Exhibit 99.1 April 15, 2004 FOR: FOR IMMEDIATE RELEASE MEDTOX SCIENTIFIC ANNOUNCES STRONG |
MEDTOX Scientific, Inc. The Laboratory Segment experienced its largest increase in sample volume for comparable quarters from workplace Drugs-of-Abuse (DAU) clients in over three years. Additionally, over one third of the increase is attributable to sample volume from existing rather than new clients. The Diagnostic Segment enjoyed a 15% increase in revenue over the comparable period last year, which is also the highest first quarter revenue for the Segment. Sales of PROFILE®-II, PROFILE®-II A and PROFILE-II ER® continue to increase. VERDICT®-II sales into the Government market continue to trail the prior year but sales activity appears to be improving. Consistent with our view at year-end, the Company remains optimistic with regard to sustainable performance and a successful 2004. MEDTOX will hold a teleconference to discuss first quarter 2004 results today 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 April 15 will access a listen-only broadcast of the teleconference. International callers may access the call by dialing 706-634-5527. 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 April 22 at 800-642-1687 conference ID # 6358048. International callers may access the replay at 706-645-9291 with the same conference ID # 6358048. 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. For more information seewww.medtox.com. (more) |
MEDTOX Scientific, Inc. 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 in the Company’s 2003 Annual Report on Form 10-K and incorporated herein by reference. (more) |
MEDTOX Scientific, Inc. MEDTOX SCIENTIFIC, INC. |
Three Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|
March 31, 2004 | March 31, 2003 | |||||||
REVENUES: | ||||||||
Laboratory services | $ | 10,218 | $ | 9,534 | ||||
Product sales | 3,365 | 2,937 | ||||||
13,583 | 12,471 | |||||||
COST OF REVENUES: | ||||||||
Cost of services | 6,530 | 6,467 | ||||||
Cost of sales | 1,312 | 1,264 | ||||||
7,842 | 7,731 | |||||||
GROSS PROFIT | 5,741 | 4,740 | ||||||
OPERATING EXPENSES: | ||||||||
Selling, general and administrative | 4,267 | 4,261 | ||||||
Research and development | 409 | 413 | ||||||
4,676 | 4,674 | |||||||
INCOME FROM OPERATIONS | 1,065 | 66 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest expense | (266 | ) | (299 | ) | ||||
Other expense, net | (132 | ) | (94 | ) | ||||
(398 | ) | (393 | ) | |||||
INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) | ||||||||
BENEFIT | 667 | (327 | ) | |||||
INCOME TAX (EXPENSE) BENEFIT | (253 | ) | 124 | |||||
NET INCOME (LOSS) | $ | 414 | $ | (203 | ) | |||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | 0.08 | $ | (0.04 | ) | |||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.08 | $ | (0.04 | ) | |||
WEIGHTED AVERAGE NUMBER OF SHARES | ||||||||
OUTSTANDING: | ||||||||
Basic | 4,977,229 | 4,912,736 | ||||||
Diluted | 5,149,025 | 4,912,736 |
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MEDTOX Scientific, Inc. MEDTOX SCIENTIFIC, INC. |
March 31, 2004 | December 31, 2003 | |||||||
---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||
Cash and cash equivalents | $ | 186 | $ | 711 | ||||
Accounts receivable | 9,700 | 8,367 | ||||||
Inventories | 3,514 | 3,564 | ||||||
Other current assets | 2,365 | 2,664 | ||||||
Total current assets | 15,765 | 15,306 | ||||||
Building, equipment and improvements, net | 15,939 | 15,092 | ||||||
Other assets | 26,028 | 26,120 | ||||||
Total assets | $ | 57,732 | $ | 56,518 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | $ | 15,322 | $ | 13,809 | ||||
Long-term obligations | 6,783 | 7,639 | ||||||
Stockholders' equity | 35,627 | 35,070 | ||||||
Total liabilities and stockholders' equity | $ | 57,732 | $ | 56,518 | ||||