FITCHBURG, MA--(Marketwire - August 6, 2008) - Arrhythmia Research Technology, Inc. (the
"Company") (
AMEX:
HRT) and its wholly owned subsidiary Micron Products,
Inc. ("Micron") reported total revenue of $6,426,000 and net income of
$134,000 for the quarter ended June 30, 2008 compared to total revenue of
$5,400,000 and net income of $446,000 for the same quarter of 2007.
Earnings per share for the three months ended June 30, 2008 decreased to $
0.05 per share from $ 0.16 per share for the same period in 2007. The
decrease in net income includes a nonrecurring charge of $302,000 or $0.07
per share, net of tax, related to acquisition and research and development
activities.
Total revenue increased by 19% in the quarter ended June 30, 2008 as
compared to the same period in 2007. Net income decreased by 70% and
earnings per share decreased by 69% for the quarter ended June 30, 2008
over the same period in 2007.
For the six months ended June 30, 2008, total revenue of $11,886,000 and
net income of $283,000 was achieved as compared to total revenue of
$10,409,000 and net income of $680,000 for the same period in 2007. Basic
earnings per share for the six months ended June 30, 2008 was $0.10 as
compared to $0.25 for the same period in 2007.
Total revenue increased by 14% in the six months ended June 30, 2008 as
compared to the same period in 2007. Net income decreased by 58% and
earnings per share decreased by 60% for the six months ended June 30, 2008
over the same period in 2007.
James E. Rouse, the Company's President and CEO commented, "We are pleased
that revenues continue to increase as products and programs developed over
the past two years move from development to production. These new products
are expected to yield higher margins as product volume increases to optimal
production capacity. While capital equipment investments added cost to
production, the anticipated increases in revenue and margin are expected to
impact positively net income by early 2009."
"Our net income for the period ending June 30th was severely effected by
one time charges, particularly $250,000 in professional fees for due
diligence and other costs associated with a potential acquisition which was
terminated because of irreconcilable issues. In addition, we incurred a
one time charge of $52,000 in costs related to research and development
projects. Management remains very confident that the long term
diversification strategy, including acquisitions, will result in continuing
growth."
The Company, through Micron, manufactures silver plated and non-silver
plated conductive resin sensors and distributes metal snaps used in the
manufacture of disposable ECG, EEG, EMS and TENS electrodes. Micron's NEM
division manufactures custom injection molded products for medical,
electronic, industrial and consumer applications. Micron's MIT division
provides end-to-end product life cycle management through a comprehensive
portfolio of value-added services such as design, engineering, prototyping,
manufacturing, machining, assembly and packaging. Micron's Leominster Tool
division provides high end mold design and manufacturing for the injection
molding industry. The Company's products also include proprietary
signal-averaging electrocardiography (SAECG) software used in the detection of
potentially lethal heart arrhythmias.
For more information please visit our websites:
http://www.arthrt.com http://www.micronproducts.com
http://www.newenglandmolders.com http://www.micronintegrated.com
http://www.leominstertool.com
Forward-looking statements made herein are based on current expectations of
the Company that involve a number of risks and uncertainties and should not
be considered as guarantees of future performance. The factors that could
cause actual results to differ materially include: interruptions or
cancellation of existing contracts, impact of competitive products and
pricing, product demand and market acceptance, risks, the presence of
competitors with greater financial resources than the Company, product
development and commercialization risks, changing economic conditions in
developing countries, and an inability to arrange additional debt or equity
financing. More information about factors that potentially could affect
the Company's financial results is included in the Company's filings with
the Securities and Exchange Commission, including its Annual Report on Form
10-K for the year ended December 31, 2007.
Contact Information: Contact:
David A. Garrison
Website: http://www.arthrt.com
(978) 345-5000