Exhibit 99.1
Rockwell Medical Technologies, Inc. Reports First Quarter 2004 Results;
Sales Up 25.4%
WIXOM, Mich., May 10 /PRNewswire-FirstCall/ -- Rockwell Medical
Technologies, Inc. (Nasdaq: RMTI), a leading, innovative hemodialysis products
company in the healthcare sector, reported its first quarter 2004 results
today and included the following first quarter highlights:
* Sales increased 25.4% over the first quarter of 2003.
* Sales were $4,307,844, compared to $3,434,737 in the first quarter of
2003.
* Net income was $80,217, compared to a loss of ($86,793) in the first
quarter of 2003.
* Earnings per share was $.01, compared to a loss of ($.01) per share in
the first quarter of 2003.
* Dri-Sate(R) Dry Acid Concentrate revenue increased 32%.
* Hemodialysis concentrate revenue increased 30%.
Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical
Technologies, Inc. said, "First quarter sales met our expectations. We
continue to secure business and penetrate our market. We expect sales growth
to continue in each quarter this year. We are pleased with the recently
signed supply agreement with DaVita, the largest independent dialysis provider
in the country, and with our prospects to substantially grow our hemodialysis
products business going forward."
Mr. Chioini further stated, "Regarding our proprietary dialysate iron
product, we have made solid progress in completing the necessary steps that
will enable us to submit our Phase III clinical protocol to the FDA. We are
progressing on our expected timeline and remain focused on the development of
this innovative method of delivering iron to anemic dialysis patients. We are
optimistic about our prospects to compete in the $270,000,000 dialysis iron
therapy market."
Rockwell Medical Technologies, Inc. is an innovative leader in
manufacturing, marketing and delivering high-quality dialysis solutions,
powders and ancillary products that improve the quality of care for dialysis
patients. Dialysis is a process that duplicates kidney function for those
patients whose kidneys have failed to work properly and suffer from chronic
kidney failure, a condition also known as end stage renal disease (ESRD).
There are an estimated 350,000 dialysis patients in the United States and the
incidence of ESRD has increased 6-8% on average each year over the last
decade. Rockwell's products are used to cleanse the ESRD patient's blood and
replace nutrients in the bloodstream. Rockwell offers the proprietary Dri-
Sate(R) Dry Acid Mixing System, RenalPure(TM) Liquid Acid, RenalPure(TM)
Powder Bicarbonate, SteriLyte(R) Liquid Bicarbonate, Blood Tubing Sets,
Fistula Needles and a wide range of ancillary dialysis items. Visit
Rockwell's website at www.rockwellmed.com .
Certain statements in this press release with respect to Rockwell's
business and operations, including the statements regarding the Company's
anticipated sales revenue and the potential of Rockwell's proprietary
dialysate iron product, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect management's expectations and are based
upon currently available information. Management of Rockwell believes the
expectations reflected in the forward-looking statements made in this press
release are based upon reasonable assumptions. However, certain factors could
occur that might cause actual results to vary. These include, but are not
limited to, general economic conditions, economic conditions in the
hemodialysis industry, competitive factors, failure to obtain FDA approval,
and other factors discussed in Rockwell's reports filed with the Securities
and Exchange Commission. The forward-looking statements should be considered
in light of these risks and uncertainties.
Rockwell Medical Technologies, Inc. and Subsidiary
Consolidated Income Statements
For the three months ended March 31, 2004 and March 31, 2003
(Whole dollars)
(Unaudited)
Three Months Ended Three Months Ended
March 31, 2004 March 31, 2003
Sales $4,307,844 $3,434,737
Cost of Sales 3,612,884 2,961,937
Gross Profit 694,960 472,800
Selling, General and Administrative 570,411 520,235
Operating Income (Loss) 124,549 (47,435)
Interest Expense, net 44,332 39,358
Net Income (Loss) $80,217 $(86,793)
Average shares outstanding 8,535,524 8,488,283
Basic and Diluted Loss per Share + $.01 $(.01)
+ - Fully diluted shares outstanding were 9,337,480 for the first quarter
of 2004.
ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
As of March 31, 2004 and December 31, 2003
(Whole Dollars)
ASSETS MARCH 31, 2004 DECEMBER 31, 2003
Cash and Cash Equivalents $368,563 $106,639
Restricted Cash and Cash Equivalents 8,662 8,662
Accounts Receivable, net of a reserve
of $34,500 in 2004 and $34,500 in 2003 2,133,905 2,169,564
Inventory 1,611,053 1,350,291
Other Current Assets 147,472 103,971
Total Current Assets 4,269,655 3,739,127
Property and Equipment, net 2,152,270 1,943,376
Intangible Assets 307,952 314,071
Goodwill 920,745 920,745
Other Non-current Assets 125,558 127,467
Total Assets $7,776,180 $7,044,786
LIABILITIES AND SHAREHOLDERS' EQUITY
Short Term Borrowings $482,114 $642,018
Notes Payable & Capitalized Lease
Obligations 327,854 307,959
Accounts Payable 2,236,559 1,666,952
Accrued Liabilities 441,222 329,519
Total Current Liabilities 3,487,749 2,946,448
Long Term Notes Payable &
Capitalized Lease Obligations 1,013,949 926,230
Shareholders' Equity:
Common Share, no par value,
8,543,772 and 8,519,405 shares
issued and outstanding 11,854,377 11,832,220
Common Share Purchase Warrants,
3,761,071 and 3,766,071 shares
issued and outstanding 320,150 320,150
Accumulated Deficit (8,900,045) (8,980,262)
Total Shareholders' Equity 3,274,482 3,172,108
Total Liabilities And
Shareholders' Equity $7,776,180 $7,044,786
SOURCE Rockwell Medical Technologies, Inc.
-0- 05/10/2004
/CONTACT: Thomas Klema of Rockwell Medical Technologies, Inc.,
+1-248-960-9009/
/Web site: http://rockwellmed.com /
(RMTI)
CO: Rockwell Medical Technologies, Inc.
ST: Michigan
IN: MTC
SU: ERN