Moyco Record Sales
MONTGOMERYVILLE, Pa., Feb. 14 /PRNewswire/ -- Moyco
Technologies, Inc. (Nasdaq: MOYC - news), a
Montgomeryville, Pennsylvania manufacturer of professional
dental supplies and precision abrasives, reported the
following financial data for its second quarter and six-
month period ended December 31, 1999:
Quarter Ended Quarter Ended 6 months ended
12/31/99 12/31/98 12/31/99 12/31/98
Net Sales $4,537,773 $3,775,659 $8,640,734 $7,315,586
Net Income/(Loss) $53,993 ($123,102) $257,541 ($31,156)
Earnings Per Fully
Diluted Share $0.01 ($0.02) $0.05 ($0.01)
Revenues for the quarter and six-month period increased
significantly compared to the same period in the prior
year. For the quarter, revenue increased approximately 20%
primarily due to increased sales of patented endodontic
(root canal) instruments offset by reduced international
business and sales of proprietary, precision sub-micron
abrasive films for fiber optic polishing. Likewise, record
revenues for the six-month period were the result of
increased sales of endodontic instruments and precision
abrasive films.
Earnings were positive for the second consecutive quarter
primarily as a result of higher revenues.
Commenting on the results, CEO and President, Marvin
Sternberg stated, ``We are pleased that our new marketing
strategy implemented last year with regard to our
professional dental product line is beginning to produce
positive revenue growth. The growth in our abrasives
division relates to the application of fiber optic
polishing which we have been working on for many years. We
are pleased we were able to generate enough revenue to
provide positive earnings for the second consecutive
quarter in spite of continued significant litigation
expenses.'
The ongoing litigation against Dentsply International, Inc.
continues to negatively impact earnings. However, expenses
related to that case have been reduced as a result of an
alternative fee agreement entered into between Moyco and
its primary trial counsel, McAfee & Taft. In addition,
subsequent to the quarter, counsel for Moyco has acquired
181,500 shares of Moyco common stock.
Strategic discussions with several companies regarding
the professional dental supplies business segment have been
initiated. Moyco is actively reviewing several possible
transactions in an effort to increase shareholder value.
SOURCE: Moyco Technologies, Inc. |
