(BSNS WIRE) MFIC Corporation Announces First Quarter 2000 Results MFIC Corporation Announces First Quarter 2000 Results
Business/Technology Editors
NEWTON, Mass.--(BUSINESS WIRE)--May 16, 2000--MFIC Corporation ("MFIC") (OTCBB:MFIC) reported yesterday consolidated revenues of $3,732,919 and a net profit of $245,906, or $.04 per diluted share for the quarter ended March 31, 2000. This compares with revenues of $2,597,122 and a net loss of $629,226, or a loss per diluted share of
$.11, for the corresponding period in 1999.
The backlog of orders as of March 31, 2000 was approximately $2,648,000. This compared with a backlog of approximately $1,476,000 as of March 31, 1999.
Michael A. Lento, President, stated, "Our sales performance for the first quarter of 2000 showed more than a 43% improvement from the corresponding quarter in 1999. During the first quarter of 2000 we achieved net profitability for the first time since our acquisition of
the Epworth Mill and Morehouse-COWLES Divisions in August 1998. Net income from operations was $51,406 before inclusion of a $194.500 extraordinary gain resulting from subordinated debt restructuring. This result is contrasted with a $629,226 net operating loss which the ompany sustained for the same period during 1999. Our operating
profit, exclusive of charges for depreciation and amortization, was approximately $248,000 as compared with an operating loss, before depreciation and amortization, of approximately $448,000 for the first quarter of 1999."
Irwin Gruverman, CEO and Chairman, stated, "With the posting of a net profit, we believe that this confirms that we are experiencing a continuation of our recovery and the turnaround that resulted from the events of late 1998 and early 1999, and the increasing results of our strategic plan to become the provider of one of the broadest range of
materials processing solutions and equipment. Our integration of all sales/marketing activity for all the operating divisions' products into a corporate sales group is taking hold. Our objective is to post both revenue growth and to achieve profitability in the intermediate
term. Having achieved integration the activities of all three of the Company's divisions and completed restructuring of the Company's debt financing with the National Bank of Canada while restructuring our subordinated debt, we believe that we are positioned to continue our expansion and profitability. Through our improved financial arrangements and our operating profitability we can take steps to more aggressively market our equipment lines and the full complement of processing solutions for the first time since completing the
acquisitions." |
