WIXOM, Mich., Nov. 8 /PRNewswire-FirstCall/ -- Rockwell Medical Technologies, Inc. , a leading, innovative hemodialysis products manufacturer in the healthcare sector, reported its third quarter results today. Sales increased 75% and Earnings per Share doubled to $.02 from the third quarter last year. Nine Month revenues were up 61% and nine month net income increased 75% for the first nine months of 2005 compared to the same period in 2004.
HIGHLIGHTS: Third Quarter 2005 * Record quarterly revenues of $7,828,262. * Sales increased 75% over the third quarter of 2004. * Gross Profit Margins improved 1.9% sequentially over the second quarter of 2005. * Net Income increased 139% to $156,177 over the third quarter last year. * Sequentially, net income increased 83% to $70,721 over the second quarter of 2005. * Earnings per Share doubled to $.02 from $.01 last year and last quarter. First Nine Months of 2005 * Revenues increased 61% to $21,238,803 over first nine months of 2004 * Net Profit increased 75% to $350,848 over the first nine months of 2004. * Earnings per Share was $.04, double the result from the first nine months of 2004.
Mr. Robert L. Chioini, Chairman and Chief Executive Officer of Rockwell Medical Technologies, Inc. stated, “Overall, we are pleased with our third quarter results which demonstrated strong growth in our sales as well as improvement in our gross profit margins and net earnings. We have begun to accelerate our efforts and our funding to gain FDA approval for our iron- delivery product so we are pleased to see improved earnings while making these important investments.”
Rockwell will be hosting a conference call to review its third quarter results on Tuesday, November 8, 2005 at 11:00 am EST. Investors are encouraged to call in five minutes in advance of the call at 888-896-0862 or may listen on the web at: http://orion.calleci.com/servlet/estreamgetevent?id=6084&folder=default using Windows Media Player. See http://www.rockwellmed.com for more details and playback options.
Rockwell Medical Technologies, Inc. is an innovative leader in manufacturing, marketing and delivering high-quality dialysis solutions, powders and ancillary products that improve the quality of care for dialysis patients. Dialysis is a process that duplicates kidney function for those patients whose kidneys have failed to work properly and suffer from chronic kidney failure, a condition also known as end stage renal disease (ESRD). There are an estimated 350,000 dialysis patients in the United States and the incidence of ESRD has increased approximately 6%-8% on average each year over the last decade. Rockwell’s products are used to cleanse the ESRD patient’s blood and replace nutrients in the bloodstream. Rockwell offers the proprietary Dri-Sate(R) Dry Acid Concentrate Mixing System, RenalPure(R) Liquid Acid Concentrate, SteriLyte(R) Liquid Bicarbonate Concentrate, RenalPure(R) Powder Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items. Visit Rockwell’s website at http://www.rockwellmed.com for more information.
Certain statements in this press release with respect to Rockwell’s business and operations, including the statements regarding the Company’s anticipated sales constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements reflect management’s expectations and are based upon currently available information. Management of Rockwell believes the expectations reflected in the forward-looking statements made in this press release are based upon reasonable assumptions. However, certain factors could occur that might cause actual results to vary. These include, but are not limited to, general economic conditions, economic conditions specific to the hemodialysis industry, non-recurrence of customer orders, competitive factors, failure to obtain FDA approval, and other factors discussed in Rockwell’s reports filed with the Securities and Exchange Commission. The forward- looking statements should be considered in light of these risks and uncertainties.
Rockwell Medical Technologies, Inc. and Subsidiary Consolidated Income Statements
For the three and nine months ended September 30, 2005 and September 30, 2004
(Whole dollars) (Unaudited) Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Sept. 30, 2005 Sept. 30, 2004 Sept. 30, 2005 Sept. 30, 2004 Sales $7,828,262 $4,473,872 $21,238,803 $13,164,640 Cost of Sales 6,868,274 3,753,177 18,798,954 11,066,748 Gross Profit 959,988 720,695 2,439,849 2,097,892 Selling, General and Administrative 758,819 606,304 2,094,945 1,759,692 Operating Income 201,169 114,391 344,904 338,200 Other Income - - 137,468 - Interest Expense, net 44,992 49,114 131,524 138,082 Net Income $156,177 $65,277 $350,848 $200,118 Basic Earnings per Share $.02 $.01 $.04 $.02 Diluted Earnings per Share $.02 $.01 $.04 $.02 ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS As of September 30, 2005 and December 31, 2004 (Whole Dollars) (Unaudited) September 30, December 31, 2005 2004 ASSETS Cash and Cash Equivalents $451,325 $166,195 Restricted Cash Equivalents 8,662 8,662 Accounts Receivable, net of a reserve of $53,000 in 2005 and $44,500 in 2004 2,702,181 2,302,093 Inventory 2,062,523 1,652,457 Other Current Assets 669,020 111,630 Total Current Assets 5,893,711 4,241,037 Property and Equipment, net 2,068,157 2,048,665 Intangible Assets 400,499 369,508 Goodwill 920,745 920,745 Other Non-current Assets 128,742 120,597 Total Assets $9,411,854 $7,700,552 LIABILITIES AND SHAREHOLDERS’ EQUITY Short Term Borrowings $1,400,000 $452,682 Notes Payable & Capitalized Lease Obligations 449,608 389,602 Accounts Payable 1,503,104 2,124,679 Customer Deposits 1,078,345 11,005 Accrued Liabilities 400,414 481,587 Total Current Liabilities 4,831,471 3,459,555 Long Term Notes Payable & Capitalized Lease Obligations 566,051 818,678 Shareholders’ Equity: Common Share, no par value, 8,697,384 and 8,556,531 shares issued and outstanding 12,146,094 11,870,909 Common Share Purchase Warrants, 3,700,000 and 3,761,071 shares issued and outstanding 286,130 320,150 Accumulated Deficit (8,417,892) (8,768,740) Total Shareholders’ Equity 4,014,332 3,422,319 Total Liabilities And Shareholders’ Equity $9,411,854 $7,700,552
Rockwell Medical Technologies, Inc.
CONTACT: Thomas Klema of Rockwell Medical Technologies, Inc.,+1-248-960-9009
Web site: http://rockwellmed.com/
