EX-99 3 exh99_1.txt 99.1 - PRESS RELEASE EXHIBIT 99.1 GRAPHIC OMITTED News Release ---------------------------------------------------------------- AMERICAN MEDICAL ALERT CORP. REPORTS FIRST QUARTER RESULTS OCEANSIDE, N.Y.--May, 16 2003--American Medical Alert Corp. (Nasdaq: AMAC) today reported that revenues, consisting primarily of monthly recurring revenues (MRR), increased to $3,901,487 for the three months ended March 31, 2003, an increase of $292,224 or 8% as compared to $3,609,263 for the same period in 2002. Net income for the three months ended March 31, 2003 decreased to $45,443, or $.01 per diluted share, as compared to net income of $79,771, or $.01 per diluted share for the same period in 2002. AMAC's chairman and CEO, Howard M. Siegel, commented: "We continue to realize revenue growth in our major business segments. We are beginning to experience significant interest and acceptance in our telehealth-disease management monitoring initiative from a wide variety of healthcare providers. We are confident that the infrastructure created to support our diversification and expansion efforts will achieve the efficiencies necessary to improve our profitability going forward." ABOUT AMAC AMAC is a national provider of remote health monitoring devices and 24/7 communication services designed to promote early medical intervention and improve quality of life for senior, disabled and chronically ill populations. AMAC's product and service offerings include Personal Emergency Response Systems (PERS), electronic medication reminder devices, disease management monitoring appliances and 24/7 medical on-call and emergency response monitoring. AMAC operates several National Medical On-Call and Communication Centers allowing access to trained response professionals 24/7. This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-KSB, the Company's Quarterly Reports on Forms 10-QSB, and other filings and releases. These include uncertainties relating to government regulation, technological changes, our expansion plans and product liability risks. Statements of income for the three months ended March 31, 2003 and 2002 and balance sheets as of March 31, 2003 and December 31, 2002 are attached. Contact: American Medical Alert Randi Baldwin, 516/536-5850 SELECTED FINANCIAL DATA Three Months Ended 03/31/2003 03/31/2002 ---------- ---------- Revenues $ 3,901,487 $ 3,609,263 Net Income $ 45,443 $ 79,771 Net Income per Share Basic $ 0.01 $ 0.01 Diluted $ 0.01 $ 0.01 Basic Weighted Average Shares Outstanding 7,426,739 6,475,175 Diluted Weighted Average Shares Outstanding 7,525,330 7,004,285 CONDENSED BALANCE SHEET
March 31, December 31, 2003 2002 ---- ---- (Unaudited) ASSETS Current Assets $ 6,971,116 $ 7,158,154 Fixed Assets-Net 7,036,265 7,221,088 Other Assets 2,603,831 2,601,405 ----------- ----------- TOTAL ASSETS $16,611,212 $16,980,647 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities $ 1,925,233 $ 2,351,936 Deferred Income Tax 637,000 597,000 Long-term Debt 1,012,266 1,079,506 Long-term Capital Lease 172,513 156,448 Put Warrant Obligation 201,000 181,000 Other Liabilities 58,500 55,500 ----------- ----------- TOTAL LIABILITIES $ 4,006,512 $ 4,421,390 Stockholders' Equity 12,604,700 12,559,257 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $16,611,212 $16,980,647 =========== ===========