Medical Action Industries Reports Record Earnings and Revenues for the Fiscal Year Ended March 31, 2002.Business Editors, Health & Medical Writers HAUPPAUGE Hauppauge can refer to:
Medical Action Industries Inc. (NASDAQ/NM:MDCI MDCI Medical Device Consultants, Inc. MDCI multidiscipline counterintelligence (US DoD) ) Fourth Quarter Record Net Income Rises 39% on 13% Revenue Increase Medical Action Industries Inc. (NASDAQ/NM:MDCI), a leading supplier of medical and surgical disposable products Disposable products are items that are not intended by the manufacturer to be reused more than once or a few times as compared to more permanent serviceable and reusable items. Some products that have disposable versions are:
Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the twelve months ended March 31, 2002 increased to a record $82,836,000 as compared to $75,441,000 for the twelve months ended March 31, 2001. Income before income taxes reached a record $10,135,000 for the year, while net income for the period rose 42% to a record $6,271,000, or $.68 per basic share ($.62 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 $4,408,000 or $.48 per basic share ($.46 per diluted share), reported for the same period last year. Net cash provided by operating activities increased a record $5,043,000 to $11,073,000 for the twelve months ended March 31, 2002 from $6,030,000 for the same period last year. Net sales for the fiscal 2002 fourth quarter increased to a record $21,463,000 from the $19,017,000 in net sales reported for the three months ended March 31, 2001. Net income for the fiscal 2002 fourth quarter increased to a record $1,738,000, or $.18 per basic share ($.17 per diluted share), from the $1,252,000, or $.14 per basic ($.13 per diluted share), reported for the same period in 2001. This represents the fifteenth In music, a fifteenth (sometimes abbreviated 15ma) is the interval between one musical note and another with one-quarter or quadruple the frequency. It corresponds to two octaves. It is the fourth harmonic. consecutive record quarter of net income. Medical Action invites its shareholders and other interested parties to attend its conference call at 10:30 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) on May 31, 2002. You may participate in the conference call by calling 1-888-280-4008 and asking for the Medical Action conference call with Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. D. Meringolo, 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. and President. The conference call will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics webcast on our website: www.medical-action.com. The complete call and discussion will be available for replay on our website beginning at 2:00 p.m. (EST) on May 31, 2002. "Our record operating results reflect the successful integration of the I.V. start kit and central line dressing tray See tray drive, tray card and System Tray. business acquired in November November: see month. 2001, strong growth from our line of collection systems and biohazardous bags, and further penetration of the Company's core products," said Paul D. Meringolo, Chief Executive Officer and President of Medical Action Industries Inc. In connection with the recent adoption of new SEC rules on corporate disclosure, Medical Action is providing limited guidance on several aspects of its fiscal 2003 performance. The following statements are based on current expectations. These are 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. and actual results may differ materially, as discussed later in this release. - For the year ended March 31, 2003, Medical Action anticipates reporting record net income and record revenue. - Earnings for fiscal 2003 should be in the range of $.83 to $.88 per basic share. - Consolidation within the health care industry together with our record cash flow will continue to drive our acquisition strategy. This news release contains forward-looking statements that involve risks and uncertainties regarding Medical Action's operations and future results. Please see the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's 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 Form 10-Qs Form 10-Q See 10-Q. , which identify specific factors that would cause actual results or events to differ materially from those described in the forward-looking statements.
MEDICAL ACTION INDUSTRIES INC.
Financial Highlights
(Unaudited)
For the Three Months Ended
3/31/02 3/31/01
Net Sales $21,463,000 $19,017,000
Income before
Income Taxes 2,723,000 2,078,000
Net Income (a)1,738,000 1,252,000
Earnings per share:
Basic .18 .14
Diluted .17 .13
Weighted Average Number of
Shares Outstanding:
Basic 9,452,271 9,189,535
Diluted 10,213,170 9,369,183
For the Twelve Months Ended
3/31/02 3/31/01
Net Sales $82,836,000 $75,441,000
Income before
Income Taxes 10,135,000 7,370,000
Net Income (a)6,271,000 4,408,000
Earnings per share:
Basic .68 .48
Diluted .62 .46
Weighted Average Number of
Shares Outstanding:
Basic 9,251,430 9,217,635
Diluted 10,139,700 9,581,189
(a) Excludes $114,000 and $454,000 of goodwill amortization for
the three and twelve months ended March 31, 2002, respectively, and
resulted in $64,000 and $272,000 of net income for such periods.
Summary Balance Sheet Data
March 31, March 31,
2002 2001
Receivables (net): $ 7,846,000 $ 8,606,000
Inventories: 12,666,000 12,548,000
Total assets: 49,647,000 39,804,000
Total current liabilities: 6,527,000 5,656,000
Long-term debt, less
current portion: 8,380,000 7,625,000
Shareholders' equity: 33,759,000 25,922,000
Key Financial Statistics
Current ratio: 3.4 4.0
Debt to equity ratio: .31 .35
Book value per share: $3.55 $2.83
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