Global Med Technologies(R), Inc. Reports Increased Revenues, Shows Profitability, and Reduces Its Shareholders' Deficit by $25.
April 28 2006 - 10:00AM
PR Newswire (US)
DENVER, April 28 /PRNewswire-FirstCall/ -- Global Med
Technologies(R), Inc. (OTC:GLOB) (BULLETIN BOARD: GLOB) has
reported its seventh consecutive quarter of revenue growth. The
Company's revenues increased to $2.816 million for the three months
ended March 31, 2006 from $2.575 million for the comparable quarter
in 2005. For the quarter ended March 31, 2006, the Company posted
income from operations of $58 thousand and net income of $779
thousand. In addition, the Company's shareholders' deficit declined
by $25.5 million. As of December 31, 2005, the Company's
shareholders' deficit was $25.833 million. As of March 31, 2006,
the shareholders' deficit was $333 thousand. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO )
Michael I. Ruxin, M.D., Chairman and CEO of Global Med
Technologies, Inc., commenting on the quarter's results, stated,
"The Company achieved a number of milestones during the first
quarter of 2006. The most important was the renegotiation of the
terms of our Series A Convertible Preferred Stock ("Series A").
These renegotiated terms helped to reduce our shareholders' deficit
by $25.5 million reduction when comparing the balances as of March
31, 2006 with the balances as of December 31, 2005. Also during the
first quarter of 2006, the Company recognized a gain of $724
thousand associated with the renegotiated terms." Dr. Ruxin
continued, "Regarding new systems sales, there were a number of
additional hospital sales that were projected to close during the
first quarter of 2006 that did not close due to the finalization of
contracts. Those sales may close during the second quarter of this
year. Irrespective of those sales, the Company still anticipates
revenue growth, profitability, and positive cash flows from
operations for 2006." Thomas F. Marcinek, the Company's President
and COO, stated, "Global Med had another quarter of revenue growth.
For the three months ended March 31, 2006, the Company had positive
cash flows from operations in the amount of $133 thousand, and our
cash receipts and customer billings were both over $3 million. In
the first quarter of 2005, the Company's cash receipts and customer
billings were approximately $2.4 million and $2.5 million,
respectively." The following table provides certain details related
to the Company's operations for the three months ended March 31,
2006 and 2005: Global Med Technologies, Inc. (OTC:GLOB) (BULLETIN
BOARD: GLOB) Selected Results Three Months Ended March 31, In
(000s) (Unaudited) 2006 2005 Revenues $2,816 $2,575 Cost of
revenues and operating expenses $2,758 $2,451 Income from
operations $58 $124 Other income (expenses) $721 $(7) Net income
$779 $117 Preferred dividends --- $(147) Net income (loss)
available to common shareholders $779 $(30) About Global Med
Technologies, Inc. Global Med Technologies, Inc. is an
international e-Health, medical information technology company,
providing information management software products and services to
the healthcare industry. Its Wyndgate Technologies 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. Wyndgate's products are being used in Canada and
sub-Saharan Africa, and are being implemented in the Caribbean.
Together, the SafeTrace Tx*(R) advanced transfusion management
system and the SafeTrace(R) donor management system provide
Vein-to-Vein(R) tracking from donor collection to patient
transfusion. 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-KSB and other
regularly filed reports. The results of operations for the quarter
ended March 31, 2006 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, Inc., +1-303-238-2000; or Investor Relations,
Paul Short, President of Investment Strategies, LLC,
+1-304-523-3252, for Global Med Technologies, Inc. Web site:
http://www.peoplemed.com/ Web site: http://www.wyndgate.com/ Web
site: http://www.globalmedtech.com/
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