Exhibit 99.1 FOR: FOR IMMEDIATE RELEASE MEDTOX SCIENTIFIC ANNOUNCES RESULTS |
“As we head into 2003, we will make investments that will allow us to continue our profitable growth,” Braun said. “We will focus our energy on increasing the efficiency of our lab and diagnostic divisions, and we will explore opportunities to leverage our experience and technology into new products and services. We are as optimistic as ever about our future, and we like the positions that we maintain in our markets. We believe that our past achievements and current operating strategy will bring great things for the future of MEDTOX.” MEDTOX will hold a teleconference to discuss fourth quarter and year end results on Thursday, March 6, at 9:30 a.m. Central Time (10:30 a.m. Eastern). Dialing 800-387-5648 a few minutes prior to the scheduled start time on March 6 will access a listen-only broadcast of the teleconference. Callers should ask for the MEDTOX quarterly conference call, hosted by Dick Braun, president and CEO of MEDTOX. A simultaneous webcast of the conference call will be available on the MEDTOX website in the “investors” section atwww.medtox.com. An audio replay of the conference call will be available through March 13 at 800-642-1687, reservation code # 8101081. International callers may access the replay at 706-645-9291, with the same reservation code # 8101081. MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a provider of high quality specialized laboratory and on-site/point-of-collection (POC) devices. The company also supports customers with complete logistics, data and program management services. MEDTOX develops and manufactures diagnostic devices for quick and economical on-site/point-of-collection analysis for drugs of abuse, therapeutic drugs and biological and agricultural toxins and provides employment drug screening and occupational health testing. MEDTOX is a leader in providing esoteric laboratory testing services to hospitals and laboratories nationwide. This includes both central laboratory and bio-analytical testing for pharmaceutical clinical trials. To be automatically alerted by e-mail about company information, please go tohttp://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=tox&script=1900 and follow the directions on the page. For more information seewww.medtox.com. Note: Forward-looking statements contained in this press release are made under the Private Securities Reform Act of 1995. Actual results may differ due to a number of factors including a change in the employment pattern of client companies, the ability of MEDTOX to acquire new business, and changes in the competitive environment. Further discussions of factors that may cause such results to differ are identified on page three of the Company’s 2001 annual report on Form 10-K and incorporated herein by reference. |
MEDTOX SCIENTIFIC, INC. |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2002 | 2001 | 2002 | 2001 | |||||||||||
REVENUES: | ||||||||||||||
Laboratory services | $ | 9,234 | $ | 9,249 | $ | 39,673 | $ | 37,990 | ||||||
Product sales | 2,889 | 3,087 | 12,351 | 11,094 | ||||||||||
12,123 | 12,336 | 52,024 | 49,084 | |||||||||||
COST OF REVENUES: | ||||||||||||||
Cost of services | 6,609 | 6,197 | 26,793 | 25,878 | ||||||||||
Cost of sales | 1,145 | 880 | 4,684 | 3,759 | ||||||||||
7,754 | 7,077 | 31,477 | 29,637 | |||||||||||
GROSS PROFIT | 4,369 | 5,259 | 20,547 | 19,447 | ||||||||||
OPERATING EXPENSES: | ||||||||||||||
Selling, general and administrative | 4,164 | 4,258 | 16,316 | 14,436 | ||||||||||
Research and development | 312 | 336 | 1,217 | 1,292 | ||||||||||
4,476 | 4,594 | 17,533 | 15,728 | |||||||||||
INCOME FROM OPERATIONS | (107 | ) | 665 | 3,014 | 3,719 | |||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||
Interest expense, net | (319 | ) | (332 | ) | (1,344 | ) | (1,123 | ) | ||||||
Other expense, net | (17 | ) | (23 | ) | (83 | ) | (98 | ) | ||||||
(336 | ) | (355 | ) | (1,427 | ) | (1,221 | ) | |||||||
INCOME BEFORE INCOME TAX BENEFIT | (443 | ) | 310 | 1,587 | 2,498 | |||||||||
INCOME TAX BENEFIT | -- | -- | 10,783 | -- | ||||||||||
NET INCOME | $ | (443 | ) | $ | 310 | $ | 12,370 | $ | 2,498 | |||||
BASIC EARNINGS PER COMMON | ||||||||||||||
SHARE (1) | $ | (0.09 | ) | $ | 0.07 | $ | 2.58 | $ | 0.57 | |||||
DILUTED EARNINGS PER COMMON | ||||||||||||||
SHARE (1) | $ | (0.09 | ) | $ | 0.06 | $ | 2.47 | $ | 0.54 | |||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||
Basic (1) | 4,811,340 | 4,642,516 | 4,798,098 | 4,401,950 | ||||||||||
Diluted (1) | 4,811,340 | 5,030,657 | 5,011,330 | 4,614,151 |
(1) Share and per share amounts for the three and twelve-month periods ended December 31, 2002 and 2001 have been restated for ten percent stock dividends. |