-----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, F3M03KEJxB1FJl0CNDA+jnlepfCMBnJn2LfKKsIU0HylwSuYyAyOhXP0S6rpG1Cq +A8sCpG6/6Ms3o7rFVzD5Q== 0001077357-00-000038.txt : 20000209 0001077357-00-000038.hdr.sgml : 20000209 ACCESSION NUMBER: 0001077357-00-000038 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL TECHNOLOGY & INNOVATIONS INC /FL/ CENTRAL INDEX KEY: 0000847464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 652954561 STATE OF INCORPORATION: FL FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-01950 FILM NUMBER: 526620 BUSINESS ADDRESS: STREET 1: 615 CENTERVILLE ROAD CITY: LANCASTER STATE: PA ZIP: 17601 BUSINESS PHONE: 7178926770 MAIL ADDRESS: STREET 1: 615 CENTERVILLE ROAD CITY: LANCASTER STATE: PA ZIP: 17601 10QSB 1 QUARTERLY REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-QSB (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1999 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 For the transition period from to ------------------- ------------------ Commission File Number: 33-27610-A MEDICAL TECHNOLOGY & INNOVATIONS, INC. (Exact name of small business issuer as specified in its charter) Florida 65-2954561 - -------------------------------- ---------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 615 Centerville Road, Lancaster, PA 17601 - ---------------------------------- --------------------- (Address of principal executive offices) (Zip Code) (Issuer's telephone number, including area code): (717) 892-6770 Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] No [ ] Transitional Small Business Disclosure Format (Check One): YES [ ] NO [X] As of December 31, 1999 33,428,067 shares of Common Stock, no par value, of the registrant were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant's annual report filed with the Securities and Exchange Commission on Form 10-KSB, filed December 16, 1999. MEDICAL TECHNOLOGY & INNOVATIONS, INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets December 31, 1999 and June 30, 1999 4 Condensed Consolidated Income Statements For the Three and Six Months ended December 31, 1999 and 1998 (Unaudited) 5 Consolidated Statements of Stockholders' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows For the Six Months ended December 31, 1999 and 1998 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis or Plan of Operation 9 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 14 PART I - FINANCIAL INFORMATION 3
Medical Technology & Innovations, Inc. Condensed Consolidated Balance Sheets December 31, 1999 and June 30, 1999 Assets December 31, 1999 June 30, 1999 (Unaudited) -------------- ------------- Current Assets Cash and cash equivalents $ 335,618 $ 90,581 Accounts Receivable, less allowances of $21,174, respectively 725,229 438,207 Inventory 598,848 513,358 Prepaid Expenses 36,736 91,002 -------------- ------------ Total Current Assets 1,696,431 1,133,148 -------------- ------------ Fixed Assets Land 182,000 182,000 Equipment, less accumulated depreciation of $564,160 and $494,006, respectively 601,409 669,160 -------------- ------------ Fixed Assets, net 783,409 851,160 Other Assets Intangible and Other Assets 2,022,301 2,134,155 -------------- ------------ Total Assets $ 4,502,141 $ 4,118,463 ============== ============ Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 991,665 $ 908,139 Accrued Liabilities Payroll and payroll taxes 162,965 180,472 Royalties 184,121 147,961 Other 233,103 94,155 Current Maturities of Long-Term Debt 415,021 415,836 -------------- ------------ Total Current Liabilities 1,986,875 1,746,563 Long-Term Debt, Net of Current Maturities 1,130,470 1,321,158 -------------- ------------ Total Liabilities 3,117,345 3,067,721 -------------- ------------ Stockholders' Equity Common Stock, no par value, authorized 700,000,000 shares, outstanding 33,428,067 and 27,548,334 shares, respectively 11,061,623 10,190,092 Series A Convertible Preferred Stock, $100 par value, authorized 70,000 shares, outstanding nil - 0 - - 0 - Series B Convertible Preferred Stock, $100 par value, authorized 1000 shares, 266 shares outstanding 1,596,000 1,596,000 Preferred Stock, authorized 100,000,000 shares $1,000 par value, 12%, noncumulative, Outstanding 22.5 shares 22,500 22,500 Treasury Stock, at cost (1,973,531 shares) (436,799) (436,799) Accumulated Deficit (10,858,528) (10,321,051) -------------- ------------ Total Stockholders' Equity 1,384,796 1,050,742 -------------- ------------ Total Liabilities and Stockholders' Equity $ 4,502,141 $ 4,118,463 ============== ============
The accompanying notes are an integral part of the condensed financial statements. 4
