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Footmaxx 1999 year-end resultsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Footmaxx Holdings Incÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ FTMX
Shares issued 35,766,224ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Apr 24 close $0.15
Thu 27 Apr 2000ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Mr. John Fowler reports
Footmaxx today released its financial results for the year endedÿ Dec.ÿ 31,
1999.
Sales for the year were $14,127,137ÿ comparedÿ withÿ salesÿ ofÿ $10,198,886
duringÿÿ theÿ yearÿ endedÿ Dec.ÿ 31,ÿ 1998,ÿ representingÿ anÿ increaseÿ of
approximately 38.5 per cent. This follows a 116 per cent increase inÿ sales
for 1998 over 1997.
The increase in sales was primarily due to continuingÿ volumeÿ growthÿ from
installedÿ Footmaxx diagnostic scanning systems and from the additional 313
systems placed with cliniciansÿ inÿ 1999.ÿ Throughÿ Dec.ÿ 31,ÿ 1999,ÿ 1,175
Footmaxxÿ diagnosticÿ systemsÿ wereÿ inÿ operationÿ with customers in North
America, Europe, Australia and South America.
In 1999, Footmaxx invested heavily inÿ informationÿ systemsÿ andÿ operating
infrastructureÿ to meet its future growth needs. Manufacturing capacity was
increased in 1998 with an expansion of its Toronto plant in Marchÿ andÿ the
openingÿ ofÿ aÿ U.S. facility in Goffstown, N.H., in July. Each plant has a
rated capacity of 120,000 pairs of orthotics perÿ year.ÿ Withÿ theÿ Toronto
plantÿ operatingÿ atÿ two-thirds potential capacity and the Goffstown plant
operating at one-third potential capacity, Footmaxx can comfortablyÿ handle
the volume demand.
For the year, Footmaxx incurred a net loss of $5,916,768 orÿ 17ÿ centsÿ per
common share, compared with a net loss of $8,804,408 or 34 cents per common
share during the year ended Dec. 31, 1997.ÿ Theÿ lossÿ forÿ theÿ periodÿ is
largely the result of the company's continued investment and expenditure on
operations systems to support future growth andÿ onÿ sales,ÿ marketingÿ and
software development to ensure its continued rapid growth in North America.
During the year, Footmaxx completed a private placement of special warrants
raisingÿ gross proceeds of $5-million. Interest payments on all outstanding
debentures are accrued in cash or stock atÿ theÿ company'sÿ discretionÿ and
payableÿ onÿ maturityÿ onÿ Sept.ÿ 20,ÿ 2000, or on conversion, whichever is
earlier.
The company's annual general meeting is scheduled for June 6,ÿ 2000,ÿ 10:00
a.m. at the Holiday Inn on King, 370 King Street West, Toronto.
ÿÿÿÿÿÿ CONSOLIDATED FINANCIAL RESULTS
ÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿ Year ended Dec. 31
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1999ÿÿÿÿÿÿÿÿÿ 1998
ÿÿ
Salesÿÿÿÿÿÿÿÿÿÿ $14,127,137ÿÿ $10,198,886
Cost of salesÿÿÿÿ 7,012,871ÿÿÿÿ 4,594,711
Gross profit
before inventory
allowance:ÿÿÿÿÿÿÿ 7,114,266ÿÿÿÿ 5,604,175
Inventory
allowance on
consigned revenueÿÿ 811,510ÿÿÿÿÿÿ 734,254
Generating systemsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿ
Gross profitÿÿÿÿÿ 6,302,756ÿÿÿÿ 4,869,921
Sundry incomeÿÿÿÿÿÿÿÿ 1,907ÿÿÿÿÿÿÿ 18,848
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -----------ÿÿ -----------
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 6,304,663ÿÿÿÿ 4,888,769
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Expensesÿÿ
Sales and
administrationÿÿÿ 8,539,986ÿÿÿÿ 9,660,498
Research and
developmentÿÿÿÿÿÿ 1,919,895ÿÿÿÿ 2,900,765
Interestÿÿÿÿÿÿÿÿÿ 1,178,356ÿÿÿÿÿÿ 663,380
Amortization and
depreciationÿÿÿÿÿÿÿ 583,194ÿÿÿÿÿÿ 468,534
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ----------ÿÿÿ ----------
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 12,221,431ÿÿÿ 13,693,177
Net (loss)ÿÿÿÿÿ $(5,916,768)ÿ $(8,804,408)
(Loss) per
common shareÿÿÿÿÿÿÿÿ $(0.17)ÿÿÿÿÿÿ $(0.34)
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