-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tyx90IL+fyQGBZSiM+3Qsq3WjomyziWmKtQNg7wrMC/Vdp6Xr5n7vLcir0Lfy08B vn5vkV82pX88aQ4dbKDDSA== 0000950124-03-003499.txt : 20031107 0000950124-03-003499.hdr.sgml : 20031107 20031107153136 ACCESSION NUMBER: 0000950124-03-003499 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031106 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCKWELL MEDICAL TECHNOLOGIES INC CENTRAL INDEX KEY: 0001041024 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 383317208 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23661 FILM NUMBER: 03985019 BUSINESS ADDRESS: STREET 1: 30142 S WIXOM RD CITY: WIXOM STATE: MI ZIP: 48393 BUSINESS PHONE: 2489609009 MAIL ADDRESS: STREET 1: 30142 S WIXOM RD CITY: WIXOM STATE: MI ZIP: 48393 8-K 1 k80769e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 6, 2003 ---------------- ROCKWELL MEDICAL TECHNOLOGIES, INC. (Exact name of registrant as specified in its Charter) Michigan 000-230-661 38-3317208 -------- ----------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 30142 Wixom Road, Wixom Michigan 48393 ----------------------- -------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (248) 960-9009 ------------------------ Not applicable ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 9. REGULATION FD DISCLOSURE. On November 6, 2003, the Company issued the press release attached hereto as Exhibit 99.1, announcing its financial results for the fiscal quarter ended September 30, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On November 6, 2003, the Company issued the press release attached hereto as Exhibit 99.1, announcing its financial results for the fiscal quarter ended September 30, 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ROCKWELL MEDICAL TECHNOLOGIES, INC. Date: November 7, 2003 By: /s/ Thomas E. Klema ------------------------------------- Thomas E. Klema Its: Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press release dated November 6, 2003. EX-99.1 3 k80769exv99w1.txt PRESS RELEASE DATED 11/6/03 EXHIBIT 99.1 [ROCKWELL MEDICAL TECHNOLOGIES, INC. LOGO] COMPANY PRESS RELEASE Contact: Thomas Klema (248) 960-9009 ROCKWELL MEDICAL TECHNOLOGIES, INC. REPORTS THIRD QUARTER EARNINGS PER SHARE OF $0.01; QUARTERLY NET REVENUES REACH RECORD $ 3.9 MILLION ACHIEVING AN INCREASE OF 37 PERCENT WIXOM, MICHIGAN, November 6, 2003 -- Rockwell Medical Technologies, Inc. (Nasdaq:RMTI), a leading, innovative dialysis products manufacturer serving the healthcare industry, today announced results for the third quarter and nine months ended September 30, 2003. o Third quarter net income was $84,850, or $.01 per common share, compared with a net loss of ($182,852), or ($.02) per share for the third quarter of 2002. o Third quarter net revenue increased to a record $3,939,000, a 37% increase over the same period in 2002. o Gross profit margin increased to 18.1% in the third quarter compared with 14.4% in the third quarter last year. o Net revenue for the first nine months of 2003 was $10,827,169; an increase of 37.2% over the same period in 2002. o Dri-Sate(R) Dry Acid Concentrate sales increased 34% in the first nine months of 2003 as compared to the same period in 2002. For the third quarter ended September 30, 2003, Rockwell Medical Technologies, Inc. reported net revenues increased 37% to a record $3,939,000 compared with net revenues of $2,882,853 for the same period in 2002. Net income for the third quarter of 2003 rose to a profit of $84,850 compared with a loss of ($182,852) in the same period in 2002. Net earnings per share for the third quarter of 2003 increased to $.01 compared with a loss of ($.02) in the same quarter of last year. Third quarter gross profit margins increased 3.7 percentage points to 18.1% compared with 14.4% in the third quarter of 2002. Net revenues for the first nine months of 2003 increased 37.2% to $10,827,169 compared with net revenues of $7,890,777 for the first nine months of 2002. Gross profit margin increased 5.0 percentage points to 16.3% during the first nine months of 2003 compared to the same period in 2002. For the nine months ended September 30, 2003, year to date net loss was ($95,172) or ($.01) per share reflecting an $813,000 net income improvement or a $.11 per share improvement compared with the same period in 2002. The Company realized substantial growth in sales of its Dri-Sate(R) Dry Acid Concentrate product line with revenue up 34% compared to the first nine months of 2002. Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical Technologies, Inc. stated, "We are extremely pleased with these results. The third quarter was highlighted by record financial performance. This is a milestone achievement in Rockwell's development. As we entered 2003, we felt that our core business was positioned to achieve a profitable running rate by year-end. Increased sales volume coupled with enhanced operating and distribution efficiencies resulted in improved margins and operating results. The profitability of our core business should continue to improve as sales revenues increase. We also increased our expenditures during the third quarter for the development of our Dialysate Iron Therapy initiative and we are excited about the future potential that this innovative, proprietary product holds for Rockwell." Rockwell has