Medical Action Industries Reports Record Earnings and Revenues for the Fiscal Year Ended March 31, 2005; Tenth Consecutive Year of Record Revenue and Eighth Consecutive Year of Record Net Income.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 twelve months ended March 31, 2005 increased 11% to a record $141,423,000, as compared to $127,601,000 for the twelve months ended March 31, 2004. Income before income taxes increased 13% to a record $16,908,000 as compared to $15,024,000 reported for this same period last year, while net income for the period rose 13% to a record $10,682,000, or $1.04 per basic share ($1.02 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 $9,434,000 or $.95 per basic share ($.92 per diluted share), reported for the same period last year. This marks the tenth consecutive year of record revenue and the eighth consecutive year of record net income. Net sales for the fiscal 2005 fourth quarter increased to a record $36,734,000 from the $31,610,000 in net sales reported for the three months ended March 31, 2004. Net income for the fiscal 2005 fourth quarter increased to $2,705,000, or $.26 per basic share ($.26 per diluted share), from the $2,450,000, or $.24 per basic share ($.24 per diluted share), reported for the same period in 2004. "These record operating results are extremely satisfying given the difficult challenges we faced in fiscal 2005, including record resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing prices, the primary raw material of our line of containment containment Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. bags, and a very competitive healthcare landscape which put additional pressure on our gross margins. We continue our strong organic growth from our line of minor procedure kits and trays, containment systems for medical waste and operating room operating room n. Abbr. OR A room equipped for performing surgical operations. towels. Our financial condition also was significantly strengthened during the past fiscal year, which allowed us to repay the entire outstanding balance under our credit facility," said Paul D. Meringolo, Chief Executive Officer and President of Medical Action Industries Inc. Mr. Meringolo further noted that Medical Action's independent public accounting firm, Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , has provided its report attesting to management's assessment of its internal controls, which reflects the outstanding efforts of our finance team. Medical Action invites its shareholders and other interested parties to attend its conference call at 10:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) on June 1, 2005. You may participate in the conference call by calling 1-888-889-5345 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. The conference call will be simultaneously 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 June 1, 2005. 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 2006 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, 2006, Medical Action anticipates reporting record net income for the ninth consecutive year and record revenue for the eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval consecutive year. --Consolidation within the health care industry together with our strong 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 For the Twelve Months
Ended Ended
--------------------- -------------------------
3/31/05 3/31/04 3/31/05 3/31/04
-------- -------- --------- -----------
Net Sales 36,734,000 $31,610,000 $141,423,000 $127,601,000
Income before
Income Taxes 4,217,000 3,795,000 16,908,000 15,024,000
Net Income 2,705,000 2,450,000 10,682,000 9,434,000
Earnings per share:
Basic .26 .24 1.04 .95
Diluted .26 .24 1.02 .92
Weighted Average
Number of Shares
Outstanding:
Basic 10,276,526 10,102,161 10,254,088 9,977,490
Diluted 10,490,751 10,364,276 10,462,065 10,240,081
Summary Balance Sheet Data
--------------------------
March 31, March 31,
2005 2004
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Receivables (net): $11,486,000 $10,669,000
Inventories: 19,095,000 18,616,000
Total current assets: 32,600,000 31,066,000
Total assets: 85,880,000 85,297,000
Total current liabilities: 9,914,000 13,632,000
Long-term debt, less current portion: 2,800,000 11,720,000
Shareholders' equity: 69,071,000 56,807,000
Key Financial Data
------------------
Current ratio 3.3 2.3
Debt to equity ratio .05 .30
Book value per share $6.71 $5.57
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