Arrhythmia Research Technology, Inc. Announces Results for Second Quarter 2007
14 Agosto 2007 - 8:16AM
Business Wire
Arrhythmia Research Technology, Inc. (the �Company�) (AMEX: HRT)
and its wholly owned subsidiary Micron Products, Inc. (�Micron�)
reported total revenue of $5,400,000 and net income of $446,000 for
the quarter ended June 30, 2007 compared to total revenue of
$4,656,000 and net income of $577,000 for the same quarter of 2006.
Basic net income per share for the three months ended June 30, 2007
decreased to $0.16 per share from $0.22 per share for the same
period in 2006. Total revenue increased by 16% in the quarter
ending June 30, 2007 as compared to the same period in 2006. Net
income decreased by 23% and earnings per share decreased by 27% for
the quarter ending June 30, 2007 over the same period in 2006.
Revenues for the quarter increased over the same period in the
prior year for the 17th consecutive quarter. For the six months
ended June 30, 2007, total revenue of $10,409,000 and net income of
$680,000 was achieved as compared to total revenue of $8,925,000
and net income of $1,098,000 for the same period in 2006. Basic net
income per share for the six months ended June 30, 2007 was $0.25
as compared to $0.41 for the same period in 2006. James E. Rouse,
the Company�s President and CEO commented, �Sales revenue continues
to increase as a result of ongoing efforts to expand our product
lines beyond the core business of disposable electro-physiological
sensors. Although the sensor business remains a key element in our
business strategy, we have long recognized that diversification
into other product lines and markets are essential to long term
growth. The effort to diversify has resulted in revenue increases
for both our NEM and MIT divisions in the first six months. This
revenue increase has offset revenue declines in our sensor business
due to price erosion and volume decreases, primarily in Europe.
Although net income and EPS for the period are down from the same
period in 2006, they are up significantly from the first quarter of
2007 due to cost control strategies implemented during the second
quarter. We are excited about the potential for sustainable revenue
and net income growth that is expected to result from our ongoing
diversification efforts. Two recently announced long term supply
agreements with Cyalume Technologies, Inc., for defense related
precision machined and thermoplastic injection molded components,
and ConforMIS, Inc., for precision machined, unique, patient
specific knee implants are evidence of our success. The evolution
of our business to become a multi-faceted manufacturer and supplier
of components and products to the defense and medical industry
positions us for continued expansion and profitability.� The
Company through its wholly owned subsidiary Micron Products, Inc.
manufactures silver plated and non-silver plated conductive resin
sensors and distributes metal snaps used in the manufacture of
disposable ECG, EEG, EMS and TENS electrodes. Micron�s NEM division
manufactures custom injection molded products for medical,
electronic, industrial and consumer applications. Micron�s MIT
division provides end- to- end product life cycle management
through a comprehensive portfolio of value-added services such as
design, engineering, prototyping, manufacturing, machining,
assembly and packaging. Micron�s Leominster Tool division provides
high end mold design, manufacturing and precision machining for
various industries. The Company�s products also include proprietary
signal-averaging electrocardiography (SAECG) software used in the
detection of potentially lethal heart arrhythmias. For more
information please check our websites: http://www.arthrt.com
http://www.micronproducts.com http://www.leominstertool.com
http://www.newenglandmolders.com http://www.micronintegrated.com
Forward-looking statements made herein are based on current
expectations of the Company that involve a number of risks and
uncertainties and should not be considered as guarantees of future
performance. The factors that could cause actual results to differ
materially include: interruptions or cancellation of existing
contracts, impact of competitive products and pricing, product
demand and market acceptance, risks, the presence of competitors
with greater financial resources than the Company, product
development and commercialization risks, changing economic
conditions in developing countries, and an inability to arrange
additional debt or equity financing. More information about factors
that potentially could affect the Company's financial results is
included in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-KSB for the year
ended December 31, 2006.
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