Global Med Technologies(R), Inc. Reports Positive Cash Flows From Operations for the Nine Months Ended September 30, 2003
November 14 2003 - 6:28PM
PR Newswire (US)
Global Med Technologies(R), Inc. Reports Positive Cash Flows From
Operations for the Nine Months Ended September 30, 2003 DENVER,
Nov. 14 /PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc.
(BULLETIN BOARD: GLOB) ("Global Med" or the "Company") announced
positive cash flows from operations for the nine months ended
September 30, 2003. For the nine months ended September 30, 2003,
Global Med generated $95 thousand in cash flows from operations.
For the nine months ended September 30, 2003, Global Med had income
from operations of $105 thousand compared with $10 thousand in the
comparable period in 2002. For the nine months ended September 30,
2003, the Company's revenues increased $259 thousand to $5.097
million from the comparable period in 2002. This represented an
increase in revenues of 5.4%. Global Med's President and Chief
Operating Officer, Mr. Thomas F. Marcinek, commenting on the year
to date results, stated, "During the nine months ended September
30, 2003, the Company's revenues, gross profit and operating income
continued to grow. The Company realized gains in its maintenance
revenues of 6.6% when comparing 2003 with the comparable quarter in
2002. In addition, the Company's cash position of $1.069 million as
of September 30, 2003 has increased by over 6% from the balance as
of December 31, 2002 of $1.007 million." Revenues for the three
months ended September 30, 2003 decreased by $146 thousand or 10.2%
when compared with the same three-month period in 2002. The
decrease for the three months ended September 30, 2003 was due
primarily to decreases in PeopleMed(R).com, Inc. revenues of $118
thousand and a decrease in implementation services revenues of $92
thousand. These decreases were partially offset by an increase in
maintenance revenues of $53 thousand and an increase in software
license fees of $40 thousand. In addition, management of the
Company believes that some new business opportunities were delayed
to the fourth quarter. For the three months ended September 30,
2003, the Company used $79 thousand in cash flows from operations
compared with $3 thousand provided during the comparable period in
2002. Included in the Company's results for the nine months ended
September 30, 2003, 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, and a $36 thousand reduction
in sales and marketing expenses associated with the release of the
Company from its obligation to pay commissions owed for prior
sales. These events occurred in the second quarter of 2003. For the
nine months ended September 30, 2003, the Company recognized a
total of $300 thousand in revenues related to a termination of a
contract with a significant PeopleMed.com, Inc. customer. This
revenue was recognized during the first and second quarters of
2003. During the nine months ended September 30, 2003, the Company
recognized $388 thousand in revenues associated with certain
non-cash consideration (i.e., reductions in liabilities owed to the
customer) associated with the sale of certain SafeTrace Tx(R)
products. This revenue was recognized during the second quarter of
2003. The Company recognized no revenues during the three months
ended September 30, 2003 for the items listed in this paragraph.
Global Med Technologies, Inc. is an 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 management
information systems to U.S. blood 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
information about Global Med's products and services, please call
(916) 404-8400, e-mail: , visit our web sites at
http://www.globalmedtech.com/ , or http://www.peoplemed.com/ or
call Tom Marcinek, President and COO, at (916) 404-8413. 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 three and nine months ended
September 30, 2003 are not necessarily indicative of the results
that may be expected for any other future period. This press
release should be read in conjunction with the Company's Form 10-K
and Form 10-Q and other regularly filed reports. DATASOURCE: Global
Med Technologies, Inc. CONTACT: Tom Marcinek, President and COO of
Global Med Technologies, Inc., +1-916-404-8413 Web site:
http://www.peoplemed.com/ Web site: http://www.globalmedtech.com/
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