MEDTOX Scientific, Inc. (AMEX:TOX) announced today results for the
third quarter ended September 30, 2005. -- Revenues increased
$2,040,000 to $16,513,000, or 14% -- Consolidated gross margin
increased to 44% from 42% -- Operating Income increased $407,000 to
$1,688,000, or 32% -- Net Income increased $256,000 to $825,000, or
45% For the three-month period ended September 30, 2005, revenues
increased to $16,513,000 compared to $14,473,000 from the
prior-year period. Operating income increased to $1,688,000
compared to $1,281,000 from the prior-year period. The Company
recorded net income of $825,000, or $0.10 per diluted share,
compared to net income of $569,000, or $0.07 per diluted share, or
a 45% increase in net income from the comparable period last year.
For the nine-month period ended September 30, 2005, revenues
increased to $48,047,000 compared to $43,120,000, or 11%, from the
prior-year period. Operating income increased to $4,650,000
compared to $3,887,000, or 20%, from the comparable period last
year. Net income increased to $2,261,000, or $0.28 per diluted
share, compared to net income of $1,711,000, or $0.22 per diluted
share, or an increase of 32% in net income from the comparable
period last year. Overall, expenses for the quarter were in line
with expectations. Total selling, general and administrative
expenses for the quarter were 30% of revenues which is comparable
with the same period last year. Research and development expenses
increased 56% to $552,000 for the quarter from $354,000 in the
comparable period last year. MEDTOX will hold a teleconference to
discuss third quarter 2005 results today at 9:30 a.m. Central Time
(10:30 a.m. Eastern). Dialing 800-387-5648 a few minutes prior to
the scheduled start time on October 17 will access a listen-only
broadcast of the teleconference. International callers may access
the call by dialing 706-634-5527. Callers should ask for the MEDTOX
quarterly conference call, hosted by Dick Braun, president and CEO
of MEDTOX. A simultaneous webcast of the conference call will be
available on the MEDTOX website in the "investors" section at
www.medtox.com. An audio replay of the conference call will be
available through October 24 at 800-642-1687 conference ID
#9647412. International callers may access the replay at
706-645-9291 with the same conference ID #9647412. MEDTOX
Scientific, Inc., headquartered in St. Paul, Minn., is a provider
of high quality specialized laboratory testing services and
on-site/point-of-collection (POC) devices. The company also
supports customers with complete logistics, data and program
management services. MEDTOX is a leader in providing esoteric
laboratory testing services to hospitals and laboratories
nationwide. This includes both central laboratory and
bio-analytical testing for pharmaceutical clinical trials. MEDTOX
develops and manufactures diagnostic devices for quick and
economical on-site/point-of-collection analysis for drugs-of-abuse,
therapeutic drugs and biological and agricultural toxins and
provides employment drug screening and occupational health testing.
For more information see www.medtox.com. Note: Forward-looking
statements contained in this press release are made under the
Private Securities Reform Act of 1995. Actual results may differ
due to a number of factors including a change in the employment
pattern of client companies, the ability of MEDTOX to acquire new
business, and changes in the competitive environment. Further
discussions of factors that may cause such results to differ are
identified in the Company's 2004 Annual Report on Form 10-K. -0- *T
MEDTOX SCIENTIFIC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except share and per share data) (Unaudited) Three
Months Ended Nine Months Ended September 30, September 30, 2005
2004 2005 2004 ---------- ---------- ---------- ----------
REVENUES: Laboratory services $12,740 $10,979 $36,808 $32,694
Product sales 3,773 3,494 11,239 10,426 ---------- ----------
---------- ---------- 16,513 14,473 48,047 43,120 COST OF REVENUES:
Cost of services 7,783 7,055 22,758 20,638 Cost of sales 1,470
1,386 4,587 4,096 ---------- ---------- ---------- ---------- 9,253
8,441 27,345 24,734 ---------- ---------- ---------- ----------
GROSS PROFIT 7,260 6,032 20,702 18,386 OPERATING EXPENSES: Selling,
general and administrative 5,020 4,397 14,264 13,310 Research and
development 552 354 1,788 1,189 ---------- ---------- ----------
---------- 5,572 4,751 16,052 14,499 ---------- ----------
---------- ---------- INCOME FROM OPERATIONS 1,688 1,281 4,650
3,887 OTHER INCOME (EXPENSE): Interest expense (182) (264) (620)
(790) Other expense, net (175) (99) (383) (337) ----------
---------- ---------- ---------- (357) (363) (1,003) (1,127)
---------- ---------- ---------- ---------- INCOME BEFORE INCOME
TAX EXPENSE 1,331 918 3,647 2,760 INCOME TAX EXPENSE (506) (349)
(1,386) (1,049) ---------- ---------- ---------- ---------- NET
INCOME $825 $569 $2,261 $1,711 ========== ========== ==========
========== BASIC EARNINGS PER COMMON SHARE $0.10 $0.08 $0.30 $0.23
========== ========== ========== ========== DILUTED EARNINGS PER
COMMON SHARE $0.10 $0.07 $0.28 $0.22 ========== ==========
========== ========== WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING: Basic 7,896,777 7,444,973 7,662,716 7,451,174 Diluted
8,324,880 7,930,347 8,094,210 7,806,901 MEDTOX SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September
30, December 31, 2005 2004 ------------- ------------ ASSETS Cash
and cash equivalents $674 $263 Accounts receivable 11,011 8,287
Inventories 3,074 3,624 Other current assets 2,504 2,824
------------- ------------ Total current assets 17,263 14,998
Building, equipment and improvements, net 17,753 16,348 Other
assets 23,073 24,614 ------------- ------------ Total assets
$58,089 $55,960 ============= ============ LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities $8,616 $12,081 Long-term
obligations 5,845 6,090 Stockholders' equity 43,628 37,789
------------- ------------ Total liabilities and stockholders'
equity $58,089 $55,960 ============= ============ *T
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