Medtox Scientfic (AMEX:TOX)
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MEDTOX Scientific, Inc. (AMEX:TOX) announced today
results for the second quarter ended June 30, 2005. For the
three-month period, revenues increased to $16,845,000, compared to
$15,064,000, or 11.8%, from the prior-year period. Operating income
increased to $1,950,000 compared to $1,541,000, or 26.5%, from the
prior-year period. The Company recorded net income of $1,015,000, or
$0.13 per diluted share, compared to net income of $728,000, or $0.09
per diluted share, or a 39.4% increase in net income from the
comparable period last year.
For the six-month period ended June 30, 2005, revenues increased
to $31,534,000 compared to $28,647,000, or 10.1%, from the prior-year
period. Operating income increased to $2,962,000 compared to
$2,606,000, or 13.7%, for the comparable period last year. Net income
increased to $1,436,000, or $0.18 per diluted share, compared to net
income of $1,142,000, or $0.15 per diluted share, or an increase of
25.7% in net income from the comparable period last year.
Overall, expenses for the quarter were in line with expectations.
Total operating expenses were 32.9% of revenues for the quarter
compared to 33.7% for the comparable period last year. Research and
development expenses increased 49.8% to $638,000 for the quarter from
$426,000 in the comparable period last year. The Diagnostic segment
incurred $148,000, or 69.8%, of the increase.
MEDTOX will hold a teleconference to discuss second quarter 2005
results today at 9:30 a.m. Central Time (10:30 a.m. Eastern). Dialing
800-387-5648 a few minutes prior to the scheduled start time on July
15 will access a listen-only broadcast of the teleconference.
International callers may access the call by dialing 706-634-5527.
Callers should ask for the MEDTOX quarterly conference call, hosted by
Dick Braun, president and CEO of MEDTOX. A simultaneous webcast of the
conference call will be available on the MEDTOX website in the
"investors" section at www.medtox.com. An audio replay of the
conference call will be available through July 22 at 800-642-1687
conference ID #7336289. International callers may access the replay at
706-645-9291 with the same conference ID #7336289.
MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a
provider of high quality specialized laboratory testing services and
on-site/point-of-collection (POC) devices. The company also supports
customers with complete logistics, data and program management
services. MEDTOX is a leader in providing esoteric laboratory testing
services to hospitals and laboratories nationwide. This includes both
central laboratory and bio-analytical testing for pharmaceutical
clinical trials. MEDTOX develops and manufactures diagnostic devices
for quick and economical on-site/point-of-collection analysis for
drugs-of-abuse, therapeutic drugs and biological and agricultural
toxins and provides employment drug screening and occupational health
testing. For more information see www.medtox.com.
Note: Forward-looking statements contained in this press release
are made under the Private Securities Reform Act of 1995. Actual
results may differ due to a number of factors including a change in
the employment pattern of client companies, the ability of MEDTOX to
acquire new business, and changes in the competitive environment.
Further discussions of factors that may cause such results to differ
are identified in the Company's 2004 Annual Report on Form 10-K.
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MEDTOX SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
REVENUES:
Laboratory services $12,920 $11,497 $24,068 $21,715
Product sales 3,925 3,567 7,466 6,932
---------- ---------- ---------- ----------
16,845 15,064 31,534 28,647
COST OF REVENUES:
Cost of services 7,750 7,053 14,975 13,583
Cost of sales 1,611 1,398 3,117 2,710
---------- ---------- ---------- ----------
9,361 8,451 18,092 16,293
---------- ---------- ---------- ----------
GROSS PROFIT 7,484 6,613 13,442 12,354
OPERATING EXPENSES:
Selling, general and
administrative 4,896 4,646 9,244 8,913
Research and development 638 426 1,236 835
---------- ---------- ---------- ----------
5,534 5,072 10,480 9,748
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 1,950 1,541 2,962 2,606
OTHER INCOME (EXPENSE):
Interest expense (227) (260) (438) (526)
Other expense, net (86) (106) (208) (238)
---------- ---------- ---------- ----------
(313) (366) (646) (764)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX
EXPENSE 1,637 1,175 2,316 1,842
INCOME TAX EXPENSE (622) (447) (880) (700)
---------- ---------- ---------- ----------
NET INCOME $1,015 $728 $1,436 $1,142
========== ========== ========== ==========
BASIC EARNINGS PER COMMON
SHARE (1) $0.13 $0.10 $0.19 $0.15
========== ========== ========== ==========
DILUTED EARNINGS PER COMMON
SHARE (1) $0.13 $0.09 $0.18 $0.15
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING:
Basic (1) 7,546,972 7,451,628 7,543,746 7,458,696
Diluted (1) 7,929,546 7,825,406 8,070,235 7,776,827
(1) Share and per share amounts for the three and six months ended
June 30, 2004 have been restated for the three-for-two stock split
paid on August 20, 2004.
MEDTOX SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, December 31,
2005 2004
------------ ------------
ASSETS
Cash and cash equivalents $1,033 $263
Accounts receivable, net 10,964 8,287
Inventories 3,198 3,624
Other current assets 2,890 2,824
------------ ------------
Total current assets 18,085 14,998
Building, equipment and improvements, net 16,919 16,348
Other assets 23,472 24,614
------------ ------------
Total assets $58,476 $55,960
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $13,201 $12,081
Long-term obligations 5,947 6,090
Stockholders' equity 39,328 37,789
------------ ------------
Total liabilities and stockholders' equity $58,476 $55,960
============ ============
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