(COMTEX) Microfluidics International announces 1997 first quarter results
NEWTON, MASS. (April 28) BUSINESS WIRE -April 28, 1997--Microfluidics
International Corp. ("MFIC") today reported consolidated revenues of $1,
715,334 and net income of $154,669 or $.03 per primary share for the
quarter ended March 31, 1997. This compares with revenues of
$1,494,460 and net income of $147,542 or $.03 per share for the
comparable period in 1996.
Revenues increased approximately 14 percent over the comparable quarter
in 1996 while earnings per share remained level in part due to
increases in operating expenses resulting from increased staffing.
Michael A. Lento, president, stated "Our performance for the first
quarter of 1997 showed significant revenue improvement over that of the
corresponding quarter of 1996. We also showed modest improvement in
gross profit margins."
Irwin Gruverman, CEO and chairman, stated "We are pleased with the
first quarter's result which extends our trend of growth and
profitability. The wide ranging management and sales organizational
changes undertaken in 1995 and 1996 appear to be yielding significant
results and we believe that we are positioned to continue expansion and
improvement in all measures of our business. The company's balance
sheet remains strong with no debt and $3.2 million in cash and cash
equivalents. Interest in purchases of large equipment is increasing;
We are actively pursuing several new orders and believe that we will
receive in the near-term several orders resulting from ongoing quotes
and pricing discussion with customers."
Irwin Gruverman, Michael Lento, Jack M. Swig
617/969-5452 |
