Medtox Scientfic (AMEX:TOX)
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MEDTOX Scientific, Inc. (AMEX:TOX) announced today
results for the third quarter ended September 30, 2005.
-- Revenues increased $2,040,000 to $16,513,000, or 14%
-- Consolidated gross margin increased to 44% from 42%
-- Operating Income increased $407,000 to $1,688,000, or 32%
-- Net Income increased $256,000 to $825,000, or 45%
For the three-month period ended September 30, 2005, revenues
increased to $16,513,000 compared to $14,473,000 from the prior-year
period. Operating income increased to $1,688,000 compared to
$1,281,000 from the prior-year period. The Company recorded net income
of $825,000, or $0.10 per diluted share, compared to net income of
$569,000, or $0.07 per diluted share, or a 45% increase in net income
from the comparable period last year.
For the nine-month period ended September 30, 2005, revenues
increased to $48,047,000 compared to $43,120,000, or 11%, from the
prior-year period. Operating income increased to $4,650,000 compared
to $3,887,000, or 20%, from the comparable period last year. Net
income increased to $2,261,000, or $0.28 per diluted share, compared
to net income of $1,711,000, or $0.22 per diluted share, or an
increase of 32% in net income from the comparable period last year.
Overall, expenses for the quarter were in line with expectations.
Total selling, general and administrative expenses for the quarter
were 30% of revenues which is comparable with the same period last
year. Research and development expenses increased 56% to $552,000 for
the quarter from $354,000 in the comparable period last year.
MEDTOX will hold a teleconference to discuss third 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
October 17 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 October 24 at 800-642-1687
conference ID #9647412. International callers may access the replay at
706-645-9291 with the same conference ID #9647412.
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 Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
REVENUES:
Laboratory services $12,740 $10,979 $36,808 $32,694
Product sales 3,773 3,494 11,239 10,426
---------- ---------- ---------- ----------
16,513 14,473 48,047 43,120
COST OF REVENUES:
Cost of services 7,783 7,055 22,758 20,638
Cost of sales 1,470 1,386 4,587 4,096
---------- ---------- ---------- ----------
9,253 8,441 27,345 24,734
---------- ---------- ---------- ----------
GROSS PROFIT 7,260 6,032 20,702 18,386
OPERATING EXPENSES:
Selling, general and
administrative 5,020 4,397 14,264 13,310
Research and development 552 354 1,788 1,189
---------- ---------- ---------- ----------
5,572 4,751 16,052 14,499
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 1,688 1,281 4,650 3,887
OTHER INCOME (EXPENSE):
Interest expense (182) (264) (620) (790)
Other expense, net (175) (99) (383) (337)
---------- ---------- ---------- ----------
(357) (363) (1,003) (1,127)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX
EXPENSE 1,331 918 3,647 2,760
INCOME TAX EXPENSE (506) (349) (1,386) (1,049)
---------- ---------- ---------- ----------
NET INCOME $825 $569 $2,261 $1,711
========== ========== ========== ==========
BASIC EARNINGS PER COMMON
SHARE $0.10 $0.08 $0.30 $0.23
========== ========== ========== ==========
DILUTED EARNINGS PER COMMON
SHARE $0.10 $0.07 $0.28 $0.22
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING:
Basic 7,896,777 7,444,973 7,662,716 7,451,174
Diluted 8,324,880 7,930,347 8,094,210 7,806,901
MEDTOX SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, December 31,
2005 2004
------------- ------------
ASSETS
Cash and cash equivalents $674 $263
Accounts receivable 11,011 8,287
Inventories 3,074 3,624
Other current assets 2,504 2,824
------------- ------------
Total current assets 17,263 14,998
Building, equipment and improvements, net 17,753 16,348
Other assets 23,073 24,614
------------- ------------
Total assets $58,089 $55,960
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,616 $12,081
Long-term obligations 5,845 6,090
Stockholders' equity 43,628 37,789
------------- ------------
Total liabilities and stockholders'
equity $58,089 $55,960
============= ============
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