Tutogen Medical Reports Record Third Quarter FY 2003 Revenue and Operating Income and Schedules Conference Call.Business Editors WEST PATERSON, N.J.--(BUSINESS WIRE)--July 31, 2003 Tutogen Medical, Inc., (AMEX AMEX See: American Stock Exchange : TTG tTG Tissue Transglutaminase TTG Telltale Games (website) TTG TiVo To Go TTG Time-To-Go TTG Tonalite-Trondhjemite-Granodiorite TTG Tea Tree Gully (South Australia) TTG Tom Tom Go ): -- Revenue $8.9 million (65% Growth) -- 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. $1.4 million (324% Growth) -- Net Income $0.05 per share Tutogen Medical, Inc., (AMEX: TTG) is pleased to report record Company quarter and third quarter FY 2003 revenues and net income. For the three months ended June 30, 2003 revenues increased 65% to $8,933,000 from $5,400,000 for the comparable period. Results include a one-time shipment of inventory of $1.9 million under the redefined terms of the distribution agreement recently signed with Centerpulse Spine-Tech, which established Spine-Tech as a "stocking distributor". Revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased 30%. Revenues from Centerpulse Spine-Tech and Centerpulse Dental increased approximately $1.0 million and independent distributor sales increased approximately $600,000 from the comparable period FY 2002. Revenues for the nine months ended June 30, 2003 increased 41% to $22,250,000 from $15,744,000 for the comparable period. The increase in revenue primarily occurred from the U.S. operation as its revenue increased 47% to 15,508,000 from $10,559,000 for the same period last year. Operating income is up over four times from the comparable period, from $337,000 in FY 2002 to $1,430,000 for this quarter. Operating income for the nine months ended June 30, 2003 is up over two times from $ 785,000 in FY 2002 to $1,929,000 in FY 2003. Net income for the three and nine months ended June 30, 2003 totaled $818,000 or $0.05 basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of and $1,084,000 or $0.07 basic and diluted earnings per share, respectively, as compared to a net income of $212,000 or $0.01 basic and diluted earnings per share and net income of $567,000 or $0.04 basic and diluted earnings per share for the same periods last year. Manfred Krueger, 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 Tutogen, commented, "this is the best quarter in Company history. The third quarter results are particularly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. in light of the Euro's continuing strength against the Dollar as we produce our precision machine-tooled bone graft products from our international operations. The steady growth in overall sales confirms earlier estimates of Tutogen's potential for growth during FY 2003. Despite the uncertainties created by the efforts of Zimmer Holdings and Smith & Nephew to acquire Centerpulse, the demand for Tutogen's superior products continues to support Centerpulse's Spine-Tech and Dental subsidiaries sales growth". Manfred Krueger and George Lombardi will conduct a conference call Monday, August 4th at 10 AM EST EST electroshock therapy. EST abbr. electroshock therapy . The participant dial-in number is: 877-407-9205 or 201-689-8054 (international). A replay will be available until August 8th at 877-660-6853 or 201-612-7415 (international). Replay access requires a/c #1628, conference ID # 72373. A web-cast of the call will be archived at: http://www.vcall.com/ClientPage.asp?ID=84339 Tutogen Medical, Inc. manufactures sterile biological implant products made from human (allograft allograft: see transplantation, medical. ) and animal (xenograft xenograft /xeno·graft/ (zen´o-graft) a graft of tissue transplanted between animals of different species; it may be concordant, ) tissue. Tutogen utilizes its Tutoplast Process(R) of tissue preservation and viral inactivation inactivation /in·ac·ti·va·tion/ (in-ak?ti-va´shun) the destruction of biological activity, as of a virus, by the action of heat or other agent. to manufacture and deliver sterile bio-implants used in spinal/trauma, urology, dental, ophthalmology, and general surgery procedures. Tutogen's products can be stored at room temperature and have a shelf life of 5 years. The Company's Tutoplast(R) products are sold and distributed worldwide by Centerpulse, (NYSE NYSE See: New York Stock Exchange : CEP CEP congenital erythropoietic porphyria. CEP abbr. congenital erythropoietic porphyria ), the Mentor Corporation (NMS See NetWare Management System. : MNTR), IOP IOP intraocular pressure. IOP Intraocular pressure, see there , Inc. and through independent distributors and subsidiaries in the U.S., Germany and France. For more information, visit the Company's web site at http://www.tutogen.com. Certain statements in this news release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve risks and uncertainties, which may differ materially from those set forth in these statements. In addition, the economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission could affect such results.
TUTOGEN MEDICAL, INC. and
SUBSIDIARIES
CONSOLIDATED FINANCIAL SUMMARY
(in thousands except per share data)
Three Months Ended Nine Months Ended
June 30, June 30,
---------- ---------
2003 2002 2003 2002
---- ---- ---- ----
REVENUE $8,933 $5,400 $22,250 $15,744
GROSS MARGIN 5,312 3,218 13,263 8,322
OPERATING EXPENSES 3,882 2,881 11,334 7,537
OPERATING INCOME 1,430 337 1,929 785
OTHER (EXPENSE) INCOME (70) 21 (129) 64
INTEREST EXPENSE (13) (12) (39) (49)
PRE-TAX INCOME 1,347 346 1,761 800
INCOME TAX EXPENSE 529 134 677 233
NET INCOME $818 $212 $1,084 $567
BASIC EARNINGS PER SHARE
FROM CONTINUING OPERATIONS $0.05 $0.01 $0.07 $0.04
DILUTED EARNINGS PER SHARE
FROM CONTINUING OPERATIONS $0.05 $0.01 $0.07 $0.04
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, Sept. 30,
2003 2002
CURRENT ASSETS $22,888 $16,802
FIXED ASSETS, NET 4,730 4,119
INTANGIBLE AND OTHER ASSETS 33 -
DEFERRED INCOME TAXES 1,324 2,827
TOTAL ASSETS $28,975 $23,748
CURRENT LIABILITIES $8,639 $5,946
LONG TERM DEBT 749 693
DEFERRED DISTRIBUTION FEES 3,155 3,181
SHAREHOLDERS' EQUITY 16,432 13,928
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $28,975 $23,748
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