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| 8-K - GLOBAL MED TECHNOLOGIES INC | v176819_8k.htm |
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GLOBAL
MED TECHNOLOGIES® REPORTS
Q4 AND YEAR END
RESULTS
DENVER, CO – (March 9, 2010) – Global Med
Technologies®, Inc.
(OTCBB:GLOB) (“Global Med” or the “Company”), an international e-Health, medical
information technology company, today is reporting fourth quarter and year ended
December 31, 2009 results.
GLOBAL
MED TECHNOLOGIES, INC. (OTC Bulletin Board: GLOB.OB)
Selected
Results
Three
Months Ended December 31,
In
(000s)
Except
Per Share Information
(Unaudited)
|
2009
|
2008
|
|||||||
|
Revenues
|
$ | 8,113 | $ | 6,991 | ||||
|
Depreciation
and amortization
|
375 | 332 | ||||||
|
Loss
from operations (1)
|
(97 | ) | (664 | ) | ||||
|
Other
income (expense)
|
(166 | ) | (170 | ) | ||||
|
Pre-tax
loss
|
(263 | ) | (834 | ) | ||||
|
Income
taxes benefit
|
44 | 131 | ||||||
|
Net
loss (1)
|
$ | (219 | ) | $ | (703 | ) | ||
|
Basic
and diluted net loss per share (1)
|
||||||||
|
Basic
|
$ | (0.01 | ) | $ | (0.02 | ) | ||
|
Diluted
|
$ | (0.01 | ) | $ | (0.02 | ) | ||
|
Weighted
average number of common shares outstanding
|
||||||||
|
Basic
|
36,381 | 34,019 | ||||||
|
Diluted
|
36,381 | 34,019 | ||||||
|
EBITDA
(1)
|
$ | 278 | $ | (332 | ) | |||
GLOBAL
MED TECHNOLOGIES, INC. (OTC Bulletin Board: GLOB.OB)
Selected
Results
Year
Ended December 31,
In
(000s) Except Per Share Information
(Unaudited)
|
2009
|
2008
|
|||||||
|
Revenues
|
$ | 31,788 | $ | 23,369 | ||||
|
Depreciation
and amortization
|
1,418 | 794 | ||||||
|
Income
from operations (1) (2)
|
2,705 | 176 | ||||||
|
Other
income (expense)
|
(708 | ) | (296 | ) | ||||
|
Pre-tax
income (loss)
|
1,997 | (120 | ) | |||||
|
Income
taxes (2)
|
(519 | ) | (299 | ) | ||||
|
Net
income (loss)
|
$ | 1,478 | $ | (419 | ) | |||
|
Basic
and diluted net income (loss) per share (1)
|
||||||||
|
Basic
|
$ | 0.04 | $ | (0.01 | ) | |||
|
Diluted
|
$ | 0.03 | $ | (0.01 | ) | |||
|
Weighted
average number of common shares outstanding
|
||||||||
|
Basic
|
35,177 | 29,914 | ||||||
|
Diluted
|
44,760 | 29,914 | ||||||
|
EBITDA
(1) (2)
|
$ | 4,123 | $ | 970 | ||||
(1)
Includes $450 thousand in costs related to the potential acquisition of the
Company by Haemonetics Corporation (“Haemonetics”). These costs were expensed in
the fourth quarter of 2009 and represent estimates.
(2) On
September 23, 2002, the Company and PeopleMed.com, Inc. (“PeopleMed”) filed a
complaint against Donnie L. Jackson, Jr. (“Jackson”) in a
lawsuit entitled Global Med Technologies,
Inc. v. Donnie L. Jackson, Jr., et al, El Dorado Superior Court Case No.
PC 20020576 (the “Lawsuit”). During
2005, the Company set up a legal accrual in the amount of $1.004 million and
expensed the same amount. In 2005, the Company also deposited $1.004 million
into escrow related to the Lawsuit. During 2007, the Company was returned the
$1.004 million deposit. The Lawsuit was settled in 2009 and claims were
released. No amount was paid by Global Med to Jackson or Mediware Information
Systems, Inc. (“Mediware”) and no
amount was paid by Jackson or Mediware to Global Med in connection with such
settlement. Jackson made a representation as part of the settlement that he does
not have possession of any trade secret or proprietary material of the Company
described in its complaint for damages. As a result of the above, the Company
reversed the $1.004 million legal accrual and the related expense during the
year ended December 31, 2009. This represents a reversal of a non-cash,
non-recurring expense as the funds were returned in 2007.
NON-GAAP
RECONCILIATION SCHEDULE
(in
thousands)
Reconciliation of Operating
Income (Loss) before Depreciation and Amortization
(“EBITDA”):
Operating
income before depreciation and amortization, a non-GAAP financial measure, is
provided supplementally because it is widely used by investors as a valuation
measure. The Company defines operating income before depreciation and
amortization as operating income, plus depreciation and amortization expense.
