Global Med Technologies(R), Inc. Reports Cash Flows From Operations of Over $1 Million and Its Ninth Consecutive Quarter of Reve
October 30 2006 - 7:30AM
PR Newswire (US)
DENVER, Oct. 30 /PRNewswire-FirstCall/ -- Global Med
Technologies(R), Inc. (OTC:GLOB) (BULLETIN BOARD: GLOB) has
reported cash flows from operations of over $1 million for the nine
months ended September 30, 2006, and its ninth consecutive quarter
of comparable quarter to comparable quarter revenue growth. The
Company's revenues increased to $2.854 million for the three months
ended September 30, 2006 from $2.660 million for the comparable
quarter in 2006. For the quarter ended September 30, 2006, the
Company's reported net income of $60 thousand and the Company's
operations generated $496 thousand in cash flows. (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 completed
its ninth consecutive quarter of revenue growth. The Company has
been profitable in seven of the last eight quarters. Our cash flows
from operations continue to be robust with $496 thousand generated
for the quarter ended September 30, 2006 and $1.009 million for the
nine months ended September 30, 2006. The Company continues to
anticipate revenue growth, profitability, and positive cash flows
from operations for 2006." Thomas F. Marcinek, the Company's
President and COO, stated, "Global Med has committed significant
resources to the development of new products as well as improving
its existing products. The Company is nearing the completion of the
development cycle of these new products, and the Company intends to
bring these new products to market. We believe the introduction of
these new products will help fuel and accelerate revenue growth."
The following table provides information related to the Company's
operations for the three and nine months ended September 30, 2006
and 2005: Global Med Technologies, Inc. (OTC:GLOB) (BULLETIN BOARD:
GLOB) Selected Results Three Months Ended September 30, In (000s)
Except Per Share Information (Unaudited) 2006 2005 Revenues* $2,854
$2,660 Cost of revenues and operating expenses $2,798 $2,607 Income
from operations $56 $53 Other income (expenses) $4 $(10) Net income
$60 $43 Preferred dividends --- $(185) Net income (loss) available
to common shareholders $60 $(142) Income per share Basic $0.00
$0.00 Diluted $0.00 $0.00 Weighted average shares outstanding Basic
23,212 27,810 Diluted 37,604 27,810 Selected Results Nine Months
Ended September 30, In (000s) Except Per Share Information
(Unaudited) 2006 2005 Revenues* $8,684 $8,089 Cost of revenues and
operating expenses $8,389 $7,592 Income from operations $295 $497
Other income (expenses)** $722 $(24) Net income $1,017 $473
Preferred dividends --- $(515) Net income (loss) available to
common shareholders $1,017 $(42) Income per share Basic $0.04
$(0.00) Diluted $0.03 $(0.00) Weighted average shares outstanding
Basic 23,152 27,714 Diluted 39,547 27,714 * The Company recognized
$131 thousand in implementation and consulting services revenues
during the three and nine months ended September 30, 2006 from
services that were performed prior to January 1, 2006. These
revenues represented the value of additional out-of-scope payments
that were agreed to and made by one of the Company's marketing
partners during the quarter ended September 30, 2006. ** The
Company recognized $724 thousand in income related to the change in
estimated fair value of a derivative instrument during March of
2006. As of March 31, 2006, this derivative was no longer on the
Company's balance sheet. 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. Each year, Wyndgate's products and
services manage more than eight million blood components,
representing over 27% of the U.S. blood supply. 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 September 30, 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 Web site:
http://www.globalmedtech.com/
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