Contact Information: Contact: David A. Garrison (978) 345-5000 Website: http://www.arthrt.com
Arrhythmia Research Technology, Inc. Announces Results for First Quarter 2009
| Quelle: Arrhythmia Research Technology, Inc.
FITCHBURG, MA--(Marketwire - May 7, 2009) - Arrhythmia Research Technology, Inc. (the
"Company") (NYSE Amex : HRT ) and its wholly owned subsidiary Micron
Products, Inc. ("Micron") reported total revenue of $4,683,000 and net
income $82,000 for the quarter ended March 31, 2009 compared to total
revenue of $5,460,000 and net income of $149,000 for the same quarter of
2008. Net income per share for the three months ended March 31, 2009
decreased to $0.03 per share from $0.06 per share for the same period in
2008.
James E. Rouse, the Company's President and CEO commented, "The decline in
revenue from the same period in 2008 was primarily the result of the
elimination of an unprofitable product in our MIT division and continuing
price erosion in Micron's sensor sales. Although we were disappointed that
our sensor revenue declined over the same period in 2008, we are encouraged
by several developments. Sensor volume sales increased by 20% in the first
quarter as compared to the same period in 2008. In addition, during the
first quarter we were successful in securing a new long term supply
agreement with one of our largest sensor customers. Although in its early
stages, we are beginning to see the positive effects of the company-wide
lean manufacturing training as well as results from our cost reduction
teams developed as part of our continuing focus on improving gross margins
on our existing product lines. As part of that process, we are also
implementing technological and process improvements which are expected to
be completed over the next six to nine months. We are cautiously
optimistic that our continuing efforts to streamline manufacturing
processes and concentrate on products, services and programs that meet our
contribution and strategic goal will produce improved results. In addition,
our very strong balance sheet positions us to not only weather the current
economic climate but also to capitalize on future growth opportunities."
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 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. MIT manufactures custom injection
molded products for medical, electronic, industrial and consumer
applications, and 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.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, including its Annual Report on Form
10-K for the year ended December 31, 2008.