Footmaxx six-month results
I'm posting these without comment. If anyone wants to discuss what we see here, I'd be happy to. - Cush
Footmaxx Holdings Inc FTMX
Shares issued 34,766,224 Aug 24 close $0.36
Wed 25 Aug 99 News Release
Ms. Jane Angus reports
Footmaxx's sales revenue for the first six months of 1999 of $7.1-million
compared with $4.4-million for the same period in 1998, an increase of 61.4
per cent. Gross profit for the period was $3.4-million, 53.4 per cent of
sales, as compared with $2.4-million, 61.3 per cent of sales, for the same
period in 1998. Investment in the company's first U.S. facility, including
a U.S. engineering department plus extensive product training and J.D.
Edwards system installation, account for the percentage reduction.
The net loss for the six-month period ended June 30, 1999, was
$2.4-million, compared with $4-million in 1998. This loss is primarily the
result of continued significant investment in developing the U.S. market
and the company's proprietary software, as well as the installation of J.D.
Edwards manufacturing and administration software systems.
Systems installed
Footmaxx continues to expand its customer base with 1,045 systems installed
as of June 30, 1999, compared with 627 as of June 30, 1998.
The company sold 51,692 pairs of orthotics in the six months to June 30,
1999. compared with 32,433 for the same period in 1998.
Footmaxx dynamic 8 Point Gait and Pressure Analysis
In July, Footmaxx introduced a significant upgrade to its unique Gait
Analysis Report by introducing a new Dynamic 8 Point Gait Analysis. This
new diagnostic report has been well received in the early days since its
announcement, particularly in the important U.S. market.
Product additions
In September, Footmaxx will introduce a new arthritic orthotic product line
that will be complimented by the Dynamic 8 Point Gait and Pressure Analysis
already introduced. These additions and enhancements should increase sales
volumes with existing system installations and be attractive to potential
customers.
CONSOLIDATED STATEMENT OF INCOME
Six months ended June 30
1999 1998
Sales $ 7,101,824 $ 4,393,886
Cost of sales 3,312,012 1,701,589
----------- -----------
Gross profit
before
inventory
allowance 3,789,812 2,692,297
Inventory
allowance 379,500 358,153
----------- -----------
Gross profit 3,410,312 2,334,144
----------- -----------
Sundry income/
(expense) (23,582) -
Expenses
Sales and
administration 4,058,784 4,365,731
Research and
development 987,749 1,452,590
----------- -----------
Total
operating
expenses 5,046,533 5,818,321
----------- -----------
Interest
expense 533,998 333,911
Depreciation
and
amortization 228,956 192,073
----------- -----------
Net loss $(2,422,757) $(4,010,161)
=========== =========== |
