MINNEAPOLIS, Nov. 19 /PRNewswire-FirstCall/ -- Biotel Inc. (Pink Sheets: BTEL) announces revenues and net income for the first quarter ended September 30, 2004 of $2,491,000 and $133,000, respectively, versus revenues of $2,346,000 and $347,000, respectively, for the quarter ended September 30, 2003. Pre-tax earnings were $197,000 in the first quarter of 2004 compared to $352,000 in the first quarter of 2003. As a result of strong profitability over recent quarters, Biotel has consumed previous NOL protection from tax liabilities and started to accrue for income taxes in the quarter ended September 30, 2004.
Biotel President and CEO Steve Springrose said, “We are very pleased with our progress this summer, which combined strong revenues with the establishment of our newly formed Agility division. Strong sales from our OEM products combined with the launch and placement of initial orders from our Agility division produced an exceptional quarter. Biotel experienced additional expenses this quarter related to filing a Form 10 with the Securities Exchange Commission to allow the Company to trade on the over-the- counter Bulletin Board. Additionally, acquisition and start-up expenses were incurred within the Agility group. Biotel is pleased with the operating and financial results of the first quarter, which are consistent with expectations. We look forward to moving onto the Bulletin Board in the weeks ahead.”
Biotel Inc. is comprised of four business units, all of which are wholly- owned subsidiaries. Three of the business units, Braemar, Inc., Carolina Medical, Inc. and Agility Centralized Research Services, Inc. sell medical devices, technology and research services to medical companies. They design, manufacture, and test 24- and 48-hour Holter recorders, 30-day ECG event recorders, tissue extraction components, and flow control devices; provide 24/7 clinical ECG research services and internet technologies; and develop and test other custom medical devices. These subsidiaries form a base of products and services which Biotel believes are attractive to medical device and pharmaceutical companies, allowing accelerated and improved research, development, testing, and manufacturing operations. Advanced Biosensor Inc., the fourth business unit, sells Holter diagnostic cardiology software and systems to end users in hospitals and clinics.
3 months ended 3 months ended % September 30, 2004 September 30, 2003 Change Revenues $2,491,000 $2,346,000 6.2% Net Income (Loss) $133,000 $347,000 (61.7%) Earnings (Loss) Per Share $0.05 $0.14 (64.3%) For further information, contact Steve Springrose at 612-605-5366 or info@biotelinc.com
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Biotel Inc.
CONTACT: Steve Springrose, Biotel, +1-612-605-5366,or info@biotelinc.com