Vital Signs Inc., a San Antonio, TX, U.S.-based company that designs, manufactures and markets primarily single-use medical products and appliances for the anesthesia, respiratory/critical care, and sleep/ventilation markets, has released its fourth-quarter earnings.
The fourth quarter, which ended Sept. 30, showed a 3.4-percent increase (1.5 percent, excluding foreign exchange) to U.S.$47.2 million as compared to the fourth quarter last year, which ended Sept. 30, 2002. According to the fourth-quarter report, the company’s anesthesia and respiratory/critical care net revenues each increased 8 percent for the same period. Fully diluted earnings per share from continuing operations were $0.46 per share for the fourth quarter this year as compared to $0.48 per share for this period last year.
Terry Wall, president and CEO of Vital Signs, says he is pleased with the earnings growth, particularly in the anesthesia and respiratory/critical care businesses this quarter as compared to the comparable quarter last year.
"Our higher level of earnings in our fourth quarter compared to our third quarter of this year also indicates a positive trend in our business," Mr. Wall said a company statement. "Our businesses continue to generate strong cash flow, as our cash increased $4 million in the fourth quarter and our year end cash position was $55 million. Further, our financial condition remains strong and our working capital at year-end was U.S.$98 million. Our preliminary plans for fiscal 2004 project a revenue increase of between 4 percent to 8 percent and fully diluted earnings per share from continuing operations of $2.02 to $2.08 per share."
Net revenues for the fourth quarter of fiscal 2003 increased by 3.4 percent -- an increase of 1.5 percent excluding the favorable effect of foreign exchange -- to $47.2 million as compared to $45.6 million in the comparable period last year.
The company says that the increase in anesthesia net revenues of 7.8 percent to $21.94 million was primarily due to increased sales of Limb-O, a patented anesthesia circuit, which increased 50.1 percent to $1.4 million during the fourth quarter in 2002. The increase in respiratory/critical care net revenues of 7.5 percent to $10.9 million principally reflected higher overseas sales.
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