Exhibit 99.1 FOR: FOR IMMEDIATE RELEASE MEDTOX SCIENTIFIC ANNOUNCES FINAL RESULTS |
MEDTOX SCIENTIFIC, INC. |
Three Months Ended December 31, (unaudited) | 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 | 6,608 | 6,197 | 26,792 | 25,878 | ||||||||||
Cost of sales | 1,145 | 880 | 4,684 | 3,759 | ||||||||||
7,753 | 7,077 | 31,476 | 29,637 | |||||||||||
GROSS PROFIT | 4,370 | 5,259 | 20,548 | 19,447 | ||||||||||
OPERATING EXPENSES: | ||||||||||||||
Selling, general and administrative | 4,165 | 4,258 | 16,317 | 14,436 | ||||||||||
Research and development | 312 | 336 | 1,217 | 1,292 | ||||||||||
4,477 | 4,594 | 17,534 | 15,728 | |||||||||||
INCOME (LOSS) 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 (LOSS) BEFORE INCOME TAX BENEFIT | (443 | ) | 310 | 1,587 | 2,498 | |||||||||
INCOME TAX BENEFIT (EXPENSE) | (633 | ) | -- | 10,150 | -- | |||||||||
NET INCOME (LOSS) | $ | (1,076 | ) | $ | 310 | $ | 11,737 | $ | 2,498 | |||||
BASIC EARNINGS (LOSS) PER COMMON | ||||||||||||||
SHARE (1) | $ | (0.22 | ) | $ | 0.07 | $ | 2.45 | $ | 0.57 | |||||
DILUTED EARNINGS (LOSS) PER COMMON | ||||||||||||||
SHARE (1) | $ | (0.22 | ) | $ | 0.06 | $ | 2.34 | $ | 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, 2001 have been restated for ten percent stock dividends. 2 |