Arrhythmia Research Technology, Inc. Announces Results for First Quarter 2008
15 Mayo 2008 - 3:15PM
Marketwired
FITCHBURG, MA (AMEX: HRT) and its wholly owned subsidiary Micron
Products, Inc. ("Micron") reported total revenue of $5,460,000 and
net income of $149,000 for the quarter ended March 31, 2008
compared to total revenue of $5,009,000 and net income of $234,000
for the same quarter of 2007. Net income per share for the three
months ended March 31, 2008 decreased to $ 0.06 per share from $
0.09 per share for the same period in 2007.
Increases in the cost of manufacturing and price erosion in the
highly competitive sensor and custom injection molding markets are
the primary cause for the over 30% decrease in net income and
earnings per share for the quarter ending March 31, 2008 compared
with the same period in 2007. Additionally, in preparation for
Sarbanes Oxley Section 404 compliance, the Company is experiencing
an increase in corporate costs. This includes an enterprise
management software system implementation and Section 404
compliance specific costs which we began to expend in the fourth
quarter of 2007 and which will continue through at least the third
quarter of 2008.
James E. Rouse, the Company's President and CEO commented,
"Although we are encouraged by our increase in revenue, management
is focused on improving gross margin on existing product lines
through technological and process improvements along with
developing new business with higher gross margin potential. We
remain very confident that our long term diversification strategy,
including acquisitions, and our investment in capital equipment and
resources will result in continuing growth. Higher profit from
projects and programs in development or early stage production are
expected to positively affect our margins over the long term."
The Company, through Micron, 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 and
manufacturing for the injection molding industry. 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 visit our websites:
http://www.arthrt.com http://www.micronproducts.com
http://www.newenglandmolders.com http://www.micronintegrated.com
http://www.leominstertool.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-K for the year
ended December 31, 2007.
Contact: David A. Garrison Website: http://www.arthrt.com (978)
345-5000
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