SHPI Announces Results for First Quarter Ended March 31, 2005.BOUNTIFUL, Utah Bountiful is a city in Davis County, Utah, United States. As of the 2000 census, the city population was 41,301, a small increase over the 1990 figure of 37,544. The estimated population in 2004 was 41,173, a slight decrease from 2000. -- Specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. Health Products International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SHPI SHPI Symposium on High Performance Interconnects ) -- Revenue increases 46% to $1.7 million -- Third consecutive profitable quarter with net income greater than $100,000, before non-cash compensation expense Specialized Health Products International, Inc. (OTCBB:SHPI), a leader in the design and development of medical safety devices, today reported 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: financial results for the first quarter ended March 31, 2005. First quarter highlights include: --Total revenue increases 46% compared to the first quarter of 2004 --Sales of manufactured products more than double year-over-year --SG&A, before non-cash compensation expense, decreases to 33% of revenue from 56% in the same period last year --Net income, before non-cash compensation expense, improves to $101,000 compared to a loss of $283,000 in Q1 2004 --Company receives 510(k) clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel to market SecureLoc(TM) Safety Introducer Needle needle, implement of metal or other material used to carry the thread in sewing and in various forms of needlework and manufacturing. The earliest needles were merely awls or punches. Revenues for the first quarter of 2005 were $1.7 million, an increase of 46% from the $1.1 million recorded in the same period last year. Excluding amortization of deferred stock-based compensation, net income for the quarter was $101,000 compared to a net loss of $283,000 for the first quarter of 2004. Including amortization of $319,000 in deferred stock-based compensation, the Company reported a net loss of $218,000, or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations on an earnings 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 basis, for the first quarter of 2005, compared to a loss of $283,000, or $(0.01) per diluted share, for the same period last year. "We are very pleased with the results achieved in the first quarter and believe that we are off to a strong start in 2005," commented Jeff Soinski, President and Chief Executive Officer. "By successfully utilizing our research and development capabilities to develop patented technology and proprietary medical devices, we are strengthening our product portfolio and overall platform for growth. This solid platform, coupled with our expanding OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and distributor sales channels, enabled us to grow our first quarter top- top- pref. Variant of topo-. and bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. results ahead of expectations and drive our share of the addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. medical products market." Mr. Soinski continued, "We expect to build on this momentum and, thus far in 2005, we have received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. marketing clearance for our new SecureLoc(TM) Safety Introducer Needle product line and have filed a 510(k) application for MiniLoc(TM) Safety Infusion Set An infusion set is used with an insulin pump as part of intensive insulin therapy. The purpose of an infusion set is to deliver insulin under the skin. It is a complete tubing system to connect an insulin pump to the pump user: it includes a subcutaneous cannula, adhesive mount, , our next generation safety Huber Huber may refer to:
"We are encouraged by our accomplishments in the first quarter and believe that we have the core intellectual property platforms and leading safety medical products to deliver superior value to our customers and build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for our stockholders," Mr. Soinski concluded. "Entering the second quarter, our shipments and deliveries, particularly of our manufactured products, remain strong. Given these factors and the opportunities in the safety medical device market, we expect revenue and net income to continue to improve and to achieve profitability for the year, before non-cash stock based compensation expense." SHPI will conduct a conference call to discuss first quarter 2005 financial results on Wednesday Wednesday: see week. , May 11, 2005, at 4:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Investors can participate in the conference call live by dialing (888) 428-4480 in the U.S. and (612) 332-1025 internationally. In addition, the call will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the hosted at www.shpi.com under "Webcast" and will be archived online within one hour after completion of the call. A replay of the call will be available for one week after the event by dialing (800) 475-6701 in the U.S. and (320) 365-3844 internationally and entering access code: 780191. About Specialized Health Products International, Inc. SHPI is a leading developer, manufacturer and marketer of proprietary disposable medical devices for clinician clinician /cli·ni·cian/ (kli-nish´in) an expert clinical physician and teacher. cli·ni·cian n. and patient safety. Our innovative safety devices are designed to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the efficiency and quality of healthcare, while minimizing the risk of accidental accidental /ac·ci·den·tal/ (ak?si-den´t'l) 1. occurring by chance, unexpectedly, or unintentionally. 2. nonessential; not innate or intrinsic. needlesticks. Through proprietary design and manufacturing processes, we have developed multiple products based upon two primary patented technology platforms, FlexLoc(R) and SecureLoc(TM), which apply to virtually all medical needles used today. We manufacture and market certain products, including LiftLoc(R) Safety Infusion Set, under our own label. We license or supply other products to leading manufacturers and marketers in the global disposable medical product industry. For more information about SHPI, visit our web site at www.shpi.com This news release contains 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. within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic conditions, risks in product and technology development, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings. These factors and others could cause operating results to vary significantly from those in prior periods and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.
SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 2005 AND 2004
Quarters Ended
-----------------------
Revenue: March 31, March 31,
2005 2004
----------- -----------
Product sales and royalties $1,355,179 $902,297
Technology fees and license revenues 198,906 198,906
Development fees and related services 105,801 35,163
----------- -----------
Total revenue 1,659,886 1,136,366
Cost of sales 326,256 184,736
----------- -----------
Gross profit 1,333,630 951,630
Operating expenses:
Research and development (2005 excludes
amortization of deferred compensation of
$106,788) 671,234 617,679
Sales and marketing (2005 excludes
amortization of deferred compensation of
$3,348) 223,070 339,393
General and administrative (2005 excludes
amortization of deferred compensation of
$208,728) 334,408 291,858
Amortization of deferred compensation 318,864 -
----------- -----------
Total operating expenses 1,547,576 1,248,930
----------- -----------
Income (loss) from operations (213,936) (297,300)
Other income (expense) (3,690) 13,979
----------- -----------
Net loss $(217,636) $(283,321)
=========== ===========
Net loss per share $.00 $(.01)
=========== ===========
Weighted average number of common shares
outstanding 44,458,261 26,720,570
=========== ===========
SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2005 AND DECEMBER 31, 2004
ASSETS March 31, December 31,
------ 2005 2004
------------ ------------
Current assets:
Cash and cash equivalents $ 1,166,265 $1,571,926
Accounts receivable 1,110,547 1,228,647
Inventory 264,274 286,577
Prepaid expenses and other 155,722 146,924
------------ ----------
Total current assets 2,696,808 3,234,074
------------ ----------
Property and equipment, net 600,076 447,907
Intangible assets, net 256,115 261,115
Other assets 142,630 114,633
------------ ------------
$ 3,695,629 $ 4,057,729
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities $ 602,454 $ 1,012,119
Accrual for patent litigation expenses, net
of current portion 692,161 791,365
Deferred revenue, net of current portion 70,000 77,500
Deferred rent 8,892 10,797
------------ ------------
Total liabilities 1,373,507 1,891,781
------------ ------------
Stockholders' equity:
Preferred stock, $.001 par value;
30,000,000 shares authorized,
0 and 0 shares Series A outstanding,
respectively - -
Common stock, $.02 par value; 70,000,000
shares authorized, 44,481,945 and
44,457,995 shares issued and outstanding,
respectively 889,639 889,160
Additional paid-in capital 42,062,333 42,007,866
Deferred compensation (3,259,502) (3,578,366)
Accumulated deficit (37,370,348) (37,152,712)
------------ ------------
Total stockholders' equity 2,322,122 2,165,948
------------ ------------
$ 3,695,629 $ 4,057,729
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