EX-99.1 2 e17851ex99_1.txt PRESS RELEASE Exhibit 99.1 Rockwell Medical Technologies, Inc. Reports First Quarter 2004 Results; Sales Up 25.4% WIXOM, Mich., May 10 /PRNewswire-FirstCall/ -- Rockwell Medical Technologies, Inc. (Nasdaq: RMTI), a leading, innovative hemodialysis products company in the healthcare sector, reported its first quarter 2004 results today and included the following first quarter highlights: * Sales increased 25.4% over the first quarter of 2003. * Sales were $4,307,844, compared to $3,434,737 in the first quarter of 2003. * Net income was $80,217, compared to a loss of ($86,793) in the first quarter of 2003. * Earnings per share was $.01, compared to a loss of ($.01) per share in the first quarter of 2003. * Dri-Sate(R) Dry Acid Concentrate revenue increased 32%. * Hemodialysis concentrate revenue increased 30%. Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical Technologies, Inc. said, "First quarter sales met our expectations. We continue to secure business and penetrate our market. We expect sales growth to continue in each quarter this year. We are pleased with the recently signed supply agreement with DaVita, the largest independent dialysis provider in the country, and with our prospects to substantially grow our hemodialysis products business going forward." Mr. Chioini further stated, "Regarding our proprietary dialysate iron product, we have made solid progress in completing the necessary steps that will enable us to submit our Phase III clinical protocol to the FDA. We are progressing on our expected timeline and remain focused on the development of this innovative method of delivering iron to anemic dialysis patients. We are optimistic about our prospects to compete in the $270,000,000 dialysis iron therapy market." Rockwell Medical Technologies, Inc. is an innovative leader in manufacturing, marketing and delivering high-quality dialysis solutions, powders and ancillary products that improve the quality of care for dialysis patients. Dialysis is a process that duplicates kidney function for those patients whose kidneys have failed to work properly and suffer from chronic kidney failure, a condition also known as end stage renal disease (ESRD). There are an estimated 350,000 dialysis patients in the United States and the incidence of ESRD has increased 6-8% on average each year over the last decade. Rockwell's products are used to cleanse the ESRD patient's blood and replace nutrients in the bloodstream. Rockwell offers the proprietary Dri- Sate(R) Dry Acid Mixing System, RenalPure(TM) Liquid Acid, RenalPure(TM) Powder Bicarbonate, SteriLyte(R) Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items. Visit Rockwell's website at www.rockwellmed.com . Certain statements in this press release with respect to Rockwell's business and operations, including the statements regarding the Company's anticipated sales revenue and the potential of Rockwell's proprietary dialysate iron product, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations and are based upon currently available information. Management of Rockwell believes the expectations reflected in the forward-looking statements made in this press release are based upon reasonable assumptions. However, certain factors could occur that might cause actual results to vary. These include, but are not limited to, general economic conditions, economic conditions in the hemodialysis industry, competitive factors, failure to obtain FDA approval, and other factors discussed in Rockwell's reports filed with the Securities and Exchange Commission. The forward-looking statements should be considered in light of these risks and uncertainties. Rockwell Medical Technologies, Inc. and Subsidiary Consolidated Income Statements For the three months ended March 31, 2004 and March 31, 2003 (Whole dollars) (Unaudited) Three Months Ended Three Months Ended March 31, 2004 March 31, 2003 Sales $4,307,844 $3,434,737 Cost of Sales 3,612,884 2,961,937 Gross Profit 694,960 472,800 Selling, General and Administrative 570,411 520,235 Operating Income (Loss) 124,549 (47,435) Interest Expense, net 44,332 39,358 Net Income (Loss) $80,217 $(86,793) Average shares outstanding 8,535,524 8,488,283 Basic and Diluted Loss per Share + $.01 $(.01) + - Fully diluted shares outstanding were 9,337,480 for the first quarter of 2004. ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS As of March 31, 2004 and December 31, 2003 (Whole Dollars) ASSETS MARCH 31, 2004 DECEMBER 31, 2003 Cash and Cash Equivalents $368,563 $106,639 Restricted Cash and Cash Equivalents 8,662 8,662 Accounts Receivable, net of a reserve of $34,500 in 2004 and $34,500 in 2003 2,133,905 2,169,564 Inventory 1,611,053 1,350,291 Other Current Assets 147,472 103,971 Total Current Assets 4,269,655 3,739,127 Property and Equipment, net 2,152,270 1,943,376 Intangible Assets 307,952 314,071 Goodwill 920,745 920,745 Other Non-current Assets 125,558 127,467 Total Assets $7,776,180 $7,044,786 LIABILITIES AND SHAREHOLDERS' EQUITY Short Term Borrowings $482,114 $642,018 Notes Payable & Capitalized Lease Obligations 327,854 307,959 Accounts Payable 2,236,559 1,666,952 Accrued Liabilities 441,222 329,519 Total Current Liabilities 3,487,749 2,946,448 Long Term Notes Payable & Capitalized Lease Obligations 1,013,949 926,230 Shareholders' Equity: Common Share, no par value, 8,543,772 and 8,519,405 shares issued and outstanding 11,854,377 11,832,220 Common Share Purchase Warrants, 3,761,071 and 3,766,071 shares issued and outstanding 320,150 320,150 Accumulated Deficit (8,900,045) (8,980,262) Total Shareholders' Equity 3,274,482 3,172,108 Total Liabilities And Shareholders' Equity $7,776,180 $7,044,786 SOURCE Rockwell Medical Technologies, Inc. -0- 05/10/2004 /CONTACT: Thomas Klema of Rockwell Medical Technologies, Inc., +1-248-960-9009/ /Web site: http://rockwellmed.com / (RMTI) CO: Rockwell Medical Technologies, Inc. ST: Michigan IN: MTC SU: ERN