Medical Technology & Innovations, Inc. Condensed Consolidated Income Statements For the Three Months and Six Months Ended December 31, 1999 and 1998 (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 1999 1998 1999 1998 -------- ------- ------ ------ Revenues $ 1,118,819 $ 1,819,628 $ 2,174,098 $ 3,172,082 Cost of Goods 709,002 900,654 1,378,758 1,709,780 ----------- ------------ ------------ ------------ Sold Gross Profit 409,817 918,974 795,340 1,462,302 ----------- ------------ ------------ ------------ Operating Expenses Advertising 8,567 11,095 10,711 16,163 Selling, General, and Administrative 737,412 716,572 1,254,383 1,279,324 ----------- ------------ ------------ ------------ Total Operating Expenses 745,979 727,667 1,265,094 1,295,487 ----------- ------------ ------------ ------------ Income (Loss) from Operations (336,162) 191,307 (469,754) 166,815 Interest expense, net 28,812 49,339 67,723 86,307 ----------- ------------ ------------ ------------ Net Income (Loss) $ (364,974) $ 141,968 $ (537,477) $ 80,508 ============ ============ ============ ============ Net Income (Loss) per common share (basic and diluted) $ .014(*) $ .004(*) $ .021(*) $ .001(*) ============ ============ ============ ============ Weighted Average Outstanding Shares 28,525,207 26,435,089 28,525,207 26,435,089 ============ ============ ============ ============
(*) Calculated including Series B Preferred Stock accretion of $32,040 for the three month and $64,080 for the six month periods ended December 31, 1999. The accompanying notes are an integral part of the condensed financial statements. 5
Medical Technology & Innovations, Inc. Consolidated Statements of Stockholders' Equity For the Years Ended Series A Series B Convertible Convertible Total Common Common Preferred Preferred Preferred Treasury Accumulated Stockholders' Shares Stock Stock Stock Stock Stock Deficit Equity ---------- ---------- ----------- ----------- --------- ---------- ---------- ----------- Balance at June 30, 1997 16,730,729 $6,755,260 $ 4,407,810 $ 22,500 $(309,742) $(8,183,060) $ 2,692,768 Net Loss (1,487,364) (1,487,364) Issuance of Common Stock 144,509 25,000 25,000 Stock Issued for Services 1,156,864 296,113 296,113 Conversion of Series A Preferred Stock into common stock 7,853,177 1,531,647 (1,531,647) Conversion of subscribed Series A Preferred Stock into common stock 500,000 76,000 (76,000) Gain on Restructuring of Series A Preferred Stock 948,163 (1,198,163) (250,000) Issuance of Series B Preferred In exchange for Series A Preferred (1,602,000) 1,602,000 ---------- ---------- ------------ ----------- -------- --------- ----------- ----------- Balance at June 30, 1998 26,385,279 $9,632,183 - 0 - $1,602,000 $ 22,500 $(309,742) $(9,670,424) $1,276,517 ---------- ---------- ------------ ----------- -------- ---------- ------------ ----------- Purchase of Treasury Shares (600,000) (127,057) (127,057) Net Loss (650,627) (650,627) Stock Issued for Services 983,974 172,409 172,409 Conversion of Series B Preferred Stock into common stock 54,081 6,000 (6,000) Conversion of Subordinated Notes into common stock 725,000 379,500 379,500 ------- ---------- ----------- ----------- -------- --------- ------------ ----------- Balance at June 30, 1999 27,548,334 $10,190,092 - 0 - $1,596,000 $ 22,500 $(436,799) $(10,321,051) $1,050,742 ---------- ----------- ----------- ----------- -------- ---------- ------------ ----------- Conversion of Debentures into common stock 5,436,733 822,601 822,601 Stock Issued for Services 443,000 48,930 48,930 Net Loss (537,477) (537,477) ---------- ---------- ----------- ---------- -------- --------- ------------ ----------- Balance at December 31, 1999 33,428,067 $11,061,623 - 0 - $1,596,000 $ 22,500 $(436,799) $(10,858,528) $1,384,796 ========== =========== =========== ========== ======== ========== ============ ===========
The accompanying notes are an integral part of the condensed financial statements 6
Medical Technology & Innovations, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended December 31, 1999 and 1998 Six Months Ended December 31, 1999 1998 ---- ---- Cash flows from operating activities: Net (Loss) Income $ (537,477) $ 80,508 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and Amortization 179,605 140,080 (Increase) in Accounts Receivable (287,022) (231,932) (Increase) Decrease in Inventory (85,490) (42,974) (Increase) Decrease in Prepaid Expenses 54,266 (32,027) Increase in Accounts Payable 83,526 369 Increase in Accrued Liabilities 157,601 66,092 Stock issued for service 48,930 - 0 - ----------- ---------- Net cash (used in) operating activities (386,061) (19,884) Cash flows from investing activities: Sale of Headquarters Land and Building - 0 - 260,000 ------------ ---------- Net cash from investing activities - 0 - 260,000 Cash flows from financing activities: Proceeds from issuance of notes payable 631,098 123,905 Repayment of notes payable, net - 0 - (234,000) -------------- ---------- Net cash from (used in) financing activities 631,098 (110,095) -------------- ---------- Net increase in cash and cash equivalents 245,037 130,021 Cash and cash equivalents at beginning of period 90,581 38,247 -------------- ---------- Cash and cash equivalents at end of period $ 335,618 $ 168,268 ============== ==========
