Sabratek Reports Record Sales and Net Income in 1997 First Quarter; Sales Increase 154% for the Quarter
Wednesday, April 30, 1997 7:50 AM
NILES, Ill., April 30 /PRNewswire/ -- Sabratek Corporation today announced its financial results for the three months ended March 31, 1997. Net sales for the quarter increased 154% to $7.5 million compared to $2.9 million for the same period last year. Net income for the quarter was $1,046,000, or $0.11 per share, compared to a loss of $1.7 million or $0.25 per share (pro forma) for the same period last year (first quarter
1996 included a non-recurring charge of $1.6 million for stock appreciation
rights). These results mark the Company's fifth consecutive quarter of record sales and its third consecutive quarter of record net income. The quarter also includes one month integration into Sabratek's product line of the I.V. Admixture and prefilled syringe products of the corporation's new Rocap Division. For the three month period, there were 9.5 million shares outstanding on a weighted average basis.
"We are pleased to begin 1997 with continued strong sales momentum, the signing of several major home healthcare providers and the completion of our first acquisition, Rocap," said K. Shan Padda, chief executive officer of Sabratek. "The market continues to validate Sabratek's Seamless Delivery Systems(TM) approach which now includes MediVIEW(TM), PumpMaster(TM) and Rocap Division products in addition to infusion devices and disposables. In April, we completed a secondary offering raising nearly $22 million, further strengthening our balance sheet. We are pleased with our progress towards achieving the founding vision of Sabratek, the creation of a 'virtual hospital room.'"
Sabratek Corporation develops, produces and markets technologically advanced, user friendly, interactive therapeutic and diagnostic medical systems designed specifically to meet the needs of the alternate-site healthcare market. The Company's multi-therapy infusion and other systems reduce operating costs while improving the delivery and quality of care, allowing high-acuity patients to be treated in alternate-site settings. Sabratek's proprietary MediVIEW healthcare information system provides remote programming as well as real-time diagnostic and therapeutic data capture capabilities, allowing caregivers to monitor patient compliance more effectively and allowing providers to develop outcome analyses and optimal clinical protocols. Sabratek's PumpMaster facilitates mandatory equipment maintenance without the costly retrieval of pumps for testing in centralized laboratories. The Company has designed its integrated hardware and software to permit providers to achieve cost-effective movement of patients along the continuum of alternate-site healthcare settings.
This press release contains forward-looking statements. The actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward looking statements as contained in the Company's periodic reports filed under the Securities Exchange Act of 1934, as amended (copies of which are available upon request
from the Company's Investor Relations Department).
Sabratek Corporation
Condensed Balance Sheet
(in thousands)
March 31, December 31,
Assets 1997 1996
(unaudited)
Current assets:
Cash & cash equivalents $2,385 $10,447
Short-term investments in marketable
securities 7,479 4,352
Receivables, net 11,757 8,305
Inventories 6,326 5,049
Other current assets 770 711
Total current assets 28,717 28,864
Property plant & equipment, net 2,103 1,774
Notes receivable 802 200
Long-term Investments in marketable
securities 2,001 2,012
Goodwill 4,033 --
Other 113 101
Total $37,769 $32,951
Liabilities and Stockholders' Equity
Current liabilities
Short-term debt, accounts payable
and accrued liabilities $4,316 $4,051
Other 380 226
Total current liabilities 4,696 4,277
Long term obligations 1 1
Other 7 23
Total liabilities 4,704 4,301
Stockholders' equity 33,065 28,650
Total 37,769 32,951
Sabratek Corporation
Statement of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
(unaudited) (unaudited)
1997 1996
Net sales $7,467 2,944
Cost of sales 3,027 1,456
Gross margin 4,440 1,488
Selling, general, and
administrative expenses 3,499 1,476
Operating income 941 12
Other income (expense):
Interest income 143 2
Interest expense (5) (104)
Stock appreciation rights -- (1,626)
Other (12) --
Net income (loss) before taxes 1,067 (1,716)
Income tax provision 21 --
Net Income (loss) $1,046 $(1,716)
Net income (loss) per share
(1996 pro forma) $0.11 $(0.25)
Weighted average shares outstanding
(1996 pro forma) $9,536 $6,610 SOURCE Sabratek Corporation
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