Misonix Announces Third Fiscal Quarter 2000 Results
biz.yahoo.com
Thursday April 27, 10:00 am Eastern Time
Company Press Release
Misonix Announces Third Fiscal Quarter 2000 Results
Revenues for Nine Months Up 19%, Earnings Increase 151%
FARMINGDALE, N.Y.--(BUSINESS WIRE)--April 27, 2000--MISONIX,
INC. (NASDAQ NM:MSON - news)
today reported results for its third fiscal quarter of 2000 ending
March 31, 2000. Revenues for the period increased 17% to $6.8 million
from $5.8 million in the third fiscal quarter of 1999. Net income for the
quarter totaled $569,000 or $.09 per diluted share versus $566,000 or
$0.09 per diluted share for the third quarter of fiscal 1999.
Revenues for the nine months ended March 31, 2000 were $20.6
million, a 19% increase over $17.2 million reported for the same period
in fiscal 1999. Net income improved 151% for the period to $1.9 million
or $0.29 per diluted share from $751,000 or $0.11 per diluted share for
the comparable nine month period in fiscal 1999.
The increase in third quarter revenues was attributable to medical
device sales, the consolidated revenues from Sonora Medical Systems
(Sonora), as well as higher industrial ultrasonic and Mystaire wet
scrubber sales.
Michael A. McManus Jr., President and CEO stated ``Misonix achieved
some important milestones which should favorably impact our growth in
the coming quarters. One major development was the signing of a
10-year license agreement with Medical Device Alliance (MDA) and its
wholly owned subsidiary Lysonix at the end of March for the exclusive
right to sell and market the Company's soft tissue aspirator product used
for cosmetic surgery applications. We believe the worldwide market for
this product is approximately $15 million annually and that with our
alliance with MDA/Lysonix, we can become the dominant players in this
market.''
Mr. McManus continued, ``We are extremely excited about the success
Sonora Medical Systems (Sonora) has had in obtaining FDA clearance
for the Babyface(TM) 3-D imaging device. The Babyface(TM) product
is a plug and play, on-line, real-time, device that can turn virtually any
standard existing ultrasound device into a 3-D imaging system, thus
making it possible to view a fetus in full 3-D. Frost and Sullivan estimate
that the size of the market for 3-D devices will approach $700 million by
2003. We plan to begin shipping this product in May 2000.'' Misonix has
a 56% interest in Sonora Medical Systems with the option to increase its
ownership interest up to 90%.
``We continue to be encouraged by the early stage tests conducted in
Japan indicating the Focus Surgery product Sonoblate 200(TM) is
effective in treating localized prostate cancer. Although more studies are
necessary, the successful, non-invasive treatment of prostate cancer
would be an important milestone for Focus Surgery and Misonix.
Misonix owns 20% of Focus Surgery and, therefore, will share in the
benefits derived from expanded use of the product.''
Mr. McManus summarized, ``As initiatives taken over the past year
come to fruition and new ones are implemented, we look forward to
enabling our shareholders to derive the maximum benefit from their
investment in Misonix.''
Misonix, Inc. develops, manufactures, and/or markets medical device,
scientific, and industrial ultrasonic and air pollution systems.
Forward Looking Statements: Statements in this news release looking
forward in time are made pursuant to the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements involve risks and uncertainties,
including general economic conditions, delays and risks associated with
the performance of contracts, uncertainties as a result of research and
development, potential acquisitions, consumer and industry acceptance,
litigation and/or court proceedings as it may pertain to Mentor
Corporation, and regulatory risks including approval of pending or
contemplated 510K filings.
Misonix Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
March 31 March 31
2000 1999 2000 1999
----------------------- ------------------------
Net Sales $6,820,221 $5,820,288 $20,587,326 $17,244,068
Cost of Goods Sold 3,540,543 2,838,224 10,989,538 8,646,076
----------------------- ------------------------
Gross Profit 3,279,678 2,982,064 9,597,788 8,597,992
Selling, general and
administrative
expenses 2,296,777 2,050,907 6,059,116 5,599,413
Bad debt (recovery)
expense (441,941) 15,000 (401,846) 2,115,300
Research and
development 479,260 384,551 1,071,764 827,060
----------------------- ------------------------
Total operating
expense 2,334,096 2,450,458 6,729,034 8,541,773
----------------------- ------------------------
Income from operations 945,582 531,606 2,868,754 56,219
Total other income 217,896 272,644 702,946 1,012,727
----------------------- ------------------------
Income before
minority interest
and income taxes 1,163,478 804,250 3,571,700 1,068,946
Minority interest in
the net income
(loss) of
consolidated
subsidiaries and
equity in loss
of investments (113,485) 17,078 (373,453) (2,660)
----------------------- ------------------------
Income before
income taxes 1,049,993 821,328 3,198,247 1,066,286
Income tax provision (480,578) (255,704) (1,312,930) (315,639)
----------------------- ------------------------
Net income 569,415 565,624 1,885,317 750,647
======================= ========================
Net income per
share-basic $0.10 $0.10 $0.32 $0.13
======================= ========================
Net income per
share-diluted $0.09 $0.09 $0.29 $0.11
======================= ========================
Weighted average
common shares 5,918,271 5,910,783 5,942,538 5,842,937
======================= ========================
Diluted weighted
average common
shares
outstanding 6,545,527 6,613,506 6,494,904 6,611,623
======================= ========================
Contact:
Misonix Incorporated
Michael McManus, Jr.
President & CEO
(516) 694-9555
www.misonix.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Lisa D. Lettieri
Vice President
www.lhai.com or lisa@lhai.com
(212) 838-3777
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