UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): November 8,
2010
Arrhythmia
Research Technology, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction of Incorporation or organization)
|
1-9731
(Commission
File Number)
|
72-0925679
(I.R.S.
Employer Identification Number)
|
25 Sawyer
Passway
Fitchburg,
MA 01420
(Address
of principal executive offices and zip code)
(978)
345-5000
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results
of Operations and Financial Condition.
On
November 8, 2010, Arrhythmia Research Technology, Inc. (the "Company") announced
its financial results for the three months and nine months ended September 30,
2010. The full text of the press release issued in connection with
the announcement is furnished as Exhibit 99.01 to this Current Report on Form
8-K.
The
information in this Form 8-K and Exhibit 99.01 attached hereto shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange Act") or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933 or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
|
|
99.01
|
Press
Release dated November 8, 2010.
|
|
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SIGNATURE
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Fitchburg, Commonwealth of Massachusetts, on the
9th day of November, 2010.
|
|
ARRHYTHMIA
RESEARCH TECHNOLOGY, INC.
|
|
|
By: /s/ David
A. Garrison
|
|
|
David
A. Garrison
|
|
|
Executive
Vice President and
|
|
|
Chief
Financial Officer
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Exhibit
Index
Exhibit Description
99.01 Press
Release dated November 8, 2010.
Exhibit
99.01
[
]
]FOR
IMMEDIATE RELEASE Contact: David A. Garrison
Website: http://www.arthrt.com (978)
345-5000
November
8, 2010
ARRHYTHMIA
RESEARCH TECHNOLOGY, INC.
ANNOUNCES
RESULTS FOR THIRD QUARTER 2010
Initial
SAECG Licensing Revenue and Higher Sensor Revenue Reported
Fitchburg,
MA
Arrhythmia
Research Technology, Inc. (the “Company”) (NYSE AMEX: HRT) and its wholly owned
subsidiary Micron Products, Inc. (“Micron”) reported total revenue of $5,888,000
and net income of $120,000 for the quarter ended September 30, 2010
compared to total revenue of $5,457,000 and net income of $108,000 for the same
quarter of 2009. Basic net income per share for the three months
ended September 30, 2010 and 2009 was $0.04 per share. Total revenue increased
by 8% while net income increased by 11% in the quarter ended
September 30, 2010 as compared to the same period in
2009.
For the
nine months ended September 30, 2010, total revenue of $17,256,000 and
net income of $441,000 was achieved as compared to total revenue of $15,512,000
and net income of $267,000 for the same period in 2009. Basic net
income per share for the nine months ended September 30, 2010 was
$0.16 as compared to $0.10 for the same period in 2009. Total revenue increased
by 11% while net income increased by 65% and earnings per share increased by 60%
in the nine months ending September 30, 2010 as compared to the same
period in 2009.
James E.
Rouse, the Company’s President and CEO commented, “We are very pleased to report
that our quarterly results include $200,000 in initial SAECG licensing revenue
related to the Company’s previously reported initial multi-year license for its
Predictor SAECG software. We also recorded a $580,000 increase in
sensor revenue during the quarter compared to the same period in
2009. This increase is primarily due to a 21% increase in sensor unit
volume in the quarter as well as higher than expected silver surcharge revenue.
We were disappointed that timing delays in our defense industry and medical
molding products adversely affected MIT’s revenues and represented a $402,000
decrease as compared to the same period in 2009. Net income was
positively affected by gross margin improvement of 28% year to date in sensor
manufacturing due to investments in automation and process improvements. During
the quarter, we invested over $210,000 in operating and business development
expenses as well as over $66,000 in capital expenditures for technology related
to our new subsidiary, RMDDx. These investments adversely impacted
our short-term results, but will generate revenue beginning in the fourth
quarter of 2010. We
expect RMDDx revenues, expenses and capital expenditures to continue to increase through the
remainder of 2010 and into 2011 as RMDDx accelerates its business development
efforts.”
The
Company through its wholly owned subsidiary Micron Products, Inc. manufactures
silver plated and non-silver plated conductive resin sensors and distributes
metal snaps used in the manufacture of disposable ECG, EEG, EMS and TENS
electrodes. Micron’s MIT division provides end-to-end product life
cycle management through a comprehensive portfolio of value-added services such
as design, engineering, prototyping, manufacturing, machining, assembly and
packaging. MIT manufactures custom injection molded products for
medical, electronic, industrial and consumer applications, and provides high end
mold design, manufacturing and precision machining for various industries. The
Company’s subsidiary RMDDx Corporation is a development stage organization
dedicated to the development and commercialization of medical devices, medical
information technology, medical diagnostics and remote patient monitoring
through wireless, internet and telecommunication technologies. The
Company’s products also include proprietary signal-averaging electrocardiography
(SAECG) software used in the detection of potentially lethal heart
arrhythmias.
For more
information please check our websites:
http://www.arthrt.com http://www.micronproducts.com
http://www.micronintegrated.com http://www.RMDDx.com
Forward-looking statements made herein
are based on current expectations of the Company that involve a number of risks
and uncertainties and should not be considered as guarantees of future
performance. The factors that could cause actual results to differ
materially include: our ability to maintain our current pricing model and/or
decrease our cost of sales; continued availability of supplies or materials used
in manufacturing at competitive prices; volatility in commodity and energy
prices and our ability to offset higher costs with price increases; the costs
inherent with complying with new statutes and regulations; variability of
customer delivery requirements; our ability to efficiently integrate future
acquisitions and other new lines of business that the Company may enter in the
future. More information about factors that potentially could affect
the Company's financial results is included in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2009.