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Index of
Rockwell News 2005
Click on underlined dates to view complete story
Dec 21, 2005 - RMTI Announces
Activation of Electronic Warrant
Exercise Process by Depository Trust Corporation
Dec. 6, 2005 - Rockwell Medical Completes Warrant Exchange Offer
Nov 17, 2005 - Rockwell
Appoints Scientific Advisory Board
to Advise on
Development of Iron-Delivery Dialysate
Nov. 8, 2005 - RMTI Reports
Sales Increase 75% for Third Quarter;
EPS Doubles to
$.02
Oct 25, 2005 - Rockwell
Schedules 3rd Quarter Investor Conference Call
Oct 20, 2005 - RMTI Commences
Warrant Exchange Offer
Oct 11, 2005 - Rockwell Signs
Supply Agreement with Fletcher Allen
Aug 19, 2005 - RMTI Renews
Lease for Texas Facility; Reduces Cost
Aug 16, 2005 - Rockwell CEO
Named Winner of Ernst & Young Award
Aug 10, 2005 - RMTI Receives
European Patent Allowance for Proprietary
Iron Delivery
Product
Aug 10, 2005 - Rockwell
Reports Second Quarter; Sales Increase 77.8%
July 27, 2005 - RMTI Schedules
2nd Quarter Investor Conference Call
May 12, 2005 - Rockwell Reports
First Quarter; Sales Increase 30.4%
May 05, 2005 - RMTI Schedules
1st Quarter Investor Conference Call
Apr. 13, 2005 - Rockwell
Secures $6.5 Million in Business
Mar 30, 2005 - RMTI Announces
$2,750,000 Line of Credit
Feb 24, 2005 - Rockwell Reports
Fourth Quarter Results and
2004 Earnings
Improvement of $.02 per share
Feb 24, 2005 - RMTI Adds
Production Facility in Southeast U.S.
Feb 15, 2005 - RMTI Signs
Supply Contracts with Multiple Dialysis Providers
Jan 27, 2005 - Rockwell
Schedules Fourth Quarter Conference Call
Most Recent News
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Archives
2004
2003
2002
2001
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Wednesday, December 21, 2005
Rockwell Medical Announces Activation of Electronic Warrant Exercise Process By Depository Trust Corporation
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a leading, innovative dialysis products manufacturer serving the healthcare industry, announced today that the process to electronically exercise its new warrants (Nasdaq: RMTIZ) has been activated at Depository Trust Corporation (DTC).
Warrant holders may now contact their brokerage firm to initiate warrant exercises electronically via DTC. Holders of paper certificates may also exercise their warrants by submission directly to the transfer agent as noted on the reverse side of the warrant certificate.
Warrant holders of the new warrants may exercise those warrants which permit the purchase of one common share for $3.90. The new warrant (Cusip no. 774374-12-8) is traded on the Nasdaq Exchange under the trading symbol RMTIZ. Unless earlier exercised, the new warrant (Nasdaq:RMTIZ) will expire on January 26, 2006.
Rockwell common shares closed at $4.57 yesterday.
Questions regarding the warrants can be directed to American Stock Transfer and Trust at their customer service line, 800-937-5449.
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Wednesday, December 6, 2005
Rockwell Medical Completes Warrant Exchange Offer
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a leading, innovative dialysis products manufacturer serving the healthcare industry, announced today that it completed its warrant exchange offer.
Warrant holders exchanged 3,270,303 warrants, or approximately 90% of the old warrants. The new warrant (Cusip no. 774374-12-8) is traded on the Nasdaq Exchange under the symbol RMTIZ (Nasdaq:RMTIZ).
Both the old warrant (Nasdaq: RMTIW) and the new warrant (Nasdaq:RMTIZ) will expire on January 26, 2006.
The new warrants have an exercise price of $3.90 per Common Share. Rockwell expects it could raise gross proceeds of approximately $12,750,000 if all of the new warrants are exercised by their expiration on January 26, 2006.
Rockwell intends to use the majority of any net proceeds to obtain FDA approval for its proprietary iron-delivery product. If Rockwell obtains FDA approval, Rockwell expects its proprietary iron-delivery product to compete for the estimated $300,000,000 U.S. market for iron therapy for dialysis patients.
Rockwell also anticipates using a portion of any proceeds for the expansion of its business including additional working capital and may include expansion of its production and distribution network.
Rockwell reported sales growth of 61% and earnings per share of $.04 in the first three quarters of 2005.
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 experienced an average annual increase of approximately 6%-8% 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® Dry Acid Concentrate Mixing System, RenalPure® Liquid Acid Concentrate, SteriLyte® Liquid
Bicarbonate Concentrate, RenalPure® Powder Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items.
Rockwell is currently in the process of developing and gaining FDA approval of a proprietary iron-delivery product which will be administered to dialysis patients via dialysate.
Certain statements in this press release constitute "forward-looking statements". These statements include statements regarding the amount of expected proceeds from the exercise of warrants, the use of those proceeds, and Rockwell's expectations with respect to its iron-delivery product. 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, the market price of Rockwell's common shares not exceeding the exercise price of the new warrants, the failure of warrant holders to exercise their warrants, the failure of Rockwell to obtain FDA approval of its iron-delivery product, general economic conditions, economic conditions in the hemodialysis industry, competitive factors and other factors discussed in Rockwell's reports and registrations statements filed with the Securities and Exchange Commission. The forward-looking statements should be considered in light of these risks and uncertainties.