The accompanying notes are an integral part of the condensed financial statements 7 Medical Technology & Innovations, Inc. Notes to Condensed Consolidated Financial Statements 1. Condensed Financial Statements. The unaudited condensed consolidated financial information contained in this report reflects all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of management, for a fair presentation of results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's June 30, 1999 Annual Report on Form 10-KSB. The results of operations for periods ended December 31 are not necessarily indicative of operations for the full year. 2. Stock Option Plans. In October of 1995 officers of the Company were granted options to acquire up to 2.0 million shares of common stock at an exercise price of $1.50 per share. The options are exercisable ratably over a three year period commencing with the quarter ending June 30, 1996. In April of 1996 the Company's shareholders approved the 1996 Stock Option Plan, which allows the board of directors to grant up to 3.0 million options. During fiscal 1999 and fiscal 1998, 120,000 and 500,000 options respectively, have been granted. All options granted in fiscal 1998 and 20,000 options granted in fiscal 1999 are exercisable ratably over a three-year period commencing with the grant date at an exercise price of $0.25 per share. The remaining options granted in fiscal 1999 were exercisable immediately at an exercise price of $0.50 per share. In September of 1997 and February of 1998, the Board of Directors reduced the exercise price on all options granted to Company Executives to $.25. The following is a summary of stock option transactions: Outstanding, July 1, 1999 1,380,000 Options granted 0 Options exercised 0 Options cancelled (283,332) ----------- Outstanding, December 31, 1999 1,096,668 ========== Exercisable, end of period 1,003,338 ========== 3. Preferred Stock. The Company has three classes of preferred stock. The $1,000 par value convertible preferred stock is convertible into 14,985 shares of the Company's common stock. The Series A convertible preferred stock was convertible into approximately 30 million shares of the Company's common stock as of September 30, 1997. The Series A preferred stock conversion rate was the lower of the approximate market rate or $2.72. The new Series B Preferred stock is convertible into common stock beginning October 1, 1998 at a fixed conversion price of $1.00 per share. Conversion is limited to 10% per month of the shares held until February 28, 1999 and 20% per month thereafter. The conversion feature doubles provided the Company's common stock closing bid price for ten consecutive days is greater than $2.00 per share. The Company has the option of redeeming the Series B Preferred shares at any time in cash, at 110% of the original face value of the Series B 8 Preferred shares including accretion, or in the Company's common stock valued at the average closing bid price for the 30 days prior to the redemption at 120% of the original face value of the Series B Preferred shares including accretion. The Company is required to redeem the Series B Preferred stock on September 30, 2000. Accretion as of December 31, 1999 and June 30, 1999 was $288,360 and $224,280, respectively and is not reflected in the Company's balance sheets. 4. Warrants. The Company has issued warrants to purchase 3.4 million shares of common stock as of December 31, 1999. The warrants relate to grants made in connection with an equity issuance and various services rendered. The warrants can be exercised at prices ranging from $1.00 to $2.72 per share. Approximately 3.0 million warrants expire in July 2001. 5. Industry Segments. Statements of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise and Related Information", requires the presentation of description information about reportable segments which is consistent with that made available to the management of the Company to assess performance. Since the Company subsidiaries operate in separate distinct industry segments, management of the overall business is conducted by separate subsidiaries. The Corporate segment includes salary and fringe benefits of the Chairman and a portion of similar costs related to the Chief Financial Officer, financial public relations costs and other costs not directly related to the operations of the business segments. Medical Steridyne Six Months ended December 31, 1999 Technology, Inc. Corporation Corporate Total ---------------- ----------- --------- ----- Revenues $ 149,399 $ 2,024,699 - 0 - $ 2,174,098 Operating (Loss) (270,681) (55,378) (143,695) (469,754) Net Interest 29,399 38,324 - 0 - 67,723 Pre Tax (Loss) (300,080) (93,702) (143,695) (537,477) Net (Loss) (300,080) (93,702) (143,695) (537,477) Depreciation and amortization 23,108 156,497 - 0 - 179,605 Medical Steridyne Six Months ended December 31, 1998 Technology, Inc. Corporation Corporate Total ---------------- ----------- --------- ----- Revenues 1,566,587 $ 1,605,495 - 0 - $ 3,172,082 Operating Income (Loss) 512,884 (184,400) (161,669) (166,815) Net Interest 15,124 61,927 9,256 86,307 Pre Tax Income (Loss) 497,760 (246,327) (170,925) 80,508 Net Income (Loss) 497,760 (246,327) (170,925) 80,508 Depreciation and amortization 30,928 143,542 - 0 - 140,080
