CRITICARE SYSTEMS, INC. (AMEX:CMD). Criticare Systems Inc. today
announced financial results for the second quarter and six months
ended December 31, 2005. Revenue was $8,770,813 for the three
months ended December 31, 2005; an increase of $1,395,808, or 18.9%
from $7,375,005 reported for the three months ended December 31,
2004. The Company reported net income of $606,937 or $0.05 per
diluted share for the second quarter of fiscal 2006, an increase of
$455,270, or 300% from $151,667 or $0.01 per diluted share for the
same period of the previous fiscal year. Revenue for the six months
ended December 31, 2005 was $16,443,126, an increase of $3,736,764,
or 29.4% from $12,706,362 for the same period in fiscal 2005. Net
income reported was $744,315 or $0.06 per diluted share for first
six months of fiscal 2006 as compared to a loss of $(548,642) or
$(0.05) per diluted share for the same period in fiscal 2005. Gross
profit percentage was up slightly to 39.6% compared to 39.1% for
the same period last year. Gross profit was impacted by one time
start up manufacturing costs of a new portable cardiac monitor
along with increased overhead costs directly associated with our
original equipment manufacturer ("OEM") customers. Major
contributors to the increased fiscal year to date sales were
increases of $1,826,625 in OEM sales, $1,582,353 in acute care
sales and $416,568 in international sales. Of particular note is
the sales to the acute care market, which had been previously
served by Alaris Medical Systems, Inc. The first six months sales
level to this market through the Company's new distribution network
exceeded the sales level of the comparable period of the previous
fiscal year through Alaris. The initial ramp up is very encouraging
and we expect the sales rate to accelerate as the network gains
momentum. Operating expenses for the six months ended December 31,
2005 increased $668,163 from the same period in fiscal 2005. The
primary drivers were increased sales commissions, trade show costs
and product development expenses. The company's total order backlog
as of December 31, 2005 was $7,629,884. As of December 31, 2005,
the Company's cash balance was $3,676,963 as compared to $3,680,965
as of June 30, 2005. Criticare remains free of long-term debt and
has access to a credit line of $2,000,000. Criticare
(www.csiusa.com) designs, manufactures, and markets cost-effective
patient monitoring systems and noninvasive sensors for a wide range
of hospitals and alternate health care environments throughout the
world. This press release contains forward-looking statements. Such
statements refer to the Company's beliefs and expectations.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described. Such uncertainties include, but are not
limited to, the timely completion of new products, regulatory
approvals for new products, the risk of new and better
technologies, risks relating to international markets, as well as
general conditions and competition in the company's markets.
Criticare does not believe its backlog of any date is indicative of
its future sales. Other risks are set forth in Criticare's reports
and documents filed from time to time with the Securities and
Exchange Commission. -0- *T CRITICARE SYSTEMS, INC. CONSOLIDATED
INCOME STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(UNAUDITED) 2005 2004 ------------- ------------- NET SALES
$8,770,813 $7,375,005 COST OF GOODS SOLD 5,194,365 4,273,613
------------- ------------- GROSS PROFIT 3,576,448 3,101,392
OPERATING EXPENSES: Sales and marketing 1,805,862 1,558,348
Research, development and engineering 673,015 633,816
Administrative 849,153 740,423 ------------- ------------- Total
3,328,030 2,932,587 INCOME FROM OPERATIONS 248,418 168,805 OTHER
INCOME (EXPENSE): Interest expense (5,122) (10,366) Interest income
21,718 11,465 Other income (expense) 341,923 (18,237) -------------
------------- Total 358,519 (17,138) INCOME BEFORE INCOME TAXES
606,937 151,667 INCOME TAX PROVISION -- -- -------------
------------- NET INCOME $606,937 $151,667 =============
============= NET INCOME PER COMMON SHARE: Basic $0.05 $0.01
Diluted $0.05 $0.01 WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING: Basic 12,027,943 11,455,344 Diluted 12,334,894
11,564,946 CRITICARE SYSTEMS, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS SIX MONTHS ENDED DECEMBER 31, 2005 AND 2004 (UNAUDITED)
2005 2004 ------------- ------------- NET SALES $16,443,126
$12,706,362 COST OF GOODS SOLD 9,931,378 7,733,536 -------------
------------- GROSS PROFIT 6,511,748 4,972,826 OPERATING EXPENSES:
Sales and marketing 3,292,693 2,872,833 Research, development and
engineering 1,299,666 1,174,935 Administrative 1,613,900 1,490,328
------------- ------------- Total 6,206,259 5,538,096 INCOME (LOSS)
FROM OPERATIONS 305,489 (565,270) OTHER INCOME (EXPENSE): Interest
expense (10,565) (17,027) Interest income 41,974 20,073 Other
income 407,417 13,582 ------------- ------------- Total 438,826
16,628 INCOME (LOSS) BEFORE INCOME TAXES 744,315 (548,642) INCOME
TAX PROVISION -- -- ------------- ------------- NET INCOME (LOSS)
$744,315 $(548,642) ============= ============= NET INCOME (LOSS)
PER COMMON SHARE: Basic $0.06 $(0.05) Diluted $0.06 $(0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic
11,935,933 11,453,405 Diluted 12,241,949 11,453,405 CRITICARE
SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2005 AND
JUNE 30, 2005 (UNAUDITED) ASSETS December 31, June 30, 2005 2005
------------- ------------- CURRENT ASSETS: Cash and cash
equivalents $3,676,963 $3,680,965 Accounts receivable, less
allowance for doubtful accounts of $300,000 and $300,000,
respectively 7,441,928 6,847,432 Other receivables 620,432 645,479
Inventories 6,813,934 5,551,093 Prepaid expenses 182,683 255,104
------------- ------------- Total current assets 18,735,940
16,980,073 Property, plant and equipment - net 2,626,246 2,010,417
License rights and patents - net 66,483 69,983 -------------
------------- TOTAL ASSETS $21,428,669 $19,060,473 =============
============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accounts payable $4,054,395 $3,033,559 Accrued
liabilities: Compensation and commissions 989,347 900,636 Product
warranties 412,000 452,000 Obligations under capital lease 65,415
62,739 Other 152,999 191,807 ------------- ------------- Total
current liabilities 5,674,156 4,640,741 LONG-TERM LIABILITIES:
Obligations under capital lease 168,640 202,031 Other long-term
obligations 4,610 8,561 ------------- ------------- Total long-term
liabilities 173,250 210,592 TOTAL LIABILITIES 5,847,406 4,851,333
STOCKHOLDERS' EQUITY: Preferred stock - $.04 par value, 500,000
shares authorized no shares issued or outstanding -- -- Common
stock - $.04 par value, 15,000,000 shares authorized, 12,171,961
and 11,925,086 shares issued, and 12,062,268 and 11,812,493 shares
outstanding, respectively 486,878 477,003 Additional paid-in
capital 25,384,798 24,775,995 Common stock held in treasury
(109,693 and 112,593 shares, respectively) (381,432) (386,834)
Retained earnings (accumulated deficit) (9,904,598) (10,648,912)
Cumulative translation adjustment (4,383) (8,112) -------------
------------- Total stockholders' equity 15,581,263 14,209,140
------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $21,428,669 $19,060,473 ============= ============= *T
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