Exhibit 99.1 MEDTOX Scientific, Inc. FOR IMMEDIATE RELEASE MEDTOX SCIENTIFIC ANNOUNCES |
MEDTOX Scientific, Inc. MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a provider of high quality specialized laboratory testing services and on-site/point-of-collection (POC) devices. The company also supports customers with complete logistics, data and program management services. 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. 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. 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 in the Company’s 2004 Annual Report on Form 10-K. |
MEDTOX Scientific, Inc. MEDTOX SCIENTIFIC, INC. |
Three Months Ended | Six Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June 30, 2005 | June 30, 2004 | June 30, 2005 | June 30, 2004 | |||||||||||
REVENUES: | ||||||||||||||
Laboratory services | $ | 12,920 | $ | 11,497 | $ | 24,068 | $ | 21,715 | ||||||
Product sales | 3,925 | 3,567 | 7,466 | 6,932 | ||||||||||
16,845 | 15,064 | 31,534 | 28,647 | |||||||||||
COST OF REVENUES: | ||||||||||||||
Cost of services | 7,750 | 7,053 | 14,975 | 13,583 | ||||||||||
Cost of sales | 1,611 | 1,398 | 3,117 | 2,710 | ||||||||||
9,361 | 8,451 | 18,092 | 16,293 | |||||||||||
GROSS PROFIT | 7,484 | 6,613 | 13,442 | 12,354 | ||||||||||
OPERATING EXPENSES: | ||||||||||||||
Selling, general and administrative | 4,896 | 4,646 | 9,244 | 8,913 | ||||||||||
Research and development | 638 | 426 | 1,236 | 835 | ||||||||||
5,534 | 5,072 | 10,480 | 9,748 | |||||||||||
INCOME FROM OPERATIONS | 1,950 | 1,541 | 2,962 | 2,606 | ||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||
Interest expense | (227 | ) | (260 | ) | (438 | ) | (526 | ) | ||||||
Other expense, net | (86 | ) | (106 | ) | (208 | ) | (238 | ) | ||||||
(313 | ) | (366 | ) | (646 | ) | (764 | ) | |||||||
INCOME BEFORE INCOME TAX EXPENSE | 1,637 | 1,175 | 2,316 | 1,842 | ||||||||||
INCOME TAX EXPENSE | (622 | ) | (447 | ) | (880 | ) | (700 | ) | ||||||
NET INCOME | $ | 1,015 | $ | 728 | $ | 1,436 | $ | 1,142 | ||||||
BASIC EARNINGS PER COMMON SHARE (1) | $ | 0.13 | $ | 0.10 | $ | 0.19 | $ | 0.15 | ||||||
DILUTED EARNINGS PER COMMON | ||||||||||||||
SHARE (1) | $ | 0.13 | $ | 0.09 | $ | 0.18 | $ | 0.15 | ||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||
Basic (1) | 7,546,972 | 7,451,628 | 7,543,746 | 7,458,696 | ||||||||||
Diluted (1) | 7,929,546 | 7,825,406 | 8,070,235 | 7,776,827 |
(1) Share and per share amounts for the three and six months ended June 30, 2004 have been restated for the three-for-two stock split paid on August 20, 2004. |
MEDTOX Scientific, Inc. MEDTOX SCIENTIFIC, INC. |
June 30, 2005 | December 31, 2004 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 1,033 | $ | 263 | ||||
Accounts receivable, net | 10,964 | 8,287 | ||||||
Inventories | 3,198 | 3,624 | ||||||
Other current assets | 2,890 | 2,824 | ||||||
Total current assets | 18,085 | 14,998 | ||||||
Building, equipment and improvements, net | 16,919 | 16,348 | ||||||
Other assets | 23,472 | 24,614 | ||||||
Total assets | $ | 58,476 | $ | 55,960 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | $ | 13,201 | $ | 12,081 | ||||
Long-term obligations | 5,947 | 6,090 | ||||||
Stockholders' equity | 39,328 | 37,789 | ||||||
Total liabilities and stockholders' equity | $ | 58,476 | $ | 55,960 | ||||