Arrhythmia Research Technology, Inc. Announces Results for Third Quarter 2009
28 Octubre 2009 - 2:05PM
Marketwired
Arrhythmia Research Technology, Inc. (the "Company") (NYSE Amex:
HRT) and its wholly owned subsidiary Micron Products, Inc.
("Micron") reported total revenue of $5,457,000 and net income of
$108,000 for the quarter ended September 30, 2009 compared to total
revenue of $5,838,000 and net income of $68,000 for the same
quarter of 2008. Basic net income per share for the three months
ended September 30, 2009 increased to $0.04 per share from $0.03
per share for the same period in 2008. Total revenue decreased by
6.5% while net income increased by 59% and earnings per share
increased by 33% in the quarter ending September 30, 2009 as
compared to the same period in 2008.
For the nine months ended September 30, 2009, total revenue of
$15,512,000 and net income of $267,000 was achieved as compared to
total revenue of $17,724,000 and net income of $352,000 for the
same period in 2008. Basic net income per share for the nine months
ended September 30, 2009 was $0.10 as compared to $0.13 for the
same period in 2008. Total revenue decreased by 12.5% while net
income decreased by 24% and earnings per share decreased by 23% in
the nine months ending September 30, 2009 as compared to the same
period in 2008.
James E. Rouse, the Company's President and CEO commented, "We
are pleased with the sequential and year over year growth in
earnings. Micron Integrated Technology (MIT) division has
significantly improved gross profit in the first nine months as
compared to the same period in 2008. It is encouraging to note that
in the third quarter MIT sales increased over $60,000 as compared
to the same period in 2008 despite the loss of over $1,200,000 in
revenue from an eliminated product. Sensor unit volume increased 1%
in the third quarter and 10% in the nine months compared to the
same periods in 2008. However, intense price competition continues
to have an adverse effect on sensor revenues and gross profit
margin.
"Due to the competitive environment of the ECG electrode market,
price pressure is expected to persist. To protect and grow our
sensor market share, management is aggressively pursuing multiple
strategies. As part of these strategies, the management team will
continue to implement technological and process improvements
enhancing overall competitiveness and gross margin. These
improvements include investment in automated production and
inspection equipment, implementation of lean manufacturing
strategies and the incorporation of the ISO-13485-2003 quality
management system for medical device manufacturing.
"We expect the first phase of automated production and
inspection equipment will be fully operational by year end.
Additional equipment, originally scheduled for delivery and
implementation in the fourth quarter, will now be completed in the
first quarter of 2010. The total investment attributable to this
equipment is approximately $1,000,000. ISO-13485-2003 registration
is projected for completion no later than early 2010. Management's
lean manufacturing initiatives will continue into the foreseeable
future.
"The Company continues to maintain a strong balance sheet and
cash flows despite the full payment of a short term equipment note
in excess of $600,000 during the third quarter. We believe that our
strong balance sheet enables us to weather the current economic
climate and intense pricing pressures, and 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: our ability to maintain our current pricing
model and/or decrease our cost of sales; continued availability of
supplies or materials used in manufacturing at competitive prices;
volatility in commodity and energy prices and our ability to offset
higher costs with price increases; the costs inherent with
complying with new statutes and regulations; variability of
customer delivery requirements; our ability to efficiently
integrate future acquisitions and other new lines of business that
the Company may enter in the future. 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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