American Medical Alert Corp. (NASDAQ: AMAC) a provider of
healthcare communication services and advanced telehealth
monitoring technologies, today announced operating results for the
quarter and six months ended June 30, 2008, the highlights of which
are as follows: Company-wide net income increased approximately 18%
for the six months ended June 30, 2008 as compared to same period
last year. EBITDA continues to improve on a year over year basis as
evidenced with the latest 13% increase through June 30, 2008.
Company balance sheet as of June 30, 2008 remains strong with
working capital at approximately $3.9 million and debt to equity
ratio of .22 to 1. Revenues for the quarter ended June 30, 2008,
consisting primarily of monthly recurring revenues (MRR), increased
7% to $9,539,321 as compared to $8,898,806 for the same period in
2007. Net income for the quarter ended June 30, 2008 increased 12%
to $458,026 or $.05 per diluted share as compared to $407,260 or
$.04 per diluted share for the same period in 2007. Revenues for
the six months ended June 30, 2008 increased 9% to $19,175,066, as
compared to $17,601,642 for the same period in 2007. Net income for
the six months ended June 30, 2008 increased 18% to $910,383 or
$0.09 per diluted share as compared to a net income of $773,968 or
$0.08 per diluted share for the previous year. Net Income for the
trailing twelve months ended June 30, 2008 and 2007 was $1,650,647
and $1,511,954 respectively, representing an increase of 9%.
Earnings before interest, taxes and depreciation and amortization
(�EBITDA�) for the six months ended June 30, 2008 increased 7% to
$3,847,278 as compared to $3,579,732 for the same period in 2007.
EBITDA for the trailing twelve months ended June 30, 2008 and 2007
was $7,711,062 and $6,851,362 respectively, a 13% increase. Jack
Rhian, AMAC�s Chief Executive Officer and President, explained,
�The results of the past three and six months of 2008 support our
Fiscal 2008 projections issued last week. Within our HSMS division
we are achieving excellent and consistent gross profitability.
During the second quarter the Company was in the final stages of a
system consolidation at two of our call center locations. As we
enter the second half of 2008, we expect to realize improved
profitability as a direct result of this TBCS operating
consolidation initiative. With respect to revenue enhancement, we
plan to stay focused on our previously declared growth drivers that
include our Walgreens Ready Response PERS program, Medication
Management and our TBCS Patient Appointment Concierge Solutions and
Clinical Trials Recruitment initiatives.� The Company invites
investors and others to listen to the conference call live over the
Internet or by dialing in to 877-407-0782 at 10:00 a.m. ET. � What:
� American Medical Alert Corp. Second Quarter 2008 Results When:
Tuesday August 12, 2008, 10:00 a.m. ET Where:
http://www.investorcalendar.com/IC/CEPage.asp?ID=132844 How: Log on
to the web at the address above, and click on the audio link or
dial in 877-407-0782 to participate. About American Medical Alert
Corp. AMAC is a healthcare communications company dedicated to the
provision of support services to the healthcare community. AMAC's
product and service portfolio includes Personal Emergency Response
Systems (PERS) and emergency response monitoring, electronic
medication reminder devices, disease management monitoring
appliances and healthcare communication solutions services. AMAC
operates nine communication centers under local trade names: H-LINK
OnCall, Long Island City, NY and Clovis NM, North Shore TAS, Port
Jefferson, NY, Live Message America, Audubon, NJ, ACT Teleservice,
Newington, CT and Springfield, MA, MD OnCall, Cranston RI and
Capitol Medical Bureau Rockville, MD, American MediConnect and
Phone Screen Chicago, IL to support the delivery of high quality,
healthcare communications. Use of Non-GAAP Financial Information In
addition to the results reported in accordance with accounting
principles generally accepted in the United States (�GAAP�)
included in this press release, the Company has provided
information regarding certain non-GAAP financial measure. This
measure is �earnings before interest, taxes and depreciation and
amortization (�EBITDA�)�. Such information is reconciled to its
closest GAAP measure in accordance with the Securities and Exchange
Commission rules and is included in the attached supplemental data.
