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): November 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 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 2.02. Results of Operations and Financial Condition.
On November 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. SHOWS CONTINUED GROWTH WITH
RELEASE OF THIRD QUARTER 2004 RESULTS
Net Income for the Quarter Up 46%, Year to Date Net Income Up 64%
As Compared to Same Periods Last Year
OCEANSIDE, New York. -November 12, 2004 - American Medical Alert Corp. (Nasdaq:
AMAC), a provider of healthcare communication services and advanced home health
monitoring technologies, announced today the operating results of the company's
third quarter ending September 30, 2004.
Revenues for the quarter, consisting primarily of monthly recurring revenues
(MRR), increased 15% to $4,945,184 as compared to $4,311,348 for the same period
in 2003. Year to date revenues for the nine months ended September 30, 2004
increased 17% to $14,270,113, as compared to $12,166,200 for the same period
last year.
Net income for the three months ended September 30, 2004 increased 46% to
$229,810, or $.03 per diluted share, as compared to net income of $157,529, or
$.02 per diluted share for the same period in 2003. Net income for the nine
months ended September 30, 2004 increased 64% to $610,132, or $.07 per diluted
share, as compared to net income of $372,430, or $.05 per diluted share for the
same period in 2003.
From a balance sheet perspective the company ended the
quarter with a cash balance of $2,334,559 and reported working capital in the
amount of $5,637,823 as of September 30, 2004.
Howard M. Siegel, CEO speaking on behalf of AMAC commented, "We are pleased with
our third straight quarter of growth in each of our business segments. Equally
important, our results demonstrate our effective integration of acquisitions
(funded primarily through cash from operations) to accelerate growth into
existing and new geographic markets." Siegel added, "The result of management's
commitment to the development of quality, healthcare communication products and
services is clearly trending in a positive direction."
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 nine and three months ended September 30, 2004 and
2003 and balance sheets as of September 30, 2004 and December 31, 2003 are
attached.
SELECTED FINANCIAL DATA
Nine Months Ended Three Months Ended
------------------------------ ------------------------------
9/30/2004 9/30/2003 9/30/2004 9/30/2003
----------- ----------- ----------- -----------
Revenues $14,270,113 $12,166,200 $ 4,945,184 $ 4,311,348
Net Income $ 610,132 $ 372,430 $ 229,810 $ 157,529
Net Income per Share
Basic $ 0.08 $ 0.05 $ 0.03 $ 0.02
Diluted $ 0.07 $ 0.05 $ 0.03 $ 0.02
Basic Weighted Average
Shares Outstanding 7,862,958 7,436,685 7,990,632 7,448,854
Diluted Weighted Average
Shares Outstanding 8,425,940 7,621,842 8,564,184 7,769,737
CONDENSED BALANCE SHEET
September 30, December 31,
2004 2003
----------- -----------
(Unaudited)
ASSETS
Current Assets $ 7,764,713 $ 6,909,456
Fixed Assets - Net 7,068,599 6,739,165
Other Assets 4,628,946 4,287,959
----------- -----------
Total Assets $19,462,258 $17,936,580
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 2,126,890 $2,149,930
Deferred Income Tax 941,000 882,000
Long-term Debt 577,962 769,525
Long-term Capital Lease 48,880 119,814
Put Warrant Obligation 240,000 200,000
Other Liabilities 237,672 108,024
----------- -----------
Total Liabilities $ 4,172,404 $ 4,229,293
Stockholders' Equity 15,289,854 13,707,287
----------- -----------
Total Liabilities and Stockholders' Equity $ 19,462,258 $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: November 12, 2004
AMERICAN MEDICAL ALERT CORP.
By: /s/ Richard Rallo
-----------------------------------------------
Name: Richard Rallo
Title: Chief Financial Officer