Item 2. Management's Discussion and Analysis or Plan of Operation This analysis should be read in conjunction with the condensed consolidated financial statements, the notes thereto, and the financial statements and notes thereto included in the Company's June 30, 1999 Annual Report on Form 10-KSB. All nonhistorical information contained in this Form 10-QSB is a forward-looking statement. The forward looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward looking statements. Factors that might cause such differences include, but are not limited to the following, a slower acceptance of the Photoscreener in the marketplace, increased foreign competition putting pricing pressures on Steridyne products, changes in economic trends and other unforeseen situations or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. 9 Results of Operations Comparison of Six-Month Periods Ended December 31, 1999 and 1998 Revenues for the first half of fiscal 2000 were $2,174,098 compared to $3,172,082 for the comparable period in fiscal 1999, or a decrease in sales of $997,984 or 32%. This decline results because the Company shipped over $1,400,000 of PhotoScreeners and accessories to a major national retail optical chain in the first half of fiscal 1999 with no comparable sales occurring in fiscal 2000. The Company shipped approximately $1.5 million of product to this customer throughout fiscal 1999. Revenues from sales of temperature taking devices for the first half of fiscal 2000 were up over 26% when compared to the comparable period of fiscal 1999, mainly due to increased sales to retail accounts. Gross profit for the first half of fiscal 2000 of $795,340 represents a decrease of 46% versus the comparable period in fiscal 1999 and is entirely due to the shortfall in sales of the PhotoScreener as overall margins are comparable between the two periods. Operating expenses decreased by about 2% from $1,295,487 in the first six months of fiscal 1999 to $1,265,094 in the comparable period in fiscal 2000. This reduction is evident in several expense categories with the greatest savings in the employment areas. Interest expense of $67,723 for the first six months of fiscal 2000 decreased by $18,584 or 22% when you compare it to the first half of fiscal 1999, primarily as a result of converting over $822,000 of debt into common stock in October of 1999. The overall net loss for the first six months of fiscal 2000 was $537,477 versus a profit of $80,508 for fiscal 1999. This result is again evident due to the difference in sales of the PhotoScreener between the two periods. Management has completed the process of consolidating all of its operations into a single location and cutting back on administrative staff in line with present sales levels. Management believes that actions taken to revise the Company's operating and financial requirements will provide the opportunity for the Company to realize a profit in the third quarter of fiscal 2000. Information about the Company's Industry Segments is included in Note 5 to the Notes to Condensed Consolidated Financial Statements. Liquidity and Capital Resources At December 31, 1999, the Company had cash of $335,618 and working capital of ($290,444) as compared to $90,581 and ($613,415) at June 30, 1999. This decrease in working capital deficit is mostly due to an increase in Steridyne's accounts receivables and increases in long-term borrowings to pay current liabilities. Included in long-term debt at June 30, 1999 was approximately $822,000 of notes, secured by certain assets of Steridyne Corporation, incurred to fund the Series A restructuring in October 1997 which were converted into 5,436,733 shares of Company common stock in October of 1999. As a result of repaying the $822,000 of secured notes with the Company's common stock, a significant amount of collateral is available for borrowing purposes. The Company entered into a loan agreement with an affiliate of the Chief Executive Officer to provide a $1,000,000 credit line for working capital needs of the Group. In August of 1998, the Company received its largest order ever to deliver approximately 700 PhotoScreeners during fiscal 1999. The order which approximated $1.5 million placed certain restrictions on the Company from selling the PhotoScreener in certain markets. In connection with this order and provided the customer spends several millions of dollars in national advertising mentioning the PhotoScreener, the Company provided the customer with warrants to purchase 1.2 million shares of the Company's stock at an exercise price of $0.88 per share. This commitment has expired. Unless the customer executes a national vision screening marketing program mentioning the PhotoScreener, sales of the PhotoScreener in fiscal 2000 could decline. 