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Thursday, November 17, 2005
Rockwell Appoints Scientific Advisory Board
to Advise on Development of Iron-Delivery Dialysate
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis products manufacturer serving the healthcare
industry, reported today that it has formed a Scientific Advisory Board (SAB)
to advise the Company on its clinical development and market preparation for
its proprietary iron-delivery product, Soluble Ferric Pyrophosphate. The SAB
consists of experts in the fields of renal anemia, iron therapy, nephrology and
FDA regulatory approval. The SAB's role is to provide direction and guidance as
the product moves through the FDA approval process.
The SAB is comprised of
- Anatole Besarab, MD, Director of Clinical Research, Division of Nephrology
and Senior Staff Physician, Henry Ford Hospital, Detroit
- Rajiv Agarwal, MD, Associate Professor of Medicine,
Indiana University
School of Medicine, Indianapolis
- Ajay Gupta, MD, Associate Professor of Medicine,
Division of Nephrology, UCLA and Drew
University Schools of Medicine, Los Angeles
- Bert Spilker, PhD, MD,
President Bert Spilker & Associates, LLC
- Nancy Chew, M.S.,
RAC President, Regulatory Affairs, North America LLC
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, We have assembled an extraordinary group of world-class nephrologists and clinicians who are leaders in the area of renal anemia and iron therapy to advise us as we advance through our Phase III development program for our proprietary iron-delivery product. The SAB will play an important role in the achievement of both short- and long-term objectives for our Soluble Ferric Pyrophosphate development. We are extremely pleased that such brilliant individuals have joined us in our efforts to develop and commercialize this revolutionary iron-delivery product.
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% 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® Dry Acid Concentrate Mixing
System, RenalPure® Liquid Acid Concentrate, SteriLyte® Liquid
Bicarbonate Concentrate, RenalPure® Powder Bicarbonate Concentrate, Blood
Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue or possible proceeds from financing
constitute "forward-looking statements". These statements include
statements regarding the amount of expected proceeds from the exercise of
warrants, the use of those proceeds and the performance of Rockwell's
iron-delivery product. 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 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.
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Tuesday November 8, 2005
Rockwell Medical Reports Third Quarter Results;
Sales Increase 75%; EPS Doubles to $.02
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis products manufacturer in the healthcare
sector, reported its third quarter results today. Sales increased 75% and
Earnings per Share doubled to $.02 from the third quarter last year. Nine Month
revenues were up 61% and nine month net income increased 75% for the first nine
months of 2005 compared to the same period in 2004.
HIGHLIGHTS
Third Quarter 2005
- Record quarterly revenues of $7,828,262.
- Sales increased 75% over the third quarter of 2004.
- Gross Profit Margins improved 1.9% sequentially over the second quarter of
2005.
- Net Income increased 139% to $156,177 over the third quarter last year.
- Sequentially, net income increased 83% to $70,721 over the second quarter
of 2005.
- Earnings per Share doubled to $.02 from $.01 last year and last quarter.
First Nine Months of 2005
- Revenues increased 61% to $21,238,803 over first nine months of 2004.
- Net Profit increased 75% to $350,848 over the first nine months of 2004.
- Earnings per Share was $.04, double the result from the first nine months
of 2004.
Mr. Robert L. Chioini, Chairman and Chief Executive Officer
of Rockwell Medical Technologies, Inc. stated, Overall, we are pleased
with our third quarter results which demonstrated strong growth in our sales as
well as improvement in our gross profit margins and net earnings. We have begun
to accelerate our efforts and our funding to gain FDA approval for our
iron-delivery product so we are pleased to see improved earnings while making
these important investments.
Rockwell will be hosting a conference call to review its third quarter results
on Tuesday, November 8, 2005 at 11:00 am EDT. Investors are encouraged to call
in five minutes in advance of the call at 888-896-0862 or may listen on the web
at:
http://orion.calleci.com/servlet/estreamgetevent?id=6084&folder=default
using Windows Media Player. See www.rockwellmed.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
approximately 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® Dry Acid
Concentrate Mixing System, RenalPure® Liquid Acid Concentrate,
SteriLyte® Liquid Bicarbonate Concentrate, RenalPure® Powder
Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue 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 nine months ended
September 30, 2005 and September 30, 2004
(Whole dollars)
(Unaudited)
|
| |
3 Months ended Sept 30, 2005 |
3 Months ended Sept 30, 2004 |
9 Months ended Sept 30, 2005 |
9 Months ended Sept 30, 2004 |
| Sales |
$ 7,828,262 |
$ 4,473,872 |
$ 21,238,803 |
$ 13,164,640 |
| Cost of Sales |
6,868,274 |
3,753,177 |
18,798,954 |
11,066,748 |
| Gross Profit |
959,988 |
720,695 |
2,439,849 |
2,097,892 |
| Selling, General, Admin |
758,819 |
606,304 |
2,094,945 |
1,759,692 |
| Operating Income |
201,169 |
114,391 |
344,904 |
338,200 |
| Other Income |
- |
- |
137,468 |
- |
| Interest Expense, net |
44,992 |
49,114 |
131,524 |
138,082 |
| Net Income |
$ 156,177 |
$ 65,277 |
$ 350,848 |
$ 200,118 |
| Basic Earnings per share |
