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Footmaxx increases first quarter sales 12.9%ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Footmaxx Holdings Incÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ FTMX
Shares issued 35,766,224ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Apr 24 close $0.15
Thu 27 Apr 2000ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr. John Fowler reports
Financial results for the first quarter operations endedÿ Marchÿ 31,ÿ 2000,
were as follows:
Sales in the quarter were $3,703,634 compared with sales of $3,279,667ÿ for
theÿ three months ended March 31, 1999, a 12.9-per-cent increase. The gross
profit in the quarter increased to $1,939,371 from $1,807,563 in theÿ first
quarterÿ of 1999. Operating expenses decreased to $1,961,144 in the quarter
compared with $2,508,953 in the same period of 1999. The operating loss was
$701,469ÿ forÿ theÿ first quarter compared with a loss of 1,277,978 for the
same period in 1999. This loss was mainly due to interest costs of $344,977
and amortization of $334,720.
The company substantially improved its operating performance inÿ theÿ first
quarter,ÿ incurringÿ anÿ operatingÿ loss of just $21,773 as compared with a
loss of $701,390 inÿ 1999.ÿ Theÿ dramaticÿ improvementsÿ areÿ aÿ resultÿ of
continuedÿ salesÿ growth,ÿ andÿ improvedÿ margins. As well, the substantial
investment made by the company in the last four years in systems, software,
research and development is generating improved productivity, controls, and
customer care. With these results Footmaxx was close to being cash positive
on operations for the quarter.
The loss per common share was 1.9 cents for theÿ quarterÿ comparedÿ withÿ a
loss of 3.7 cents per common share for the first quarter of 1999.
In the period Jan. 1, 2000, to March 31, 2000, the company installed 31 new
Footmaxxÿÿ diagnosticÿÿ scanningÿ systemsÿ bringingÿ theÿ totalÿ numberÿ of
installations to 1,206. This compares with the first quarter of 1999ÿ where
theÿ company installed 60 new scanning systems bringing the total number of
installations to 922 systems. During the period of Jan. 1, 2000,ÿ toÿ March
31,ÿ 2000,ÿ theÿ companyÿ soldÿ 30,129ÿ pairsÿ ofÿ orthotics and 6,825 gait
analysis reports. This compares with the first quarter ofÿ 1999ÿ whereÿ the
company sold 23,424 pairs of orthotics and 5,415 gait analysis reports.
ÿÿÿÿÿÿÿÿÿ STATEMENT OF EARNINGS
ÿÿÿÿÿÿ Three months ended March 31
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 2000ÿÿÿÿÿÿÿÿÿ 1999
Salesÿÿÿÿÿÿÿ $ 3,703,635ÿÿ $ 3,279,667
Cost of salesÿ 1,764,264ÿÿÿ (1,472,104)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Gross profit
before inventory
allowanceÿÿÿÿÿ 1,939,371ÿÿÿÿ 1,807,563
Inventory
allowance on
consigned revenue
generating
systemsÿÿÿÿÿÿÿÿ (184,720)ÿÿÿÿ (189,750)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Gross profitÿÿ 1,754,651ÿÿÿÿ 1,617,813
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Expensesÿÿ
Sales and
adminÿÿÿÿÿÿÿÿ (1,662,519)ÿÿ (1,957,292)
Research and
developmentÿÿÿÿ (298,625)ÿÿÿÿ (551,661)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Total operating
expensesÿÿÿÿÿ (1,961,144)ÿÿ (2,508,953)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Interest
expenseÿÿÿÿÿÿÿÿ (344,977)ÿÿÿÿ (272,260)
ÿÿ
Depreciation
and
amortizationÿÿÿ (150,000)ÿÿÿÿ (114,578)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Net income
before taxÿÿÿÿÿ (701,470)ÿÿ (1,277,978)
Income taxÿÿÿÿÿÿÿÿÿÿÿÿ 0ÿÿÿÿÿÿÿÿÿÿÿÿ 0
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Net profitÿÿ
(loss)ÿÿÿÿÿÿÿÿÿ (701,470)ÿÿ (1,277,978)
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
Income (loss)
per common
shareÿÿÿÿÿÿÿÿÿÿÿÿÿ (0.02)ÿÿÿÿÿÿÿ (0.04)
ÿÿ
Netÿ profit
(loss)ÿÿÿÿÿÿÿÿÿ (701,470)ÿÿ (1,277,978)
Add backÿÿ
Inventory
allowanceÿÿÿÿÿÿÿ 184,720ÿÿÿÿÿÿ 179,750
Deprecation,
amortizationÿÿÿÿ 150,000ÿÿÿÿÿÿ 114,578
Interest,
expenseÿÿÿÿÿÿÿÿÿ 344,977ÿÿÿÿÿÿ 272,260
ÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------ÿ
EBITA (loss) $ÿÿ (21,773)ÿ $ÿ (701,390)
ÿÿÿÿÿÿÿÿÿÿÿÿ ===========ÿÿ ===========ÿ
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