Management believes that the non-GAAP financial measure used in
this press release is useful to both management and investors in
their analysis of the Company�s financial position and results of
operations. Management believes that EBITDA is a useful measure of
the Company's financial performance as it is an indicator of the
Company's ability to generate cash flow to make acquisitions,
reinvest in�new telehealth products and liquidate liabilities.
Management also uses EBITDA for planning purposes to determine
appropriate levels of operating and capital investments. EBITDA is
a non-GAAP financial measure and although management and some
members of the investment community utilize it to measure financial
performance, EBITDA should not be viewed as a substitute for
financial data prepared in accordance with GAAP or as a measure of
profitability. Additionally, the non-GAAP financial measure as
presented by AMAC may not be comparable to similarly titled
measures reported by other companies. Forward Looking Statements
This press release contains forward-looking statements that involve
a number of risks and uncertainties. Forward-looking statements may
be identified by the use of forward-looking terminology such as
"may," "will," "expect," "believe," "estimate," "anticipate,"
"continue," or similar terms, variations of those terms or the
negative of those terms. Important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are set forth in the Company's filings
with the Securities and Exchange Commission (SEC), including the
Company's Annual Report on Form 10-K, the Company's Quarterly
Reports on Forms 10-Q, and other filings and releases. These
include uncertainties relating to government regulation,
technological changes, costs relating to ongoing FCC remediation
efforts, our expansion plans, and product liability risks.
Statements of income for the three and six months ended June 30,
2008 and 2007 and balance sheets as of June 30, 2008 and December
31, 2007 are attached. AMAC SELECTED FINANCIAL DATA � Three Months
Ended � Six Months Ended 6/30/2008 � 6/30/2007 6/30/2008 �
6/30/2007 � Revenues $ 9,539,321 $ 8,898,806 $ 19,175,066 $
17,601,642 � Net Income $ 458,026 $ 407,260 $ 910,383 $ 773,968 �
Net Income per Share Basic $ 0.05 $ 0.04 $ 0.10 $ 0.08 Diluted $
0.05 $ 0.04 $ 0.09 $ 0.08 � Basic Weighted Average Shares
Outstanding 9,417,701 9,261,738 9,411,886 9.232,958 � Diluted
Weighted Average Shares Outstanding 9,717,985 9,692,433 9,708,325
9,635,350 � � CONDENSED BALANCE SHEET June 30, December 31, 2008
2007 (Unaudited) ASSETS � Current Assets $ 8,744,704 $ 8,672,362
Fixed Assets � Net 11,221,914 10,799,313 Other Assets 15,317,327
15,481,546 � Total Assets $ 35,283,945 $ 34,953,221 � � � Current
Liabilities $ 4,884,971 $ 5,070,893 Deferred Income Tax 937,000
947,000 Long-term Debt 3,975,000 4,694,316 Long-term portion of
capital lease 10,291 32,425 Other Liabilities 579,342 537,922 �
Total Liabilities $ 10,386,604 $ 11,282,556 � Stockholders� Equity
24,897,341 23,670,665 Total Liabilities and Stockholders� Equity $
35,283,945 $ 34,953,221 Earnings before interest, taxes and
depreciation and amortization for the six months and trailing
twelve months ended June 30, 2008 and 2007. � � Add: � � Less: �
6/30/08 12/31/2007 Subtotal 6/30/2007 Total � Net Income 910,383
1,514,232 2,424,615 773,968 1,650,647 Add Backs: Taxes 633,000
1,146,000 1,779,000 596,000 1,183,000 Interest 166,868 481,166
648,034 255,136 392,898 Depreciation & Amort. 2,137,027
4,302,118 6,439,145 1,954,628 4,484,517 � � EBITDA 3,847,278
7,711,062 � � Add: Less: 6/30/07 12/31/2006 Subtotal 6/30/2006
Total � Net Income 773,968 1,262,529 2,036,497 524,543 1,511,954
Add Backs: Taxes 596,000 869,000 1,465,000 448,000 1,017,000
Interest 255,136 394,613 649,749 175,748 474,001 Depreciation &
Amort. 1,954,628 3,515,262 5,469,890 1,621,483 3,848,407 � � EBITDA
3,579,732 6,851,362
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