AVMD (0.15)Advanced Medical Institute Inc. Announces Audited Results
Monday, October 13 2008 7:21 PM, EST Advanced Medical Institute Inc. Announces Audited Results for the Year Ended June 30, 2008 Business Wire "US Press Releases "
SYDNEY, Australia --(BUSINESS WIRE)--
Advanced Medical Institute Inc. (OTCBB:AVMD)(AMI), a leading provider of treatment for Erectile Dysfunction and Premature Ejaculation in Australia and New Zealand , has announced results for the year ended June 30, 2008 . All figures are in U.S. Dollars.
For the year ended June 30, 2008 , as compared to the same period in 2007:
-- Total gross revenue increased 36.0% to $51,903,527 compared with gross revenue of $38,156,967 in the prior corresponding period. Revenue from its Premature Ejaculation treatment programs increased 28.5% to $24,034,165 , revenue from its Erectile Dysfunction treatment programs increased 33% to $24,302,733 and revenue from its prostate treatment programs increased 170.17% to $3,566,629 . -- Unearned revenue increased by $1,821,512 to $6,922,800 during the twelve month period, an increase of 35.7%. -- EBITDA was $4,311,085 in the 12 months ended June 30, 2008 . -- Net income before tax was $2,252,458 compared with net income before tax of $(550,831) in the prior corresponding period. -- Net income after tax was $994,779 compared with $(1,320,522) in the prior corresponding period.
As at June 30, 2008 cash and cash equivalents were $3,127,029 compared to $846,640 as at June 30, 2007 .
As at October 1, 2008 , the principal of the Company's secured loan had been reduced to AUD1.823 million (approximately US1.634 million) from AUD2.726 million (approximately USD2.444 million ) as at September 30, 2007 .
"We are delighted with the continued growth in the Company's gross revenue and return to profitability over the last 12 months," said Dr. Jacov Vaisman, founder, president, CEO and chairman of the board of AVMD. "We are pleased that our Australian operations have experienced significant growth across all market segments and believe that our new United Kingdom operations will significantly add to profitability. We are also pleased to have reduced our secured debt by AUD900,000 (approximately USD810,000 ) over the last 12 months."
For more detailed information please see the attached table of results or refer to the Company's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission .
About AMI
Advanced Medical Institute Inc. , (AVMD.OB), headquartered in Sydney, Australia , is a leading provider of treatment programs for erectile dysfunction and premature ejaculation in Australia and New Zealand . The Company operates more than 20 facilities in Australia , New Zealand , China and the United Kingdom . AVMD has more than 255 employees, including 57 medical personnel and, since its inception, has provided treatment to more than 400,000 customers. Advanced Medical Institute and its predecessor companies began arranging treatment programs for Premature Ejaculation and Erectile Dysfunction patients in 1993. For more information, visit the company's website at: http://www.avmd.com.au.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations and financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; changes in consumer preferences and tastes or perceptions of health-related issues; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.
ADVANCED MEDICAL INSTITUTE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME 2008 2007 NET REVENUES $51,903,527 $38,156,967 COST OF REVENUES 11,597,929 9,457,320 ------------ ------------ GROSS PROFIT 40,305,598 28,699,647 ------------ ------------ SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 37,597,347 26,925,368 Impairment loss - 643,668 ------------ ------------ TOTAL SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 37,597,347 27,569,036 ------------ ------------ OPERATING INCOME 2,708,251 1,130,611 ------------ ------------ OTHER INCOME AND EXPENSE Rental income - 14,722 Bank interest 92,499 49,172 Sundry income 23,779 88,272 Management fee income 33,813 122,765 Interest expense (263,479) (204,806) ------------ ------------ TOTAL OTHER INCOME AND EXPENSE (113,388) 70,585 ------------ ------------ INCOME FROM CONTINUED OPERATIONS BEFORE INCOME TAXES 2,594,863 1,201,196 INCOME TAX EXPENSE (1,257,679) (769,691) ------------ ------------ INCOME FROM CONTINUED OPERATIONS 1,337,184 431,505 LOSS FROM DISCONTINUED OPERATIONS (342,405) (1,752,027) ------------ ------------ NET INCOME (LOSS) 994,779 (1,320,522) Other Comprehensive item - Foreign currency translation income 3,800,994 3,375,989 ------------ ------------ Net Comprehensive Income $ 4,795,773 $ 2,055,467 ============ ============ Earnings (loss) per share, continued operations $ 0.03 $ 0.01 Earnings (loss) per share, discontinued operations (0.01) (0.04) ------------ ------------ Earnings (loss) per share, basic & diluted $ 0.02 $ (0.03) ============ ============ Weighted average number of shares outstanding, basic 53,507,450 50,346,964 ============ ============
Source: Advanced Medical Institute Inc.