MINNEAPOLIS, Oct. 1 /PRNewswire-FirstCall/ -- Biotel Inc. (OTC Bulletin Board: BTEL) announced record sales and strong earnings for both its fourth quarter and fiscal year ended June 30, 2007. The Company had net earnings of $220,780, or $0.07 per diluted share, in the fourth quarter on revenues of $3,114,791. This compares to net earnings of $26,628, or $0.01 per diluted share, on revenues of $2,734,911 for the fourth quarter of last year. Net earnings for the year ended June 30, 2007, were $519,733, or $0.19 per diluted share, on revenues of $11,233,397. This compares to net earnings of $452,225, or $0.16 per diluted share, on revenues of $10,223,332 last year.
Highlights for the quarter and year are as follows:
-- Fifth consecutive year of profitability
-- 15.0% net income growth for year
-- 9.9% revenue growth for year; 13.9% for Q4
-- Net cash of $1.4 million provided from operations in fiscal year
-- Strong balance sheet with long-term debt reduced to zero from $620,000
-- Stockholders' equity of $3,932,500, up 18.7% for fiscal year
"We closed a strong fiscal year with a very strong fourth quarter, as a result of growth in our product and service revenues and improved margins," Biotel President and CEO Steve Springrose said. "We experienced steadily increasing sales of our Braemar cardiac event recorders, Holter devices, liposuction and other medical devices. Revenues from our Agility 24/7 cardiac monitoring services for clinical research continued to grow rapidly. Biotel is successfully implementing its strategy of serving as a development partner to medical corporations seeking new devices and clinical research services."
In fiscal 2007, Biotel increased research and development expenditures
by $243,000 to almost $1.5 million, or 13 percent of revenues. "We
continued our focus on proprietary technology at Biotel through significant
R&D programs," Springrose commented. "This has e
|SOURCE Biotel Inc.|
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