MEDTOX Scientific Announces Strong First Quarter Results.Business Editors/Health/Medical Writers ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.--(BUSINESS WIRE)--April 15, 2004 MEDTOX Scientific, Inc. (AMEX AMEX See: American Stock Exchange :TOX TOX Total Organic Halides TOX Total Organic Halogens TOX Toxxulia Forest (Everquest) TOX Thermal Oxide TOX Tetradichlorooxylene ) -- Revenues increased $1.1 million to $13.6 million from $12.5 million or 9% -- Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: gross margin increased to 42% from 38% -- Gross profit increased $1.0 million or 21% -- 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. increased to $1.1 million from $66,000 -- Earnings Per Share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) increased to $0.08 cents from a loss of ($0.04) MEDTOX Scientific, Inc., announced today results for the first quarter ended March 31, 2004. For the three-month period, revenues increased to $13,583,000, compared to $12,471,000 from the prior-year period. The Company recorded net income of $414,000, or $0.08 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 to a net loss of ($203,000), or ($0.04) per diluted share, for the comparable period last year. The Company's positive first quarter results continue to be a reflection of initiatives taken in 2003. The Company previously indicated that the impact of early LEAN projects, staff reductions and expense control measures would be more fully realized in the first quarter of 2004. It stated in its year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. release, "Margin improvement and a lower operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. rate should have a positive impact in 2004. With the prospects of the strengthening economy creatin cre·a·tine also cre·a·tin n. A nitrogenous organic acid, C4H9N3O2, that is found in the muscle tissue of vertebrates mainly in the form of phosphocreatine and supplies energy for muscle contraction. g an opportunity for job growth, coupled with continuing new sales growth, the Company is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op with respect to 2004 results." Margins continue to improve. A $1.1 million increase in revenue produced a $1.0 million increase in operating income and a $617,000 improvement in net inc ome over the first quarter of 2003. Total operating expense rate was lower for the quarter at $4,676,000 and 34% of revenues compared to $4,674,000 and 37% of revenues for the comparable period last year. Sales growth and prospects remain strong heading into the second quarter. The Laboratory Segment experienced its largest increase in sample volume for comparable quarters from workplace Drugs-of-Abuse (DAU DAU - /dow/ [German Fidonet] D"ummster Anzunehmender User. A German acronym for stupidest imaginable user. From the engineering-slang GAU for Gr"osster Anzunehmender Unfall (worst foreseeable accident), especially of a LNG tank farm plant or something with similarly disastrous ) clients in over three years. Additionally, over one third of the increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to sample volume from existing rather than new clients. The Diagnostic Segment enjoyed a 15% increase in revenue over the comparable period last year, which is also the highest first quarter revenue for the Segment. Sales of PROFILE(R)-II, PROFILE(R)-II A and PROFILE-II ER(R) continue to increase. VERDICT verdict, in law, official decision of a jury respecting questions of fact that the judge has laid before it. In the United States, verdicts must be unanimous in federal courts, but majority verdicts are constitutionally permissible in state courts. (R)-II sales into the Government market continue to trail the prior year but sales activity appears to be improving. Consistent with our view at year-end, the Company remains optimistic with regard to sustainable performance and a successful 2004. MEDTOX will hold a teleconference to discuss first quarter 2004 results today at 9:30 a.m. Central Time (10:30 a.m. Eastern). Dialing 800-387-5648 a few minutes prior to the scheduled start time on April 15 will access a listen-only broadcast of the teleconference. International callers may access the call by dialing 706-634-5527. Callers should ask for the MEDTOX quarterly conference call, hosted by Dick Braun Braun , Eva 1912-1945. German lover and later wife of Adolf Hitler. They began living together in 1936, but the liaison was kept secret, and she was never seen in public with him. They were married hours before their double suicide on April 30, 1945. , president and 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 MEDTOX. A simultaneous webcast of the conference call will be available on the MEDTOX website in the "investors" section at www.medtox.com. An audio replay of the conference call will be available through April 22 at 800-642-1687 conference ID # 6358048. International callers may access the replay at 706-645-9291 with the same conference ID # 6358048. MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a provider of high quality specialized laboratory specialized laboratory A type of reference lab dedicated to a particular type of 'esoteric' testing–eg, allergy, coagulation, drugs–especially drugs of abuse, endocrinology, genetics, paternity, virology, etc. Cf Reference laboratory. and on-site/point-of-collection (POC (Proof Of Concept) See PoC exploit. POC - Point Of Contact ) devices. The company also supports customers with complete logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. , data and program management services. MEDTOX develops and manufactures diagnostic devices for quick and economical on-site/point-of-collection analysis for drugs of abuse, therapeutic drugs and biological and agricultural toxins and provides employment drug screening and occupational health testing. MEDTOX is a leader in providing esoteric es·o·ter·ic adj. 1. a. Intended for or understood by only a particular group: an esoteric cult. See Synonyms at mysterious. b. laboratory testing services to hospitals and laboratories nationwide. This includes both central laboratory and bio-analytical testing for pharmaceutical clinical trials. For more information see www.medtox.com. Note: 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. contained in this press release are made under the Private Securities Reform Act of 1995. Actual results may differ due to a number of factors including a change in the employment pattern of client companies, the ability of MEDTOX to acquire new business, and changes in the competitive environment. Further discussions of factors that may cause such results to differ are identified in the Company's 2003 Annual Report 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. and incorporated herein by reference.
MEDTOX SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31, 2004 March 31, 2003
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REVENUES:
Laboratory services $ 10,218 $ 9,534
Product sales 3,365 2,937
-------------- --------------
13,583 12,471
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COST OF REVENUES:
Cost of services 6,530 6,467
Cost of sales 1,312 1,264
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7,842 7,731
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GROSS PROFIT 5,741 4,740
OPERATING EXPENSES:
Selling, general and administrative 4,267 4,261
Research and development 409 413
-------------- --------------
4,676 4,674
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INCOME FROM OPERATIONS 1,065 66
OTHER INCOME (EXPENSE):
Interest expense (266) (299)
Other expense, net (132) (94)
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(398) (393)
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INCOME (LOSS) BEFORE INCOME TAX (EXPENSE)
BENEFIT 667 (327)
INCOME TAX (EXPENSE) BENEFIT (253) 124
-------------- --------------
NET INCOME (LOSS) $ 414 $ (203)
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BASIC EARNINGS (LOSS) PER COMMON SHARE $ 0.08 $ (0.04)
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DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.08 $ (0.04)
============== ==============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING:
Basic 4,977,229 4,912,736
Diluted 5,149,025 4,912,736
MEDTOX SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, December 31,
2004 2003
--------- ------------
ASSETS
Cash and cash equivalents $ 186 $ 711
Accounts receivable 9,700 8,367
Inventories 3,514 3,564
Other current assets 2,365 2,664
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Total current assets 15,765 15,306
Building, equipment and improvements, net 15,939 15,092
Other assets 26,028 26,120
--------- ------------
Total assets $57,732 $56,518
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 15,322 $ 13,809
Long-term obligations 6,783 7,639
Stockholders' equity 35,627 35,070
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Total liabilities and stockholders' equity $ 57,732 $ 56,518
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