Delaware
|
1-11394
|
95-3863205
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
402 West County Road D, St. Paul, Minnesota
|
55112
|
|
(Address of principal executive offices)
|
(Zip Code)
|
¨
|
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 (17 CFR 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))
|
(c)
|
Exhibits.
|
Exhibit No.
|
Description
|
|
99.1
|
MEDTOX Scientific, Inc. Press Release, dated October 13, 2011.
|
Exhibit No.
|
Description
|
|
99.1
|
MEDTOX Scientific, Inc. Press Release, dated October 13, 2011.
|
·
|
Total revenues increased 6.9% to $27.6 million
|
·
|
Gross profit increased 5.2% to $11.4 million
|
·
|
Operating expenses were $9.3 million, an increase of 3.7%
|
·
|
Operating income was $2.1 million, an increase of 12.3%
|
·
|
Net income was $1.3 million, an increase of 15.0%
|
·
|
Earnings per diluted share were $0.15 compared to $0.13
|
Three Months Ended
|
Nine Months Ended
|
|||||||
September 30,
|
September 30,
|
|||||||
2011
|
2010
|
2011
|
2010
|
|||||
REVENUES:
|
||||||||
Laboratory services:
|
||||||||
Drugs-of-abuse testing services
|
$ 10,781
|
$ 10,390
|
$ 31,227
|
$ 29,346
|
||||
Clinical & other laboratory services
|
8,885
|
7,928
|
25,993
|
22,396
|
||||
Clinical trial services
|
2,375
|
2,358
|
7,234
|
5,228
|
||||
Product sales
|
5,537
|
5,123
|
16,781
|
15,175
|
||||
27,578
|
25,799
|
81,235
|
72,145
|
|||||
COST OF REVENUES:
|
||||||||
Cost of services
|
13,975
|
12,951
|
40,550
|
36,535
|
||||
Cost of sales
|
2,233
|
2,036
|
6,788
|
6,357
|
||||
16,208
|
14,987
|
47,338
|
42,892
|
|||||
GROSS PROFIT
|
11,370
|
10,812
|
33,897
|
29,253
|
||||
OPERATING EXPENSES:
|
||||||||
Selling, general and administrative
|
8,633
|
8,394
|
26,538
|
24,058
|
||||
Research and development
|
668
|
576
|
1,884
|
1,698
|
||||
9,301
|
8,970
|
28,422
|
25,756
|
|||||
INCOME FROM OPERATIONS
|
2,069
|
1,842
|
5,475
|
3,497
|
||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest expense
|
(7
|
)
|
(1
|
)
|
(49
|
)
|
(2
|
)
|
Other income (expense)
|
16
|
(33
|
)
|
89
|
28
|
|||
9
|
(34
|
)
|
40
|
26
|
||||
INCOME BEFORE INCOME TAX EXPENSE
|
2,078
|
1,808
|
5,515
|
3,523
|
||||
INCOME TAX EXPENSE
|
(758
|
)
|
(660
|
)
|
(2,013
|
)
|
(1,286
|
)
|
NET INCOME
|
$ 1,320
|
$ 1,148
|
$ 3,502
|
$ 2,237
|
||||
BASIC EARNINGS PER COMMON
SHARE
|
$ 0.15
|
$ 0.13
|
$ 0.40
|
$ 0.26
|
||||
DILUTED EARNINGS PER COMMON SHARE
|
$ 0.15
|
$ 0.13
|
$ 0.39
|
$ 0.25
|
||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
|
||||||||
Basic
|
8,851,511
|
8,718,772
|
8,849,874
|
8,686,962
|
||||
Diluted
|
9,040,569
|
8,963,969
|
9,045,038
|
8,922,443
|
September 30,
2011
|
December 31,
2010
|
|||
ASSETS
|
||||
Cash and cash equivalents
|
$ 1,604
|
$ 1,285
|
||
Accounts receivable, net
|
19,919
|
19,575
|
||
Inventories
|
4,542
|
3,902
|
||
Other current assets
|
2,937
|
5,297
|
||
Total current assets
|
29,002
|
30,059
|
||
Building, equipment and improvements, net
|
28,574
|
28,164
|
||
|
||||
Other assets
|
17,309
|
17,234
|
||
Total assets
|
$ 74,885
|
$ 75,457
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||
Current liabilities
|
$ 12,902
|
$ 13,905
|
||
Long-term obligations
|
5,514
|
7,433
|
||
Stockholders’ equity
|
56,469
|
54,119
|
||
Total liabilities and stockholders’ equity
|
$ 74,885
|
$ 75,457
|
||