- Source : Press Release
- Date : 2012-02-09
- Companies : MEDTOX Scientific Inc.
MEDTOX Scientific Announces Results for Fourth Quarter and Year-End 2011
Total revenues for the year increased 11.4% to$108.1 million
Gross profit for the year increased 13.1% to$44.8 million
Operating income for the year was$7.2 million , an increase of 53.0%
Net income for the year was$4.5 million , an increase of 47.6%
Earnings per diluted share for the year were$0.49 , compared to$0.34 in the prior-year period
For the twelve-month period ended
For the three-month period ended
In our Laboratory segment, revenues from drugs-of-abuse (DAU) testing in the quarter decreased 1.6% to
In the Diagnostic segment, revenues were up 12.9% for the quarter, and 11.1% for the twelve-month period. Gross margin increased 280 basis points and 180 basis points, respectively, for the quarter and the year, over the prior-year periods. The increase is attributable to improved sales of Profile®-V sold into the hospital market with our MEDTOXScan® Reader, increased sales of dip devices sold into the government market, and growth in the workplace drugs-of-abuse market with our Profile®-II A and Profile®-III A products.
Annual revenue increases in Drug Testing,
Cash on hand at year-end was
MEDTOX will hold a teleconference to discuss 2011 fourth quarter and year-end results today at
The
Note: Forward-looking statements contained in this press release are made under the Private Securities Reform Act of 1995. Forward-looking statements, including those relating to momentum in our clinical laboratory business and our strategy, are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those stated in such statements. 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 retain existing business, and changes in the competitive environment. Further discussions of factors that may cause such results to differ are identified in the Company's 2010 Annual Report on Form 10-K and incorporated herein by reference. You should take such factors into account when making investment decisions and are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statements.
MEDTOX SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
December 31,Twelve Months Ended
December 31 ,
2011 2010 2011 2010
REVENUES:
Laboratory services:
Drugs-of-abuse testing services $10,116 $10,278 $41,343 $39,624
Clinical & other laboratory services 8,859 7,527 34,852 29,923
Clinical trial services 2,433 2,272 9,667 7,500
Product sales 5,506 4,879 22,287 20,054
26,914 24,956 108,149 97,101
COST OF REVENUES:
Cost of services 13,796 12,501 54,346 49,036
Cost of sales 2,180 2,068 8,968 8,425
15,976 14,569 63,314 57,461
GROSS PROFIT 10,938 10,387 44,835 39,640
OPERATING EXPENSES:
Selling, general and administrative 8,606 8,633 35,144 32,691
Research and development 635 563 2,519 2,261
9,241 9,196 37,663 34,952
INCOME FROM OPERATIONS 1,697 1,191 7,172 4,688
OTHER INCOME (EXPENSE):
Interest expense -- (8) (49) (10)
Other income (expense) (201) 139 (112) 167
(201) 131 (161) 157
INCOME BEFORE INCOME TAX EXPENSE 1,496 1,322 7,011 4,845
INCOME TAX EXPENSE (546) (542) (2,559) (1,828)
NET INCOME $950 $780 $4,452 $3,017
BASIC EARNINGS PER COMMON SHARE $0.11 $0.09 $0.50 $0.35
DILUTED EARNINGS PER COMMON SHARE $0.11 $0.09 $0.49 $0.34
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic 8,864,827 8,799,744 8,853,643 8,715,391
Diluted 9,038,789 8,958,226 9,035,895 8,867,530
MEDTOX SCIENTIFIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31,
2011 December 31,
2010
ASSETS
Cash and cash equivalents $5,269 $1,285
Accounts receivable, net 17,209 19,575
Inventories 4,568 3,902
Other current assets 4,480 5,297
Total current assets 31,526 30,059
Building, equipment and improvements, net 28,105 28,164
Other assets 17,223 17,234
Total assets $76,854 $75,457
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $12,725 $13,905
Other long-term obligations 6,501 7,433
Stockholders' equity 57,628 54,119
Total liabilities and stockholders' equity $76,854 $75,457
CONTACT:Janine Rivera
(877) 715-7236
Image: MEDTOX