$ .02 |
$ .01 |
$ .04 |
$ .02 |
| Diluted Earnings per share |
$ .02 |
$ .01 |
$ .04 |
$ .02 |
Rockwell Medical Technologies, Inc. and Subsidiary
Consolidated Balance Sheets
As of September 30, 2005 and December 31, 2004
(Whole dollars)
(Unaudited)
|
| |
Sept. 30, 2005 |
Dec. 31, 2004 |
| ASSETS |
| Cash and Cash Equivalents |
$ 451,325 |
$ 166,195 |
| Restricted Cash and Cash Equivalents |
8,662 |
8,662 |
Accounts Receivable,
net of a reserve of $53,000 in 2005 and $44,500
in 2004 |
2,702,181 |
2,302,093 |
| Inventory |
2,062,523 |
1,652,457 |
| Other Current Assets |
669,020 |
111,630 |
| Total Current Assets |
5,893,711 |
4,241,037 |
| Property and Equipment, net |
2,068,157 |
2,048,665 |
| Intangible Assets |
400,499 |
369,508 |
| Goodwill |
920,745 |
920,745 |
| Other Non-current Assets |
128,742 |
120,597 |
| Total Assets |
$ 9,411,854 |
$ 7,700,552 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
| Short Term Borrowings |
$ 1,400,000 |
$ 452,682 |
| Notes Payable & Capitalized Lease Obligations |
449,608 |
389,602 |
| Accounts Payable |
1,503,104 |
2,124,679 |
| Customer Deposits |
1,078,345 |
11,005 |
| Accrued Liabilities |
400,414 |
481,587 |
| Total Current Liabilities |
4,831,471 |
3,459,555 |
Long Term Notes Payable & Capitalized Lease Obligations
|
566,051 |
818,678 |
| Shareholders' Equity: |
Common Shares, no par value,
8,697,384 and 8,556,531 shares issued and
outstanding |
12,146,094 |
11,870,909 |
Common Share Purchase Warrants,
3,700,000 and 3,761,071 shares issued and
outstanding |
286,130 |
320,150 |
| Accumulated Deficit |
(8,417,892) |
(8,768,740) |
| Total Shareholders' Equity |
4,014,332 |
3,422,319 |
| Total Liabilities and Shareholders'
Equity |
$ 9,411,854 |
$ 7,700,552 |
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Thursday, October 25, 2005
RMTI Schedules 3rd Quarter Investor Conference Call
WIXOM, Mich. -- Rockwell Medical Technologies, Inc.,
announced today that it will hold a conference call on Tuesday, November 8,
2005 at 11:00AM EST to discuss its third quarter 2005 results. The Company
intends to release its results before the market opens on the same date. Robert
Chioini, Chairman and CEO, and Thomas Klema, CFO, will be hosting the call to
review Rockwell's results and answer questions from investors.
The call will be held on:
Tuesday, November 8, 2005
Starting Time 11:00AM Eastern Time
Dial in Number: 888-896-0862
When calling in please refer to the Rockwell Medical Technologies, Third
Quarter Conference Call and provide the operator with your name and company
affiliation.
Investors who prefer to participate using the internet may access the following
link for Real Player:
http://orion.calleci.com/servlet/estreamgetevent?id=6082&folder=default
Or for Windows Media Player:
http://orion.calleci.com/servlet/estreamgetevent?id=6084&folder=default
International Investors may dial in directly on 973-935-8597
Investors who are unable to listen to the Rockwell earnings conference call
will be able to access a replay via our web site at www.rockwellmed.com. There
will be no telephone replay.
We appreciate your interest in Rockwell.
(return to News
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Thursday, October 20, 2005
Rockwell Medical Commences Warrant Exchange Offer
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
dialysis products manufacturer serving the healthcare industry, reported today
that the U.S. Securities and Exchange Commission (SEC) has declared effective
Rockwell's registration statement relating to its warrant exchange offer.
Under the terms of the exchange offer, each of Rockwell's current outstanding
publicly traded common share purchase warrants (Nasdaq: RMTIW) with an exercise
price of $4.50 can be exchanged for a new common share purchase warrant with an
exercise price of $3.90. The exchange offer expires at 5:00 pm (EST), November
28, 2005. Both old and new warrants will expire on January 26, 2006. Rockwell
currently has 3,625,000 outstanding publicly traded common share purchase
warrants.
Rockwell expects it could raise more than $13,800,000 if all the old warrants
are exchanged for new warrants and subsequently all of the new warrants are
exercised by the warrant holders. Rockwell intends to use a portion of the
proceeds raised from the warrant exercise for business expansion including
additional production facilities, and intends to utilize the majority of the
proceeds to obtain FDA approval for its proprietary iron-delivery product. As
demonstrated during Phase II clinical trials, and compared to the current IV
iron delivery method, Rockwell's iron-delivery product provides a safer, more
effective and less costly delivery of iron to the dialysis patient. Iron
supplementation is vital to achieve adequate therapeutic response to expensive
anemia treatments received by 90% of all dialysis patients. Upon FDA approval,
Rockwell expects its proprietary iron-delivery product to aggressively compete
in the $300,000,000 U.S. iron market as well as the $500,000,000-plus global
iron market.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, We
are at an important stage in the development of our proprietary iron-delivery
product and the capital raised from this exchange offer will be used primarily
to accelerate that initiative and gain FDA market approval. We have separate
studies that we anticipate will begin in both the fourth quarter of this year
and the first quarter of 2006 and we will keep our shareholders apprised of our
progress. Mr. Chioini further stated, We are operating in a
changing, dynamic marketplace and we will use our resources to capitalize on
opportunities, including growing our core concentrate business as well as
entering markets such as our iron drug-delivery product.
