American Dental Technologies Reports 1st Quarter Earnings of $.11 Per Diluted Share
SOUTHFIELD, Mich.--(BW HealthWire)--May 7, 1998--American Dental Technologies, Inc. (NASDAQ:ADLI) reported a net income for the first quarter of 1998 of $840,664 or $.12 per diluted share compared to $886,274 or $.11 per diluted share in the first quarter of 1997. Revenues in the first quarter of 1998 were $5,612,113 compared to $5,513,864 in the first quarter of 1997.
"Earnings are in line with management's expectations. Sales in North America increased approximately 25% in the first quarter of 1998 compared to 1997, however; as expected, foreign sales in the first quarter of 1998 declined compared to 1997," said Ben Gallant, President and CEO. "We expect continued growth in North American sales for the remainder of 1998 and anticipate foreign sales for 1998 will exceed those in 1997."
Mr. Gallant's statements concerning the Company's business prospects are "forward looking statements" within the meaning of the Securities Exchange Act of 1934 and are subject to uncertainties. Such uncertainties include, without limitation, the failure of distributors to meet purchase commitments, the loss of distributor relationships, the failure to receive or maintain necessary regulatory approvals, the negative effects of competition on prices and sales volumes.
American Dental Technologies, headquartered in Southfield, Michigan, develops and manufactures advanced technologies for dentistry and markets them worldwide. It is listed on the Nasdaq National Market under the symbol ADLI. Its website is found at www.americandentaltech.com
Condensed consolidated statements of operations and balance sheets are attached.
American Dental Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31
1998 1997
____ ____
Net sales $5,612,113 $5,513,864
Cost of sales 2,578,834 2,431,062
_________ _________
Gross profit 3,033,279 3,082,802
Operating expenses 2,335,164 2,191,314
_________ _________
Income from operations 698,115 891,488
Other income/(expense)
(net of interest expense) 142,549 (5,214)
_________ _________
Net income $ 840,664 $ 886,274
_________ _________
_________ _________
Net income per diluted share $.12 $.11
____ ____
____ ____
Weighted average number of
common and common
equivalent shares 7,289,261 7,709,620
American Dental Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31
1998 1997
____ ____
Assets
Current assets:
Cash $ 2,518,599 $ 2,037,436
Accounts receivable 2,834,230 3,629,850
Inventories 5,403,308 4,146,436
Other current
assets 413,494 467,466
___________ ___________
Total current assets 11,169,631 10,281,188
Other 600,000 --------
Property and equipment, net 1,810,161 1,241,812
Intangible assets, net 10,960,799 10,522,352
Investment in joint venture -------- 333,334
___________ ___________
Total assets $24,540,591 $22,378,686
___________ ___________
___________ ___________
Liabilities and Stockholders Equity
Current liabilities:
Notes payable $ 250,000 $ 700,000
Accounts payable 2,168,468 2,575,234
Accrued liabilities 591,239 886,067
___________ ___________
Total current liabilities 3,009,707 4,161,301
Deferred royalty income
and other non-current
liabilities 118,886 569,994
Stockholders equity 21,411,998 17,647,391
___________ ____________
Total liabilities and
stockholders equity $24,540,591 $22,378,686
___________ ___________
___________ ___________
CONTACT: American Dental Technologies
Diane Miller, 248/395-3900
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