Moyco Reports Record Third Quarter and Nine Month Revenues
MONTGOMERYVILLE, Pa., May 15 /PRNewswire/ -- Moyco
Technologies, Inc. (Nasdaq: MOYC - news), a
Montgomeryville, Pennsylvania manufacturer of precision
abrasives and professional dental supplies, reported record
revenues and increased net earnings for its third quarter
and nine month periods ended March 31, 2000 as follows:
Quarter Ended Quarter Ended Nine Months Nine Months
3/31/00 3/31/99 Ended Ended
3/31/00 3/31/00
Revenues $4,557,926 3,821,678 $13,198,660 $11,137,264
Net Income/(Loss) $441,621 ($204,036) $699,162 ($235,192)
Fully Diluted $0.09 ($0.04) $0.14 ($0.05)
Earnings Per Share
The record revenues for both the quarter and nine-month
period are primarily attributable to increased sales of
proprietary fiber optic polishing films and patented
endodontic (root canal) instruments. The success of cost
control efforts regarding sales and marketing expenses
complimented the increased revenues yielding improved net
earnings. Moyco also received additional proceeds related
to its casualty loss claim to conclude that matter. Legal
expenses related to the Dentsply litigation increased as
compared to the same period in the prior year.
As previously announced, Moyco recently received several
significant purchase orders for fiber optic polishing films
with projected additional revenues from this product line
of $1 million through the end of this calendar year. With
regard to the dental business segment, subsequent to the
quarter, Moyco announced that it received initial orders
for patented endodontic instruments from a major direct
marketer of professional dental supplies exceeding
$750,000. Significant deliveries against these orders are
scheduled to begin in the second fiscal quarter with
annualized projected revenues for this new customer of
approximately $1.5 million.
Commenting on the financial results, CEO and President,
Marvin Sternberg, stated, ``We are extremely pleased that
our strategic sales efforts have produced enough additional
revenues to generate meaningful profits. We will continue
to focus on our primary businesses and pursue strategic
alternatives synergistic with our mission of building
shareholder value.''
Some statements contained in this release are forward
looking and subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ
materially from historical and anticipated results or other
expectations expressed herein.
SOURCE: Moyco Technologies, Inc. |