The terms of the exchange offer are set forth in a prospectus to be provided to
current warrant holders and can be accessed via the internet at:
http://www.sec.gov/Archives/edgar/data/1041024/000095012405005787/0000950124-05-005787.txt
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. process that
duplicates kidney function for those patients whose kidneys have 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
experienced an average annual increase of approximately 6%-8% 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® Dry Acid Concentrate Mixing System, RenalPure® Liquid Acid
Concentrate, SteriLyte® Liquid Bicarbonate Concentrate, RenalPure®
Powder Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide
range of ancillary dialysis items. Rockwell is currently in the process of
developing and gaining FDA approval of a proprietary iron-delivery product
which will be administered to dialysis patients via dialysate.
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 gross profit margins 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 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.
(return to News
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Tuesday, October 11, 2005
Rockwell Signs Concentrate Supply Agreement with
Fletcher Allen Health Care Renal Services
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis products manufacturer serving the healthcare
industry, reported today that it has signed a concentrate supply agreement with
Fletcher Allen Health Care Renal Services.
The exclusive supply agreement calls for Fletcher Allen to purchase Rockwell's
RenalPure® Liquid Acid Concentrate and SteriLyte® Liquid Bicarbonate,
as well as its dialyzer reuse solution needed for cleaning artificial kidneys.
The contract is for a term of two years, after which it may be extended
annually upon mutual agreement of both parties. Rockwell will deliver product
in bulk to distributor McKesson Medical-Surgical Maine, Inc., located in the
Northeast United States. McKesson Medical is also under contract with Rockwell
to deliver product directly to Fletcher Allen. Rockwell anticipates that the
Fletcher Allen Supply Agreement will generate sales revenue in excess of
$500,000 annually.
Fletcher Allen Health Care Renal Services provides hemodialysis and peritoneal
dialysis therapy for patients with end-stage renal disease in six dialysis
centers in Vermont and upstate New York.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, We
are pleased to be able to provide our concentrate and dialyzer reuse products
to Fletcher Allen. The structure of this supply agreement enables us to
increase our sales and expand our presence in the Northeast with a very cost
effective method.
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% 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® Dry Acid Concentrate Mixing
System, RenalPure® Liquid Acid Concentrate, SteriLyte® Liquid
Bicarbonate Concentrate, RenalPure® Powder Bicarbonate Concentrate, Blood
Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue or possible proceeds from financing
constitute "forward-looking statements". These statements include
statements regarding the amount of expected proceeds from the exercise of
warrants, the use of those proceeds and the performance of Rockwell's
iron-delivery product. 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 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.
(return to News
Index)
Friday, August 19, 2005
Rockwell Renews Lease for Texas Manufacturing Facility;
Reduces Cost
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis products manufacturer serving the healthcare
industry, reported today that it has renegotiated and renewed its lease for its
manufacturing facility in Grapevine, Texas.
The lease renewal runs until August 31, 2010 and is expected to save Rockwell
approximately $250,000 over the five-year term, as compared to its initial
five-year lease. Located near Dallas, this manufacturing facility is
approximately 51,100 square feet and has been in operation since 2001. Rockwell
supplies dialysis clinics throughout the South Central Region of the United
States from the Texas facility.
This lease renewal is consistent with our goal to reduce our operating
costs and increase our productivity. In addition, we are implementing capital
projects in the second half of 2005 that we believe will contribute to
increasing our productivity and lowering our unit costs in certain areas,
stated Thomas E. Klema, Vice President and Chief Financial Officer.
Rockwell Medical Technologies, Inc. announced on August 10, 2005, that its
second quarter sales increased 77.8% over the second quarter of 2005 and that
its six month sales had increased over 54% from last year.
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% 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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
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 gross profit margins 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.
(return to News
Index)
Tuesday, August 16, 2005
Rockwell CEO Named Winner of Ernst & Young
Entrepreneur of the Year® Award
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis products manufacturer serving the healthcare
industry, announced today that Robert L. Chioini, Rockwell's CEO, was named a
winner by professional services firm Ernst & Young LLP for the Ernst &
Young Entrepreneur of The Year® 2005 Awards for the Central Great Lakes
region in the Emerging Companies category. Mr. Chioini was selected from 30
finalists in Eastern Michigan and Northwestern Ohio by an independent panel of
judges comprised of local business, academic and community leaders and
announced as an award recipient at an awards banquet in June 2005 at the
Ritz-Carlton in Dearborn, Michigan.
Mr. Chioini will be eligible for consideration for the Entrepreneur of The Year
2005 national program. Winners in several national categories, as well as the
overall national Ernst & Young Entrepreneur of The Year, will be announced
at the annual awards gala in Palm Springs, Calif. on November 19, 2005
About The Ernst & Young Entrepreneur Of The Year® Program; The Ernst
& Young Entrepreneur of The Year Program was created and is produced by
professional services firm Ernst & Young LLP. As the first award of its
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Rockwell reported last week that its second quarter 2005 revenue increased 78%
over the second quarter of last year and that its year to date revenue was up
54% over the first half of 2004.
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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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
(return to News
Index)
Wednesday, August 10, 2005
Rockwell Medical Receives European Patent
Allowance for Proprietary Iron Delivery Product
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis concentrate manufacturer in the healthcare
industry, reported today that it received notice from the European Patent and
Trademark Office that it has allowed claims and will be issuing a patent for
Rockwell's proprietary iron delivery product. The European Patent and Trademark
Office will issue the patent for Method and Pharmaceutical Composition
for Iron Delivery in Hemodialysis and Peritoneal Dialysis Patients.
The countries the European patent is expected to cover are Austria, Belgium,
Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands,
Portugal, Spain, Sweden, Switzerland and the United Kingdom.
Mr. Rob Chioini, Chairman, CEO and President of Rockwell stated, This
patent approval in the European Union is a significant step for protecting our
proprietary iron delivery technology.
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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
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 gross profit margins 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.
