AMERICAN MEDICAL TECHNOLOGIES REPORTS QUARTERLY EARNINGS
AMERICAN MEDICAL TECHNOLOGIES REPORTS QUARTERLY EARNINGS HOUSTON, Aug. 19 /PRNewswire/ -- American Medical Technologies, Inc.
(AMT) (NASDAQ: AMOT) today announced record net income of $1,568,902, or $.14 per share, for the second quarter ended June 30, 1992, compared with a net loss of $134,497, or $.02 per share, for the same quarter in 1991.
Net income for the current period included an extraordinary gain of $342,294, or $.03 per share, from a net operating loss tax carryforward benefit. Net income also reflected a gain on the sale of securities of $2.1 million, realized from the sale of a minority interest in AMT's medical waste management subsidiary, 3CI Complete Compliance Corporation (3CI) (NASDAQ: TCCC). For the six months ended June 30, 1992, net income was $1,075,776, or $.10 per share, after giving effect to the extraordinary gain and sale of securities realized in the second quarter, compared with a net loss of $262,779, or $.04 per share, for the same period in 1991. Revenues for the three months and six months ended June 30, 1992, were $1.9 million and $3.5 million, respectively. AMT had no revenues in the comparable 1991 periods, since the company did not acquire its current operating unit, 3CI, until Sept. 6, 1991. 3CI, a leader in the medical waste management industry, successfully completed an initial public offering of its stock on April 14, 1992. According to Leonard A. Bedell, executive vice president and CFO, "The record earnings were attributable to a gain from the sale of a minority interest in 3CI, as well as current operations of the subsidiary. Substantial progress has been accomplished in positioning AMT as a significant participant in the environmental and technology industries. AMT's balance sheet is strong, shareholders' equity has increased over $3 million since Dec. 31, 1991, and there is no long-term debt outstanding." Tidel Engineering, Inc., AMT's next proposed acquisition, will further broaden the company's environmental technology market, provide a well-established product line in cash management and security systems, and offer a promising new low-cost automated teller machine. The transaction is expected to close on or before Sept. 30, 1992. AMERICAN MEDICAL TECHNOLOGIES, INC. Summary Financial Data (In 000s, except per-share data) Three months ended June 30 1992 1991 (unaudited) Consolidated operating data: Revenues $1,915 N/A(A) Net income (loss) 1,569 (134) Average number of shares outstanding 11,340 6,654 Net income (loss) per share $.14 $(.02) Six months ended June 30 1992 1991 (unaudited) Revenues $3,451 N/A(A) Net income (loss) 1,076 (263) Average number of shares outstanding 11,031 6,654 Net income (loss) per share $.10 $(.04) Consolidated Balance Sheet Data 6/30/92 12/31/91 (unaudited) Cash and cash equivalents $3,428 $549 Current assets 4,946 1,756 Total assets 12,137 9,372 Current liabilities 3,453 6,318 Long-term notes payable -- 1,480 Minority interest in subsidiary 4,039 -- Shareholders' equity 4,645 1,574 Current working capital 1,493 (4,562) (A) -- Comparable revenue amounts for 1991 have been omitted since the acquisition of 3CI Complete Compliance Corporation was not completed until Sept. 6, 1991. Revenues for the three months and six months ended June 30, 1991, for 3CI were $1.2 million and $2.1 million, respectively. -0- 8/19/92 /CONTACT: Leonard A. Bedell, executive vice president and CFO of American Medical Technologies, 713-783-8200/ (AMOT) CO: American Medical Technologies, Inc. ST: Texas IN: MTC SU: ERN
CK-OS -- NY037 -- 1330 08/19/92 12:12 EDT
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|Date:||Aug 19, 1992|
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