Great earnings report! Text of report below. I have had the good fortune to be in another small cap that had its problems and very recently had a similarly great earnings reports. Look at the recent charts and news of PERI. Hopefully the same will happen with PLMD.
PolyMedica's First Quarter EPS Rises
92% to $0.25 On a 53% Revenue Gain
Expansion Strategy Continues to Deliver Record Results
WOBURN, MA--(BUSINESS WIRE)--July 20, 1999--PolyMedica Corporation (NNM: PLMD)
today reported record across-the-board consolidated results for the fiscal first quarter ended June
30, 1999. Accelerating customer shipments in the Company's direct-to-consumer diabetes supplies
business is fueling the very strong start for fiscal 2000.
For the fiscal first quarter, net revenues rose 53% to $31.6 million, from $20.7 million in the same
period a year earlier. Income from operations increased 68% to $4.5 million, from $2.7 million in the
year-earlier quarter. Net income rose 90% to $2.5 million, or $0.25 per share (diluted), from $1.3
million, or $0.13 per share (diluted), in the first quarter of fiscal l999. The Company generated $1.9
million in positive operating cash flow versus $539,000 during the entire fiscal 1999 year. This is the
tenth quarter of profitable growth in comparable periods.
Chairman and CEO Steven J. Lee noted that the Company shipped to a record number of
customers in the first quarter, solidifying its position as the nation's #1 provider of direct-to-consumer
diabetes supplies and services.
Commenting further on PolyMedica's first quarter performance, Mr. Lee said, ''The continuing very
strong momentum in our home delivery business reflects our marketing and service expertise and the
ever increasing incidence of diabetes among seniors. Through our direct response advertising, we
have developed the most extensive proprietary database of diabetic seniors in the US. Our highly
trained service force provides 24 hour-a-day assistance geared to the special needs of seniors with
chronic medical conditions. In July 1999, we added pharmacy service for diabetic customers who
also suffer from asthma and other respiratory conditions. We will continue to capitalize on our
marketing and service strengths to expand our direct-to-consumer business in diabetes and related
categories.''
The Company continues to lead its OTC market segment with its popular AZO brand line of female
urinary tract discomfort products. In April 1999, the AZO line was expanded to five distinctive
products with the introduction of AZO Menopause(TM), for relief from hot flashes and associated
symptoms, and AZO Confidence(TM), for temporary relief of incontinence.
PolyMedica is best known through its subsidiaries and product lines. The Company's Liberty
Medical Supply, Inc. subsidiary is the leading direct mail provider of diabetes testing supplies to
seniors who have Medicare coverage. Liberty offers approximately 200 brand-name products from
a full range of manufacturers. The Company's AZO line of products has risen to a 47% share of the
over-the-counter female urinary tract discomfort market. PolyMedica also is the leading
manufacturer and distributor of private-label digital thermometers and has the number two overall
market position in thermometers.
For more information on PolyMedica, please contact our web site at polymedica.com.
This press release contains forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ materially from those anticipated. Such risks
and uncertainties include, but are not limited to, changes in Medicare reimbursement, fluctuations in
customer demand, management of rapid growth, intensity of competition from other healthcare
product vendors, timing and acceptance of new product introductions, general economic conditions
and regulatory changes, as well as other especially relevant risks detailed in the Company's filings
with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the
period ended March 31, 1999, and the information set forth herein should be read in light of such
risks. The Company assumes no obligation to update the information contained in this press release. |
