Exhibit 99.1
RTIN Holdings, Inc. Announces
12/31/2002 Year End Results
Longview, TX -- March 24, 2003 RTIN Holdings, Inc. (NASD OTC BB: RTNH),
announced today that the Company had revenues for the 12 months ended December
31, 2002 of $7,218,028 and earnings for the same period of $4,497,058 or $.76
per share based on weighted average. A significant portion of the revenue during
the period was a result of territory license rights sales for the Company's
Safescript Pharmacy and Safe Med Systems models. The Company believes the
continuing revenue from future license fees, as well as anticipated increased
revenue from Company owned pharmacy units, will result in sustained growth in
future periods. The Company had total assets of $6,815,975 and shareholders'
equity of $4,882,507 or $.84 per share, fully diluted.
RTIN HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND 2001
A S S E T S 2002 2001
----------- ---------- ----------
Current assets:
Cash 80,763 8,355
Certificate of deposit (8%-matures 12-12-03) 924,000 --
Trade accounts receivable, net of allowance
for uncollectible accounts of $0 - 2002 and
$2,311-2001 126,466 --
Notes receivable-current portion 1,309,021 --
Inventories 187,223 6,505
---------- ----------
Total current assets 2,627,473 14,860
Property and equipment, at cost:
Buildings and leasehold improvements 9,843 2,425,651
Furniture, fixtures and equipment 75,812 794,522
Vehicles -- 29,950
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85,655 3,250,123
Accumulated depreciation (16,086) (876,358)
---------- ----------
Net property and equipment 69,569 2,373,765
Other assets:
Notes receivable, less current portion 2,986,000 --
Assets held for sale, net of $80,000 reserve
for impairment -- --
Cost of medical technology software less amortization
of $222,098-2002 and $0 - 2001 1,130,963 358,753
Deposits 1,970 --
---------- ----------
Total other assets 4,118,933 358,753
---------- ----------
Total assets 6,815,975 2,747,378
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 2002 2001
---------------------------------------------- ----------- -----------
Current liabilities:
Cash overdrafts -- 14,539
Notes payable 579,234 2,159,641
Accounts payable 532,392 317,056
Accrued expenses and other liabilities 821,842 1,139,170
Amounts due related parties -- --
----------- -----------
Total current liabilities 1,933,468 3,630,406
Deferred liabilities -- 48,958
Convertible debentures -- 1,996,301
----------- -----------
Total liabilities 1,933,468 5,675,665
Commitments and contingencies -- --
Stockholders' equity (deficit):
Series A preferred stock, $.10 par value, 10,000,000
shares authorized, 1,999,920 shares issued ($1 per
share liquidation value or $1,999,920) 1,996,301 --
Common Stock, $.01 par value, 25,000,000 and
50,000,000 shares authorized; 9,818,472 and
1,029,082 shares issued and 9,621,310 and
831,920 outstanding 98,185 10,291
Additional paid-in capital 15,762,024 14,532,483
Retained deficit (12,106,001) (16,603,059)
----------- -----------
5,750,509 (2,060,285)
Less-197,162 treasury shares, at cost (868,002) (868,002)
----------- -----------
Total stockholders' equity (deficit) 4,882,507 (2,928,287)
----------- -----------
Total liabilities and stockholders' equity (deficit) 6,815,975 2,747,378
=========== ===========
RTIN HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
2002 2001
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Revenues:
License fees 6,063,000 --
Pharmaceutical sales 1,106,800 --
Restaurant sales-continuing location -- 1,199,825
Restaurant sales-discontinued locations -- 302,318
Rental income 48,228 247,908
---------- ----------
Total revenues 7,218,028 1,750,051
Operating costs and expenses:
Cost of sales-pharmaceuticals 611,514 --
Cost of sales-continuing location-restaurants -- 1,231,424
Cost of sales-discontinued locations-restaurants -- 642,617
General and administrative expenses 1,783,883 1,810,567
Depreciation and amortization 576,516 315,497
Impairment of assets -- 80,000
---------- ----------
Total operating costs and expenses 2,971,913 4,080,105
---------- ----------
Income (loss) from operations 4,246,115 (2,330,054)
Non-operating income (expense):
Interest expense (198,281) (393,318)
Interest income 4,329 --
Income on forgiveness of debt 497,597 --
(Loss) on foreclosure of office buildings -- (119,483)
Gain on sales of assets -- 105,823
---------- ----------
Total non-operating income (expense) 303,645 (406,978)
---------- ----------
Income (loss) from continuing operations before income taxes 4,549,760 (2,737,032)
Income tax benefit -- 10,000
---------- ----------
Income (loss) from continuing operations 4,549,760 (2,727,032)
(Loss) from discontinued operations (52,702) --
---------- ----------
Net income (loss) 4,497,058 (2,727,032)
========== ==========
Net income (loss) per common share, (less preferred
dividends $199,992) basic and dilutive .76 (3.74)
========== ==========
Weighted average common shares outstanding,
basic and dilutive 5,628,167 728,475
========== ==========
The Company has scheduled a conference call to discuss the year end results and
ongoing operational plans on Thursday March 27th, 2003 at 4:15 p.m. EST. The
number to call to listen in on the conference is 1-888-545-0687 and the title of
the call is "RTIN".
Curtis A. Swanson, President & Chief Operating Officer of RTIN Holdings stated,
"We are very pleased with the performance of the Company this past year. We have
laid the ground work for growth by forming strategic alliances with our market
partners to expand the Safescript Pharmacy nationally in 2003 and beyond. This
is a very exciting business model with tremendous growth potential and we intend
to aggressively pursue this growth over the coming year."
Stanley L. Swanson, Chief Executive Officer of RTIN Holdings stated, "I am so
proud of all the people here at the Company that have worked so hard to make
this year possible. We have assembled a very strong management team and each of
the division presidents and department heads are striving to ensure our
continued growth and success in the future."
Tim Hayes, President of Safescript Pharmacies, Inc. stated, "The potential of
Safescript Pharmacies, Inc. to carve out a niche in the market in the sectors we
are targeting is tremendous. We are very excited about the current progress
being made by our Company owned as well as our market partner pharmacies and we
are looking forward to an excellent 2003."
David Lee, President of Safe Med Systems, Inc. stated, "Safe Med Systems has
made monumental strides in 2002 as we revamped the technology acquired in March
and expanded on the options available to the physicians for electronic
prescribing. In addition, the development of our own proprietary Safe Med Suites
program for refill management and patient care has been a very exciting event
and opens many new potential doors for the Company as we begin to expand our
refill management services to the physicians we service."
Safe Med Systems, Inc. (TM) is a medical communications/technology company that
provides state-of-the-art, hand-held prescription units loaded with
patent-pending software and secure, broadband wireless technology. Safescript
Pharmacies, Inc. (TM) is the preferred retail pharmacy provider that specializes
in filling prescriptions generated by the Safe Med Systems technology. For
additional information please visit our website at WWW.RTINHOLDINGS.COM
Contact: Curtis Swanson, President at CSWANSON@RTINHOLDING.COM or 903-295-6800.
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Certain statements in this news release may constitute "forward-looking"
statements within the meaning of section 21E of the securities and Exchange Act
of 1934. The Company believes that its expectations, as expressed in these
statements are based on reasonable assumptions regarding the risks and
uncertainties inherent in achieving those expectations. These statements are
not, however, guarantees of future performance and actual results may differ
materially. Other risk factors are listed in the most recent Annual Report on
Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and
Exchange Commission. Such forward-looking statements involve risks,
uncertainties, which may cause the actual results, performance, or achievement
expressed or implied to differ.
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