Afp Imaging Corp (IWKS) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, June 30, 2004

Afp Imaging Corp

CIK: 319126 Ticker: IWKS


                                                 FOR IMMEDIATE RELEASE
                                                 Contact: David Vozick, Chairman
                                                 AFP Imaging Corporation
                                                 (914) 592-6100

                      FOR FISCAL YEAR ENDING JUNE 30, 2004

Elmsford, NY, August 30, 2004 - AFP Imaging Corporation (OTC:BB AFPC) today
reported their results for the fourth quarter and twelve months of Fiscal Year
2004. Net sales for the fourth quarter Fiscal 2004 rose 17% to $5,641,132 as
compared to $4,841,458 for Fiscal 2003. Revenues for the twelve months, just
ended, were $19,832,910 compared to $18,043,668 for Fiscal 2003, a 10% annual
growth rate.

The twelve months Fiscal 2004 resulted in a profit of $1,345,467 or $.15 per
basic share, a record level over the past six years, compared to a loss of
($1,515,407) or ($.16) per basic share in Fiscal 2003. The current quarter had a
profit of $407,456 or $.04 per basic share compared to a profit of $98,188 or
$.01 per basic share in Fiscal 2003. The Company's balance sheet is
significantly enhanced as a result of improving profitability, cash flow and
substantial reductions in both short and long term debt. Included in the prior
loss in Fiscal 2003 was a charge of $1,297,069 related to a change in accounting
principle, which required the write-off of any remaining goodwill.

David Vozick, Chairman said, "The Company's profitable performance this year, is
a continuation of a very positive trend. This has been our most profitable
year-end report over the past six years, as a result of implementing a sound
business strategy. We look forward to continuing our growth in profitable sales
by putting our engineering efforts and other marketing resources into providing
a new family of digital radiographic products (DR) to dental, medical and
veterinary practitioners. The professional acceptance of AFP's product line that
utilizes electronic x-ray sensors and computers for capturing, presenting and
storing radiographic images will offer the Company ample opportunities for
continued growth. The Company's investment in research and development during
the past few years is now paying its dividend. Management continues to evaluate
a wide range of complementary product acquisitions."

"In the fourth quarter, AFP continued to expand its marketing strategy. We have
attended and exhibited at important national and regional dental and veterinary
trade shows. The Company believes that it is critical to maintain a presence at
these widely attended clinical shows, to promote new products and to provide a
sales base for our independent dealers and ultimate professional users. The key
opportunity in the Company's business plan is to be an industry leader, in our
product sectors, in the ongoing conversion from analog to digital radiographic
imaging systems. Over the past twenty-five years, we have built a very
significant installed base of equipment which are the most logical and best
candidates for upgrading to new technologies."

"In addition to building the digital dental sensor product line, AFP began in
2004 to distribute a laser based, computed radiographic (CR) system, designed
for whole body, diagnostic veterinary applications. This system provides high
image quality and excellent optical density using a re-usable phosphorus plate
instead of x-ray film. Images captured and scanned are displayed and shared on a
computer workstation and then can be erased from the plate before re-use. The
next logical step will be for the Company to introduce this product into the
human diagnostic x-ray market."

AFP Imaging is a medical equipment supplier whose imaging products are widely
applied in dental and medical diagnostics. The Company's new products and
imaging technology are providing the gateway for future growth. Medical, dental,
veterinary and industrial professionals use AFP's products. The Company's
products include x-ray units, digital x-ray sensors, film processors, chemistry,
and panoramic units. The Company's products are sold worldwide under various
brand names, which include AFP, DENT-X, and EVA'r'. For additional product
information please visit our web sites at and

Three Months Ended Twelve Months Ended June 30, June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Net Sales $5,641,132 $4,841,458 $19,832,910 $18,043,668 --------- --------- ---------- ---------- Operating Income (loss) $299,449 $142,017 $1,453,626 ($545) Income (Loss) Before Taxes $262,066 $95,863 $1,296,611 ($207,423) Provision/(Benefit) for Taxes ($145,390) ($2,325) ($48,856) $10,915 Income (Loss) Before Cumulative Effect of Change in Accounting Principle $407,456 $98,188 $1,345,467 ($218,338) Cumulative Effect of Change in Accounting Principle --- --- --- ($1,297,069) Net Income (Loss) $407,456 $98,188 $1,345,467 ($1,515,407) -------- ------- ---------- ----------- Net Income (Loss) per share Basic $.04 $.01 $.15 ($.16) Fully Diluted $.04 $.01 $.14 ($.16) Weighted average shares outstanding Basic 9,270,617 9,270,617 9,270,617 9,270,617 --------- --------- --------- --------- Fully Diluted 9,903,965 9,271,697 9,632,188 9,270,617 --------- --------- --------- ---------
The remarks contained in this press release and presented elsewhere by management from time to time contain forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in this press release or in other forward -looking statements presented by management. Among the factors that could cause actual results to differ materially include failure of revenue on new products to develop as estimated, regulatory delays, loss of existing customers, general downward trends in the Company's industry and other risk factors detailed from time to time in the Company's reports filed with the SEC.

The following information was filed by Afp Imaging Corp (IWKS) on Monday, August 30, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Afp Imaging Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2004 10-K Annual Report includes:

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SEC Filing Tools
Ticker: IWKS
CIK: 319126
Form Type: 10-K Annual Report
Accession Number: 0001157523-04-008759
Submitted to the SEC: Mon Sep 27 2004 12:06:55 PM EST
Accepted by the SEC: Mon Sep 27 2004
Period: Wednesday, June 30, 2004
Industry: Photographic Equipment And Supplies

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