AMDL Reports 2007 Financial Results and 2008 Operating Strategy
April 01 2008 - 5:00AM
PR Newswire (US)
TUSTIN, Calif., April 1, 2008 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), headquartered in Tustin, California, with operations in
Shenzhen, Jiangxi, and Jilin, China, is a vertically integrated
specialty pharmaceutical company. In combination with its
subsidiary Jade Pharmaceutical Inc. (JPI), the Company engages in
the research, development, manufacture, and marketing of
diagnostic, pharmaceutical, nutritional supplement, and cosmetic
products. AMDL today announced: 2007 Net Revenues. The Company
generated net revenues of $15.0 million from product sales in
Fiscal Year 2007 compared to revenues from product sales of $2.1
million in FY 2006, an increase of $12.9 million or 614 percent.
JPI was not acquired until September 28, 2006, therefore full year
financials are not comparable. Gross profits were approximately
$8.1 million in 2007 compared to gross profits of $933,493 in 2006.
The Company had weighted average common shares outstanding as of
December 31, 2006 and 2007 of 7,117,893 and 11,718,586,
respectively. 2007 Net Loss and Net Loss Per Share. For FY 2007
AMDL's comprehensive net loss was $1.26 million or ($0.20) per
share compared to a comprehensive net loss of $5.9 million or
($0.82) per share in FY 2006. 4th Quarter 2007 Results. The Company
generated net revenues of approximately $5,363,000 from product
sales in the fourth quarter of 2007. This is a 161% increase from
the same period in 2006 of approximately $2,049,000. Gross profits
increased 156% to approximately $2,646,000 compared to
approximately $1,035,000 for the same period in 2006. The Company
generated income after foreign currency gain of $498,903 of
approximately $1,414,000 for the quarter ended December 31, 2007
compared to a comprehensive loss of approximately $3,322,000 for
the same period in 2006. 2006 Assets and Liabilities. At December
31, 2007, the Company had total assets of $32,867,178 compared to
total assets of $19,240,613 at December 31, 2006. The primary
reason for the increase was the receipt of net proceeds of
$9,989,797 from private placements in 2007, offset by the purchase
of property and equipment of $2,536,163, and the purchase of
product licenses of $2,561,773. Cash and cash equivalents totaled
$6,157,493 as of December 31, 2007. 2008 Operating Strategy.
"AMDL's near and long-term operating strategies focus on funding
the growth of JPI's existing product line, obtaining U.S. Food and
Drug Administration and China's State Food and Drug Administration
approval for DR-70(R), seeking a large pharmaceutical partner for
our CIT technology, and funding the research and development of new
products. AMDL continues to strengthen its position in the China
pharmaceutical marketplace and is highly pleased with our second
straight quarter of profitable operations. We anticipate that 2008
will be a great growth year for the Company," said Gary Dreher,
AMDL CEO. About Jade Pharmaceutical: JPI has access to the fastest
growing pharmaceutical and consumer market in the world: China.
AMDL, through its subsidiaries, JPI currently manufactures large
volume injection fluids, tablets and other related products,
holding licenses for 133 products. It also manufactures 107
generic, over the counter and supplemental pharmaceutical products
under certified Chinese Good Manufacturing Practice (CGMP)
standards. About AMDL: More information about AMDL and its products
can be obtained at http://www.amdl.com/. Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties, and
actual circumstances, events or results may differ materially from
those projected in such forward-looking statements. The Company
cautions readers not to place undue reliance on any forward-looking
statements. The Company does not undertake, and specifically
disclaims any obligation, to update or revise such statements to
reflect new circumstances or unanticipated events as they occur.
Contact: AMDL, Inc. Mr. Paul Knopick AMDL Investor Relations Direct
Line: 949.707.5365 VoiceMail: 714.505.4460 DATASOURCE: AMDL, Inc.
CONTACT: Mr. Paul Knopick, Investor Relations, +1-949-707-5365,
voicemail, +1-714-505-4460, for AMDL, Inc. Web site:
http://www.amdl.com/
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