FITCHBURG, MA--(Marketwire - March 28, 2008) - Arrhythmia Research Technology, Inc. (the
"Company") (
AMEX:
HRT) and its wholly owned subsidiary, Micron Products,
Inc. ("Micron") reported total consolidated revenue of $19,488,000 for the
year ended December 31, 2007 compared to total consolidated revenue of
$19,318,000 for the year ended December 31, 2006, an increase of 1%. Net
income of $1,287,000 for the year ended December 31, 2007 decreased 41%
from net income of $2,164,000 for the year ended December 31, 2006. Basic
net income per share for the year ended December 31, 2007 decreased 42% to
$0.47 per share from $0.81 per share for 2006.
For the quarter ended December 31, 2007, total consolidated revenue
decreased 23% to $4,620,000 compared to total consolidated revenue of
$5,980,000 for the quarter ended December 31, 2006. Net income for the
quarter ended December 31, 2007 decreased 67% to $186,000 from $556,000 for
the quarter ended December 31, 2006. Basic net income per share for the
quarter ended December 31, 2007 decreased 67% to $0.07 per share from $0.21
per share for 2006.
James E. Rouse, the Company's President and CEO commented, "Results from
operations for both the quarter and year ending December 31, 2007 reflect
the ongoing transition of our business. Diversification and development of
new products outside of our historical core business of conductive sensors
for the disposable medical electrode industry has required investment in
technology, infrastructure and human resources that negatively impacted our
financial results for 2007. Although the sensor business remains an
important component in our overall strategy, we continue to work diligently
to diversify our product lines and businesses. As the evolution from a
single product manufacturer to a multi-faceted manufacturer and supplier of
components, devices and multi-product assemblies continues, our results
will be affected by our investments in engineering, research and
development, information technology and marketing resources. The organic
growth, primarily in medical device and defense related products,
experienced by our product life cycle management division, Micron
Integrated Technologies (MIT), continues to outpace all other aspects of
our business and will continue to do so for the foreseeable future.
Although revenue growth, net income and earnings per share have suffered
during this transition, we are confident that our diversification, long
term investments and ongoing search for acquisitions will result in the
continued expansion of product offerings while providing sustainable growth
in revenue and earnings in the future."
The Company through its wholly owned subsidiary Micron Products, Inc.
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 New England Molders 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, manufacturing and precision
machining for various industries. 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 check our websites:
http://www.arthrt.com http://www.micronproducts.com
http://www.leominstertool.com http://www.newenglandmolders.com
http://www.micronintegrated.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.
Contact Information: Contact:
David A. Garrison
(978) 345-5000
Website: http://www.arthrt.com