(return to News
Index)
Wednesday August 10, 2005
Rockwell Reports Second Quarter; Sales Increase 77.8%
WIXOM, Mich. -- Rockwell Medical Technologies, Inc. a
leading, innovative hemodialysis products manufacturer in the healthcare
sector, reported its second quarter results today. Sales increased 77.8% over
the second quarter last year. First half 2005 revenues were up 54.3% over last
year. Net Income in the second quarter of 2005 was $85,456 or $.01 per share.
HIGHLIGHTS:
Second Quarter 2005
- Record quarterly revenues of $7,791,033.
- Sales
increased
77.8% over the second quarter of 2004.
- Sales
revenue
was up 38.6% sequentially over the first quarter of 2005.
- Concentrate
product line revenue increased 50% over the second quarter of 2004.
- Net
Income was
$85,456
- Earnings
per
Share was $.01
First Half 2005
- First half
2005
revenues of $13,410,541.
- First half
2005
revenues increased 54.3% over the first half of 2004.
- First half
profits of $194,672 increased 44% over first half 2004.
- Earnings per
Share was $.02.
- Secured purchase
order for $6.5 million in dialysis products of which $3.2 million is
reflected in first half 2005 results.
- Initiated
$2.5
million in annualized new supply business in the Southeast.
- Began
operations in new manufacturing plant in South Carolina.
Mr. Robert L. Chioini, Chairman and Chief Executive Officer
of Rockwell Medical Technologies, Inc. stated, We are pleased with our
strong sales growth and second quarter results. In March, we added a new
production facility in South Carolina which increased our overall capacity but
also increased our expenses. In addition, we incurred increased operating
expenses as we transitioned business between plants and added personnel and
equipment to handle new business opportunities. We expect this investment to
provide us with the infrastructure to support additional business in the
future.
Rockwell will be hosting a conference call to review its second quarter results
on Wednesday, August 10, 2005 at 11:00 am EDT. Investors are encouraged to call
in five minutes in advance of the call at 888-896-0862 or may listen on the web
at: http://orion.calleci.com/servlet/estreamgetevent?id=5764&folder=default
using Windows Media Player. See rockwellmed.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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
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 gross profit margins 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 six months ended June 30, 2005 and June 30, 2004
(Whole dollars)
(Unaudited)
|
| |
3 Months ended June 30, 2005 |
3 Months ended June 30, 2004 |
6 Months ended June 30, 2005 |
6 Months ended June 30, 2004 |
| Sales |
$ 7,791,033 |
$ 4,382,924 |
$13,410,541 |
$ 8,690,768 |
| Cost of Sales |
6,980,588 |
3,700,686 |
11,930,680 |
7,313,570 |
| Gross Profit |
810,445 |
682,238 |
1,479,861 |
1,377,198 |
| Selling, General, Admin |
688,467 |
582,977 |
1,336,126 |
1,153,388 |
| Operating Income |
121,978 |
99,261 |
143,735 |
223,810 |
| Other Income |
|
|
137,468 |
|
| Interest Expense, net |
36,522 |
44,636 |
86,531 |
88,968 |
| Net Income |
$ 85,456 |
$ 54,625 |
$ 194,672 |
$ 134,842 |
| Basic Earnings per share |
$ .01 |
$ .01 |
$ 0.02 |
$ 0.02 |
| Diluted Earnings per share |
$ .01 |
$ .01 |
$ 0.02 |
$ .01 |
Rockwell Medical Technologies, Inc. and Subsidiary
Consolidated Balance Sheets
As of June 30, 2005 and December 31, 2004
(Whole dollars)
|
| |
June 30, 2005 |
Dec. 31, 2004 |
| ASSETS |
| Cash and Cash Equivalents |
$1,275,910 |
$ 166,195 |
| Restricted Cash Equivalents |
8,662 |
8,662 |
Accounts Receivable,
net of a reserve of $44,500 in 2005 and $44,500
in 2004 |
2,383,340 |
2,302,093 |
| Inventory |
2,397,666 |
1,652,457 |
| Other Current Assets |
238,759 |
111,630 |
| Total Current Assets |
6,286,337 |
4,241,037 |
| Property and Equipment, net |
2,028,495 |
2,048,665 |
| Intangible Assets |
403,817 |
369,508 |
| Goodwill |
920,745 |
920,745 |
| Other Non-current Assets |
116,680 |
120,597 |
| Total Assets |
$ 9,756,074 |
$ 7,700,552 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
| Short Term Borrowings |
$ 991,884 |
$ 452,682 |
| Notes Payable & Capitalized Lease Obligations |
467,820 |
389,602 |
| Accounts Payable |
1,865,435 |
2,124,679 |
| Customer Deposits |
1,504,273 |
11,005 |
| Accrued Liabilities |
440,995 |
481,587 |
| Total Current Liabilities |
5,270,407 |
3,459,555 |
Long Term Notes Payable & Capitalized Lease Obligations
|
643,654 |
818,678 |
| Shareholders' Equity: |
Common Shares, no par value,
8,674,619 and 8,556,531 issued and
outstanding |
12,095,931 |
11,870,909 |
Common Share Purchase Warrants,
3,710,832 and 3,761,071 issued and
outstanding |
320,150 |
320,150 |
| Accumulated Deficit |
(8,574,068) |
(8,768,740) |
| Total Shareholders' Equity |
3,842,031 |
3,422,319 |
| Total Liabilities and Shareholders'
Equity |
$ 9,756,074 |
$ 7,700,552 |
(return to News
Index)
Wednesday July 27, 2005
Rockwell Schedules 2nd Quarter Investor Conference Call
WIXOM, Mich. -- Rockwell Medical Technologies, Inc.,
announced today that it will hold a conference call on Wednesday, August 10,
2005 at 11:00AM EST to discuss its second quarter 2005 results. The Company
intends to release its results before the market opens on the same date. Rob
Chioini, Chairman and CEO, and Thomas Klema, CFO, will be hosting the call to
review Rockwell's results and answer questions from investors.
