UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): MARCH 29, 2004
AMERICAN MEDICAL ALERT CORP.
(Exact name of registrant as specified in its charter)
NEW YORK 333-54992 11-2571221
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
3265 LAWSON BOULEVARD, OCEANSIDE, NEW YORK 11572
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 536-5850
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On March 29, 2004, the Company issued the following press release:
CONTACT:
RANDI BALDWIN LESTER ROSENKRANTZ
VICE PRESIDENT COMMUNICATIONS & MARKETING AL PALOMBO
AMERICAN MEDICAL ALERT CORPORATION INVESTOR RELATIONS
(516) 536-5850 CAMERON ASSOCIATES
(212) 245-8800
AMERICAN MEDICAL ALERT CORPORATION CONTINUES PROFITABILITY TREND WITH RELEASE
OF FOURTH QUARTER AND YEAR ENDED 2003 RESULTS
COMPANY MEETS 2003 EXPECTATIONS WITH INCREASE IN REVENUES AND NET INCOME
OCEANSIDE, NEW YORK. - MARCH 29, 2004 - American Medical Alert Corp. (NASDAQ:
AMAC) a healthcare communication company, today announced the results of
operations for their fourth quarter and year ended December 31, 2003.
The company's revenues and net income were in line with the forecasted revenues
and net income of $16,600,000 AND $575,000, respectively, for the year ended
December 31, 2003.
For the fourth quarter ended December 31, 2003 net income was $198,270 or $0.03
per diluted share, as compared to a net loss of $147,519 or $(0.02) per diluted
share, for the same period of 2002. Net income for the year ended December 31,
2003 was $570,700 or $0.07 per diluted share, as compared to $155,619, or $0.02
per diluted share, in 2002.
Fourth quarter 2003 revenues were $4,402,152 as compared to $3,777,546 for the
same period in 2002. Revenues for the year ended December 31, 2003 grew to
$16,568,352 as compared to $14,792,415 for the previous year.
Cash flow from operations in 2003 was $2,704,154 as compared to $1,987,891 in
the previous year. Working capital was $4,759,526 as of December 31, 2003.
Common shares outstanding at year-end 2003 totaled 7,734,486.
Commenting on the year-end results Howard M. Siegel, AMAC's chairman and chief
executive officer stated, "2003 has been a year of continued growth and improved
efficiencies for AMAC and we are pleased with the results. Through strategic
acquisition, the release of new products, and our continued effort to leverage
our operational capacities, the Company is achieving higher margins with an
increasingly diversified revenue stream. The scalability afforded us by our new
call center provides the proper infrastructure permitting us to foster growth in
the Telephone Answering Services, Telehealth, and Safecom business lines as well
as accommodate our Personal Emergency Response System business. We believe,
based on our experience during the past two years, coupled with the trend
towards greater reliance on telehealth technology by third party payors
nationwide -- including the Center for Medicare and Medicaid Services, that
there will be increased utilization of AMAC's telehealth monitoring platform. We
enter 2004 with a steady and consistent approach to realizing greater
efficiencies throughout our organization, increasing our market share, and
driving growth."
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ABOUT AMERICAN MEDICAL ALERT CORP.
AMAC is a national provider of remote health monitoring devices and 24/7
communication services designed to promote early medical intervention and
improve quality of life for senior, disabled and chronically ill populations.
AMAC's product and service offerings include Personal Emergency Response Systems
(PERS), electronic medication reminder devices, disease management monitoring
appliances and 24/7 medical on-call and emergency response monitoring. AMAC
operates several national medical On-Call and communication centers allowing
access to trained response professionals 24/7.
This press release contains forward-looking statements that involve a number of
risks and uncertainties. Forward-looking statements may be identified by the use
of forward-looking terminology such as "may," "will," "expect," "believe,"
"estimate," "anticipate," "continue," or similar terms, variations of those
terms or the negative of those terms. Important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are set forth in the Company's filings with the Securities and
Exchange Commission (SEC), including the Company's Annual Report on Form 10-KSB,
the Company's Quarterly Reports on Forms 10-QSB, and other filings and releases.
These include uncertainties relating to government regulation, technological
changes, our expansion plans and product liability risks.
Statements of income for the year ended and three months ended December 31, 2003
and 2002 and balance sheets as of December 31, 2003 and 2002 are attached.
SELECTED FINANCIAL DATA
Year Ended Three Months Ended
------------------------- -------------------------
12/31/2003 12/31/2002 12/31/2003 12/31/2002
----------- ----------- ----------- -----------
Revenues $16,568,352 $14,792,415 $ 4,402,152 $ 3,777,546
Net Income (Loss) $ 570,700 $ 155,619 $ 198,270 $ (147,519)
Net Income (Loss) per Share
Basic $0.08 $0.02 $0.03 $(0.02)
Diluted $0.07 $0.02 $0.03 $(0.02)
Basic Weighted Average
Shares Outstanding 7,455,038 7,188,294 7,510,096 7,426,739
Diluted Weighted Average
Shares Outstanding 7,678,252 7,552,002 7,847,482 7,520,973
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CONDENSED BALANCE SHEET
December 31, December 31,
2003 2002
----------- -----------
ASSETS
Current Assets $ 6,909,456 $ 7,158,154
Fixed Assets - Net 6,739,165 7,221,088
Other Assets 4,287,959 2,601,405
----------- -----------
TOTAL ASSETS $17,936,580 $16,980,647
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 2,149,930 $ 2,351,936
Deferred Income Tax 882,000 597,000
Longterm Debt 769,525 1,079,506
Longterm Capital Lease 119,814 156,448
Put Warrant Obligation 200,000 181,000
Other Liabilities 108,024 55,500
----------- -----------
TOTAL LIABILITIES $ 4,229,293 $ 4,421,390
Stockholders' Equity 13,707,287 12,559,257
----------- -----------
TOTAL LIABILITIES AND $17,936,580 $16,980,647
STOCKHOLDERS' EQUITY
=========== ===========
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SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: March 29, 2004
AMERICAN MEDICAL ALERT CORP.
By: /s/ Jack Rhian
--------------------------------
Name: Jack Rhian
Title: Executive Vice President
and Chief Operating Officer
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