Crossy are you still in CAMY? today's earnings news looks pretty good to me: biz.yahoo.com
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Press Release Source: CAS Medical Systems, Inc.
CAS Medical Systems, Inc. Reports Record Revenues for the First Half of 2003
Thursday July 31, 12:23 pm ET
BRANFORD, Conn., July 31 /PRNewswire-FirstCall/ -- CAS Medical Systems, Inc. (OTC Bulletin Board: CAMY - News) today reported the results of operations for the first half of 2003. Net sales for the six months ended June 30, 2003 increased by 10% to $8,302,000 from $7,547,000 for the comparable period in 2002. Net income for the period was $784,000 ($0.08 per common share on a diluted basis) compared to net income of $39,000 for the first half of 2002. Net income was impacted by $500,000 in proceeds from a life insurance policy paid upon the death of one of its key employees. For the second quarter of 2003 alone, revenues were $4,088,000 and net income was $95,000 ($0.01 per common share on a diluted basis) as compared to revenues of $3,643,000 and a net income loss of $12,000 for the second quarter of 2002.
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The Company reports that it has improved its financial condition and capital resources during the first half of 2003. Cash generated from operations for the period ended June 30, 2003 was $1,388,000 compared to $192,000 for the same period in 2002. A portion of the significant increase was related to $500,000 of cash received from the life insurance policy following the death of a key employee. The Company repaid $600,000 borrowed under its line of credit and reduced long-term debt by $205,000, while maintaining cash and cash equivalents of $808,000.
The Company attributes the overall increase for the six-month period to volume increases of vital signs monitors, apnea monitors and neonatal disposable products. Louis P. Scheps, President and CEO of CAS Medical Systems, Inc., states, "We are very pleased with the outcome of the first half of 2003. There has been significant growth in many of our product lines - the result of product improvements and expansion of our distribution networks. Each of these market areas provides a unique set of challenges and opportunities for us and it is a great achievement to have posted growth in each of these diverse areas."
Mr. Scheps reports, "Of particular note in the first half of 2003 is the successful introduction of the CAS 740 Vital Signs Monitor. We are excited about the opportunities for this product in our current hospital, emergency medical services, and veterinary markets, as well as its prospects in new marketplaces." The 740 uses CAS' proprietary MAXNIBP(TM) technology for measurement of non-invasive blood pressure. Options for added pulse oximetry and thermometry are also available, making the 740 a versatile, mobile unit for diverse types of clinical applications. Mr. Scheps continues, "In addition to expanding our distribution of this new product, CAS is working on the development of additional monitor configurations for this line, including new measurement parameters."
The Company reports that it is continuing research and development on three Small Business Innovative Research (SBIR) Program Grants from the National Institutes of Health. Each of the grants involves the use of the Company's near-red infrared spectroscopy (NIRS) technology that utilizes an optically based technique to non-invasively and continuously monitor brain oxygenation and cerebral hemodynamics. CAS currently has a Phase II grant for the development of a NIRS product for neonatal application, and a Phase I grant for the development of a similar product for adults. The Company was recently awarded a Phase I grant to develop a bedside monitor to measure cerebral blood flow. Mr. Scheps comments, "We are continuing to broaden the development of products using this exciting NIRS technology, providing opportunities for a family of monitoring products."
Mr. Scheps stated, "With the continued record-breaking sales results for the first half of 2003, and our ongoing activities in product development, advanced research, and streamlining of our operations, I am very excited about the outlook for the rest of the year. We are looking forward to continued growth and a strong second half." |
