Update: AMDL Inc. Announces Second Quarter 2008 Results; Company Posts $5.8 Million in Sales With a Revenue Increase of 140%
August 15 2008 - 12:24PM
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 (unaudited) --
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
(unaudited) 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 (unaudited)
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 for the second quarter
ended June 30, 2008 compared to a loss of $1.9 million or $0.17 per
share. 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 $7.8 to $10.5 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 $8.5 and $11.2 million including any foreign currency
adjustments. Currently, AMDL is in process of securing up to $14
million in new debt financing including $4 million in private
placement debt financing and up to $10 million in new China bank
credit facilities, based upon the Company's current AAA bank rating
and its real estate and plant assets in China. These new debt
financings are anticipated to be 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 Goodnak(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 condensed 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 Inc. CONTACT:
Kristine Szarkowitz, Director-Investor Relations of AMDL Inc.,
+1-206-201-3286, mobile, +1-206-310-5323, Web site:
http://www.amdl.com/
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