AMDL Updates Q2 and FY2008 Guidance
August 01 2008 - 9:00AM
PR Newswire (US)
TUSTIN, Calif., Aug. 1 /PRNewswire-FirstCall/ --
(http://www.amdl.com/) AMDL, Inc. (AMEX:ADL), a leading vertically
integrated bio-pharmaceutical company with major operations in
China and the U.S., announced today it adjusted its financial
guidance for the second quarter of 2008, which ended on June 30,
2008, based upon unexpected delays in revenue recognition from
unshipped product of its Domperidone anti-emetic drug sold in
China. AMDL reiterates that its gross FY2008 sales are anticipated
to be between $30 million and $38.7 million with gross margins
expected to range between 46% and 52%. The delay in these shipments
was the result of the May 12, 2008 earthquake disaster in
Southwestern China. Due to the earthquake, AMDL's subsidiary JJB
was forced to delay a portion of its Q2 Domperidone orders.
Consequently, the Company's second quarter gross revenues will be
approximately $5.8 million, which is still approximately a 140%
increase over Q2/2007. Net earnings after currency adjustments are
now anticipated to be between $50,000 to $113,000. The drop in
anticipated Q2 earnings was also due to lower Domperidone sales, a
one-time non-reoccurring land use payment and the donation of JJB
products to the China earthquake relief efforts. The lower than
anticipated Q2 sales and earnings are now fully expected to be made
up in both the third and fourth quarters of 2008. AMDL has targeted
net sales for FY2008 to increase at least 100% percent over FY2007
and anticipates they will be in the range of $30 to $38.7 million
with gross margins of 46% to 52%. Gross revenues for FY2007 were
$15 million with gross margin 54% of gross revenues. The FY2008
R&D and SG&A expenses are expected to total approximately
$6.8 to $8.7 million, which includes stock-based (common shares,
warrants and options) compensation expenses. R&D and SG&A
expenses for FY2007 were a total of $9.9 million. Net income after
taxes is expected to be between $9.5 and $12.2 million including
any foreign currency adjustments. According to Gary Dreher, Chief
Executive Officer of AMDL, "We remain highly optimistic about the
Company's near-term outlook and confident we will continue meeting
our FY2008 stated business and financial targets. Specifically, we
remain focused on, at a minimum, doubling sales annually over the
next three years, and securing necessary regulatory approvals to
introduce other key products like DR-70(R) and MyHPV(R) to the
marketplace. We are driving to establish JPI as one of the top 10
pharmaceutical companies in China by 2011." About AMDL:
Headquartered in Tustin, CA with operations in Shenzhen, Jiangxi,
and Jilin, China, AMDL, Inc., along with its subsidiary Jade
Pharmaceutical Inc. (JPI), is a vertically integrated
bio-pharmaceutical Company devoted to the research, development,
manufacturing, and marketing of diagnostic, pharmaceutical,
nutritional supplement, and cosmetic products. The Company employs
approximately 320 people in the U.S. and China. The Company has an
additional four pharmaceutical and diagnostic products under review
by various regulatory authorities. Forward-Looking Statements
Statements in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties,
including the market's acceptance or demand for DR-70 or any of the
Company's products, failure to complete successfully the
development of other new or enhanced products, the Company's future
capital needs, any actions by the Company's distribution channels
that may be adverse to the Company, the success of competitive
products, other economic factors affecting the Company and its
markets, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission. The
actual results may differ materially from those contained in this
press release. The Company disclaims any obligation to update any
statements in this press release. Kristine Szarkowitz
Director-Investor Relations (M) (206) 310-5323 (O) (206) 201-3286
DATASOURCE: AMDL, Inc. CONTACT: Kristine Szarkowitz,
Director-Investor Relations of AMDL, Inc., mobile, +1-206-310-5323,
office, +1-206-201-3286, Web site: http://www.amdl.com/
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