Posted on 10/07/2004 8:54:02 PM PDT by MeneMeneTekelUpharsin
Expected quarterly revenues increase 40 percent over prior year quarter; Schedules quarterly earnings release and conference call
COLUMBUS, Miss., Oct. 7 /PRNewswire-FirstCall/ -- Microtek Medical Holdings, Inc. (Nasdaq: MTMD - News) announced today that it expects to report net revenues for the quarter ended September 30, 2004 of approximately $34 million, bringing revenues for the first nine months of 2004 to approximately $93.5 million. The anticipated net revenues for the third quarter and first nine months of 2004 represent increases of approximately $9.7 million, or 40 percent, and $21.3 million, or 30 percent, over the third quarter and first nine months of 2003, respectively.
The Company's recent healthcare acquisitions, including its Plasco division which was acquired in November 2003 and the acquisition of certain businesses from International Medical Products, B.V. ("IMP") on May 28, 2004, contributed revenues of approximately $2.2 million and $3.4 million, respectively, in the third quarter of 2004 and approximately $7.1 million and $4.3 million, respectively, in the first nine months of 2004. Revenues related specifically to the Company's healthcare operations, excluding acquired revenues of Plasco and IMP, were $25.7 million and $76.3 million for the third quarter and first nine months of 2004, respectively. These revenues represent increases of $2.7 million, or 12 percent, over the third quarter of 2003 and $8.4 million, or 12 percent, over the first nine months of 2003.
Rounding out the Company's anticipated revenues for the third quarter and first nine months of 2004 were revenues related to the Company's OREX Technologies International division of $2.7 million and $5.7 million, respectively. Of this amount, approximately $1.2 million related to the sale of certain of the Company's raw material inventories used in the manufacture of finished goods for sale to the nuclear industry. The sale of these raw materials was completed as part of the Company's recently announced licensing of its OREX nuclear technology to Eastern Technologies, Inc. in September 2004.
The Company has not yet completed its accounting for the third quarter of 2004. The Company's expectations about what it will report for revenues for the third quarter and first nine months of 2004 are tentative pending the completion of such accounting.
Conference Call
The Company's results of operations for the quarter ended September 30, 2004 are scheduled to be released on Wednesday, November 3, 2004. A conference call will be conducted by Dan R. Lee, President and CEO, and Jerry Wilson, CFO, at 4:30 p.m. Eastern Time on November 3, 2004, and will be accessible to the public by calling 1-877-407-9210, Reference: Microtek Medical. International callers dial 1-201-689-8049. Callers should dial in approximately 10 minutes before the call begins. To access the live broadcast of the call over the Internet, log on to: http://www.MicrotekMed.com
A conference call replay will be available through 11:59 p.m. Eastern Time on November 10, 2004 and can be accessed by calling 1-877-660-6853 or (international) 1-201-612-7415; for both reference conference call account #1628, Conference ID #120466. About Microtek: The Company, a market leader in the healthcare industry, develops, manufactures and sells infection control products, fluid control products and safety products to healthcare professionals for use in environments such as operating rooms and outpatient surgical centers.
Bob...if you're still around, tell me what you think about this one, would you?
What say ye?
Who are the TA guys on Free Republic?
IMO ... not only too much volume on the second dip but the second dip is considerably lower and reveals a lower low that is likely to be tested. On the other hand I suspect the overall market will get back into some positive momentum once Bush's election is secured (or appears to be so) and - depending on timing of things, of course, that's probably the broader move that could sustain a better trend :)
PS - my guess would be that it would trade up to around $4.10 or so (the recent highs on the other side) and then reverse back to test the bottom around $3.50 & holding that, off to the races ;)
Buy oil stocks...
I think you're right, but I'm not sure. Seems like a bit too much volume on the second dip. Chance left to pick up some more...?
I don't think it will get there.
They're too high right now because of the price of oil.
Click here for Microtek story via Yahoo.
And here's the chart for the past three months:
Looks good on the TA.
Here's one you may want to watch. How are things going with you? Long time no hear. Can't get much financial discussion going on Free Republic. Always giving info and never getting any. Just about through with that. Can't always be take and no give.
MICROTEK MEDICAL HOLDINGS REPORTS THIRD QUARTER 2004 RESULTS
Third quarter 2004 net revenues increase 40% over prior year quarter Cash flows from operating activities for first nine months increase over 125% to $9.6 million as compared to the 2003 period.
COLUMBUS, MS, November 3, 2004 - Microtek Medical Holdings, Inc. (Nasdaq: MTMD - News), a leading manufacturer and marketer of infection control products, fluid control products and safety products to healthcare professionals, today reported financial results for the third quarter and nine months ended September 30, 2004. Highlights from the third quarter and nine month period of 2004 include:
Net revenues increased 39.6 percent over the third quarter of 2003 and 29.4 percent over the first nine months of 2003; Organic healthcare revenues grew 11.8 percent in third quarter of 2004 and 12.4 percent in the first nine months of 2004; Net income for the third quarter and first nine months of 2004 was $0.05 per diluted share and $0.13 per diluted share, respectively; Cash flows from operating activities for the first nine months of 2004 were $9.6 million, up from $4.2 million for the 2003 period; Completed license agreement for OREX materials and processing technology for nuclear applications, including sale of certain property and equipment for one-time gain of $210 thousand.
Third Quarter and Nine Month Results
Net revenues for the third quarter of 2004 were $34.0 million, an increase of $9.7 million or 39.6 percent over the third quarter of 2003. Net income for the 2004 quarter was $2.2 million, or $0.05 per diluted share, as compared to $4.9 million, or $0.11 per diluted share in the third quarter of 2003. Included in the third quarter 2003 earnings was an income tax benefit of approximately $2.4 million related to the decrease in the Company's valuation allowance for its deferred tax assets, primarily its net operating loss carryforwards ("NOL's"), with no corresponding benefit in the third quarter of 2004. Also included in third quarter 2003 and 2004 earnings were gains resulting from dispositions of property and equipment of $982 thousand and $215 thousand, respectively. Excluding the non-cash deferred tax benefit in the third quarter of 2003 and the gains on dispositions of property and equipment in the third quarters of 2003 and 2004, the Company's net income in the 2004 quarter increased by $376 thousand, or 24 percent, over the 2003 quarter.
For the nine months ended September 30, 2004, the Company earned $5.6 million, or $0.13 per diluted share, on revenues of $93.4 million, as compared to net income of $10.3 million, or $0.24 per diluted share, on revenues of $72.2 million for the same period in 2003. Excluding non-cash deferred income tax benefits of $4.9 million recorded in the first nine months of 2003 and the aforementioned gains on dispositions of property and equipment, the Company's net income for the first nine months of 2004 increased by $903 thousand, or 20 percent, over the first nine months of 2003.
Income from operations for the third quarter and first nine months of 2004 was $2.5 million and $6.3 million, respectively, as compared to $2.6 million in the third quarter of 2003 and $5.7 million for the first nine months of 2003. Excluding gains on dispositions of property and equipment, the Company's income from operations for the third quarter and first nine months of 2004 increased by $649 thousand, or 40.4 percent, and $1.3 million, or 27.2 percent, over the third quarter and first nine months of 2003, respectively.
Excerpt. Read the rest here: Click here for 3rd Quarter Earnings Results for Microtek.
Oil dropped. Microtek seems to be improving....maybe not. They did pretty well meet their expectations for the third quarter. Pretty good earnings when so many others are not making very good money.
FYI...you might want to watch this one.
You weren't too far off. It is now trading around $3.32. They met their projection for 1st quarter profits and now have the main offices set up in Atlanta. Looks like a little company with potential.
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