Global Med Technologies(R), Inc. Announces Record System Sales for 2004, With a 147% Increase in System Sales Over 2003, and a 6
March 03 2005 - 11:56AM
PR Newswire (US)
Global Med Technologies(R), Inc. Announces Record System Sales for
2004, With a 147% Increase in System Sales Over 2003, and a 61%
Increase in Q4 Revenues Over Q4 2003 DENVER, March 3
/PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc.
(OTC:GLOB) (BULLETIN BOARD: GLOB) ("Global Med" or the "Company")
announced record revenues of $6.884 million for the year ended
December 31, 2004 and fourth quarter revenue growth of 61% compared
to the same period in 2003, with net income of $153 thousand for
the fourth quarter of 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) The
Company's revenues for the three months ended December 31, 2004
increased 61% to $2.277 million compared with $1.417 million for
the comparable quarter in 2003. Fourth quarter cash flow from
operations was $492 thousand compared with cash used from
operations of $71 thousand for the three months ended December 31,
2003. During the three months ended December 31, 2004, the Company
generated sales in the form of customer contracts for software
license and implementation fees with projected values of
approximately $1.605 million. Of the $1.605 million in sales, the
Company recognized into revenues approximately $383 thousand during
the three months ended December 31, 2004. The Company generated
sales in the form of customer contracts for software license and
implementation fees of approximately $5.8 million during the year
ended December 31 2004, compared to $2.35 million for the year
ended December 31, 2003, a 147% increase. Approximately $1.64
million of the $5.8 million in sales was recognized into revenues,
and the remaining $4.16 million was added to the Company's backlog
of business, which now totals $5.22 million*. The Company expects
to recognize the vast majority of the unrecognized software license
and implementation fees during the 2005 fiscal year. Global Med's
President and COO, Thomas F. Marcinek, commenting on the results
for the year and quarter stated, "This was by far the Company's
best year ever. The Company generated $8.1 million in billings to
its customers during the year. Our cash inflows from operations for
the year exceeded $7.98 million, completing our third full year of
positive cash flow from operations." Michael I. Ruxin, M.D.,
Chairman and CEO of Global Med Technologies, stated, "Considering
our encouraging January and February sales and qualified pipeline
of prospective business, we anticipate continued strong double
digit growth in 2005 annual revenue over 2004." The following
tables provide certain details related to the Company's operations
for the three months ended December 31, 2004 and 2003: Global Med
Technologies, Inc. (OTC:GLOB) (BULLETIN BOARD: GLOB) Selected
Quarterly Results Three Months Ended In (000s) except per share
information (Unaudited) December 31, 2004 December 31, 2003
Revenues $2,277 $1,417 Operating expenses $1,447 $1,236 Income
(loss) from operations $164 $(408) Net income (loss) $153 $(477)
Preferred dividends, related party $(131) -- Net income (loss)
attributable to common shareholders $22 $(477) Net income (loss)
per common share Basic $0.00 $(0.02) Diluted $0.00 $(0.02) Common
shares outstanding Basic 26,773 24,545 Diluted 35,029 24,545 Cash
flows provided by (used in) Operations $492 $(71) (In thousands
$000s) December 31, 2004 December 31, 2003 Increase Cash $1,633
$983 $650 Deferred revenue $2,785 $1,389 $1,396 The Company's cash
position increased by $650 thousand during the year ended December
31, 2004. The Company's operations provided $256 thousand during
2004. During this same period, the Company's financing activities
resulted in net proceeds to the Company of approximately $471
thousand, primarily from equity transactions. Deferred revenue
increased approximately $1.396 million. Approximately $746 thousand
of the increase in deferred revenue was tied directly to the
deferral of software license fees for which the Company had billed
the customer but had not yet recognized the revenue associated with
the billings. Global Med Technologies, Inc. (OTC:GLOB) (BULLETIN
BOARD: GLOB) Selected Results Year Ended In ($000s) except per
share information (Unaudited) December 31, 2004 December 31, 2003
Revenues $6,884 $6,514** Operating expenses $5,029 $4,545 Loss from
operations $(582) $(303) Net loss $(766) $(878) Preferred
dividends, related party $(479) -- Net loss attributable to common
shareholders $(1,245) $(878) Net loss per common share Basic
$(0.05) $(0.04) Diluted $(0.05) $(0.04) Common shares outstanding
Basic 25,767 24,545 Diluted 25,767*** 24,545 Cash flows Provided by
operations $256 $24 * Of the $5.22 million backlog, approximately
$180 thousand relates to contracts that are billed based on hours
incurred and could vary materially from the values provided. ** The
Company's results for the year ended December 31, 2003 were
dramatically increased by certain non-cash or non-recurring
transactions that occurred during this period. Included in the
Company's results for this period, the Company recognized $500
thousand in revenues associated with a settlement agreement whereby
a former marketing partner waived its right to software development
services that had been paid for in prior years. During the year
ended December 31, 2003, the Company recognized $300 thousand in
revenues related to a termination contract with a significant
customer. During the year and three months ended December 31, 2004,
the Company received $265 thousand in cash and recognized $145
thousand into revenues as a result of a customer's contract
agreement. The remaining $120 thousand reduced certain operating
expenses for the three months and year ended December 31, 2004.
During the year ended December 31, 2003, the Company recognized
$379 thousand in revenues associated with certain non-cash
consideration (i.e., reductions in liabilities owed to a customer)
associated with the sale of certain SafeTrace Tx(R)**** products.
Had these transactions been excluded from the results for this
period, the revenues for the year ended December 31, 2003 would
have been approximately $5.335 million; whereas, the revenues for
the year ended December 31, 2004 would have been approximately
$6.739 million without the revenue recognition from the termination
agreements. The Company believes it is important to provide this
additional non-GAAP analysis because the non-cash or non-recurring
transactions do not provide a clear comparison of the
transaction-based activities for these periods. *** This number
reflects the weighted average common shares outstanding for 2004
for a period in which there was a net loss and does not include
dilutive securities. Whereas, for the quarter ended December 31,
2004, the Company posted net income attributable to common
shareholders, and the diluted shares outstanding includes the
effect of common stock equivalents that had a dilutive effect.
About Global Med Technologies(R), Inc. Global Med Technologies(R),
Inc. is an international e-Health medical information technology
company providing information management software products and
services to the healthcare industry. Its Wyndgate Technologies(R)
division is a leading supplier of information management systems to
U.S. and international blood centers and hospital transfusion
centers. Current clients of Wyndgate's products and services manage
more than 3 million units of blood, or over 22% of the U.S. blood
supply, each year. For more information about Global Med's products
and services, please call 800-WYNDGATE or visit
http://www.globalmedtech.com/, http://www.peoplemed.com/ and
http://www.wyndgate.com/. Statements in this press release that are
not strictly historical are "forward-looking" statements within the
meaning of the Safe Harbor provisions of the federal securities
laws. Forward-looking statements involve risks and uncertainties,
including, but not limited to, continued acceptance of the
Company's products and services in the marketplace, regulatory and
competitive factors, new products and technological changes, the
Company's dependence upon third-party suppliers, and other risks
detailed from time to time in the Company's Form 10-K and other
regularly filed reports. The results of operations for the quarter
or year ended December 31, 2004 are not necessarily indicative of
the results that may be expected for any other future period. ****
Patent Pending
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D., Chairman and CEO of Global
Med Technologies(R), Inc., +1-303-238-2000; or Investor Relations,
John Nesbett or Jordan Silverstein of The Investor Relations Group,
+1-212-825-3210, for Global Med Technologies, Inc. Web site:
http://www.globalmedtech.com/
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