(PR NEWSWIRE) Microphonics Reports Explosive Growth in Second Quarter Reve
Microphonics Reports Explosive Growth in Second Quarter Revenue and Income
NASHVILLE, Tenn., Aug. 3 /PRNewswire/ -- Microphonics, Inc.
(OTC Bulletin Board: MRPS) (http://www.microphonics.com) today reported record
revenues totaling $647,953 for the quarter ended June 30, 1999, a 77.4%
increase over the first quarter 1999 revenue figure. Income was $391,706, a
101.6% increase compared to the first quarter.
"Our sequential growth in revenue and income this quarter is a result of
the contracts and distributorships which were put into place over the last few
months, in addition to our ongoing sales. Looking forward, our current sales
initiatives and excellent margins should enable us to continue this sequential
growth through the third and fourth quarters," commented Jimmy Gayle, CEO of
Microphonics.
"We are proud of the enthusiastic acceptance our Ultraphonic Diagnostic
devices have received across a variety of industries and applications," added
Myles Izikoff, VP of Sales. "In addition to our large direct customers like
Ford and General Motors, our distributors are experiencing growing success in
a variety of markets. Future direct sales, distributor purchases, and new
distributor enrollments, should all contribute to a successful second half of
the year."
The table below compares the first and second quarter 1999:
Income Statement
First Quarter Second Quarter First Half
1999 1999 1999
Revenue: $365,260. $647,953. $1,013,213.
Cost of Sales: 91,078. 126,683. 217,761.
Gross Profit: 274,182. 521,270. 795,452.
Expenses: 79,883. 129,564. 209,447.
Income: 194,299. 391,706. 586,005.
A complete income statement for second quarter 1999 will be posted on
Microphonics' website (www.microphonics.com) by the end of this week.
Ernst & Young will be preparing full, audited financial statements for
1997 and 1998 as one of its first priorities and will file with the SEC.
Microphonics is also in the process of hiring a Chief Accounting Officer who,
in collaboration with Ernst & Young, will prepare the balance sheet for the
first half 1999. All of these financial statements will be posted on the
website, when completed.
About Microphonics:
Microphonics, Inc. has developed and is currently marketing a high-tech
mechanical ultrasound diagnostic known as the Ultraphonic Detector. This
hand-held device is so exact that it can detect a hole half the thickness of a
human hair. More practically, it can pinpoint and identify leaks
(PR NEWSWIRE) Microphonics Reports Explosive Growth in Second Quarter Reve
Microphonics Reports Explosive Growth in Second Quarter Revenue and Income
NASHVILLE, Tenn., Aug. 3 /PRNewswire/ -- Microphonics, Inc.
(OTC Bulletin Board: MRPS) (http://www.microphonics.com) today reported record
revenues totaling $647,953 for the quarter ended June 30, 1999, a 77.4%
increase over the first quarter 1999 revenue figure. Income was $391,706, a
101.6% increase compared to the first quarter.
"Our sequential growth in revenue and income this quarter is a result of
the contracts and distributorships which were put into place over the last few
months, in addition to our ongoing sales. Looking forward, our current sales
initiatives and excellent margins should enable us to continue this sequential
growth through the third and fourth quarters," commented Jimmy Gayle, CEO of
Microphonics.
"We are proud of the enthusiastic acceptance our Ultraphonic Diagnostic
devices have received across a variety of industries and applications," added
Myles Izikoff, VP of Sales. "In addition to our large direct customers like
Ford and General Motors, our distributors are experiencing growing success in
a variety of markets. Future direct sales, distributor purchases, and new
distributor enrollments, should all contribute to a successful second half of
the year."
The table below compares the first and second quarter 1999:
Income Statement
First Quarter Second Quarter First Half
1999 1999 1999
Revenue: $365,260. $647,953. $1,013,213.
Cost of Sales: 91,078. 126,683. 217,761.
Gross Profit: 274,182. 521,270. 795,452.
Expenses: 79,883. 129,564. 209,447.
Income: 194,299. 391,706. 586,005.
A complete income statement for second quarter 1999 will be posted on
Microphonics' website (www.microphonics.com) by the end of this week.
Ernst & Young will be preparing full, audited financial statements for
1997 and 1998 as one of its first priorities and will file with the SEC.
Microphonics is also in the process of hiring a Chief Accounting Officer who,
in collaboration with Ernst & Young, will prepare the balance sheet for the
first half 1999. All of these financial statements will be posted on the
website, when completed.
About Microphonics:
Microphonics, Inc. has developed and is currently marketing a high-tech
mechanical ultrasound diagnostic known as the Ultraphonic Detector. This
hand-held device is so exact that it can detect a hole half the thickness of a
human hair. More practically, it can pinpoint and identify leaks
(pressurized, non-pressurized and vacuum), mechanical malfunctions, and
certain electrical problems as well. Perhaps the most remarkable benefit is
that it warns of impending trouble before a costly malfunction occurs. In
addition, with its proprietary software, the Microphonics ultrasound detection
units are uniquely "trained" to ignore ambient sounds of noisy factories or
engines and only listen to the "signature" ultrasounds which indicate a
potential problem, long before a major breakdown or downtime issue develops.
In-house technicians with only a short one-day training session can expertly
monitor equipment performance and product quality while reducing maintenance
and warranty costs.
Statements included in this press release which are not historical in
nature, are intended to be, and are hereby identified as "forward-looking
statements" for purposes of the safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended by Public Law 104-67 and
provisions of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements may be identified by words including "anticipate,"
"believe," "intends," "estimates," "expects," and similar expressions. The
Company cautions readers that forward-looking statements, including without
limitation those relating to the Company's future business prospects are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking statements.
Contact: Investor Relations:
SmartStockAdvisor.com
619-492-8061
smartstockadvisor@yahoo.com
www.smartstockadvisor.com
SOURCE Microphonics, Inc.
-0- 08/03/99
/CONTACT: Investor Relations: SmartStockAdvisor.com, 619-492-8061,
smartstockadvisor@yahoo.com/
/Web site: smartstockadvisor.com
(MRPS)
CO: Microphonics, Inc.
ST: Tennessee
IN: CPR FIN
SU: ERN
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