BIOTEL INC. Files SEC form 10-Q, Quarterly Report

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Statements included or incorporated by reference in this Quarterly Report on Form 10-Q which are not historical in nature are identified as "forward looking statements" for the purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended. Biotel cautions readers that forward looking statements, including, without limitation, those relating to our future business prospects, revenues, working capital, liquidity, capital needs, interest costs and income, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. The risks and uncertainties include, but are not limited to, economic conditions, product demand and industry capacity, competitive products and pricing, manufacturing efficiencies, new product development and market acceptance, the regulatory and trade environment and other risks indicated in filings with the Securities and Exchange Commission. Critical Accounting Policies The consolidated financial statements of Biotel include the accounts of Biotel Inc. and its wholly-owned subsidiaries, Braemar, Inc. and Agility Centralized Research Services, Inc. (collectively, "Biotel"), which are all located in the United States. Significant intercompany accounts and transactions are eliminated in consolidation. Management uses estimates and assumptions in preparing financial statements, including those assumed in computing the allowance for doubtful receivable accounts, inventory valuation allowances and warranty reserves and deferred income tax valuation allowances. Those estimates and assumptions may affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported revenues and expenses. Actual results may vary from these estimates. ...
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BIOTEL INC. Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue3,165  3,121  3,186  3,168  Cost of Revenue1,870  1,803  1,723  1,719  Gross Profit1,294  1,318  1,463  1,449  Operating ExpensesResearch Development388  436  412  366  Selling General and Administrative773  631  600  583  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss134  251  452  500  Income from Continuing OperationsTotal Other Income/Expenses Net1  1  2  15  Earnings Before Interest And Taxes135  252  454  516  Interest Expense -   -  0  1  Income Before Tax135  252  454  515  Income Tax Expense(39)99  165  187  Minority Interest -   -   -   -  Net Income From Continuing Ops174  153  289  328  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   - &...
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BIOTEL INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits

Show all filings for BIOTEL INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for BIOTEL INC. 1-Oct-2009Results of Operations and Financial Condition, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" f...
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Biotel Announces Fourth Quarter and Year End Results

MINNEAPOLIS, Sept. 30 /PRNewswire-FirstCall/ -- Biotel Inc. (OTC Bulletin Board: BTEL - News) announced results for the fiscal year ended June 30, 2009, with net earnings of $944,000, or $0.33 per diluted share, on revenues of $12,640,000. This compares to net earnings of $666,000, or $0.23 per diluted share on revenues of $11,495,000 in fiscal year 2008. For its fourth quarter, the Company reported net earnings of $174,000 or $0.06 per diluted share, on revenues of $3,165,000. This compares to net earnings of $191,000, or $0.07 per diluted share, on revenues of $3,187,000 in the fourth quarter of fiscal 2008. Steve Springrose, Biotel President and CEO said, "While we are pleased with the results of operations for our fiscal year, CardioNet terminated its planned merger with Biotel in a subsequent event. Biotel has filed a complaint demanding that CardioNet complete the merger, and has asked for expedited treatment by the court. As a result of the terminated Merger Agreement, we expect revenues from a number of significant customers could be less in 2010 than in 2009." 3 months ended 3 months ended % June 30, 2009 June 30, 2008 Change ------------------------------------------------------------------- Revenue $3,165,000 $3,187,000 -0.7% Net Income $174,000 $191,000 -8.9% Earnings Per Share, Basic $0.06 $0.07 Earnings ...
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BIOTEL INC. Files SEC form 10-K, Annual Report

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Critical Accounting Policies The consolidated financial statements of Biotel include the accounts of Biotel Inc. and its wholly-owned subsidiaries. Significant intercompany accounts and transactions are eliminated in consolidation. Management uses estimates and assumptions in preparing financial statements, including those assumed in computing the allowance for doubtful receivable accounts, inventory valuation allowances and warranty reserves and deferred income tax valuation allowances. Those estimates and assumptions may affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported revenues and expenses. Actual results may vary from these estimates. At times Biotel maintains bank deposits in excess of federally insured limits. Management monitors the soundness of these financial institutions and believes Biotel's risk is negligible. Biotel sells its products to customers on credit in the ordinary course of business. A customer's credit history is reviewed and must meet certain standards before credit is extended. Biotel establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Biotel follows the policy of charging the costs of advertising, except for costs associated with direct response advertising, to operating expenses as incurred. The costs of direct response advertising are capitalized and amortized over the period during which future benefits are expected to be received. Critical Accounting Policies (Continued) Inventories are valued at lower of cost (using the average and first-in first-out cost methods) or market. A valuation allowance is maintained to provide changes in inventory valuation due to fluctuations in market requirements and product revisions. Property, eq...
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BIOTEL INC. Files SEC form 8-K, Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. On April 1, 2009, Biotel Inc. ("Biotel" or the "Company") entered into a Merger Agreement (the "Merger Agreement") with CardioNet, Inc. ("CardioNet"), and Garden Merger Sub, Inc., a wholly-owned subsidiary of CardioNet ("Merger Sub") pursuant to which Merger Sub would be merged with and into Biotel (the "Merger"), with Biotel continuing after the Merger as the surviving corporation and a subsidiary of CardioNet. In a letter dated July 14, 2009, CardioNet notified Biotel of CardioNet's purported termination and abandonment of the Merger Agreement "pursuant to Section 7.1(j) of the Merger Agreement due to, among other things, the Company's breach of Section 5.1(c) of the Merger Agreement in respect of covenant numbered 2 on Exhibit C of the Merger Agreement." In a letter dated July 15, 2009, CardioNet further notified Biotel that as a result of CardioNet's purported termination and abandonment of the Merger Agreement, Biotel is obligated under the Merger Agreement to pay CardioNet a termination fee equal to $1,000,000 plus expenses of $400,000 and demanded that Biotel immediately pay CardioNet $1,400,000. Section 5.1(c) of the Merger Agreement requires that pending the Merger, Biotel and its subsidiaries "will take the actions, and will refrain from taking the actions (as the case may be), listed on Exhibit C hereto, as set forth thereon and in full cooperation with" CardioNet. Covenant number 2 of Exhibit C required Braemar, Inc., a subsidiary of Biotel ("Braemar"), to withdraw and terminate a business relationship with an existing customer. In accordance with the terms of the Merger Agreement, Braemar sent a letter to the customer on April 8, 2009, terminating the business relationship. On May 22, 2009, the customer commenced an action against Braemar claiming wrongful termination of the business relationship. On June 30, 2009,...
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BIOTEL INC. Files SEC form 10-Q, Quarterly Report

