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TOX Medtox Scientfic

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Share Name Share Symbol Market Type
Medtox Scientfic AMEX:TOX AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

MEDTOX Scientific Announces Second Quarter Results

15/07/2005 12:00pm

Business Wire


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. -0- *T 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 ============ ============ *T

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