Please wait while we load the requested 10-K report or click the link below:
NEWS RELEASE for February 10, 2005 at 8:00AM Eastern Time
|Palomar Medical Technologies Inc|
PALOMAR MEDICAL REPORTS RECORD REVENUES AND PROFITABILITY
BURLINGTON, MA (February 10, 2005) Palomar Medical Technologies Inc (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic treatments, today announced financial results for the fourth quarter and year ended December 31, 2004. The Companys fourth quarter total revenues increased by 63 percent, product revenues increased by 51 percent, and gross profit from product sales improved by 73 percent as compared to the same quarter in 2003. The Company realized a significant increase in income from operations of $3.2 million, or 297 percent, and a net income improvement of $4.3 million, or 417 percent, as compared to the fourth quarter of 2003. The Company also strengthened its balance sheet since the end of last year, including increasing its cash position from $10.6 million to $25.2 million.
Revenues for the quarter ended December 31, 2004, were $16.4 million, up from $10.1 million in the fourth quarter of 2003. Gross profit from product sales increased to $9.6 million (69 percent of product revenues), up from $5.5 million (60 percent of product revenues) in the year-earlier quarter. The Company reported income from operations of $4.2 million for the fourth quarter of this year, as compared to $1.1 million for the fourth quarter of last year. The Company reported net income of $5.4 million, or $0.29 per diluted share, which includes a benefit from income taxes of $1.1 million from the reduction of tax reserves, for the fourth quarter of this year, versus net income of $1.0 million, or $0.06 per diluted share, for the fourth quarter of last year.
Revenues for the year ended December 31, 2004, were $54.4 million, up from $34.8 million for the same period in 2003. Gross profit from product sales increased to $30.3 million (66 percent of revenues), up from $18.3 million (58 percent of revenues) in the year-earlier period. The Company reported net income of $10.6 million, or $0.60 per diluted share for the year ended December 31, 2004, versus net income of $3.4 million, or $0.21 per diluted share for the same period in 2003.
During fiscal year 2004, the Company announced the following events:
The Company and The Gillette Company (NYSE: G) completed the initial phase of their agreement and moved into the next phase. In conjunction with entering this next phase, the parties amended the agreement to provide for additional development funding to further technical innovations. The original agreement provided for $7 million in development funding from Gillette. Under the amendment, Gillette will provide $2.1 million in additional development funding over a nine month extension of the development phase, for a total of $9.1 million, which is planned to be completed by August 31, 2006.
The Company and Johnson & Johnson Consumer Companies, Inc, a Johnson & Johnson company, signed an agreement to develop, clinically test and potentially commercialize home-use, light-based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne.
The following information was filed by Palomar Medical Technologies Inc (PMTI) on Thursday, February 10, 2005 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.
View differences made from one year to another to evaluate Palomar Medical Technologies Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Palomar Medical Technologies Inc.