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): May 13, 2004
American Medical Alert Corp.
(Exact name of registrant as specified in its charter)
New York 333-54992 11-2571221
(State or other jurisdiction (Commission File Number) (IRS Employer
of 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 May 13, 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 REPORTS FIRST QUARTER OF 2004
OPERATING RESULTS
Company Delivers Growth in Revenues and Net Income as Compared to the First
Quarter of 2003 and Maintains Strong Balance Sheet
OCEANSIDE, New York. - May 13, 2004 - American Medical Alert Corp. (NASDAQ:
AMAC), a healthcare communications company, today announced the results of
operations for its first quarter of 2004. Revenues for the quarter increased 17%
to $4,553,478 as compared to $3,901,487 for the same period in 2003. Net income
for the quarter was $179,802 or $.02 per diluted share as compared to $45,443 or
$.01 per diluted share in the first quarter of 2003. Net cash from operating
activities increased to $1,020,809 from $246,940 for the same period last year.
Working capital was $4,999,656 as of March 31, 2004.
"We are pleased with the overall results of our continued efforts to derive
greater efficiencies from all levels of the organization during the first
quarter of 2004," stated Howard M. Siegel, AMAC's Chairman and Chief Executive
Officer. Mr. Siegel continued -- "Each of our business segments continued to
deliver increased revenues throughout the quarter via organic growth and the
completion of a telephone answering service acquisition in 2003. Concurrently,
new mainstream healthcare initiatives, such as the recently announced Request
for Proposals from the Centers for Medicare and Medicaid Voluntary Chronic Care
Improvement Program, evidence the expanding opportunities in the disease
management monitoring field. AMAC is uniquely positioned to meet the demand of
providers who understand the benefits of disease management monitoring solutions
and the efficiencies generated for better allocation of healthcare resources."
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.
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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 three months ended March 31, 2004 and 2003 and
balance sheets as of March 31, 2004 and December 31, 2003 are attached.
SELECTED FINANCIAL DATA
Three Months Ended
3/31/2004 3/31/2003
--------- ---------
Revenues $ 4,553,478 $ 3,901,487
Net Income $ 179,802 $ 45,443
Net Income per Share
Basic $ 0.02 $ 0.01
Diluted $ 0.02 $ 0.01
Basic Weighted Average
Shares Outstanding 7,717,805 7,426,739
Diluted Weighted Average
Shares Outstanding 8,196,113 7,525,330
CONDENSED BALANCE SHEET
March 31, December 31,
2004 2003
---- ----
(Unaudited)
ASSETS
Current Assets $ 7,106,190 $ 6,909,456
Fixed Assets - Net 6,819,784 6,739,165
Other Assets 4,308,920 4,287,959
-------------- ------------
Total Assets $ 18,234,894 $ 17,936,580
============== ============
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 2,106,534 $ 2,149,930
Deferred Income Tax 907,000 882,000
Long-term Debt 740,998 769,525
Long-term Capital Leases 96,276 119,814
Put Warrant Obligation 220,000 200,000
Other Liabilities 125,788 108,024
-------------- ------------
Total Liabilities $ 4,196,596 $ 4,229,293
Shareholders' Equity 14,038,298 13,707,287
-------------- ------------
Total Liabilities and Shareholders' Equity $ 18,234,894 $ 17,936,580
============== ============
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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: May 13, 2004
AMERICAN MEDICAL ALERT CORP.
By: /s/ Jack Rhian
-----------------------------------
Name: Jack Rhian
Title: Executive Vice President
and Chief Operating Officer
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