Medical supply distributor reports increase in net loss.

2004 APR 21 - (NewsRx.com & NewsRx.net) -- Moore Medical Corp. (MMD), an Internet-enabled multichannel marketer and distributor of medical, surgical, and pharmaceutical products to healthcare practices and facilities in nonhospital settings nationwide, announced a fiscal 2003 loss of $0.46 per diluted share on a net loss of $1.5 million, versus a profit of $0.31 per diluted share on net income of $1.0 million in fiscal 2002.

For the fiscal year ended December 27, 2003, the company's net sales increased to $141.7 million compared with $137.8 million in 2002.

For the fourth quarter of fiscal 2003, the company recorded a net loss of $1.2 million or $0.38 per diluted share, compared to a loss of $0.04 per diluted share on a net loss of $0.1 million in the fourth quarter of fiscal 2002. Fourth-quarter 2003 net sales were $34.1 million, a decrease of 2.3% from $34.9 million in the previous year's fourth quarter. In the aggregate, sales growth for the quarter fell short of the company's original expectations; however, the company realized sales growth in several of its specialty markets that were the focus of investments in prior quarters. Contributing to the overall decrease in sales for the quarter was a reduced volume of flu vaccine sales combined with a shifting of flu vaccine sales into the company's third quarter due to earlier product availability from manufacturers.

The company's gross profit margin percentage increased 2.2% in the fourth quarter to 28.0% from 25.8% last year, as a result of lower-margin flu vaccines sales during the fourth quarter being replaced with sales from higher-margin new product offerings combined with the continued benefits from ongoing supply chain efficiencies. Sales and marketing expenses decreased $0.2 million, or 7.1%, over last year's fourth quarter, in which the company began expansion ...