-----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, UBMFPouXyce3kivMaJKCZhZ+ThBmdJDz+faQMPdYu0m2dXe7lARMV1M0sHioQHLp aGFeRKsEYgYcZvtj21LVzA== 0001275287-05-000705.txt : 20050224 0001275287-05-000705.hdr.sgml : 20050224 20050224084645 ACCESSION NUMBER: 0001275287-05-000705 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050224 DATE AS OF CHANGE: 20050224 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: 05635829 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 rm2125.txt ================================================================================ UNITED STATES 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): February 24, 2005 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, Michigan 48334 - -------------------------------------------------- ---------------------- (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 24, 2005, the Company issued the press release attached hereto as Exhibit 99.1, announcing its financial results for the year and quarter ended December 31, 2004. ITEM 7.01 REGULATION FD DISCLOSURE. On February 24, 2005, the Company issued the press release attached hereto as Exhibit 99.1, announcing its financial results for the year and quarter ended December 31, 2004. . ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS. The following exhibit is filed with this Form 8-K: Exhibit Description ------- ----------- 99.1 Press release, dated February 24, 2005, issued by Rockwell Medical Technologies, Inc. 2 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: February 24, 2005 By: /s/ Robert L. Chioini ------------------------------------- Robert L. Chioini President and Chief Executive Officer 3 EXHIBIT INDEX Exhibit Description - ------- ----------- 99.1 Press release, dated February 24, 2005, issued by Rockwell Medical Technologies, Inc. EX-99.1 2 rm2125ex991.txt Exhibit 99.1 ROCKWELL MEDICAL TECHNOLOGIES, INC. REPORTS FOURTH QUARTER RESULTS AND 2004 EARNINGS IMPROVEMENT OF $.02 PER SHARE WIXOM, Mich., Feb. 24 /PRNewswire-FirstCall/ -- Rockwell Medical Technologies, Inc. (Nasdaq: RMTI), a leading, innovative hemodialysis products manufacturer in the healthcare sector, reported its fourth quarter and full year 2004 results today with 2004 Earnings per Share improving by $.02 per share. Highlights: Fourth Quarter 2004 * Record quarterly revenues of $4,780,070. * Sales revenues increased 15.4% over the fourth quarter of 2003. * Sales revenue was up 6.8% sequentially over the third quarter of 2004. * Concentrate product line revenue increased 26% over the fourth quarter of 2003. * Dri-Sate(R) Dry Acid Concentrate unit volume increased 25% over the fourth quarter of 2003. * Operating Income was $70,980; net income was $11,404. * Substantial market share gain in the Southeast region. Year Ended December 31, 2004 * Sales revenue increased 20% in 2004 over 2003. * Concentrate revenue increased 30%; driven by broad growth across all product lines. * Dri-Sate(R) Dry Acid Concentrate unit volumes increased 38% over last year. * Operating income of $409,000 more than doubled. * Net income improved by $207,000 over 2003. * Earnings per share was $.02 in 2004; an improvement of $.02 per share over 2003. Mr. Robert L. Chioini, Chairman, CEO, and President of Rockwell Medical Technologies, Inc. stated, "We are pleased with our results for 2004. We substantially grew our business, we achieved our second year of profitable operations and we expanded our geographic scope of business in the fourth quarter with significant penetration into the Southeast. Mr. Chioini also stated, "We made substantial investments in iron product development and market share expansion in the fourth quarter. These investments were essential for our future development. Our overall iron development spending increased by $50,000 over the third quarter level, with more than $100,000 spent in total for the fourth quarter. As a result of this investment, coupled with an increase in new business outside of our traditional distribution footprint, we incurred higher than normal operating and distribution expenses. Although these growth initiatives reduced our earnings in the