)
Cash and cash equivalents $ 56 $ 163
Working capital 3,300 3,502
Total assets 13,990 12,122
Total liabilities 7,619 5,796
Total stockholders' equity 6,317 6,326
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