Exhibit 99.1
Rockwell Medical Technologies, Inc. Reports Second Quarter
EPS Improves $.02; Sales Revenue Increases 26.9%
WIXOM, Mich., Aug. 12 /PRNewswire-FirstCall/ -- Rockwell Medical
Technologies, Inc. (Nasdaq: RMTI), a leading, innovative hemodialysis products
company in the healthcare sector, reported its second quarter 2004 results
today which included the following second quarter highlights:
* Sales increased 26.9% over the second quarter of 2003.
* Sales were $4,382,924, compared to $3,453,554 in the second quarter of
2003.
* Net income was $54,625, compared to a loss of ($93,230) in the second
quarter of 2003.
* Earnings per share was $.01, an improvement of $.02 per share over the
loss ($.01) per share in the second quarter of 2003.
* Dri-Sate(R) Dry Acid Concentrate unit volume increased 55% over the
second quarter of 2003.
* Hemodialysis concentrate revenue increased 36% compared to the second
quarter of 2003.
First half 2004 results improved significantly over the first half of 2003
which included the following highlights:
* Sales increased 26.2% over the first half of 2003.
* Net income improved by $315,000 as compared to a loss of ($180,023) in
the first half of 2003.
* Earnings per share was $.02, an improvement of $.04 per share compared
to the first half of 2003.
Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical
Technologies, Inc. stated, "Second quarter sales were in line with our
expectations. We anticipate continued sales growth in the second half of
2004. Going forward, we will continue to focus on building our core
concentrate business as well as obtaining FDA approval to market our
proprietary iron-therapy concentrate product."
Rockwell will be hosting a conference call to review its second quarter
results on August 12, 2004 at 11:00 a.m. EDT. Investors are encouraged to
call in 5-10 minutes in advance of the call at 888-896-0862 or may listen on
the web at:
http://orion.calleci.com/servlet/estreamgetevent?id=4013&folder=default using
Windows Media Player. See http://rockwellmed.com for more details and
playback options.
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 http://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 and six months ended June 30, 2004 and June 30, 2003
(Whole dollars)
(Unaudited)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, 2004 June 30, 2003 June 30, 2004 June 30, 2003
Sales $4,382,924 $3,453,554 $8,690,768 $6,888,291
Cost of Sales 3,700,686 2,881,154 7,313,570 5,843,091
Gross Profit 682,238 572,400 1,377,198 1,045,200
Selling,
General and
Administrative 582,977 608,592 1,153,388 1,128,827
Operating Income
(Loss) 99,261 (36,192) 223,810 (83,627)
Interest Expense,
net 44,636 57,038 88,968 96,396
Net Income (Loss) $54,625 $(93,230) $134,842 $(180,023)
Average shares
outstanding 8,544,296 8,488,283 8,539,889 8,488,283
Basic Earnings
(Loss) per Share $0.01 $(0.01) $0.02 $(0.02)
Diluted shares
outstanding 9,279,356 8,488,283 9,312,119 8,488,283
Diluted Earnings
(Loss) per Share $0.01 $(0.01) $0.01 $(0.02)
ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
As of June 30, 2004 and December 31, 2003
(Whole Dollars)
ASSETS JUNE 30, DECEMBER 31,
2004 2003
Cash and Cash Equivalents $306,032 $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 2,226,195 2,169,564
Inventory 1,433,358 1,350,291
Other Current Assets 131,559 103,971
Total Current Assets 4,105,806 3,739,127
Property and Equipment, net 2,030,739 1,943,376
Intangible Assets 301,834 314,071
Goodwill 920,745 920,745
Other Non-current Assets 125,271 127,467
Total Assets $7,484,395 $7,044,786
LIABILITIES AND SHAREHOLDERS' EQUITY
Short Term Borrowings $498,594 $642,018
Notes Payable & Capitalized Lease Obligations 343,508 307,959
Accounts Payable 2,036,906 1,666,952
Accrued Liabilities 351,580 329,519
Total Current Liabilities 3,230,589 2,946,448
Long Term Notes Payable &
Capitalized Lease Obligations 913,980 926,230
Shareholders' Equity:
Common Share, no par value, 8,551,814 and
8,519,405 shares issued and outstanding 11,865,096 11,832,220
Common Share Purchase Warrants, 3,761,071
and 3,766,071 shares issued and outstanding 320,150 320,150
Accumulated Deficit (8,845,420) (8,980,262)
Total Shareholders' Equity 3,339,826 3,172,108
Total Liabilities and
Shareholders' Equity $7,484,395 $7,044,786
SOURCE Rockwell Medical Technologies, Inc.
-0- 08/12/2004
/CONTACT: Thomas Klema of Rockwell Medical Technologies, Inc.,
+1-248-960-9009/
/Web site: http://rockwellmed.com
http://orion.calleci.com/servlet/estreamgetevent?id=4013&folder=default /
(RMTI)
CO: Rockwell Medical Technologies, Inc.
ST: Michigan
IN: MTC
SU: ERN CCA MAV