AMDL Inc. Announces Second Quarter 2008 Results; Company Posts $5.8 Million in Sales With a Revenue Increase of 140%
August 15 2008 - 10:57AM
PR Newswire (US)
TUSTIN, Calif., Aug. 15 /PRNewswire-FirstCall/ --
(http://www.amdl.com/) AMDL Inc. (AMEX:ADL), a leading vertically
integrated bio-pharmaceutical company with major operations in
China and the US, today reported today unaudited results and the
filing of its Quarterly Report on Form 10-Q with the Securities and
Exchange Commission ("SEC") for the quarter ended June 30, 2008.
The Company reported gross revenues of $5.8 million -- an increase
of 140% compared with $2.4 million in sales reported for the second
quarter of 2007. Gross profits for the second quarter ended June
30, 2008 increased 152% to $2.9 million compared to $1.1 million
for the same period in 2007. The Company's consolidated net losses
for the second quarter ended June 30, 2008 were $429,567 or ($0.03)
per share compared to a consolidated net loss of $2,264,305 or
($0.17) per share for the same period in 2007. Comprehensive gains
after foreign currency translation were $94,448 or $0.006 per share
for the second quarter ended June 30, 2008 compared to a loss of
$1.9 million. The lower than expected results for the second
quarter of 2008 were in part due delayed revenue recognition from
unshipped product for the Company's Domperidone and Goodnak
products, higher than expected SG&A expenses, and lost revenues
of approximately $110,000 from product donations the Company
provided in support of the Sichuan Earthquake disaster relief
efforts. Revenue loss as a result of the unshipped Domperidone and
Goodnak were the result of interrupted distributor sales cycles
also from the earthquake disaster. AMDL is working with its
distributor network to accelerate the sales cycles for these
products and expects to fully recoup lost revenues in the third and
fourth quarters of 2008. According the Gary Dreher, President and
Chief Operating Office of AMDL, "We remain highly optimistic about
AMDL's near-term outlook, and confident we will meet our 2008
business and financial targets. This means, at a minimum, we are
focused on doubling sales in 2008 and annually over the next three
years, leveraging our recent FDA clearance to market for our
DR-70(R) cancer monitoring product, and securing additional
regulatory approvals for other key products including the MyHPV(R)
Chip Kit Test." For FY2008 AMDL has targeted net sales ranging
between $30 to $38.7 million with gross margins of 46% to 52% -- a
100% increase over the same period in 2007 where the Company
achieved gross revenues of $15 million with a gross margin of 54%
of gross revenues. For FY2008, R&D and SG&A expenses are
expected to range between $6.8 to $9.5 million, including
stock-based (common shares, warrants and options) compensation
expenses. This is compared to $9.9 million over the same period in
2007. Net income after taxes is expected to be between $9.5 and
$12.2 million including any foreign currency adjustments.
Currently, AMDL is in process of securing debt financing based on
its AAA bank rating for its real estate and plant assets in China.
The Company plans to secure $4 million in debt financing, which
will be primarily used to fund on-going product distribution and
sales throughout China; the development of additional production
lines in China; execution on its business development strategy for
the recently FDA-approved DR-70(R) monitoring test for colorectal
cancer; securing SFDA-approval for DR-70(R) and MyHPV(R) Chip Test
Kit: and the marketing, sales and distribution for the newest
Goodank(R) anti-aging product formulations. The company also plans
to use a portion of the funds to acquire a China-based distributor
which will in effect allow AMDL to become an independent
distributor in specific regions in China. AMDL will conduct a
conference call with investors to discuss its second quarter 2008
financial results and current financial prospects on Tuesday,
August 19, 2008 at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time).
To listen to the conference call, or to view the financial or other
statistical information required by Securities and Exchange
Commission (SEC) Regulation G, please visit the Investors section
of the AMDL website at http://www.amdl.com/investors . The
conference call script will be recorded and available for viewing
until 5:00 p.m. Pacific Time, Wednesday, August 20, 2008.
Consolidated financial statements for the second quarter ended June
30, 2008, which were included in AMDL's Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on August
14, 2008, contained a 'going concern' qualification from its
independent registered public accounting firm KMJ Corbin &
Company, LLP. This announcement is in compliance with the AMEX
Company Guide Rule 610(b) requiring a public announcement of the
receipt of an audit opinion that contains a going concern
qualification. This announcement does not reflect any change or
amendment to the consolidated financial statements as filed.
Further information regarding the going concern qualification is
contained in AMDL's Quarterly Report on Form 10-Q for the second
quarter ended June 30, 2008. About AMDL: More information about
AMDL and its products can be obtained at http://www.amdl.com/.
AMDL, together with Jade, engages in the development, manufacture
and marketing of proprietary pharmaceutical and diagnostic
products. About Jade Pharmaceuticals Inc.: JPI has access to the
fastest growing pharmaceutical and consumer market in the world:
China. AMDL, through its Jade subsidiaries, currently holds
licenses for 133 products that are manufactured as large volume
injection fluids, tablets and other related products. It currently
manufactures over 20 key generic, over-the-counter and supplemental
pharmaceutical products under certified Chinese Good Manufacturing
Practice (CGMP) standards. 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.
AMDL Contact: Kristine Szarkowitz Director-Investor Relations (M)
(206) 310-5323 (O) (206) 201-3286 DATASOURCE: AMDL CONTACT:
Kristine Szarkowitz, Director-Investor Relations of AMDL,
+1-206-201-3286, cell, +1-206-310-5323, Web site:
http://www.amdl.com/
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