An exquisite earnings report today...
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Press Release
Source: Rockwell Medical Technologies, Inc.
Rockwell Medical Technologies, Inc. Reports Third Quarter Earnings Per Share of $0.01; Quarterly Net Revenues Reach Record $3.9 Million Achieving an Increase of 37 Percent
Thursday November 6, 8:02 am ET
WIXOM, Mich., Nov. 6 /PRNewswire-FirstCall/ -- Rockwell Medical Technologies, Inc. (Nasdaq: RMTI - News), a leading, innovative dialysis products manufacturer serving the healthcare industry, today announced results for the third quarter and nine months ended September 30, 2003.
* Third quarter net income was $84,850, or $.01 per common share, compared with a net loss of ($182,852), or ($.02) per share for the third quarter of 2002.
* Third quarter net revenue increased to a record $3,939,000, a 37% increase over the same period in 2002.
* Gross profit margin increased to 18.1% in the third quarter compared with 14.4% in the third quarter last year.
* Net revenue for the first nine months of 2003 was $10,827,169; an increase of 37.2% over the same period in 2002.
* Dri-Sate® Dry Acid Concentrate sales increased 34% in the first nine months of 2003 as compared to the same period in 2002.
For the third quarter ended September 30, 2003, Rockwell Medical Technologies, Inc. reported net revenues increased 37% to a record $3,939,000 compared with net revenues of $2,882,853 for the same period in 2002. Net income for the third quarter of 2003 rose to a profit of $84,850 compared with a loss of ($182,852) in the same period in 2002. Net earnings per share for the third quarter of 2003 increased to $.01 compared with a loss of ($.02) in the same quarter of last year. Third quarter gross profit margins increased 3.7 percentage points to 18.1% compared with 14.4% in the third quarter of 2002.
Net revenues for the first nine months of 2003 increased 37.2% to $10,827,169 compared with net revenues of $7,890,777 for the first nine months of 2002. Gross profit margin increased 5.0 percentage points to 16.3% during the first nine months of 2003 compared to the same period in 2002. For the nine months ended September 30, 2003, year to date net loss was ($95,172) or ($.01) per share reflecting an $813,000 net income improvement or a $.11 per share improvement compared with the same period in 2002. The Company realized substantial growth in sales of its Dri-Sate® Dry Acid Concentrate product line with revenue up 34% compared to the first nine months of 2002.
Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical Technologies, Inc. stated, "We are extremely pleased with these results. The third quarter was highlighted by record financial performance. This is a milestone achievement in Rockwell's development. As we entered 2003, we felt that our core business was positioned to achieve a profitable running rate by year-end. Increased sales volume coupled with enhanced operating and distribution efficiencies resulted in improved margins and operating results. The profitability of our core business should continue to improve as sales revenues increase. We also increased our expenditures during the third quarter for the development of our Dialysate Iron Therapy initiative and we are excited about the future potential that this innovative, proprietary product holds for Rockwell."
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biz.yahoo.com
Since these Q3 numbers don't include much from the new DaVita sales, and with the bulk of that increase to come in Q4 or Q1/04, the announced Q4 guidance of an EPS of nil to $.02 seems conservative should sales continue to ramp as projected.
In short, after finally achieving profitability in this earnings report, RMTI appears to be headed for sustained profitability for the foreseeable future. |
