Cardio Control: Profitable in 2nd Quarter; Revenue Up By 57%, Net Profit 9% of Revenue

Delft, NETHERLANDS


DELFT, The Netherlands, Aug. 21, 2002 (PRIMEZONE) -- Cardio Control NV, specializing in medical diagnostic software and systems and listed at Euro.NM of the Euronext Stock Exchange in Amsterdam, closed their second quarter with an increase in Revenue of 57% and a Net Result of EUR 219,000. This is a significant increase compared to a negative EUR 108,000 in the same quarter last year and compared to this year's first quarter, when a Net Loss of EUR 460.000 was reported. Comparatively, the company's total revenue amounted to EUR 2.4 million to the former EUR 1.5 million within the same period of 2001 and just over EUR 1,2 million in the first quarter of this year.

The Gross Result of the first six months was EUR 52,000. This amount reflects a dramatic change compared to the former year's negative EUR 408,000. Revenue during this period resulted in EUR 3.7 Mil compared to the EUR 2.7 Mil in 2001; (an increase of 34%). Due to two extraordinary factors, the depreciation of the dollar as well as a paper loss on the a minority participation in Nasdaq-listed Angeion Corporation from Minneapolis, the net result of the first six months was a negative EUR 241,000; (i.e., 2001: negative EUR 334,000). The seasonal pattern that strongly influences Cardio Control's spread of revenue, normally does not lead to profits in the first part of the year. Over the company's last ten years, approximately two thirds of their annual revenue had been realized in the second part of the year.

With positive expectations for the second half of 2002, Cardio Control seems to be on its way to close the year with a solid result. In a comment, Mr. Dick van Luijk, CEO, was quoted saying: "The deliveries and installations of the farmaceutical megaorder we reported just before the summer are on schedule. Most of the installations take place within the third quarter. Our last quarter is historically our best one, giving us a lot of confidence in the yearend results."

No details of upcoming statements are being released due to uncertain economic conditions. In general, Cardio Control expects this significant growth trend to continue over the next few years.

For additional information about Cardio Control and its products, reference its website at: www.cardiocontrol.com. A Webcast presentation related to these figures with Cardio Control's CEO Dick G. van Luijk is also available on this website.

To view the financial tables that accompany this release, please click the link: http://reports.huginonline.com/870782/107110.pdf



        

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