The call will be held on:
Wednesday, August 10, 2005
Starting Time 11:00AM Eastern Time
Dial in Number: 888-896-0862
When calling in please refer to the Rockwell Medical Technologies, Second
Quarter Conference Call and provide the operator with your name and company
affiliation.
Investors who prefer to participate using the internet may access the following
link for Real Player:
http://orion.calleci.com/servlet/estreamgetevent?id=5762&folder=default
Or for Windows Media Player:
http://orion.calleci.com/servlet/estreamgetevent?id=5764&folder=default
International Investors may dial in directly on 973-935-8597
Investors who are unable to listen to the Rockwell earnings conference call
will be able to access a replay via our web site at www.rockwellmed.com. There
will be no telephone replay.
We appreciate your interest in Rockwell
(return to News
Index)
Thursday May 12, 2005
Rockwell Reports First Quarter; Sales Increase 30.4%
WIXOM, Mich. -- Rockwell Medical Technologies, Inc. a
leading, innovative hemodialysis products manufacturer in the healthcare
sector, reported its first quarter results today. Sales were up 30.4% over the
first quarter last year. Net income of $109,215 increased $29,000 or 36% over
the first quarter 2004. Earnings per Share for the quarter was $.01.
HIGHLIGHTS:
First Quarter 2005
- Record quarterly revenues of $5,619,508.
- Sales
revenues
increased 30.4% over the first quarter of 2004.
- Sales
revenue
was up 17.6% sequentially over the fourth quarter of 2004.
- Concentrate
product line revenue increased 40% over the first quarter of 2004.
- Dri-Sate®
Dry Acid Concentrate unit volume increased 50% over the first
quarter of 2004.
- Liquid acid
concentrate gallons increased by 70% over first quarter of 2004.
- Net
Income was
$109,215
- Earnings
per
Share was $.01
- Substantial
market share gain in the Southeast region.
- New
manufacturing plant in Southeast region began operations in March.
- Secured
a
$6,500,000 purchase order for dialysis products.
Mr. Robert L. Chioini, Chairman, CEO, and President of
Rockwell Medical Technologies, Inc. stated, We are pleased with our first
quarter sales results and we expect to continue to experience revenue growth in
the second quarter. We developed a significant amount of new business during
the last year. We also secured supply agreements with several providers located
in the Southeastern U.S. To service Southeastern U.S. providers we established
a manufacturing and distribution facility in the South in March. We also
secured a $6,500,000 purchase order which should result in a substantial sales
increase for the Company for calendar year 2005.
Mr. Chioini also stated, We incurred higher than usual distribution costs
over the last six months due to our penetration of the Southeast market prior
to establishing our plant which was a major contributing factor to the decline
in our gross profit margins. Our gross profit margins declined over the last
six months as we built our book of business to where we could justify a self
funding facility in the Southeast. We achieved that objective when we opened
our new manufacturing facility in March. We expect our gross profit margins to
improve as a result of our regional presence going forward.
Rockwell will be hosting a conference call to review its first quarter results
on Thursday, May 12, 2005 at 11:00 am EDT. Investors are encouraged to call in
five minutes in advance of the call at 888-896-0862 or may listen on the web
at: http://orion.calleci.com/servlet/estreamgetevent?id=5423&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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
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 gross profit margins 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 months ended March 31, 2005 and March 31, 2004
(Whole dollars) (Unaudited)
|
| |
Quarter ended March 31, 2005 |
Quarter ended March 31, 2004 |
| Sales |
$ 5,619,508 |
$ 4,307,844 |
| Cost of Sales |
4,950,092 |
3,612,884 |
| Gross Profit |
669,416 |
694,960 |
| Selling, General, Admin |
647,659 |
570,411 |
| Operating Income |
21,757 |
124,549 |
| Other Income |
137,468 |
- |
| Interest Expense, net |
50,010 |
44,332 |
| Net Income |
$ 109,215 |
$ 80,217 |
| Basic Earnings/share |
$ 0.01 |
$ 0.01 |
| Diluted Earnings/share |
$ 0.01 |
$ 0.01 |
Rockwell Medical Technologies, Inc. and Subsidiary
Consolidated Balance Sheet
As of March 31, 2005 and December 31, 2004
(Whole dollars)
|
| |
Mar. 31, 2005 |
Dec. 31, 2004 |
| ASSETS |
| Cash and Cash Equivalents |
$ 866,480 |
$ 166,195 |
| Restricted Cash Equivalents |
8,662 |
8,662 |
Accounts Receivable,
net of a reserve of $44,500 in 2005 and $44,500
in 2004 |
2,496,621 |
2,302,093 |
| Inventory |
2,649,960 |
1,652,457 |
| Other Current Assets |
195,492 |
111,630 |
| Total Current Assets |
6,217,215 |
4,241,037 |
|
|
|
| Property and Equipment, net |
1,966,644 |
2,048,665 |
| Intangible Assets |
361,663 |
369,508 |
| Goodwill |
920,745 |
920,745 |
| Other Non-current Assets |
118,637 |
120,597 |
| Total Assets |
$ 9,584,904 |
$ 7,700,552 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
| Short Term Borrowings |
$ 511,000 |
$ 452,682 |
| Notes Payable & Capitalized Lease Obligations |
411,079 |
389,602 |
| Accounts Payable |
2,623,867 |
2,124,679 |
| Customer Deposits |
1,225,333 |
11,005 |
| Accrued Liabilities |
427,684 |
481,587 |
| Total Current Liabilities |
5,198,963 |
3,459,555 |
Long Term Notes Payable & Capitalized
Lease Obligations |
750,657 |
818,678 |
| Shareholders' Equity: |
Common Shares, no par value,
8,596,531 and 8,556,531 issued and
outstanding |
11,974,659 |
11,870,909 |
Common Share Purchase Warrants,
3,761,071 and 3,766,071 issued and
outstanding |
320,150 |
320,150 |
| Accumulated Deficit |
(8,659,525) |
(8,768,740) |
| Total Shareholders' Equity |
3,635,284 |
3,422,319 |
| Total Liabilities and Shareholders' Equity |
$ 9,584,904 |
$ 7,700,552 |
(return to News
Index)
Thursday May 5, 2005
Rockwell Schedules 1st Quarter Investor Conference Call
WIXOM, Mich. -- Rockwell Medical Technologies, Inc.,
announced today that it will hold a conference call on Thursday, May 12, 2005
at 11:00AM EST to discuss its first quarter 2005 results. The Company intends
to release its results before the market opens on the same date. Rob Chioini,
Chairman and CEO, and Thomas Klema, CFO, will be hosting the call to review
Rockwell's results and answer questions from investors.
