American Medical Alert Corp. (NASDAQ: AMAC) a provider of healthcare communication services and advanced telehealth monitoring technologies, today announced operating results for the quarter and six months ended June 30, 2009, the highlights of which are as follows:
- Company-wide net income increased approximately 52% for the six months ended June 30, 2009 as compared to same period last year.
- HSMS division records another new high with gross profit of approximately 59% for the three months ending June 30, 2009.
- Company has built up cash on hand in excess of $5,000,000 at June 30, 2009, which exceeds the Company’s total bank debt.
Revenues for the quarter ended June 30, 2009, consisting primarily of monthly recurring revenues (MRR), decreased nominally to $9,502,312 as compared to $9,539,321 for the same period in 2008. Net income for the quarter ended June 30, 2009 increased 33% to $608,385 or $.06 per diluted share as compared to $458,026 or $.05 per diluted share for the same period in 2008.
Revenues for the six months ended June 30, 2009 increased 1% to $19,414,539, as compared to $19,175,066 for the same period in 2008. Net income for the six months ended June 30, 2009 increased 52% to $1,381,635 or $0.14 per diluted share as compared to net income of $910,383 or $0.09 per diluted share for the previous year. Net Income for the trailing twelve months ended June 30, 2009 and 2008 was $1,910,853 and $1,650,647 respectively, representing an increase of 16%. Earnings before interest, taxes and depreciation and amortization (“EBITDA”) for the six months ended June 30, 2009 increased 15% to $4,428,102 as compared to $3,847,277 for the same period in 2008. EBITDA for the trailing twelve months ended June 30, 2009 and 2008 was $7,683,194 and $7,711,061.
The Company continues to generate positive operating cash flow and at June 30, 2009 had a cash balance of $5,047,160, as compared to $2,473,733 at December 31, 2008. Along with this, the Company had working capital of $7,957,254 as of June 30, 2009, compared to $5,886,000 at December 31, 2008, representing a 35% increase. The Company also reduced its long-term debt by $1,163,282 during the period from December 31, 2008 to June 30, 2009.