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): August 12, 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 August 12, 2004, the Company issued the following press release:
Contact:
Randi Baldwin Lester Rosenkrantz
Vice President Communications & Marketing Investor Relations
American Medical Alert Corporation Cameron Associates
(516) 536-5850 (212) 245-8800 Ext. 212
AMERICAN MEDICAL ALERT CORP. REPORTS
POSITIVE SECOND QUARTER 2004 OPERATING RESULTS
Company Delivers Growth in Revenues and Net Income
While Maintaining Strong Balance Sheet
OCEANSIDE, New York. -August 12, 2004 - American Medical Alert Corp. (Nasdaq:
AMAC), a healthcare communications company, today reported that revenues,
consisting primarily of monthly recurring revenues (MRR), for the three months
ended June 30, 2004 were $4,771,451, an increase of $818,086 or 21% as compared
to $3,953,365 for the same period in 2003. Revenues for the six months ended
June 30, 2004 were $9,324,929, an increase of $1,470,077 or 19% as compared to
$7,854,852 for the same period in 2003.
Net income for the three months ended June 30, 2004 increased to $200,520, or
$.02 per diluted share, as compared to net income of $169,458, or $.02 per
diluted share for the same period in 2003. Net income for the six months ended
June 30, 2004 increased to $380,322, or $.05 per diluted share, as compared to
net income of $214,901, or $.03 per diluted share for the same period in 2003.
Net cash from operating activities increased to $1,824,789 from $1,276,781 for
the same period last year. Working capital was $5,134,675 as of June 30, 2004.
Howard M. Siegel, CEO speaking on behalf of AMAC commented, "During the second
quarter we continued to improve the fiscal health of our organization through
consistent growth in each of our business segments and increased cash flow
generated from operations. The Company remains focused on driving increased
revenue through its healthcare communications infrastructure. As we do so,
overall earnings are expected to continue to improve. We are particularly
pleased with the overall growth realized within the telephone answering service
segment. Additional opportunities from both organic sales and acquisitions are
currently being sought. Moreover, the Company's disease management monitoring
program was included in several bids by organizations responding to the request
for proposals from the Center for Medicare and Medicaid Services (CMS) -Chronic
Care Improvement initiative".
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," "project," "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, our contract with the City of New York and product
liability risks.
Statements of income for the six and three months ended June 30, 2004 and 2003
and balance sheets as of June 30, 2004 and December 31, 2003 are attached.
SELECTED FINANCIAL DATA
Six Months Ended Three Months Ended
6/30/2004 6/30/2003 6/30/2004 6/30/2003
--------- --------- --------- ---------
Revenues $9,324,929 $7,854,852 $4,771,451 $3,953,365
Net Income $ 380,322 $ 214,901 $ 200,520 $ 169,458
Net Income per Share
Basic $ 0.05 $ 0.03 $ 0.03 $ 0.02
Diluted $ 0.05 $ 0.03 $ 0.02 $ 0.02
Basic Weighted Average
Shares Outstanding 7,799,121 7,430,601 7,880,438 7,434,462
Diluted Weighted Average
Shares Outstanding 8,356,818 7,547,894 8,517,524 7,570,458
CONDENSED BALANCE SHEET
June 30, December 31,
2004 2003
---- ----
(Unaudited)
ASSETS
Current Assets $ 7,701,712 $ 6,909,456
Fixed Assets - Net 7,113,309 6,739,165
Other Assets 4,755,851 4,287,959
------------ ------------
Total Assets $ 19,570,872 $ 17,936,580
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 2,567,037 $ 2,149,930
Deferred Income Tax 913,000 882,000
Long-term Debt 658,322 769,525
Long-term Capital Lease 72,930 119,814
Put Warrant Obligation 240,000 200,000
Other Liabilities 220,173 108,024
------------ ------------
Total Liabilities $ 4,671,462 $ 4,229,293
Stockholders' Equity 14,899,410 13,707,287
------------ ------------
Total Liabilities and Stockholders' Equity $ 19,570,872 $ 17,936,580
============ ============
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: August 12, 2004
AMERICAN MEDICAL ALERT CORP.
By:/s/ Richard Rallo
----------------------------
Name: Richard Rallo
Title: CFO