Global Med Accelerates the Pace of Its Revenue Growth With a 90% Increase in the First Quarter of 2005
May 16 2005 - 11:34AM
PR Newswire (US)
Global Med Accelerates the Pace of Its Revenue Growth With a 90%
Increase in the First Quarter of 2005 DENVER, May 16
/PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc.
(OTC:GLOB) (BULLETIN BOARD: GLOB) ("Global Med" or the "Company")
announced that revenue growth accelerated in the first quarter of
2005. Revenues for the quarter were $2.575 million, a 90.3%
increase over $1.353 million reported in the first quarter of last
year. Net income for the first quarter increased to $117 thousand
for the three months ended March 31, 2005 versus a net loss of $448
thousand for the comparable period in 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) The
Company's comparable quarter to quarter revenue growth rate has
been as follows ($000s): Revenues for Revenues for the the
Percentage Three Months Three Months Change Ended Ended 2003 2004
September 30, $1,279 $1,794 40.3% December 31, $1,417 $2,277 60.7%
2004 2005 March 31, $1,353 $2,575 90.3% The Company generated sales
in the form of customer contracts for software license and
implementation fees of approximately $1.193 million* during the
quarter ended March 31, 2005. As a result of this robust first
quarter, the Company's customer billings were $2.474 million and
cash collections of receivables was $2.417 million. Strong cash
collections resulted in the Company's operations providing $139
thousand in cash flows, and the Company's cash balance increased to
$1.652 million as of March 31, 2005 from $1.633 million as of
December 31, 2004. Global Med's President and COO, Thomas F.
Marcinek, commenting on the results for the quarter stated, "The
Company had another excellent quarter. Our revenues continue to
increase at a double-digit pace, and we posted net income of $117
thousand. In addition, our backlog of unrecognized software license
and implementation fees continues to remain strong at over $4.8
million**. Michael I. Ruxin, M.D., Chairman and CEO of Global Med
Technologies, Inc., stated, "The first quarter results were in line
with the Company's expectation of strong double-digit growth. Our
revenue growth has continued to accelerate during the last three
quarters from 40.3% to 60.7% to 90.3%." Dr. Ruxin continued, "The
Company's qualified pipeline of prospective business also continues
to grow. Our second quarter sales are already encouraging. We
continue to bring new customers on board, and we anticipate
continued strong double-digit annual growth in 2005." The following
table provides certain details related to the Company's operations
for the three months ended March 31, 2005 and 2004: Global Med
Technologies, Inc. (OTC:GLOB) (BULLETIN BOARD: GLOB) Selected
Quarterly Results Three Months Ended In (000s) except per share
information (Unaudited) March 31, 2005 March 31, 2004 Revenues
$2,575 $1,353 Cost of sales $677 $563 Operating expenses $1,774
$1,100 Income (loss) from operations $124 $(310) Net income (loss)
$117 $(448) Preferred dividends, related party $(147) --- Net loss
attributable to common shareholders $(30) $(448) Net loss per
common share Basic $(0.00) $(0.02) Diluted $(0.00) $(0.02) Common
shares outstanding Basic 27,625 24,552 Diluted 27,625 24,552 Cash
flows provided by Operations $139 $6 *Of the $1.193 million sales
for Q-1, 2005, approximately $97 thousand relates to contracts for
which there are contingencies that could result in the reduction of
the $1.193 million. **Of the approximate $4.8 million backlog,
approximately $250 thousand relates to fees that are contingent
that could result in a reduction of the $4.8 million value. 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 March 31, 2005 are not necessarily indicative of the
results that may be expected for any other future period.
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, both of The Investor Relations
Group, +1-212-825-3210, for Global Med Technologies, Inc. Web site:
http://www.wyndgate.com/ Web site: http://www.peoplemed.com/ Web
site: http://www.globalmedtech.com/
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