Medical Action Industries Reports Record Earnings and Revenues for the Fiscal 2003 First Quarter; Record Net Income Rises 36% On Highest Quarterly Revenue in Company's History.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) ), 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 first quarter reached a record $22,554,000, an increase of $2,466,000 over the $20,089,000 in net sales reported for the three months ended June 30, 2001. Income before income taxes reached a record $2,946,000 in the first quarter as compared to $2,196,000 in the comparable period in fiscal 2002. Net income for the period increased 36% to a record $1,823,000 or $.19 per basic share ($.18 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 $1,342,000 or $.15 per basic share ($.14 per diluted share), reported for the comparable quarter in fiscal 2002. This represents the sixteenth consecutive record quarter of net income. Net cash provided by operating activities in the first quarter increased to $2,900,000 as compared to $2,776,000 for the three months ended June 30, 2001. 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 July July: see month. 25, 2002. You may participate in the conference call by calling 1-888-280-4008 and asking for the Medical Action conference call with Paul 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. If you are unable to attend the conference call, you may listen to a live webcast of the call by visiting our website: www.medical-action.com, commencing at 10:30 a.m. (EST) on July 25, 2002. The complete call and discussion will be available for replay on our website beginning at 2:00 p.m. (EST). "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 2001 and strong growth from our line of collection systems and biohazardous bags," 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 per share 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
--------------------------
6/30/02 6/30/01
Net sales $ 22,554,000 $ 20,089,000
Gross profit 7,145,000 6,017,000
Selling, general and
administrative expenses 4,167,000 3,755,000
Income before income taxes 2,946,000 2,196,000
Net income 1,823,000 1,342,000
Earnings per share:
Basic .19 .15
Diluted .18 .14
Weighted average
Number of shares outstanding:
Basic 9,493,882 9,106,051
Diluted 10,186,623 9,877,095
Summary Balance Sheet Data
June 30, March 31,
2002 2002
---- ----
Receivables (net) $ 9,294,000 $ 7,847,000
Inventories 12,351,000 12,666,000
Total assets 59,174,000 49,647,000
Total current liabilities 7,791,000 6,527,000
Long-term debt, less current portion 14,945,000 8,380,000
Shareholders' equity 35,456,000 33,758,000
Key Financial Statistics
Current ratio 2.9 3.4
Debt to equity ratio .48 .31
Book value per share 3.73 3.55
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