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): March 4, 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 March
4, 2010, Arrhythmia Research Technology, Inc. (the "Company") announced its
financial results for the three and year ended December 31, 2009. 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 March 4, 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 March, 2010.
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|
ARRHYTHMIA
RESEARCH TECHNOLOGY, INC.
|
|
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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 March 4, 2010.
|
Exhibit
99.01
FOR
IMMEDIATE
RELEASE Contact:
David A. Garrison
Website: http://www.arthrt.com (978)
602-1436
March 4,
2010
ARRHYTHMIA
RESEARCH TECHNOLOGY, INC.
ANNOUNCES
FOURTH QUARTER AND YEAR END RESULTS
Fitchburg,
MA
Arrhythmia
Research Technology, Inc. (the “Company”) (NYSE AMEX:HRT) and its wholly owned
subsidiary, Micron Products, Inc. (“Micron”) reported total consolidated revenue
of $21,140,000 for the year ended December 31, 2009 compared to total
consolidated revenue of $22,482,000 for the year ended December 31, 2008, a
decrease of 6%. Net income of $374,000 for the year ended December
31, 2009 increased 4% from net income of $361,000 for the year ended December
31, 2008. Net income per share for the year ended December 31, 2009
increased 8% to $0.14 per share from $0.13 per share for 2008.
For the
quarter ended December 31, 2009, total consolidated revenue increased 18% to
$5,628,000 compared to total consolidated revenue of $4,758,000 for the quarter
ended December 31, 2008. Net income for the quarter ended December
31, 2009 increased to $107,000 from $9,700 for the quarter ended December 31,
2008. Net income per share for the quarter ended December 31, 2009
increased to $0.04 per share from $0.00 per share for 2008.
James E. Rouse, the Company’s President
and CEO commented, “We are pleased to announce the Company ended 2009 with the
strongest balance sheet in its history. At year-end, cash and working
capital were $3,674,000 and $8,922,000 respectively representing increases of
58% and 20%. Operating cash flow for 2009 was $2,386,000 a 23%
increase over 2008. Despite the challenging economic environment, the
Company is very well positioned to capitalize on opportunities to grow revenues
and earnings through internal and external investments. Cost
containment efforts implemented during the past six months proved effective as
we accomplished slight increases in net income for 2009 as compared to
2008. However, our earnings are not reflective of our overall
financial strength given our healthy cash flows and solid cash and working
capital positions. As we look to the future we plan to leverage this
financial strength as we pursue our current markets with vigor and explore new
opportunities which complement our existing businesses.
The
competitive nature of the sensor product market continues to negatively impact
our margins. Micron has difficulty offsetting higher sensor
manufacturing costs with price increases to its customers due to the intense
competition that has commoditized a once very profitable product
line. Micron remains committed to the sensor business and intends to
continue its programs to reduce costs through technological improvements and
automation with the intention of aggressively capturing market
share. Micron’s MIT division improved its margins in 2009 through
process and technological advancements and we expect this trend to continue in
2010. Notwithstanding our efforts, there remains the risk that any
improvements in margin in the MIT division could be offset by margin contraction
in the sensor market in the immediate future.
Recently
ART announced that it had converted its proprietary signal-averaged
electrocardiography (SAECG) software PREDICTOR™ to a customizable modular
software product that is reconfigurable for a variety of hardware platforms and
entered into a licensing agreement with a major international Original Equipment
Manufacturer (“OEM”), Nihon Kohden (TSE:6849) of Tokyo, Japan. The
prospects for this product are bright as the Company works to expand its
licensing arrangements beyond this first agreement. The completion of
the National Institutes for Health (“NIH”) funded investigation into “Risk
Stratification in MADIT II Type Patients” is expected in late
2011. According to the Principal Investigator for the NIH study,
Wojciech Zareba, MD, PhD, of the University of Rochester, “It is likely that
SAECG and Microvolt T-Wave Alternans tests will emerge as routine for
identifying low-risk and high-risk patients considered for ICD
therapy.”
About
Arrhythmia Research Technology, Inc.
The
Company’s products include proprietary signal-averaging electrocardiography
(SAECG) software used in the detection of potentially lethal heart
arrhythmias. 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.
For more
information please visit our websites:
http://www.arthrt.com http://www.micronproducts.com http://www.micronintegrated.com
Forward
Looking Statements
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.