The call will be held on:
Thursday, May 12, 2005
Starting Time 11:00AM Eastern Time
Dial in Number: 888-896-0862
When calling in please refer to the Rockwell Medical Technologies, First
Quarter Conference Call and provide the operator with your name and company
affiliation.
Investors who prefer to participate using the internet may access the following
link for Real Player:
http://orion.calleci.com/servlet/estreamgetevent?id=5421&folder=default
Or for Windows Media Player:
http://orion.calleci.com/servlet/estreamgetevent?id=5422&folder=default
International Investors may dial in directly on 973-935-8597
Investors who are unable to listen to the Rockwell earnings conference call
will be able to access a replay via our web site at www.rockwellmed.com. There
will be no telephone replay.
We appreciate your interest in Rockwell
(return to News
Index)
Wednesday April 13, 2005
Rockwell Medical Secures $6.5 Million in Business
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative dialysis products manufacturer serving the healthcare
industry reported today that it has secured $6,500,000 in business with a new
customer. The Company fulfilled approximately $600,000 of the business during
the first quarter of 2005 and has since secured the purchase order for the
entire $6,500,000 worth of business. The Company anticipates fulfilling the
majority of the purchase order during the second quarter of 2005.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, We
expect this order to be favorable to our sales in the second quarter and we are
currently working to secure more of this business on an ongoing basis.
Earlier this year, Rockwell reported that it had secured multiple supply
contracts aggregating $2,500,000 in the Southeast region. Rockwell subsequently
announced a new facility in the Southeast which commenced production and
distribution operations during March of this year. Rockwell reported revenue
growth of 20% in 2004 with sales of $18,000,000.
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
approximately 6% 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® Dry Acid Mixing
System, RenalPure Liquid Acid, SteriLyte Liquid Bicarbonate,
RenalPure® Powder Bicarbonate, Blood Tubing Sets, Fistula Needles and a
wide range of ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue 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, any breach of a contract by a major customer,
competitive factors 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.
(return to News
Index)
Wednesday March 30, 2005
Rockwell Medical Announces $2,750,000 Line of Credit
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading and innovative hemodialysis concentrate manufacturer in the fast
growing dialysis market, announced today that it has signed a $2.75 million
revolving credit loan facility with Standard Federal Bank, a subsidiary of ABN
AMRO.
Under the terms of the loan agreement, dated March 29, 2005, the credit
facility has a limit of $2,750,000. The loan facility expires March 31, 2006
and is secured by the Company's accounts receivable, inventory and certain
other assets.
Mr. Thomas E. Klema, Vice President and Chief Financial Officer of Rockwell
stated We are pleased to announce our new credit facility which provides
us with increased borrowing capacity at more favorable rates. This credit line
should provide us with the working capital resources we need to support our
growth. Standard Federal Bank provides us with a strong financial partner who
understands the dynamic nature of an emerging growth company like
Rockwell.
Rockwell Medical Technologies, Inc., is an innovative leader in manufacturing,
marketing and delivering high-quality dialysis solutions, powders and ancillary
products to hemodialysis providers. Hemodialysis is a process which duplicates
kidney function for patients whose kidneys have failed to function properly and
suffer from 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 offers Dri-Sate Dry
Acid, Liquid Acid, SteriLyte Liquid Bicarbonate, Powder Bicarbonate and a
wide range of ancillary dialysis items. Rockwell's products are used to cleanse
the ESRD patient's blood and replace nutrients in the bloodstream.
This press release contains forward-looking statements with
respect to Rockwell's business and operations. Management of Rockwell believes
the expectations reflected in the forward-looking statements made in this press
release are based on reasonable assumptions. 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 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.
