FRD :
Friedman Industries Inc. Announces Second Quarter Results
11/16/2004 5:41:00 PM
HOUSTON, Nov 16, 2004 (BUSINESS WIRE) -- Friedman Industries Inc. (
FRD ), a Houston-based company engaged in pipe manufacturing, steel
coil processing and steel and pipe distribution, announced today the
results of operations for the second quarter. Net earnings for the
quarter ended Sept. 30, 2004 were $1,979,602 ($0.25 per share
diluted) on sales of $49,020,241. During the quarter ended Sept. 30,
2003, net earnings were $291,262 ($0.04 per share diluted) on sales
of $25,410,689.
SUMMARY OF OPERATIONS (unaudited)
Three months ended Six months ended
Sept. 30, Sept. 30,
------------------------- -------------------------
2004 2003 2004 2003
------------ ------------ ------------ ------------
Net sales $49,020,241 $25,410,689 $93,935,945 $50,614,859
Total costs and
other income 45,876,588 24,969,382 88,234,263 49,465,574
------------ ------------ ------------ ------------
Earnings before
income taxes 3,143,653 441,307 5,701,682 1,149,285
Income taxes 1,164,051 150,045 2,103,251 390,758
------------ ------------ ------------ ------------
Net earnings $1,979,602 $291,262 $3,598,431 $758,527
------------ ------------ ------------ ------------
Weighted average
common shares
outstanding
Basic 7,581,906 7,573,239 7,578,572 7,573,239
Diluted 7,785,196 7,632,571 7,756,424 7,615,163
Earnings per share
Basic $0.26 $0.04 $0.47 $0.10
Diluted $0.25 $0.04 $0.46 $0.10
For further information, contact Ben Harper, senior vice president-
finance, at 713-672-9433.
SOURCE: Friedman Industries Inc.
Friedman Industries Inc., Houston
Ben Harper, 713-672-9433
Copyright © 2004 Business Wire. All rights reserved.
DRAD:
Digirad Third Quarter Revenues Rose 23% to $17.2 Million
Monday November 1, 4:01 pm ET
POWAY, Calif.--(BUSINESS WIRE)--Nov. 1, 2004--Digirad Corporation
(Nasdaq
RAD - News):
-- Second Consecutive Quarter of Positive Net Income
-- Gary Burbach Named to Board
Digirad Corporation (NasdaqRAD - News), a leader in providing
solid-state medical imaging products and services to physician
offices, hospitals and imaging centers, today reported financial
results for the three and nine months ended September 30, 2004.
For the third quarter of 2004, total revenues rose 23% to $17.2
million, compared with total revenues of $14.0 million in the third
quarter of 2003. Product revenues, which include sales of gamma
cameras, accessories and maintenance contract revenues, reached a
record $6.2 million, up 24% from $5.0 million a year ago. Third
quarter revenues for Digirad Imaging Solutions' (DIS) mobile leasing
services rose 22% to $11.0 million, compared with $9.0 million for
the third quarter of the prior year.
For the quarter ended September 30, 2004, gross profit increased 32%
to $5.8 million, or 33% of revenue, from $4.3 million, or 31% of
revenue in the prior-year period. This increase is a result of
higher revenues, reductions in camera production costs and a
decrease in per unit warranty costs. Operating expenses for the
quarter increased 36% to $5.4 million, compared with $4.0 million
for the comparable 2003 period. The increase in operating expenses
was due to higher research and development costs incurred in
developing new products, additional sales headcount and various
general and administrative costs required to operate as a public
company.
Net income for the third quarter of $0.4 million compared with net
income of $47,000 for the third quarter of 2003. When calculated on
a pro forma basis to account for the conversion of all preferred
stock into common stock in Digirad's initial public offering, net
income per diluted share for the third quarter of 2004 was $0.02,
compared with the pro forma net income per share of $0.00 for the
comparable 2003 period. This marks the second consecutive quarter of
profitability.
"The continuing market demand for our products and services is
evidenced by our strong third quarter revenue growth over the third
quarter of 2003, including the record revenues from sales in our
product segment and our second consecutive quarter of
profitability," said David Sheehan, President and CEO of
Digirad. "We continued our leadership as innovators in the industry
with the September introduction of the Cardius™-3, the first and
only triple-head gamma camera designed specifically for cardiac
imaging. We believe the launch of the Cardius-3, which allows for
faster image acquisition times and improved workflow for the
physician, was a significant event for Digirad. Feedback from the
unveiling and product demonstration at the American Society of
Nuclear Cardiology's 9th Annual Scientific Session was very
positive.
"The planned expansion of our sales force continued during the
quarter with the addition of five new sales representatives,
bringing us to 32 total reps," commented Sheehan. "We are on track
to have 35 to 40 sales professionals by the end of 2004."
The Company reported cash and cash equivalents and short-term
investments of $57.8 million as of September 30, 2004.
Year-to-Date Financial Results
Comparing revenues for the first nine months of 2004 with the first
nine months of 2003, total revenues rose 23% to $50.4 million. DIS
revenues rose 29% to $32.7 million and product revenues increased
12% to $17.7 million.
Gross margin for the first nine months of 2004 increased to 32%, up
from 28% for the first nine months of 2003. Nine-month operating
expenses increased 27% to $15.5 million, compared with $12.2 million
for the comparable 2003 period. Net income for the first nine months
of 2004 totaled $0.2 million, compared with a net loss of $1.7
million in the prior-year period. When calculated on a pro forma
basis to account for the conversion of all preferred stock into
common stock in Digirad's initial public offering, net income per
diluted share for the 2004 nine-month period was $0.01, compared
with the pro forma net loss per share of $0.13 for the comparable
2003 period.
Financial Guidance
Digirad today reaffirmed 2004 financial guidance previously provided
on August 9, 2004. Although third quarter DIS revenues were
adversely affected by physician office closures due to the
hurricanes on the East Coast and a higher number of DIS customers
purchasing cameras, Digirad continues to anticipate 2004 total
revenues to be between $67 million and $70 million.
Operating expenses for 2004 will reflect increases in investments to
continue the Company's growth, including DIS sales force expansion
through the end of the year, as well as ongoing investments in
research and development and higher general and administrative costs
associated with operating as a public company. The Company
anticipates 2004 net income will range from $0.2 million to $0.5
million, or $0.01 to $0.03 on a per-share diluted basis. The Company
expects quarterly results and growth rates to continue to fluctuate,
based on seasonality stemming from physician vacations, holidays and
inclement weather.
This guidance is based on information and expectations as of
November 1, 2004. These and other statements herein are forward
looking, and actual results could differ dramatically. Please see
the "Forward-Looking Statements" portion of this press release for a
description of certain risk factors and Digirad's filings with the
Securities and Exchange Commission for a more complete discussion of
risks.
Digirad Bolsters Board with Additional Nuclear Medicine and Device
Expertise
On October 28, 2004, Gary F. Burbach was appointed to the Company's
board of directors. Mr. Burbach currently serves as President and
CEO of Bacchus Vascular, a developer of catheter-based medical
devices for the removal of blood clots. He held the position of CEO
of Philips Nuclear Medicine, a division of Philips Electronics, from
2001 to 2003 and, before its acquisition by Phillips, worked for
four years for ADAC Laboratories, most recently as president and
general manager of its nuclear medicine division. Mr. Burbach holds
an M.B.A. from Harvard Business School and a B.S. in industrial
engineering from Stanford University.
من اخر مواضيع العضو:
أحمد القابضه
*
موقع لنقل شعائر صلاة التراويح*
فلسفة التحليل الفني
اخر المواضيع : 
17-11-2004, 11:08 PM
