3rd Quarter 1999 results.
Received through Canada Stockwatch.
Footmaxx nine-month results
Footmaxx Holdings Inc FTMX
Shares issued 34,766,224 Oct 26 close $0.32
Thu 28 Oct 99 News Release
Mr. John Fowler reports
Revenue for the third quarter of 1999 was $3.7-million, an increase of
$1.2-million, 49 per cent over the third quarter of 1998. A loss of
$1.1-million was incurred in the third quarter of 1999 compared with
$2.5-million in the same period in 1998. The company reported a small
operating profit and was cash flow positive for the first time in
September. September operating results were $756,000 better than September,
1998.
Revenue for the nine months ended Sept. 30, 1999, of $10.8-million compared
with $6.9-million for the same period in 1998, an increase of 57 per cent.
The net loss for the nine-month period ended Sept. 30, 1999, was
$3.5-million compared with $6.5-million for the same period in 1998.
A total of 228 scanning systems have been placed in the current year
bringing the total systems installed to 1,095 compared with 752 as at Sept.
30, 1998. Of these, 618 have been installed in the United States, 452 in
Canada and 25 in other countries. Footmaxx's U.S. expansion continues and
approximately 60 per cent of the company's revenues are now derived from
this important market.
The company sold 80,263 pairs of orthotics in the nine months to Sept. 30,
1999, compared with 50,668, 58 per cent over the same period in 1998. In
addition, 18,397 gait analysis reports have been billed in the same period.
The company expects that its growing base business supported by the two
recently announced contracts with large U.S. organizations OrthoLink and
Hanger Prosthetics and Orthotics will enable it to continue to expand sales
at their present rate in the foreseeable future.
Footmaxx also announced the appointment of Lenny Simak, the company's new
president and chief executive officer, to its board of directors effective
Oct. 22, 1999.
CONSOLIDATED INCOME STATEMENT
Nine months ended Sept. 30
1999 1998
Sales $10,783,184 $ 6,859,521
Cost of sales 4,983,084 2,826,614
----------- -----------
Gross profit
before inventory
allowance 5,800,100 4,032,907
Inventory
allowance 569,250 472,128
----------- -----------
Gross profit 5,230,850 3,560,779
----------- -----------
Sundry income - -
Expenses
Sales and
administration 7,409,445 6,982,378
Research and
development 194,219 2,280,770
----------- -----------
Total operating
expenses 7,603,664 9,263,148
Interest expense 848,435 466,916
Depreciation and
amortization 343,410 315,108
----------- -----------
Net loss $(3,564,659) $(6,484,393)
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