(return to News
Index)
Thursday February 24, 2005
Rockwell Reports Fourth Quarter Results and
2004 Earnings Improvement of $.02 per Share
WIXOM, Mich. -- Rockwell Medical Technologies, Inc. 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®
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®
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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's business and operations, including the statements regarding the
Company's proprietary dialysate iron-therapy 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 Dec. 31, 2004 and Dec. 31, 2003
(Whole dollars)
|
| |
Quarter ended Dec. 31, 2004 |
Quarter ended Dec. 31, 2003 |
| Sales |
$ 4,780,070 |
$ 4,142,975 |
| Cost of Sales |
4,072,467 |
3,346,866 |
| Gross Profit |
707,603 |
796,109 |
| Selling, General, Admin |
636,623 |
650,493 |
| Operating Income |
70,980 |
145,616 |
| Interest Expense, net |
59,576 |
45,590 |
| Net Income |
$ 11,404 |
$ 100,026 |
| Basic Earnings/share |
$ - |
$ 0.01 |
| Diluted Earnings/share |
$ - |
$ 0.01 |
Rockwell Medical Technologies, Inc. and Subsidiary
Consolidated Balance Sheet
As of December 31, 2004 and 2003
(Whole dollars)
|
| |
Dec. 31, 2004 |
Dec. 31, 2003 |
| Assets |
| 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 Shares, no par value,
8,556,531 and 8,519,405 issued and
outstanding |
11,870,909 |
11,832,220 |
Common Share Purchase Warrants,
3,761,071 and 3,766,071 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 |
(return to News
Index)
Thursday February 24, 2005
Rockwell Adds Manufacturing and Distribution
Operation in the Southeast U.S.
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis concentrate manufacturer in the healthcare
industry, announced today that it has leased a turn-key concentrate
manufacturing facility in South Carolina. This is the Company's third regional
production facility which now includes the Midwest (MI), Southwest (TX) and
Southeast (SC).
Located in Hodges, South Carolina the 61,000 square foot facility is expected
to be fully operational by the end of the first quarter and will service both
existing and new customers in the region. The Company anticipates shifting
existing Southeast business currently serviced from its Michigan and Texas
plants to the South Carolina plant. The Company believes a Southeast facility
will reduce distribution costs in the Southeast region. This leased
manufacturing facility provides the Company with an interim Southeastern
presence while it evaluates the potential to establish a long-term Southeastern
regional facility.
In the fourth quarter of 2004, the Company added substantial business in the
Southeastern region. In addition, on February 15, 2005, Rockwell announced that
it had signed multiple concentrate supply contracts in the Southeastern region.
In the aggregate, the new business in the Southeast calls for Rockwell to
supply dialysis concentrate to approximately 12,000 patients in 160 clinics.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell, stated,
Based on the substantial growth we have experienced in the Southeast
during the fourth quarter of 2004 and this first quarter of 2005, coupled with
our strategic expansion initiative, we have added production and distribution
resources to address that growth. We recognize the need to establish a presence
in the Southeast and now we are well positioned to service those customer's
needs as well as gain a greater presence in the dialysis provider market in
that region.
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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue 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 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.
(return to News
Index)
Tuesday February 15, 2005
Rockwell Medical Signs Supply Contracts with
Multiple U.S. Dialysis Providers
WIXOM, Mich. -- Rockwell Medical Technologies, Inc., a
leading, innovative hemodialysis concentrate manufacturer in the healthcare
industry, announced today that it has signed a series of supply contracts with
several U.S. hemodialysis providers. The new business strengthens the Company's
geographic presence in the South-Atlantic and Mid-Atlantic regions.
Rockwell has secured separate concentrate supply contracts with Independent
Dialysis Foundation (IDF), Health Systems Management (HSM), Central Florida
Kidney Centers, Inc. (CFKC), Dialysis Clinics Inc. - Southeast Region, (DCI)
and Dialysis Corporation of America, Inc. (Nasdaq: DCAI). In aggregate, the
contracts call for Rockwell to supply dialysis concentrate to approximately
6000 patients in 80 clinics. The supply contracts are expected to generate
approximately $2.5 million in annual sales revenue for Rockwell.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, We
are pleased to have secured concentrate business with each of these prominent
dialysis providers. This new business significantly strengthens our market
presence in the Southeast. We anticipate realizing the full revenue impact in
the second quarter of this year.
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® Dry Acid Mixing System,
RenalPure Liquid Acid, RenalPure Powder Bicarbonate, SteriLyte®
Liquid Bicarbonate, Blood Tubing Sets, Fistula Needles and a wide range of
ancillary dialysis items.
Certain statements in this press release with respect to
Rockwell's anticipated sales revenue 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 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.
(return to News
Index)
Thursday, January 27, 2005
Rockwell Schedules Fourth Quarter and Year End
Investor Conference Call
WIXOM, Mich. -- Rockwell Medical Technologies,
Inc.announced today that it will hold a conference call on Thursday, February
24, 2005 at 11:00AM EDT to discuss 2004 fourth quarter and year end results.
The Company intends to release its results before the market opens on the same
date. Rob Chioini, Chairman and CEO, and Thomas Klema, CFO, will be hosting the
call to review Rockwell's results and answer questions from investors.
The call will be held on:
Thursday, February 24, 2005
Starting Time 11:00AM Eastern Time
Dial in Number: 888-896-0862
When calling in please refer to the Rockwell Medical Technologies, Q4 2004
Conference Call and provide the operator with your name and company
affiliation.
Investors who prefer to participate using the internet may access the following
link for Real Player:
http://orion.calleci.com/servlet/estreamgetevent?id=4811&folder=default
Or for Windows Media Player:
http://orion.calleci.com/servlet/estreamgetevent?id=4813&folder=default
International Investors may dial in directly on 973-935-8597
Investors who are unable to listen to the Rockwell earnings conference call
will be able to access a replay via our web site at www.rockwellmed.com. There
will be no telephone replay.
We appreciate your interest in Rockwell
(Return to News Index)
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