Global Med Technologies(R), Inc. Reports Profitability, Record Operating Income and 10th Consecutive Quarter of Record Revenue G
May 15 2009 - 9:00AM
PR Newswire (US)
Operating Income Exceeds $1 Million; Recurring Revenues Climb 84%;
Free Cash Flow Exceeds $1.7 Million DENVER, May 15
/PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc. ("Global
Med" or the "Company") (OTC:GLOB) (BULLETIN BOARD: GLOB) , an
international healthcare information technology company, today
reported profitability and its tenth consecutive quarter of revenue
growth for the first quarter ended March 31, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) Global
Med's record revenues of $8.359 million for the first quarter of
2009 represent an increase of $3.766 million or 82% over the $4.593
million recorded for the comparable 2008 period. In the first
quarter of 2009, operating income improved to $1.057 million from
$625 thousand during the comparable 2008 period. The Company's net
income for the first quarter of 2009 was $321 thousand, or $0.01
per basic common share outstanding, versus $360 thousand, or $0.01
per basic common share outstanding, for the comparable 2008 period.
Global Med's cash flow from operations for the first quarter of
2009 was $1.750 million, up 102% over the $867 thousand recorded
for the comparable 2008 period. Recurring annual maintenance
revenues for the quarter were running at an annualized rate of over
$16.3 million. Based on the backlog as of March 31, 2009, the
Company's annual recurring revenues, when all contracted customer
sites are implemented, will be approximately $17.2 million, an
increase of 84% over 2008. The Company's backlog of unrecognized
software license fees and implementation fees was approximately
$8.9 million, an increase of 55% over 2008. First Quarter 2009
Business Developments and Announcements: -- With the licensing of
the Company's SafeTrace Tx(R) transfusion management system to
Brattleboro Memorial Hospital in Vermont, Global Med's medical
information systems are now in all 50 States. -- The Company
licensed ElDorado(TM) software solutions to MedStar Health of
Baltimore, MD, a $3.5 billion, 8-hospital organization in the
mid-Atlantic region. -- The Company licensed its leading European
blood and laboratory solutions to Homburg, Germany healthcare
facility - the University of Saarland Clinic Blood Center chose
Inlog's EdgeBlood and EdgeLab to manage its blood bank and
laboratory. -- Global Med licensed its 90th site in the
Southeastern U.S. to Laurens County Health System of Clinton, South
Carolina to automate its blood bank with Global Med's SafeTrace
Tx(R) transfusion management system. -- Global Med's subsidiary,
Inlog, placed its EdgeLab laboratory information system at the
Fontainebleau Hospital to replace their out-dated Legacy LIS. --
The Company licensed eDonor(R), ElDorado Donor(TM), and Donor
Doc(TM) integrated donor management systems to South Texas Blood
& Tissue Center of San Antonio, Texas, one of the top ten donor
centers in the United States. -- During the quarter, the Company
announced that its Inlog subsidiary had licensed EdgeTrack to 62
French hospitals in 2008, including 19 Hospitals in Q4 2008 alone,
confirming its leading position in the French hospital market with
more than 130 installations. -- Global Med licensed its SafeTrace
Tx(R) transfusion management software to Good Samaritan Hospital of
Vincennes, Indiana. The hospital also contracted with
PeopleMed(TM), Inc., a subsidiary of Global Med, to validate their
software. Michael I. Ruxin, M.D., Chairman and CEO of Global Med
Technologies, Inc., commenting on the first quarterly results,
stated, "The Company continues to perform well in spite of a
difficult economic climate. We experienced record revenues and
operating profits in the first quarter with double digit increases
in revenues, operating income, and cash flow from operations. It is
important to note that operating income nearly doubled and cash
flow from operations saw an impressive 102% increase." Dr. Ruxin
continued, "Our recent acquisitions and strategic entry into the
European market are showing early success and our integration
efforts continue on track. We are also pleased to report that our
domestic operations are continuing to experience strong growth in
revenues and increased profits." Thomas F. Marcinek, the Company's
President and COO, stated, "Global Med continues to execute on its
business plan. At this time, our sales bookings are on track to
meet our annual goals. Operationally we are delivering products and
services to drive our revenue. Finally and most important, our
planned cost reductions are enhancing profitability without
impacting our ability to deliver revenue." The following table
provides information related to the Company's operations for the
three months ended March 31, 2009 and 2008: GLOBAL MED
TECHNOLOGIES, INC. (OTC:GLOB.OB) (BULLETIN BOARD: GLOB.OB) Selected
Results Three Months Ended March 31, In (000s) Except Per Share
Information (Unaudited) 2009 2008 ---- ---- Revenues $8,359 $4,593
Cost of revenues 3,040 1,558 Operating expenses 4,262 2,410 Income
from operations 1,057 625 Other income, (expenses) and (taxes)
(736) (265) Net income $321 $360 Income per share Basic $0.01 $0.01
Diluted $0.01 $0.01 Weighted average shares Outstanding Basic
34,088 26,935 Diluted 43,452 44,915 Cash flows provided by
operations $1,750 $867 GLOBAL MED TECHNOLOGIES, INC. (OTC:GLOB.OB)
(BULLETIN BOARD: GLOB.OB) Selected Balance Sheet Data In (000s)
(Unaudited) March 31, December 31, 2009 2008 ---- ---- Cash, cash
equivalents, and marketable securities $5,936 $4,660 Other current
assets 9,549 9,566 Current assets 15,485 14,226 PP&E 1,345
1,385 Intangible assets 13,519 14,081 Other long-term assets 136 92
Total assets $30,485 $29,784 ====== ====== Accounts payable,
accrued expenses, and other current liabilities $7,018 $6,759
Deferred revenue 6,995 6,361 Current portion, long-term debt 2,339
2,335 Total current liabilities 16,352 15,455 Long-term debt 7,534
7,853 Other long-term liabilities 1,065 1,065 Total liabilities
24,951 24,373 Total stockholders' equity 5,534 5,411 Total
liabilities and stockholders' equity $30,485 $29,784 ======= ======
The Company will host a conference call at 11:00 a.m. Eastern
today. Callers within the U.S. should call: 1-866-394-9731. Callers
that are outside of the U.S. should call: 1-706-643-7541. Callers
should reference "Global Med First Quarter Financial Results" to
the conference call operator. The conference call ID number will
be: 98847282. About Global Med Technologies(R), Inc. Global Med
Technologies, Inc. is an international healthcare information
technology company which develops regulated and non-regulated
products and services for the healthcare industry. As a leading
provider of blood and laboratory systems and services, Global Med's
products are deployed in 20 countries and serve over 2,100
transfusion centers, blood banks and laboratory sites. Global Med's
domestic companies are Wyndgate Technologies(R), a leader in
software products and services for donor centers and hospital
transfusion services; eDonor(R), which offers web-based donor
relationship management systems; and PeopleMed(TM), Inc., which
implements cost-effective software validation, consulting and
compliance solutions to hospitals and donor centers. Global Med's
European subsidiary, Inlog, SA, is a leading developer of donor
center and transfusion management systems as well as cellular
therapy software, laboratory information systems and quality
assurance medical software systems internationally. For more
information about Global Med's products and services, please call
800-996-3428 or visit http://www.globalmedtech.com/. This news
release may include statements that constitute forward-looking
statements, usually containing the words "believe," "estimate,"
"project," "expects" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions
or changes after the date of this news release.
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Company Contact, Michael I. Ruxin, M.D.,
+1-303-238-2000, , or Investor Contact, Karen Davis, CFO,
+1-916-404-8495, , both of Global Med Technologies, Inc. Web Site:
http://www.globalmedtech.com/
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