MINNEAPOLIS, Sept. 29 /PRNewswire-FirstCall/ -- Biotel Inc. is pleased to announce revenues for the year ended June 30, 2006 of $10,223,000 versus $10,169,000 for the year ended June 30, 2005. Biotel also is reporting net income of $452,000 for the year ended June 30, 2006 versus net income $444,000 in the preceding year. For the three months ended June 30, 2006, Biotel recorded revenues and net income of $2,735,000 and $27,000, respectively, versus revenues and net income of $2,833,000 and $215,000 for the three months ended June 30, 2005.
Net income decreased for the year and three months ended June 30, 2006 as a result of increases in research and development expense and costs associated with the reduction of inventory for discontinued and mature product lines and potentially undeliverable inventories due to a customer's postponement of a product line.
Biotel President and CEO Steve Springrose said, "Despite the costs and expenses associated with increases to inventory reserves and agreements to eliminate potential legal and environmental liabilities, Biotel was able to increase earnings over fiscal year 2005. We are very pleased with the progress of our core OEM businesses and have substantially increased our commitment to research and development. We look forward to revenue growth and earnings increases in the upcoming year."
Biotel business units Braemar, 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 and infiltration components and flow control devices; provide 24/7 clinical ECG research services and internet technologies; and develop, test and manufacture 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. Biotel business unit Advanced Biosensor, Inc. sells Holter diagnostic cardiology devices and maintenance services to end users in hospitals and clinics.
Biotel Inc. Summary of Revenues and Earnings Year ended Year ended % June 30, 2006 June 30, 2005 Change Revenues $10,223,000 $10,169,000 +0.5% Net Income (Loss) $452,000 $444,000 +1.8% Earnings Per Share, Basic $0.17 $0.17 Unchanged Earnings Per Share, Diluted $0.16 $0.16 Unchanged 3 months ended 3 months ended % June 30, 2006 June 30, 2005 Change Revenues $2,735,000 $2,833,000 -3.5% Net Income (Loss) $27,000 $215,000 -87.4% Earnings Per Share, Basic $0.01 $0.08 -87.5% Earnings Per Share, Diluted $0.01 $0.07 -85.7% For further information, contact Steve Springrose at 612-605-5366 or info@biotelinc.com
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Biotel Inc.CONTACT: Steve Springrose, Biotel Inc., +1-612-605-5366,info@biotelinc.com