The Company provides adjustments to this calculation to exclude the effects of
items management believes impact the comparability of operating results between
periods. This measure is not a substitute for, and should be used in conjunction
with, GAAP financial measures. Management uses operating income before
depreciation and amortization as one of the principal measures to evaluate and
monitor the ongoing financial performance of the Company’s operations. Other
companies may calculate operating income before depreciation and amortization
differently.
|
Three
Months Ended
|
Three
Months Ended
|
|||||||
|
December
31, 2009
|
December
31, 2008
|
|||||||
|
Loss
from operations
|
$
|
(97)
|
$
|
(664)
|
||||
|
Depreciation
and amortization
|
375
|
332
|
||||||
|
Operating
income (loss) before depreciation and amortization
(EBITDA)
|
$
|
278
|
$
|
(332)
|
||||
|
Year
Ended
|
Year
Ended
|
|||||||
|
December
31, 2009
|
December
31, 2008
|
|||||||
|
Income
from operations
|
$ | 2,705 | $ | 176 | ||||
|
Depreciation
and amortization
|
1,418 | 794 | ||||||
|
Operating
income before depreciation and
amortization (EBITDA)
|
$ | 4,123 | $ | 970 | ||||
|
For
the purposes of the following table, the reversal of the legal accrual
described in note (2) has been eliminated.
We believe it is important to show this calculation as the reversal of the
summary judgment had
a material impact on the operating income and EBITDA of the
Company.
|
||||||||
|
Year
Ended
|
Year
Ended
|
|||||||
|
December
31, 2009
|
December
31, 2008
|
|||||||
|
Income
from operations
|
$ | 2,705 | $ | 176 | ||||
|
Less: Reversal
of legal accrual
|
(1,004 | ) | -- | |||||
|
|
1,701 1,418 | 176 | ||||||
|
Add: Depreciation
and amortization
|
794 | |||||||
|
Operating
income before depreciation and
amortization (EBITDA)
|
$ | 3,119 | $ | 970 | ||||
Pending
Acquisition of the Company
On
February 1, 2010, Haemonetics Corporation (“Haemonetics”) and Global Med
Technologies, Inc. announced a definitive agreement under which Haemonetics will
potentially acquire Global Med for approximately $61 million in a cash
tender offer.
Haemonetics
commenced its tender offer to purchase all outstanding shares of Global Med’s
common stock at $1.22 per share and preferred stock at approximately $1,694 per
share on February 19th 2010.
The tender offer is conditioned on the tender of a majority of the outstanding
shares of Global Med’s common and preferred stock and is subject to other
customary closing conditions. Haemonetics and its wholly owned subsidiary, Atlas
Acquisition Corp., have said, in their tender offer documents, that the
tender offer and related withdrawal rights will expire at 12:00 midnight,
Boston, Massachusetts time, on March 18, 2010, unless they extend the
offer.
Important Additional Information Has
Been Filed with the Securities and Exchange Commission
THIS
PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO
SELL SHARES OF GLOBAL MED. ATLAS ACQUISITION CORP. FILED A TENDER OFFER
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 19, 2010 AND
HAS MAILED AN OFFER TO PURCHASE, FORMS OF LETTERS OF TRANSMITTAL AND RELATED
DOCUMENTS TO GLOBAL MED SHAREHOLDERS. GLOBAL MED FILED A
SOLICITATION/RECOMMENDATION STATEMENT WITH THE SEC ON MARCH 4, 2010 AND HAS
MAILED THIS DOCUMENT TO GLOBAL MED SHAREHOLDERS. THESE DOCUMENTS
CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER, AND GLOBAL MED
SHAREHOLDERS ARE URGED TO CAREFULLY READ THOSE DOCUMENTS AND ANY OTHER DOCUMENTS
RELATING TO THE TENDER OFFER THAT ARE FILED WITH THE SEC. THESE DOCUMENTS ARE
AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT www.sec.gov. COPIES
MAY ALSO BE OBTAINED FOR FREE BY DIRECTING A REQUEST TO D.F. KING & CO.,
INC., 48 WALL STREET, NEW YORK, NEW YORK 10005, 1-800-549-6697.
About
Global Med Technologies®,
Inc.
Global
Med Technologies, Inc. is an international healthcare information technology
company which develops regulated and non-regulated products and services for the
healthcare industry. As a leading provider of blood and laboratory
systems and services, Global Med’s products are deployed in 20 countries and
serve over 2,100 transfusion centers, blood banks and laboratory
sites.
Global
Med’s division, Wyndgate
Technologies®,
is a leader in software products and services for donor centers and hospital
transfusion services. Wyndgate’s eDonor® product offers innovative web-based
tools for donor relationship management. Hemo-Net®, Wyndgate’s remote hosting service,
provides secure, economical solutions for healthcare
organizations. PeopleMed®, Inc., a Global Med
subsidiary, implements cost-effective software validation, consulting and
compliance solutions to hospitals and donor centers.
Global
Med’s European subsidiary, Inlog, SA, is a leading
developer of donor center and transfusion management systems as well as cellular
therapy software, laboratory information systems and quality assurance medical
software systems internationally.
For more
information about Global Med’s products and services, please call 800-996-3428
or visit www.globalmedtech.com.
Forward
Looking Statements
All
statements, other than statements of historical fact included in this release,
are forward-looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such statements are based on financial
data, market assumptions and business plans available only as of the time the
statements are made, which may become out of date or incomplete. We assume no
obligation to update any forward-looking statement as a result of new
information, future events or other factors. Forward-looking statements are
inherently uncertain, and investors must recognize that events could differ
significantly from our expectations. In addition to the risks and uncertainties
noted in this release, there are certain factors that could cause actual results
to differ materially from those anticipated by some of the statements made. For
additional information concerning factors that could cause actual results to
materially differ from those projected herein, please refer to our most recent
10-K, 10-Q and 8-K reports.
Company
Contact:
Global
Med Technologies®, Inc.
Michael
I. Ruxin, M.D.
Chairman
and
CEO
(303)
238-2000