licensed patents that give the Company exclusive, worldwide rights to manufacture, market and distribute dialysate solutions containing water soluble iron that can be administered to hemodialysis and peritoneal dialysis patients with renal failure. During Phase II clinical trials the iron compound ferric pyrophosphate, delivered to hemodialysis patients via dialysate, was well tolerated and proved to be effective at iron maintenance therapy without causing the serious side effects present with current intravenous (IV) iron products. The Company is required to obtain FDA approval to market its dialysate iron product. The Company estimates the domestic IV iron market to be approximately $270 million annually. Rockwell will be holding a conference call to discuss its results on Thursday, November 6, 2003 at 11am EST. The call in number is 888-896-0862. The call will be available for replay on the Company's website, www.rockwellmed.com. 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(R) Liquid Concentrate, SteriLyte(R) Liquid Bicarbonate, RenalPure(R) Powder Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items. Visit Rockwell's website at www.rockwellmed.com for more information. Certain statements in this press release with respect to Rockwell's business and operations, including the statements regarding the Company's ability to achieve a profitable level of operations and the potential of the Company'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 AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND SEPTEMBER 30, 2002 (WHOLE DOLLARS) (Unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED NINE MONTHS ENDED NINE MONTHS ENDED SEPT. 30, 2003 SEPT. 30, 2002 SEPT. 30, 2003 SEPT. 30, 2002 ------------ ------------ ------------ ------------ SALES ................................. $ 3,938,878 $ 2,882,853 $ 10,827,169 $ 7,890,777 Cost of Sales ......................... 3,224,505 2,466,966 9,067,596 6,999,121 ------------ ------------ ------------ ------------ GROSS PROFIT ........................ 714,373 415,887 1,759,573 891,656 Selling, General and Administrative.... 588,454 557,986 1,717,280 1,704,220 ------------ ------------ ------------ ------------ OPERATING INCOME .................... 125,920 (142,099) 42,293 (812,564) Interest Expense, net ................. 41,070 40,753 137,466 95,300 ------------ ------------ ------------ ------------ NET INCOME .......................... $ 84,850 $ (182,852) $ (95,172) $ (907,864) ============ ============ ============ ============ Average shares outstanding ............ 8,492,923 8,062,513 8,489,858 7,720,610 BASIC & DILUTED EARNINGS PER SHARE +... $ .01 $ (.02) $ (.01) $ (.12)
+ - Fully diluted shares outstanding were 9,018,201 for the third quarter of 2003. ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2003 (WHOLE DOLLARS) (Unaudited)
SEPTEMBER 30, DECEMBER 31, 2003 2002 ---- ---- ASSETS Cash and Cash Equivalents .......................................................... $ 213,299 $ 133 Restricted Cash .................................................................... 15,105 13,965 Accounts Receivable, net of a reserve of $47,000 in 2003 and $53,000 in 2002 ...... 2,037,387 1,722,455 Inventory .......................................................................... 1,354,646 1,476,506 Other Current Assets ............................................................... 109,950 118,316 ------------ ------------ TOTAL CURRENT ASSETS ........................................................... 3,730,387 3,331,375 Property and Equipment, net ........................................................ 1,559,619 1,730,594 Intangible Assets .................................................................. 320,235 336,201 Other Non-current Assets ........................................................... 129,425 134,776 Goodwill ........................................................................... 920,745 920,745 ------------ ------------ TOTAL ASSETS .................................................................. $ 6,660,411 $ 6,453,691 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Short Term Borrowings .............................................................. $ 1,001,581 $ 417,254 Notes Payable ...................................................................... 202,005 194,799 Accounts Payable ................................................................... 1,468,360 1,680,842 Accrued Liabilities ................................................................ 323,161 333,792 ------------ ------------ TOTAL CURRENT LIABILITIES ..................................................... 2,995,107 2,626,687 Long Term Liabilities ......................................................... 631,155 781,504 SHAREHOLDERS' EQUITY: Common Shares, no par value, 8,509,072 and 8,488,283 issued and outstanding ........ 11,794,286 11,724,507 Common Share Purchase Warrants, 3,771,660 and 3,753,460 issued and outstanding...... 320,150 306,108 Accumulated Deficit ................................................................ (9,080,287) (8,985,115) ------------ ------------ 3,034,149 3,045,500 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY .................................... $ 6,660,411 $ 6,453,691 ============ ============
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