fourth quarter we are excited about our prospects for 2005." Rockwell is seeking FDA approval for a proprietary drug product containing Ferric Pyrophosphate (FePPi) to be delivered by its dialysis concentrates. It believes FePPi, delivered via dialysate, is a superior iron compound and delivery method for the treatment of anemia in dialysis patients as compared to the current intravenous (IV) iron drugs used today. The Company is seeking FDA approval of the product, which it intends to market. The Company believes that the current market for IV iron is $300 million in the United States and more than $500 million globally. As compared to IV iron administration, the Company believes that administering the drug through its dialysate is a safer and more effective method for maintaining iron balance in dialysis patients, while at the same time eliminating the associated nursing and pharmaceutical IV iron administration costs. Rockwell holds the exclusive rights to the patents which cover the pharmaceutical composition, methods of use and delivery of iron to be administered via dialysate to both hemodialysis and peritoneal dialysis patients. Rockwell will be hosting a conference call to review its fourth quarter and year end results on Thursday, February 24, 2005 at 11:00 am EST. Investors are encouraged to call in 5-10 minutes in advance of the call at 888-896-0862 or may listen on the web at: http://orion.calleci.com/servlet/estreamgetevent?id=4813&folder=default using Windows Media Player. See rockwelllmed.com for more details and playback options. 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 http://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 and twelve months ended December 31, 2004 and December 31, 2003 (Whole dollars)
Quarter Quarter Year Year Ended Ended Ended Ended December 31, December 31, December 31, December 31, 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Sales $ 4,780,070 $ 4,142,975 $ 17,944,710 $ 14,970,144 Cost of Sales 4,072,467 3,346,866 15,139,215 12,414,462 Gross Profit 707,603 796,109 2,805,495 2,555,682 Selling, General and Administrative 636,623 650,493 2,396,315 2,367,773 Operating Income 70,980 145,616 409,180 187,909 Interest Expense, net 59,576 45,590 197,658 183,056 Net Income $ 11,404 $ 100,026 $ 211,522 $ 4,853 Basic Shares Outstanding 8,553,527 8,510,828 8,546,302 8,495,134 Basic Earnings Per Share $ - $ 0.01 $ 0.02 $ - Fully Diluted Shares Outstanding 9,199,505 9,229,754 9,305,123 9,229,754 Fully Diluted Earnings Per Share $ - $ 0.01 $ 0.02 $ -
Rockwell Medical Technologies, Inc. And Subsidiary Consolidated Balance Sheets As of December 31, 2004 and 2003 (Whole Dollars) ASSETS
DECEMBER 31, DECEMBER 31, 2004 2003 ------------ ------------ Cash and Cash Equivalents $ 166,195 $ 106,639 Restricted Cash and Cash Equivalents 8,662 8,662 Accounts Receivable, net of a reserve of $44,500 in 2004 and $34,500 in 2003 2,302,093 2,169,564 Inventory 1,652,457 1,350,291 Other Current Assets 111,630 103,971 Total Current Assets 4,241,037 3,739,127 Property and Equipment, net 2,048,665 1,943,376 Intangible Assets 369,508 314,071 Goodwill 920,745 920,745 Other Non-current Assets 120,597 127,467 Total Assets $ 7,700,552 $ 7,044,786 LIABILITIES AND SHAREHOLDERS' EQUITY Short Term Borrowings $ 452,682 $ 642,018 Notes Payable & Capitalized Lease Obligations 389,602 307,959 Accounts Payable 2,124,679 1,666,952 Accrued Liabilities 492,592 329,519 Total Current Liabilities 3,459,555 2,946,448 Long Term Notes Payable & Capitalized Lease Obligations 818,678 926,230 Shareholders' Equity: Common Share, no par value, 8,556,531 and 8,519,405 shares issued and outstanding 11,870,909 11,832,220 Common Share Purchase Warrants, 3,761,071 and 3,766,071 shares issued and outstanding 320,150 320,150 Accumulated Deficit (8,768,740) (8,980,262) Total Shareholders' Equity 3,422,319 3,172,108 Total Liabilities And Shareholders' Equity $ 7,700,552 $ 7,044,786
SOURCE Rockwell Medical Technologies, Inc. -0- 02/24/2005 /CONTACT: Thomas Klema of Rockwell Medical Technologies, Inc., +1-248-960-9009/ /Web site: http://www.rockwellmed.com / -----END PRIVACY-ENHANCED MESSAGE-----