Why no discussion -- or minimal discussion, Cause a
discussion usually involves more than oneself.(ggggggg)
Yahoo thread very active for CMED. You should check out if
you haven't already.
I agree with your points. Frankly, imo, the downward
reaction to the latest earnings release was pure stupidity
on the markets part. On the other hand it's a gift to be
able to buy more at these prices. If you read the release
and see the growth in sales and profits, look at the
increased profit margins, look at the increasing working
capital and equity, you see exactly why I kid that CMED is
a no-brainer.
Let's not forget the good folks at Forbes picking CMED to
be in their Supercharged Ten of stocks most likely to
supercharge your portfolio over the next 12 months.
There's an awful lot of other stocks on the market they
could have picked (gg). Really
just confirmation of that which we already "know" :)
dax
Monday November 8, 4:00 pm Eastern Time
Company Press Release
Colorado MEDtech, Inc. Announces First Quarter Results
BOULDER, Colo.--(BW HealthWire)--Nov. 8, 1999--Colorado
MEDtech, Inc. (Nasdaq: CMED - news), a Boulder, Colorado-
based medical products and outsourcing services company,
today announced results for its first quarter ended
September 30, 1999.
Net income in the first quarter increased to $1.9 million,
an increase of 45%, compared to $1.3 million in the same
quarter last year and earnings per share were 15 cents per
diluted share compared to 11 cents per diluted share in the
same period last year. Sales in the first quarter were
$17.8 million, an increase of 32%, compared to $13.4
million in the same period last year.
``We are pleased to report these results in what has
historically been our slowest quarter,' said John V.
Atanasoff, President and CEO. ``This is our 25th
consecutive quarter of profitable results.'
Mr. Atanasoff continued: ``This fiscal year, acquisitions
are very promising because we have substantial talent and
financial resources to pursue opportunities. In the first
quarter, we invested to facilitate our continued growth,
acquiring the operating assets of Creos Technologies, LLC.
The acquisition of the Creos x-ray power generation
technology was very favorable from a strategic aspect, as
it expanded our imaging technology into the x-ray market.
The x-ray power generator business is being integrated into
our Imaging and Power Systems division and our
Manufacturing division. In October we signed a letter of
intent to acquire CIVCO Medical Instruments Co., Inc., and
we are currently working to complete that acquisition.
CIVCO is a leading designer and manufacturer of specialized
medical products for ultrasound imaging equipment and
procedures and for minimally invasive surgery equipment and
procedures. CIVCO is important from a strategic standpoint,
as it will complement and integrate with our Imaging and
Power Systems division and the CMED Catheter and
Disposables Technology unit. Beyond Creos and CIVCO, we
continue to seek additional acquisition partners that
complement our niche markets and strengthen our
technological capabilities.'
Statements in this news release which are not historical
facts are forward-looking statements subject to risks and
uncertainties which could cause actual results to differ
materially from those set forth in or implied by forward-
looking statements, including, but not limited to, the risk
that the Company's existing level of orders may not be
indicative of the level or trend of future orders, the risk
that the Company may not successfully complete the work
encompassed by such orders, the risk that pending
acquisitions may not close, the risk that acquired
companies cannot be successfully integrated with the
Company's existing operations and the risk that a downturn
in general economic conditions or customer budgets may
adversely affect research and development and capital
expenditure budgets of potential customers upon which the
Company is dependent. These factors are more fully
described in the Company's documents filed with the
Securities and Exchange Commission, including its Form 10-K
for the year ended June 30, 1999, copies of which the
Company will provide on request.
Colorado MEDtech, Inc., through its wholly-owned affiliates
and operating divisions, is a leading full-service provider
of advanced medical products and comprehensive outsourcing
services for medical device and pharmaceutical companies.
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 1999 June 30, 1999
------------------ -------------
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 1,663,021 $ 8,457,552
Short-term investments 14,570,105 14,394,870
Accounts receivable, net 14,170,270 10,725,887
Inventories, net 6,217,328 4,598,686
Deferred income taxes and
other current assets 2,343,814 2,283,177
------------ ------------
Total current assets 38,964,538 40,460,172
------------ ------------
PROPERTY AND EQUIPMENT, net 2,946,187 2,378,294
------------ ------------
GOODWILL, net 2,152,980 1,582,039
------------ ------------
LAND, DEFERRED INCOME TAXES
AND OTHER ASSETS 1,271,053 1,267,377
------------ ------------
TOTAL ASSETS $ 45,334,758 $ 45,687,882
=========== ============
CURRENT LIABILITIES:
Accounts payable $4,466,090 $5,664,484
Accrued salaries and wages 3,104,554 4,519,996
Accrued product service costs 328,962 313,409
Customer deposits 2,854,865 3,482,841
Other accrued expenses 2,640,202 2,455,555
Income taxes payable 781,020 564,274
------------ ------------
Total current liabilities 14,175,693 17,000,559
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock 11,555,234 11,000,446
Retained earnings 19,575,451 17,658,497
Unrealized gain on
available-for-sale investment 28,380 28,380
------------ ------------
Total shareholders' equity 31,159,065 28,687,323
------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 45,334,758 $ 45,687,882
============ ============
COLORADO MEDTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(UNAUDITED)
1999 1998
---- ----
SALES AND SERVICE $ 17,765,772 $ 13,408,421
COST OF SALES AND SERVICE 10,912,387 8,434,125
------------ ------------
GROSS PROFIT 6,853,385 4,974,296
------------ ------------
COSTS AND EXPENSES:
Marketing and selling 772,281 551,885
Operating, general and
administrative 2,704,719 1,979,653
Research and development 533,690 487,590
------------ ------------
Total operating expenses 4,010,690 3,019,128
------------ ------------
EARNINGS FROM OPERATIONS 2,842,695 1,955,168
OTHER INCOME, NET 225,259 177,737
------------ ------------
EARNINGS BEFORE INCOME TAXES 3,067,954 2,132,905
Provision for income taxes 1,151,000 814,000
------------ ------------
NET INCOME $ 1,916,954 $ 1,318,905
============ ============
NET INCOME PER COMMON AND
COMMON EQUIVALENT SHARE:
Basic $ .17 $ .12
============ ============
Diluted $ .15 $ .11
============ ============
WEIGHTED AVERAGE COMMON AND
COMMON EQUIVALENT SHARES
OUTSTANDING:
Basic 11,136,756 10,740,529
============ ============
Diluted 12,948,710 12,336,377
============ ============
--------------------------------------------------------------------------------
Contact:
Colorado MEDtech, Inc.
John V. Atanasoff, President and CEO
Stephen P. Hall, CFO
303/530-2660
Fax: 303/581-1010
Email: cmedinfo@cmed.com
Website: www.cmed.com |
