Arrhythmia Research Technology, Inc. Announces Results for First Quarter 2009
07 Mayo 2009 - 8:10AM
Marketwired
Arrhythmia Research Technology, Inc. (the "Company") (NYSE Amex:
HRT) and its wholly owned subsidiary Micron Products, Inc.
("Micron") reported total revenue of $4,683,000 and net income
$82,000 for the quarter ended March 31, 2009 compared to total
revenue of $5,460,000 and net income of $149,000 for the same
quarter of 2008. Net income per share for the three months ended
March 31, 2009 decreased to $0.03 per share from $0.06 per share
for the same period in 2008.
James E. Rouse, the Company's President and CEO commented, "The
decline in revenue from the same period in 2008 was primarily the
result of the elimination of an unprofitable product in our MIT
division and continuing price erosion in Micron's sensor sales.
Although we were disappointed that our sensor revenue declined over
the same period in 2008, we are encouraged by several developments.
Sensor volume sales increased by 20% in the first quarter as
compared to the same period in 2008. In addition, during the first
quarter we were successful in securing a new long term supply
agreement with one of our largest sensor customers. Although in its
early stages, we are beginning to see the positive effects of the
company-wide lean manufacturing training as well as results from
our cost reduction teams developed as part of our continuing focus
on improving gross margins on our existing product lines. As part
of that process, we are also implementing technological and process
improvements which are expected to be completed over the next six
to nine months. We are cautiously optimistic that our continuing
efforts to streamline manufacturing processes and concentrate on
products, services and programs that meet our contribution and
strategic goal will produce improved results. In addition, our very
strong balance sheet positions us to not only weather the current
economic climate but also to capitalize on future growth
opportunities."
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 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. MIT manufactures custom injection molded products for
medical, electronic, industrial and consumer applications, and
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.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-K for the year
ended December 31, 2008.
Contact: David A. Garrison (978) 345-5000 Website:
http://www.arthrt.com
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