Pace Medical, Inc. Announces 2005 Consolidated Results
20 June 2006 - 8:35AM
Business Wire
Pace Medical, Inc. (Pink Sheets:PMDL) announced today its 2005
consolidated financial results for Pace Medical, Inc. and its
subsidiary APC Medical Ltd. Sales increased 19 percent over prior
year to $1,447,034, while gross profit improved to 56 percent of
sales. Overall, financial results improved significantly over prior
year results due to, improved sales performance and a reduction in
Cost of Sales. See attached Statement of Operations. "Overall, 2005
was a solid year for Pace Medical," said Ralph E. Hanson, Chairman.
"New Product Development continued throughout the year, as well as
improvements with key Vendors for the supply of components." Steven
E. Hanson, President and CEO, commented that, "2005 was a building
year for the Company as we positioned ourselves to grow through
market expansion, timely deliveries of existing products and new
product development, while improving our cost structure." Pace
Medical designs and manufactures external heart pacemakers and
accessory products used in pacing the heart and monitoring
equipment to detect the performance of cardiac rhythm device
performance. Its headquarters are located in Waltham,
Massachusetts, with a wholly owned subsidiary, APC Medical Ltd,
located in Welwyn Garden City, England. Safe Harbor Statement
Cautionary Statement for purposes of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. From time
to time, information provided by the Company or statements made by
its employees may contain "forward-looking" information which
involves risks and uncertainties. In particular, statements
contained in this release which are not historical facts (including
but not limited to the Company's expectations regarding new product
availability), may be "forward-looking" statements. The Company's
actual results may differ from those stated in any forward-looking
statements. Factors that may cause such differences include, but
are not limited to, risks associated with the introduction of new
products including supplier performance, development of markets for
new products offered by the Company, personnel requirements, the
Company's relationships with distributors and OEM's, the economic
health of such OEM's, government regulation, competition, general
economic conditions, and other factors disclosed in the Company's
filings with the Securities and Exchange Commission. -0- *T PACE
MEDICAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATION
YEARS ENDED DECEMBER 31, 2005 AND 2004
----------------------------------------------------------------------
2005 2004 TOTAL NET SALES $1,447,034 $1,216,624 COST OF SALES
633,993 664,402 ----------- ----------- GROSS PROFIT 813,041
552,222 OPERATING EXPENSES Selling, general, and administrative
804,904 753,666 Engineering/development 192,925 117,191 -----------
----------- LOSS FROM OPERATIONS (184,788) (318,635) OTHER INCOME -
Primarily interest 38,745 23,754 ----------- ----------- LOSS
BEFORE INCOME TAX EXPENSE (146,043) (294,881) INCOME TAX EXPENSE
40,996 14,751 ---------- ---------- NET LOSS $ (187,039) $
(309,632) =========== =========== NET LOSS PER SHARE - Basic and
diluted $ (0.05) $ (0.09) =========== =========== *T
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