CMED Year End - Sales up 67%, Net Income up 81%, EPS 37 cents (up 34%):
Colorado MEDtech Inc. Announces Year End and Fourth Quarter Results
Business Wire - August 24, 1998 14:15
BOULDER, Colo.--(BW HealthWire)--Aug. 24, 1998
--Colorado MEDtech, Inc. (NASDAQ - CMED), a Boulder, Colorado-based custom
medical products and services company, today announced record sales and
earnings results for the year ended June 30, 1998 and the fourth
quarter ended June 30, 1998.
Net income for the year increased to $4.5 million compared to $2.5
million for fiscal 1997, an increase of 81%, on sales of $47.3
million compared to sales of $28.2 million in the prior year, an
increase of 67%. Earnings per share rose to 37 cents per share
compared to 27 cents in the prior year with a 34% increase in the
number of weighted average common shares outstanding on a diluted
basis.
Net income in the fourth quarter increased to $1,556,000 compared to
$863,000 in the fourth quarter last year, an increase of 80% on sales
of $14.4 million compared to $8.7 million in the fourth quarter of
the prior year, an increase of 66%. Earnings per share increased to
12 cents per share compared to 9 cents in the fourth quarter of the
prior year with a 28% increase in the number of weighted average
common shares outstanding on a diluted basis.
EARNINGS RECAP
Three Months Ended Fiscal Year Ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited)
Sales & Service $14,407,414 $8,694,654 $47,300,200 $28,243,185
Net Income $ 1,555,915 $ 862,842 $ 4,492,147 $ 2,479,617
Net Income Per
Common Share
Basic $ .14 $ .11 $ .43 $ .35
Diluted $ .12 $ .09 $ .37 $ .27
Weighted Average Common
Shares Outstanding
Basic 10,749,175 7,814,669 10,446,868 7,165,499
Diluted 12,600,211 9,877,586 12,256,461 9,114,292
"During this very successful year, we continued to provide quality
products and services to our growing and expanding markets," said
John V. Atanasoff, Colorado MEDtech President and CEO. "This is our
fifth consecutive year of improved profitability and 20th consecutive
profitable quarter. We continue to successfully execute our long-term
strategies of significant profitable growth. During this past fiscal
year, we have added new customers and expanded our opportunities with
existing customers. In addition, we have made one acquisition, Erbtec
Engineering, and made investments in new ventures such as our BioMed
Y2K subsidiary. Our success is the result of exciting new
opportunities, excellent planning and outstanding dedication and work
performed by our talented employees."
Colorado MEDtech is a leading full-service provider of advanced
medical products and comprehensive outsourcing services.
CONTACT: Colorado MEDtech, Inc., Boulder
John V. Atanasoff or Bruce L. Arfmann, 303/530-2660
Fax: 303/581-1010
Website: www.cmed.com
E-mail: cmedinfo@cmed.com |
