RETRACTABLE TECHNOLOGIES, INC. REPORTS 2003 DILUTED EARNINGS PER SHARE OF $0.20
LITTLE ELM, Texas, April 06, 2004—Retractable Technologies, Inc. (AMEX: RVP), a leading maker of safety needle devices, today reported diluted earnings per share of $0.20 for the year ended December 31, 2003, compared with a loss per share of $0.45 for 2002.
Highlights for 2003 include:
• $250,000 in debt was converted into common stock.
• Stockholder’s equity increased from $7.4 million at December 31, 2002 to $15.1 million at December 31, 2003.
• Working capital improved from a negative $1.0 million at December 31, 2002 to a positive $7.7 million at December 31, 2003.
• Litigation settlements provided cash of $13.9 million.
• All of the Series A stock was converted into common stock.
• Over 700,000 shares of Class B stock were converted into common stock.
Additionally, the trial in our federal antitrust lawsuit against Becton Dickinson (BD) is scheduled to begin on July 6, 2004.
The Company also terminated its National Marketing and Distribution Agreement with Abbott Laboratories.
See 10-KSB for further details.
Retractable Technologies, Inc. manufactures and markets VanishPoint® automated retraction safety syringes and blood collection devices, which virtually eliminate health care worker exposure to accidental needlestick injuries. These revolutionary devices use a patented friction ring mechanism that causes the contaminated needle to retract automatically from the patient into the barrel of the device, a feature that is designed to prevent reuse. VanishPoint® safety needle devices are distributed by various specialty and general line distributors. For more information on Retractable, visit our Web site at www.vanishpoint.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect the Company’s current views with respect to future events. The Company believes that the expectations reflected in such forward-looking statements are accurate. However, the Company cannot assure you that such expectations will materialize. The Company’s actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of dramatic increases in demand; the Company’s ability to quickly increase its production capacity in the event of a dramatic increase in demand; the Company’s ability to access the market; the Company’s ability to resolve its litigation with Becton Dickinson; the Company’s ability to continue to finance research and development as well as operations and expansion of production through equity and debt financing; the increased interest of larger market players, specifically Becton Dickinson, in providing safety needle devices such as the competing retractable syringe, the Integra; and other risks and uncertainties that are detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Highlights for 2003 include:
• $250,000 in debt was converted into common stock.
• Stockholder’s equity increased from $7.4 million at December 31, 2002 to $15.1 million at December 31, 2003.
• Working capital improved from a negative $1.0 million at December 31, 2002 to a positive $7.7 million at December 31, 2003.
• Litigation settlements provided cash of $13.9 million.
• All of the Series A stock was converted into common stock.
• Over 700,000 shares of Class B stock were converted into common stock.
Additionally, the trial in our federal antitrust lawsuit against Becton Dickinson (BD) is scheduled to begin on July 6, 2004.
The Company also terminated its National Marketing and Distribution Agreement with Abbott Laboratories.
See 10-KSB for further details.
Retractable Technologies, Inc. manufactures and markets VanishPoint® automated retraction safety syringes and blood collection devices, which virtually eliminate health care worker exposure to accidental needlestick injuries. These revolutionary devices use a patented friction ring mechanism that causes the contaminated needle to retract automatically from the patient into the barrel of the device, a feature that is designed to prevent reuse. VanishPoint® safety needle devices are distributed by various specialty and general line distributors. For more information on Retractable, visit our Web site at www.vanishpoint.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect the Company’s current views with respect to future events. The Company believes that the expectations reflected in such forward-looking statements are accurate. However, the Company cannot assure you that such expectations will materialize. The Company’s actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of dramatic increases in demand; the Company’s ability to quickly increase its production capacity in the event of a dramatic increase in demand; the Company’s ability to access the market; the Company’s ability to resolve its litigation with Becton Dickinson; the Company’s ability to continue to finance research and development as well as operations and expansion of production through equity and debt financing; the increased interest of larger market players, specifically Becton Dickinson, in providing safety needle devices such as the competing retractable syringe, the Integra; and other risks and uncertainties that are detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.