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Statements included or incorporated by reference in this Quarterly Report on Form 10-Q which are not historical in nature are identified as "forward looking statements" for the purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended. Biotel cautions readers that forward looking statements, including, without limitation, those relating to our future business prospects, revenues, working capital, liquidity, capital needs, interest costs and income, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. The risks and uncertainties include, but are not limited to, economic conditions, product demand and industry capacity, competitive products and pricing, manufacturing efficiencies, new product development and market acceptance, the regulatory and trade environment and other risks indicated in filings with the Securities and Exchange Commission. Critical Accounting Policies The consolidated financial statements of Biotel include the accounts of Biotel Inc. and its wholly-owned subsidiaries, Braemar, Inc. and Agility Centralized Research Services, Inc. (collectively, "Biotel"), which are all located in the United States. Significant intercompany accounts and transactions are eliminated in consolidation. Management uses estimates and assumptions in preparing financial statements, including those assumed in computing the allowance for doubtful receivable accounts, inventory valuation allowances and warranty reserves and deferred income tax valuation allowances. Those estimates and assumptions may affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported revenues and expenses. Actual results may vary from these estimates. ...
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BIOTEL INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial State

Item 1.01. Entry into a Material Definitive Agreement. Merger Agreement On April 2, 2009, Biotel, Inc. (the "Company") entered into a Merger Agreement (the "Merger Agreement") with CardioNet, Inc. ("Buyer"), and Garden Merger Sub, Inc., a wholly-owned subsidiary of Buyer ("Merger Sub"). Under the Merger Agreement, Merger Sub will be merged with and into the Company (the "Merger"), with the Company continuing after the Merger as the surviving corporation and a subsidiary of Buyer. At the effective time of the Merger, each issued and outstanding share of the Company's common stock (the "Common Stock") will be converted into the right to receive $4.82 in cash, without interest (the "Merger Consideration"). In addition, each holder of an option to purchase shares of Common Stock will be entitled to receive a per share cash payment equal to the amount by which the Merger Consideration exceeds the exercise price of such option, less any applicable withholding taxes. The Company has made customary representations and warranties and agreed to customary covenants in the Merger Agreement. The completion of the Merger is subject to approval of the Merger Agreement by the Company's shareholders and other customary closing conditions. The transaction is not subject to any financing condition. The Merger Agreement contains certain termination rights and provides that, upon the termination of the Merger Agreement under specified circumstances, the Company may be required to pay Buyer a termination fee equal to $1,000,000 and to reimburse Buyer for expenses up to $400,000. In connection with the Merger Agreement, Buyer has entered into voting agreements (the "Voting Agreements"), each dated as of April 1, 2009, with each of B. Steven Springrose, Harold Strandquist, Judy Naus, L. John Ankney, Stanley N. Bormann, David A. Heiden, C. Roger Jones, Spencer M. Vawter, Donna Horschmann Moyer and Charles Moyer...
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BIOTEL INC. Files SEC form 10-Q, Quarterly Report

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Statements included or incorporated by reference in this Quarterly Report on Form 10-Q which are not historical in nature are identified as "forward looking statements" for the purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended. Biotel cautions readers that forward looking statements, including, without limitation, those relating to our future business prospects, revenues, working capital, liquidity, capital needs, interest costs and income, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. The risks and uncertainties include, but are not limited to, economic conditions, product demand and industry capacity, competitive products and pricing, manufacturing efficiencies, new product development and market acceptance, the regulatory and trade environment and other risks indicated in filings with the Securities and Exchange Commission. Critical Accounting Policies The consolidated financial statements of Biotel include the accounts of Biotel Inc. and its wholly-owned subsidiaries, Braemar, Inc. and Agility Centralized Research Services, Inc. (collectively, "Biotel"), which are all located in the United States. Significant intercompany accounts and transactions are eliminated in consolidation. Management uses estimates and assumptions in preparing financial statements, including those assumed in computing the allowance for doubtful receivable accounts, inventory valuation allowances and warranty reserves and deferred income tax valuation allowances. Those estimates and assumptions may affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported revenues and expenses. Actual results may vary from these estimates. ...
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BIOTEL INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits

Show all filings for BIOTEL INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for BIOTEL INC. 19-Nov-2008Results of Operations and Financial Condition, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" ...
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