Cardio Control Back to Profitability in 2002


DELFT, Netherlands, March 17, 2003 (PRIMEZONE) -- Cardio Control NV:

       Financial key figures (in Euro x 1.000)
                                       2002       2001
 Net turnover                          10,118     6,752
 Gross result                           6,527     4,415
 Operating result                       1,182      -423
 Net group result                         797      -339
 Gross margin                              65%       65%
 Balance sheet total                    7,877     7,444
 Group equity                           5,628     5,235
 Earnings per share (in Euro)             0.27    -0.11

- After two years of consecutive losses, Cardio Control NV of Delft, the Netherlands, shows a profit for 2002.

- An impressive turnover of Euro 10.1 mln (2001 Euri O6.7mln) gave an improved operating result of Euro 1.2 mln (2001 Euro -0.4 mln).

- After last year's negative cash flow of Euro 0.1mln, the net result for 2002 amounts to Euro 0.8mln (2001 Euro -0.3mln).

- Due to this vastly improved positive result, group equity increased to Euro 5.6 mln.

As per December 31, 2002, liquid assets were available to the amount of Euro 1.75mln. Cardio Control has no bank debt, credit facilities or long-term liabilities. Earnings per share were Euro 0.27. The Cardio Control board of directors shall advise shareholders not to pay dividend, consistent with company policy since the IPO in 1998.

In an explanation, managing director D.G. van Luijk said, "All employees that have contributed to this vastly improved result deserve a compliment. We do have to note that almost a third of 2002 turnover derives from a single order related to a drug study. This project is of an incidental nature, but did put Cardio Control firmly on the map as a leading supplier of products for these studies."

The full annual report will be published later this week. On Tuesday, March 25, a special shareholder meeting will take place to discuss the public offer of Euro 6.00 per share, for all outstanding shares in Cardio Control NV by U.S. based Welch Allyn Inc.


Contact Data