10 The Chief Executive Officer and a former director personally signed a guarantee with a local bank to provide a $250,000 line of credit to the Company which terminates in December of 1999. The Company is in discussion with the bank regarding options available to the Company. During the quarter ended December 31, 1999, the Company borrowed over $600,000 from an affiliate of the Chief Executive Officer and Chairman of the Company to support the working capital needs of the Consolidated Group. This loan is secured by certain assets of the Company and is guaranteed by the Company's subsidiaries. At December 31, 1999, $650,778 was outstanding and included in the balance sheet as of the same date. For the past several years the Company has financed its operations primarily through private sales of securities and revenues from the sale of its products. Since June of 1993 the Company has received net proceeds of approximately $11.0 million from the private sale of securities and debt. The Company may raise additional capital through private and/or public sales of securities in the future. Year 2000 Compliance The Company is aware of the issues associated with the programming code in existing computer systems as the millennium (Year 2000) approaches. All software used for the Company systems is supplied by software vendors or outside service providers. The Company has confirmed with such providers that its present software is Year 2000 compliant. Additionally, the Company has made inquiries with some of its largest customers and suppliers and determined that any possible negative impact with regard to non-compliance with year 2000 programming issues are minimal. The Company is also establishing a back up contingency plan which will allow it to continue to operate its computer systems in the event unforeseeable external factors disrupt normal operations in the year 2000. 11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: -------- 3.1 Articles of Incorporation of SouthStar Productions, Inc., n/k/a Medical Technology & Innovations, Inc. [Incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-18 (File No. 33-27610-A), filed March 17, 1989] 3.2 Amendment to the Articles of Incorporation for SouthStar Productions, Inc., which changed its name to Medical Technology & Innovations, Inc. [Incorporated by reference to the Company's Current Report on Form 8-K for an event on September 21, 1995] 3.3 Restated Articles of Incorporation for Medical Technology & Innovations, Inc. [Incorporated by reference to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996] 3.4 By-laws [Incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-18 (File No. 33-27610-A), filed March 17, 1989] 10.1 Share Exchange Plan between SouthStar Productions, Inc. and Medical Technology, Inc. [Incorporated by reference to the Company's Current Report on Form 8-K for an event on August 21, 1995] 10.2 Asset purchase agreement for the purchase and sale of certain assets of Steridyne Corporation [Incorporated by reference to the Company's Current Report on Form 8-K for an event on July 31, 1996] 10.3 Medical Technology & Innovations, Inc. 1996 Stock Option Plan. [Incorporated by reference to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996.] 10.4 SouthStar Productions, Inc. Stock Purchase Plan 1995a (Financial Public Relations Consulting Agreement) [Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed August 23, 1995] 10.5 Medical Technology & Innovations, Inc. 1996b Stock Purchase Plan (Consulting Agreement) [Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed April 22, 1996] 10.6 Form of Employment Agreement, Covenant not to Compete, and Stock Option Agreement between the Company and key employees. [Incorporated by reference to the company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996.] 10.7 Purchase Agreement dated January 31, 1996 between the Company and Glenn and Ruth Schultz. [Incorporated by reference to the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996.] 10.8 Purchase Agreement dated March 8, 1999 between Medical Technology & Innovations, Inc., Steridyne Corporation and Florida Medical Industries, Inc. 16.1 Letter on change in certifying accountant [Incorporated by reference to the Company's Current Report on Form 8-K for an event on April 26, 1996] 12 21.0 Subsidiaries of the Company. Medical Technology, Inc., an Iowa corporation Steridyne Corporation, a Florida corporation 27.1 Financial Data Schedules (b) Reports on Form 8-K. No reports on Form 8-K were filed during the quarterly period covered by this report. 13 Signatures In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AND BY: BY: /s/ Dennis A. Surovcik /s/ JEREMY P. FEAKINS ----------------------------- ------------------------- Dennis A. Surovcik Jeremy P. Feakins Senior Vice President Chairman and and Chief Financial Officer Chief Executive Officer Date: February 4, 2000. EX-27 2 FINANCIAL DATA SCHEDULE
5 0000847464 MEDICAL TECHNOLOGY & INNOVATIONS, INC. 1 U.S.Currency 6-mos Jun-30-1999 Jul-01-1999 Dec-31-1999 1 335,618 0 746,403 21,174 598,848 1,696,431 1,347,569 564,160 4,502,141 1,986,875 0 0 1,618,500 11,061,623 (436,799) 4,502,141 2,174,098 2,174,098 1,378,758 1,265,094 0 0 67,723 (537,477) 0 (537,477) 0 0 0 (537,477) (.021) (.021)
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